LION FUND, L.P. 4
4 · Biglari Holdings Inc. · Filed May 14, 2026
Research Summary
AI-generated summary of this filing
Biglari Holdings (BH) 10% Owner Sardar Biglari Buys Stock
What Happened
- Sardar Biglari, a >10% owner of Biglari Holdings (BH), made three open-market purchases on May 12–14, 2026, acquiring a total of 52,674 shares for approximately $13.44 million. Transactions by date:
- May 12: 22,965 shares at a weighted avg price of $249.84 — $5,737,576 (prices ranged $244.18–$256.54; see footnote F3).
- May 13: 15,358 shares at a weighted avg price of $260.36 — $3,998,609 (prices ranged $252.40–$265.00; F4).
- May 14: 14,351 shares at a weighted avg price of $258.06 — $3,703,419 (prices ranged $256.50–$259.46; F5).
- These were purchases (code P), which are typically viewed as a bullish signal because the insider added to their position.
Key Details
- Transaction dates: May 12, May 13, and May 14, 2026.
- Reported weighted-average prices and ranges: $249.84 (range $244.18–$256.54), $260.36 (range $252.40–$265.00), $258.06 (range $256.50–$259.46).
- Total acquired: 52,674 shares for ~$13,439,604.
- Shares owned after transaction: Not specified in the excerpt provided (see the full Form 4 for post-transaction holdings).
- Filing: Form 4 was filed May 14, 2026 covering transactions through May 14 — appears to be filed within the normal 2-business-day window.
- Footnotes/ownership structure:
- F1–F2: Shares are reported as owned directly by Biglari Capital Corp. (BCC) and The Lion Fund, L.P.; BCC is general partner of the Lion Fund and Mr. Biglari is sole member/CEO of BCC. Mr. Biglari may be deemed a beneficial owner of shares held by these entities but each disclaims beneficial ownership except for pecuniary interest.
- F3–F5: The reported prices are weighted averages; purchases occurred in multiple trades at prices within the stated ranges.
Context
- This filing reflects purchases by a 10% owner (institutional/control-holder context), not an option exercise, gift, or award. Such open-market buys increase the insider's economic exposure and are often highlighted by investors as a positive signal, but they do not by themselves explain the insider’s motivation.
- For full detail on holdings after the trades or the exact breakdown of prices per trade, consult the complete Form 4 (accession 0000921895-26-001333) or contact the company/SEC filing records.
Insider Transaction Report
Form 4
BIGLARI, SARDAR
DirectorChairman and CEO10% Owner
Transactions
- Purchase
Class B common stock
[F3][F2]2026-05-12$249.84/sh+22,965$5,737,576→ 1,368,395 total(indirect: By The Lion Fund, L.P.) - Purchase
Class B common stock
[F4][F2]2026-05-13$260.36/sh+15,358$3,998,609→ 1,383,753 total(indirect: By The Lion Fund, L.P.) - Purchase
Class B common stock
[F5][F2]2026-05-14$258.06/sh+14,351$3,703,419→ 1,398,104 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 (5)
- [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 $244.18 to $256.54. 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.
- [F4]The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $252.40 to $265.00. 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.
- [F5]The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $256.50 to $259.46. 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.