LION FUND, L.P. 4
4 · Biglari Holdings Inc. · Filed Dec 17, 2025
Insider Transaction Report
Form 4
BIGLARI, SARDAR
DirectorChairman and CEO10% Owner
Transactions
- Purchase
Class B common stock
2025-12-17$323.71/sh+3,084$998,322→ 1,335,713 total(indirect: By The Lion Fund, L.P.) - Purchase
Class A common stock
2025-12-17$1633.52/sh+368$601,135→ 128,811.7 total(indirect: By The Lion Fund, L.P.)
Holdings
- 0.1
Class A common stock
- 25,663.1(indirect: By Biglari Capital Corp.)
Class A common stock
- 1
Class B common stock
- 71,855(indirect: By Biglari Capital Corp.)
Class B common stock
Footnotes (4)
- [F1]Shares owned directly by Biglari Capital Corp. ("BCC"), including shares of Class A and Class B common stock of the Issuer transferred for no consideration by Sardar Biglari to BCC. Mr. Biglari may be deemed a beneficial owner of the shares of Class A and Class B common stock of the Issuer owned directly by BCC.
- [F2]Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, Chairman and Chief Executive Officer of BCC. By virtue of these relationships, BCC and Mr. Biglari may be deemed to beneficially own the shares of Class A and Class B common stock of the Issuer owned directly by the Lion Fund.
- [F3]The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $320.00 to $328.95. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
- [F4]The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1,619.00 to $1,645.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.