LION FUND, L.P. 4

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.