LION FUND, L.P. 4

What Happened Sardar Biglari, reported as a 10% owner of Biglari Holdings Inc. (BH), purchased 3,320 shares of BH on March 9, 2026 in open‑market transactions for a total reported cost of $999,519 (weighted average price $301.06). This was a purchase (buy), which some investors view as a more informative signal than an insider sale, though it does not by itself indicate motivation.

Key Details

• Transaction date: 2026-03-09 (filed the same day).
• Transaction type/code: Open market purchase (P).
• Shares acquired: 3,320; weighted average price reported $301.06; total consideration $999,519.
• Price range: purchases occurred at prices between $295.32 and $308.91 (footnote F3); the $301.06 is a weighted average.
• Ownership reporting: The Form 4 is filed jointly by Sardar Biglari, Biglari Capital Corp. (BCC) and The Lion Fund, L.P.; each disclaims beneficial ownership except to the extent of pecuniary interest.
• Footnotes of note:
  • F1/F2: Shares are owned directly by BCC and The Lion Fund; BCC is general partner of the Lion Fund and Mr. Biglari is the sole member/CEO of BCC, so he may be deemed a beneficial owner of shares held by those entities.
  • F3: Reporting person will provide breakdown of shares purchased at each price upon request.
• Shares owned after the transaction: not specified in the provided excerpt of the filing.

Context Because the filing shows Sardar Biglari as a 10% owner and is reported jointly with his investment entities (BCC and the Lion Fund), this reflects institutional/insider ownership structure rather than a routine employee trade. The seller/executor details are straightforward (open‑market buys); no options exercise, award, gift, or tax‑withholding events are reported.