BIGLARI HLDGS INC

Ticker: BH CUSIP: 08986R309 Class: Common Stock

Note: Option positions (PUT/CALL) are excluded.

InstitutionSharesValue ($000)
BIGLARI CAPITAL CORP.1,407,568$467,918
DIMENSIONAL FUND ADVISORS LP102,190$33,972
BlackRock, Inc.49,843$16,569
VANGUARD GROUP INC39,931$13,274
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP25,048$8,327
Invesco Ltd.24,013$7,983
Qube Research & Technologies Ltd20,391$6,779
BRIDGEWAY CAPITAL MANAGEMENT, LLC17,676$5,876
JPMORGAN CHASE & CO16,067$5,341
GEODE CAPITAL MANAGEMENT, LLC14,632$4,865
STATE STREET CORP13,164$4,376
Peapod Lane Capital LLC12,399$4,122
Empowered Funds, LLC11,607$3,859
Connor, Clark & Lunn Investment Management Ltd.11,022$3,664
RENAISSANCE TECHNOLOGIES LLC10,970$3,647
Point72 Asset Management, L.P.10,690$3,554
MILLENNIUM MANAGEMENT LLC10,548$3,506
GOLDMAN SACHS GROUP INC9,173$3,049
CITADEL ADVISORS LLC8,671$2,883
Trexquant Investment LP7,953$2,644
TWO SIGMA INVESTMENTS, LP7,654$2,544
CHARLES SCHWAB INVESTMENT MANAGEMENT INC7,027$2,336
NORTHERN TRUST CORP6,609$2,197
Pacer Advisors, Inc.6,099$2,027
MORGAN STANLEY6,001$1,995
AQR CAPITAL MANAGEMENT LLC5,862$1,949
O'SHAUGHNESSY ASSET MANAGEMENT, LLC5,245$1,744
UBS Group AG3,922$1,304
RITHOLTZ WEALTH MANAGEMENT3,497$1,163
Nuveen, LLC3,374$1,122
LOS ANGELES CAPITAL MANAGEMENT LLC2,532$917
OCCUDO QUANTITATIVE STRATEGIES LP2,381$792
STATE OF WISCONSIN INVESTMENT BOARD2,366$787
SUSQUEHANNA INTERNATIONAL GROUP, LLP2,321$772
Rathbones Group PLC2,300$765
CAXTON ASSOCIATES LLP2,126$707
LPL Financial LLC2,052$682
STRS OHIO1,800$598
Bank of New York Mellon Corp1,784$593
Susquehanna Portfolio Strategies, LLC1,647$548
Logan Stone Capital, LLC1,620$539
Quadrature Capital Ltd1,593$530
HSBC HOLDINGS PLC1,501$498
ALLIANCEBERNSTEIN L.P.1,501$499
JACOBS LEVY EQUITY MANAGEMENT, INC1,451$482
BARCLAYS PLC1,385$460
GSA CAPITAL PARTNERS LLP1,342$0
Saber Capital Managment, LLC1,215$404
Brooklyn Investment Group1,180$414
Polymer Capital Management (US) LLC1,171$389
CITIGROUP INC1,161$386
AMERICAN CENTURY COMPANIES INC1,116$371
MARTINGALE ASSET MANAGEMENT L P1,101$366
INCEPTIONR LLC1,061$353
AlphaQuest LLC961$319
RHUMBLINE ADVISERS850$283
WELLS FARGO & COMPANY/MN785$261
BALYASNY ASSET MANAGEMENT L.P.774$257
Shay Capital LLC750$249
EntryPoint Capital, LLC741$246
BANK OF AMERICA CORP /DE/730$243
MARSHALL WACE, LLP704$234
Schonfeld Strategic Advisors LLC684$227
Squarepoint Ops LLC643$214
BARTLETT & CO. WEALTH MANAGEMENT LLC503$167
MetLife Investment Management, LLC441$147
NEW YORK STATE COMMON RETIREMENT FUND426$142
DEUTSCHE BANK AG\419$139
FMR LLC362$120
State of Alaska, Department of Revenue353$0
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.325$108
PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO320$0
Caitong International Asset Management Co., Ltd207$69
Police & Firemen's Retirement System of New Jersey171$57
BNP PARIBAS ARBITRAGE, SA158$53
ROYAL BANK OF CANADA142$47
CWM, LLC141$0
JONES FINANCIAL COMPANIES LLLP91$30
Russell Investments Group, Ltd.80$27
COMERICA BANK70$23
Legal & General Group Plc65$22
Farther Finance Advisors, LLC59$20
Ameritas Investment Partners, Inc.56$19
Larson Financial Group LLC50$17
Sterling Capital Management LLC49$16
Tower Research Capital LLC (TRC)45$15
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM42$14
HOEY INVESTMENTS, INC39$13
North Star Investment Management Corp.26$9
Optiver Holding B.V.22$7
AMALGAMATED BANK21$0
Global Retirement Partners, LLC19$6
Rockefeller Capital Management L.P.17$6
Caitlin John, LLC15$5
OSAIC HOLDINGS, INC.14$5
EverSource Wealth Advisors, LLC11$4
GAMMA Investing LLC8$3
COUNTRY TRUST BANK5$2
CIBC Private Wealth Group, LLC4$1
IFP Advisors, Inc4$1
6 other institutions9$3
Total (106 institutions)1,930,964$641,285