LION FUND, L.P. 4

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.