LION FUND, L.P. 4

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.