LION FUND, L.P. 4
4 · Biglari Holdings Inc. · Filed Mar 6, 2026
Research Summary
AI-generated summary of this filing
Biglari Holdings (BH) 10% Owner Sardar Biglari Buys Shares
What Happened Sardar Biglari, reported as a 10% owner of Biglari Holdings Inc. (BH), purchased 2,441 shares of Biglari Holdings on March 6, 2026. The reported weighted-average purchase price was $307.20 per share, for a total reported value of $749,875. This was an open-market/private purchase (transaction code P), which is a direct buy rather than a sale or award.
Key Details
- Transaction date: 2026-03-06 (multiple trades aggregated)
- Shares purchased: 2,441 at a weighted-average price of $307.20; total ≈ $749,875
- Price range: $303.69 to $309.46 across multiple transactions (footnote F3)
- Ownership after transaction: Not specified in the provided filing excerpt
- Reporting persons: Filing submitted jointly by Sardar Biglari, Biglari Capital Corp. (BCC) and The Lion Fund, L.P.; each disclaims beneficial ownership except for any pecuniary interest
- Relevant relationships: BCC is the general partner of the Lion Fund; Mr. Biglari is sole member, Chairman and CEO of BCC (footnotes F1–F2)
- Timeliness: Period of report and filing date are both 2026-03-06; no late filing indicated
Context This is a straightforward purchase by a significant owner and related entities. Purchases by insiders or large shareholders can be interpreted by investors as a positive signal, but filings and footnotes show ownership is held through BCC and the Lion Fund and include standard disclaimers of beneficial ownership except to the extent of pecuniary interest. No option exercises, gifts, or 10b5‑1 plan references are indicated in this report.
Insider Transaction Report
- Purchase
Class B common stock
[F3][F2]2026-03-06$307.20/sh+2,441$749,875→ 1,339,300 total(indirect: By The Lion Fund, L.P.)
- 128,811.7(indirect: By The Lion Fund, L.P.)
Class A common stock
[F2] - 0.1
Class A common stock
- 25,663.1(indirect: By Biglari Capital Corp.)
Class A common stock
[F1] - 1
Class B common stock
- 71,855(indirect: By Biglari Capital Corp.)
Class B common stock
[F1]
Footnotes (3)
- [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 $303.69 to $309.46. 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.