BIGLARI HLDGS INC

Ticker: BH CUSIP: 08986R309 Class: Common Stock

TWO SIGMA INVESTMENTS, LP's Holding History (CIK: 0001179392)

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

Q4 2025

Shares 7,654 Value ($000) $2,544 Avg Close $335.75 Range $266.53 - $381.83

Q3 2025

Shares 11,563 Value ($000) $3,742 Avg Close $305.30 Range $273.39 - $332.90

Q2 2025

Shares 4,400 Value ($000) $1,286 Avg Close $242.69 Range $195.05 - $296.40

Q1 2022

Shares 3,425 Value ($000) $495 Avg Close $134.15 Range $110.56 - $167.39

Q4 2021

Shares 6,491 Value ($000) $925 Avg Close $155.03 Range $139.74 - $176.72

Q3 2021

Shares 4,852 Value ($000) $834 Avg Close $168.23 Range $154.23 - $184.00

Q2 2021

Shares 3,162 Value ($000) $504 Avg Close $153.92 Range $130.19 - $188.50

Q4 2019

Shares 1,902 Value ($000) $218 Avg Close $101.93 Range $80.90 - $118.90

Q1 2019

Shares 1,702 Value ($000) $241 Avg Close $131.48 Range $112.51 - $146.00

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	7,654	$2,544	$335.75	$266.53 - $381.83
Q3 2025	11,563	$3,742	$305.30	$273.39 - $332.90
Q2 2025	4,400	$1,286	$242.69	$195.05 - $296.40
Q1 2022	3,425	$495	$134.15	$110.56 - $167.39
Q4 2021	6,491	$925	$155.03	$139.74 - $176.72
Q3 2021	4,852	$834	$168.23	$154.23 - $184.00
Q2 2021	3,162	$504	$153.92	$130.19 - $188.50
Q4 2019	1,902	$218	$101.93	$80.90 - $118.90
Q1 2019	1,702	$241	$131.48	$112.51 - $146.00