Biglari Holdings Inc-b (BH) SEC 13F Holdings (Q2 2026) — Net Institutional Activity: $37.4M

BH ranks #4245 out of 37501 tracked stocks by institutional interest, inside the more closely watched half of our coverage.

BH is a disclosed holding of Two Sigma (Two Sigma Investments), one of the tracked superinvestors on AlphaSMO — it makes up 0.0% of that fund's own 13F portfolio.

BH is a top-conviction position for Biglari Capital CORP. — at 52.5% of their entire disclosed 13F portfolio, it's one of their largest single bets, not just a passing allocation.

Two Sigma Investments, LP has added to its BH position for two straight quarters, increasing it by $19.0M to reach $21.6M today.

Invesco Ltd. has trimmed its BH position for two straight quarters, cutting it by $7.2M while still holding $779.6K.

BH is up 1% today, and institutions have been net buyers of $37.4M this quarter — today's price move and the underlying institutional flow are pointing the same direction.

BH reported a net loss of $29.7M over the trailing twelve months.

• Not yet profitable — net loss of $29.7M over the trailing twelve months
• Revenue grew 7.5% year over year
• Net income declined year over year, from $39.5M to -$29.7M
• Generated $107.0M in positive operating cash flow
• Current ratio of 2.43x — enough short-term assets to cover short-term liabilities
• Liabilities run 0.96x equity — within a conventional range