LION FUND, L.P. 4
4 · Biglari Holdings Inc. · Filed Jun 5, 2026
Research Summary
AI-generated summary of this filing
Biglari Holdings (BH) 10% Owner Sardar Biglari Buys Shares
What Happened
- Sardar Biglari, reported as a 10% owner of Biglari Holdings (BH), made two open-market purchases on June 4–5, 2026. He acquired 1,743 shares on 2026-06-04 at a weighted average price of $286.76 for $499,823, and 535 shares on 2026-06-05 at a weighted average price of $297.14 for $158,970 — a total of 2,278 shares costing about $658,793. These were purchases (transaction code P), which investors often view as a positive signal compared with routine insider sales.
Key Details
- Transaction dates and prices:
- 2026-06-04: 1,743 shares @ $286.76 (weighted avg; range $284.99–$287.50) = $499,823. (See footnote F3.)
- 2026-06-05: 535 shares @ $297.14 (weighted avg; range $293.34–$298.81) = $158,970. (See footnote F4.)
- Total purchased: 2,278 shares for ~$658,793.
- Shares owned after transaction: Not specified in the provided filing excerpt.
- Footnotes of note:
- F1/F2: Shares reported are owned 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 a beneficial owner of those holdings.
- F3/F4: Reported prices are weighted averages across multiple trades; the filing offers to provide breakdowns by price on request.
- Filing timeliness: Report covers transactions on 2026-06-04 and was filed 2026-06-05 (timely). The Form 4 was filed jointly by Mr. Biglari, BCC and the Lion Fund; each disclaims beneficial ownership except to the extent of pecuniary interest.
Context
- As a 10% owner and principal through BCC and the Lion Fund, these purchases reflect activity by a major holder rather than routine employee trading. The filing is a straightforward open-market acquisition; no options exercises, awards, or gifts were reported.
Insider Transaction Report
Form 4
BIGLARI, SARDAR
DirectorChairman and CEO10% Owner
Transactions
- Purchase
Class B common stock
[F3][F2]2026-06-04$286.76/sh+1,743$499,823→ 1,399,847 total(indirect: By The Lion Fund, L.P.) - Purchase
Class B common stock
[F4][F2]2026-06-05$297.14/sh+535$158,970→ 1,400,382 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 (4)
- [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 $284.99 to $287.50. 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 $293.34 to $298.81. 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.