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Biglari Holdings Inc.·4

May 14, 7:58 PM ET

LION FUND, L.P. 4

Research Summary

AI-generated summary

Updated

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.