LION FUND, L.P. 4
4 · Biglari Holdings Inc. · Filed Mar 13, 2026
Research Summary
AI-generated summary of this filing
Biglari Holdings (BH) 10% Owner Sardar Biglari Buys 2,810 Shares
What Happened
- Sardar Biglari (reported as a 10% owner) purchased 2,810 shares of Biglari Holdings (BH) on March 13, 2026. The filing reports a weighted average purchase price of $302.20 per share for a total transaction value of $849,182. The transaction is coded P (open market or private purchase), i.e., an outright purchase of common stock.
Key Details
- Transaction date: 2026-03-13.
- Price: weighted average $302.20; purchases occurred at prices ranging from $297.73 to $304.46 (footnote F3).
- Shares purchased: 2,810; total reported value: $849,182.
- Shares owned after transaction: not specified in the provided excerpt (beneficial ownership described via entities—see footnotes).
- Notable footnotes:
- F1/F2: Shares are also held directly by Biglari Capital Corp. (BCC) and The Lion Fund, L.P.; BCC is general partner of the Lion Fund and Mr. Biglari may be deemed beneficial owner of shares held by those entities.
- F3: Weighted-average price; the filer will provide breakdown of purchases at individual prices upon request.
- Joint filing: the Form 4 is filed jointly by Mr. Biglari, BCC and the Lion Fund; each disclaims beneficial ownership except to the extent of pecuniary interest.
- Filing timeliness: Reported and filed with a period of report dated 2026-03-13 — the filing appears timely (no late-file flag in the provided data).
Context
- This was a direct purchase (P), which investors often pay attention to as a straightforward buy rather than a sale or option exercise. Because Mr. Biglari is reported as a 10% owner and the purchases are reported alongside holdings by BCC and the Lion Fund, the trades reflect activity by a principal owner and affiliated entities rather than a routine executive sale. The filing includes an undertaking to provide full price-by-price details on request.
Insider Transaction Report
Form 4
BIGLARI, SARDAR
DirectorChairman and CEO10% Owner
Transactions
- Purchase
Class B common stock
[F3][F2]2026-03-13$302.20/sh+2,810$849,182→ 1,345,430 total(indirect: By The Lion Fund, L.P.)
Holdings
- 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 $297.73 to $304.46. 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.