BIGLARI HLDGS INC

Ticker: BH/A CUSIP: 08986R408 Class: Stock

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (7)

Aquatic Capital Management LLC
Value ($000) $432 Shares 248
Point72 Asset Management, L.P.
Value ($000) $804 Shares 462
JANE STREET GROUP, LLC
Value ($000) $698 Shares 401
BALYASNY ASSET MANAGEMENT L.P.
Value ($000) $397 Shares 228
JPMORGAN CHASE & CO
Value ($000) $438 Shares 252
NORTHERN TRUST CORP
Value ($000) $245 Shares 141
FMR LLC
Value ($000) $53 Shares 30

Increased Positions (12)

Trexquant Investment LP
Value ($000) $3,223 (+195.0%) Shares 1,852 (+162.0%)
Caitong International Asset Management Co., Ltd
Value ($000) $113 (+92.6%) Shares 65 (+71.1%)
OMERS ADMINISTRATION Corp
Value ($000) $870 (+181.6%) Shares 500 (+150.0%)
RENAISSANCE TECHNOLOGIES LLC
Value ($000) $7,360 (+35.4%) Shares 4,230 (+20.2%)
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP
Value ($000) $1,536 (+1406.8%) Shares 883 (+1237.9%)
GOLDMAN SACHS GROUP INC
Value ($000) $980 (+296.3%) Shares 563 (+251.9%)
MILLENNIUM MANAGEMENT LLC
Value ($000) $710 (+189.0%) Shares 408 (+156.6%)
STATE STREET CORP
Value ($000) $1,340 (+41.7%) Shares 770 (+25.8%)
UBS Group AG
Value ($000) $115 (+291.2%) Shares 66 (+247.4%)
MARSHALL WACE, LLP
Value ($000) $1,178 (+15.9%) Shares 677 (+2.9%)
MORGAN STANLEY
Value ($000) $247 (+24.0%) Shares 142 (+10.1%)
BANK OF AMERICA CORP /DE/
Value ($000) $31 (+19.2%) Shares 18 (+5.9%)

Decreased Positions (8)

Quantbot Technologies LP
Value ($000) $49 (-94.6%) Shares 28 (-95.2%)
GAMCO INVESTORS, INC. ET AL
Value ($000) $20,632 (+9.9%) Shares 11,857 (-2.4%)
Qube Research & Technologies Ltd
Value ($000) $21 (-98.1%) Shares 12 (-98.3%)
VANGUARD GROUP INC
Value ($000) $4,340 (-5.3%) Shares 2,494 (-15.9%)
CITADEL ADVISORS LLC
Value ($000) $884 (-25.1%) Shares 508 (-33.5%)
GEODE CAPITAL MANAGEMENT, LLC
Value ($000) $1,497 (+5.1%) Shares 860 (-6.7%)
ROYAL BANK OF CANADA
Value ($000) $7 (-83.7%) Shares 4 (-85.7%)
HRT FINANCIAL LP
Value ($000) $0 (-53.5%) Shares 260 (-58.7%)

Exited Positions (9)

Semanteon Capital Management, LP
Value ($000) $273 Shares 177
XTX Topco Ltd
Value ($000) $550 Shares 356
Quadrature Capital Ltd
Value ($000) $866 Shares 560
Engineers Gate Manager LP
Value ($000) $402 Shares 260
ExodusPoint Capital Management, LP
Value ($000) $431 Shares 279
Marex Group plc
Value ($000) $312 Shares 202
Verition Fund Management LLC
Value ($000) $247 Shares 160
Tower Research Capital LLC (TRC)
Value ($000) $53 Shares 34
COUNTRY TRUST BANK
Value ($000) $1 Shares 1