AdvisorCensus / Financial advisors / Texas / San Antonio / Biglari Capital Corp.
Biglari Capital Corp.
Filed as BIGLARI CAPITAL CORP. · Legal name Biglari Capital LLC
Biglari Capital Corp. is an SEC-registered investment advisory firm in San Antonio, TX, registered since 2013, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 28, 2026.
Quick answers
From the filingHow is Biglari Capital Corp. compensated?
On its Form ADV (Item 5.E, October 2026), Biglari Capital Corp. reports these compensation arrangements: performance-based fees.
Where is Biglari Capital Corp. located?
Biglari Capital Corp.'s principal office is in San Antonio, TX, according to its Form ADV.
Is Biglari Capital Corp. registered with the SEC or a state?
Biglari Capital Corp. is an SEC-registered investment advisory firm, registered since 2013. Status as filed: Approved. CRD 115197.
How much does Biglari Capital Corp. manage?
Biglari Capital Corp. reports $1,043,222,993 in regulatory assets under management in its Form ADV filing dated March 28, 2026 (100% discretionary).
How have Biglari Capital Corp.'s assets and staff changed since 2021?
In the Form ADV data for Biglari Capital Corp.: Regulatory assets under management: $679,670,012 in the October 2021 data and $1,043,222,993 in the October 2026 data, up 53%. Total employees: 4 in October 2021 and 4 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Biglari Capital Corp. serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2).
Does Biglari Capital Corp. report any disciplinary disclosures?
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/115197
What changed in Biglari Capital Corp.'s recent Form ADV filings?
In the April 2026 filing data: Regulatory assets under management went from $935,016,775 to $1,043,222,993 (+12%).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2ASee the firm's brochure (dated March 28, 2026) for its fees and any account minimum, on the SEC's IAPD site.
Regulatory assets under management
Item 5.F$1,043,222,993 as of October 2026, filing dated March 28, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Legal name
- Biglari Capital LLC
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2013 (13 years)
- Employees
- Total: 4. Performing investment advisory functions: 1.
- Wrap fee program participation
- No.
- States registered or notice-filed
-
1 state or jurisdiction
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $1,043,222,993 | 4 | March 28, 2026 |
| October 2025 | $935,016,775 | 4 | March 26, 2025 |
| October 2024 | $744,667,515 | 4 | March 28, 2024 |
| October 2023 | $615,903,845 | 4 | March 31, 2023 |
| October 2022 | $678,770,677 | 4 | March 30, 2022 |
| October 2021 | $679,670,012 | 4 | March 31, 2021 |
Regulatory assets under management: $679,670,012 in the October 2021 data and $1,043,222,993 in the October 2026 data, up 53%.
Total employees: 4 in October 2021 and 4 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Regulatory assets under management went from $935,016,775 to $1,043,222,993 (+12%).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.INot reported.
Source: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Biglari Capital Corp. (CRD 115197): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/biglari-capital-corp-san-antonio-tx-115197