BIGLARI CAPITAL CORP. 4
4 · El Pollo Loco Holdings, Inc. · Filed Jun 30, 2026
Research Summary
AI-generated summary of this filing
El Pollo Loco (LOCO) 10% Owner Sardar Biglari Sells Shares
What Happened
- Sardar Biglari, a reported 10% owner of El Pollo Loco Holdings, Inc. (LOCO), sold a total of 222,600 shares in open-market transactions between June 26 and June 30, 2026. The sales were reported as three transactions: 100,000 shares on 6/26 ($16.75 WAP, $1,675,000), 100,000 shares on 6/29 ($16.58 WAP, $1,658,000), and 22,600 shares on 6/30 (~$16.91 WAP, $382,166). Total proceeds across these sales were approximately $3,715,166. These were outright sales (code S) — not purchases or option exercises.
Key Details
- Transaction dates & reported weighted-average prices:
- 2026-06-26: 100,000 shares at WAP $16.75 (prices ranged $16.50–$16.90) — ~$1,675,000 (F1).
- 2026-06-29: 100,000 shares at WAP $16.58 (prices ranged $16.50–$16.67) — ~$1,658,000 (F2).
- 2026-06-30: 22,600 shares at WAP $16.91 (prices ranged $16.87–$17.00) — ~$382,166 (F3).
- Aggregate sold: 222,600 shares for about $3.72 million.
- Shares owned after the transaction: not specified in the summary provided here — see the official Form 4 for post-sale holdings.
- Notable footnotes: weighted-average prices reflect multiple executions at price ranges (F1–F3). Several entities (The Lion Fund II, Biglari Reinsurance, Biglari Insurance, First Guard, Biglari Holdings, Biglari Capital Corp.) are listed in the filing, and Mr. Biglari may be deemed to beneficially own shares held by those entities (F4–F6). The Form 4 was filed jointly by Mr. Biglari and those entities; each disclaims beneficial ownership except to the extent of pecuniary interest.
- Filing timeliness: Report covers trades from 6/26–6/30 and was filed on 2026-06-30 — within the Form 4 reporting window (timely).
Context
- These were open-market sales by a 10% owner. Sales do not necessarily indicate negative views about the company — they can be for many personal or portfolio reasons. For retail investors, purchases tend to be a clearer bullish signal than routine sales. Because Mr. Biglari is a significant stakeholder and the filing involves related entities, review the full Form 4 for details on remaining holdings and any relationships that affect beneficial ownership.
Insider Transaction Report
Form 4
BIGLARI, SARDAR
10% Owner
Transactions
- Sale
Common Stock, par value $0.01 per share
[F1][F4]2026-06-26$16.75/sh−100,000$1,675,000→ 3,900,000 total(indirect: By The Lion Fund II, L.P.) - Sale
Common Stock, par value $0.01 per share
[F2][F4]2026-06-29$16.58/sh−100,000$1,658,000→ 3,800,000 total(indirect: By The Lion Fund II, L.P.) - Sale
Common Stock, par value $0.01 per share
[F3][F4]2026-06-30$16.91/sh−22,600$382,166→ 3,777,400 total(indirect: By The Lion Fund II, L.P.)
Holdings
- 369,247(indirect: By Biglari Reinsurance Ltd.)
Common Stock, par value $0.01 per share
[F5] - 120,000(indirect: By First Guard Insurance Company)
Common Stock, par value $0.01 per share
[F6]
Footnotes (6)
- [F1]The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.50 to $16.90. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- [F2]The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.50 to $16.67. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- [F3]The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.87 to $17.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- [F4]Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). Biglari Capital Corp. ("BCC") is the general partner of the Lion Fund II. Mr. Biglari is the sole owner, 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 Common Stock of the Issuer owned directly by the Lion Fund II.
- [F5]Shares owned directly by Biglari Reinsurance Ltd. ("Biglari Reinsurance"). Biglari Insurance Group Inc. ("Biglari Insurance") is the direct parent company of Biglari Reinsurance. Biglari Holdings Inc. ("Biglari Holdings") is the direct parent company of Biglari Insurance. Mr. Biglari is the Chairman and Chief Executive Officer of Biglari Holdings. By virute of these relationships, Biglari Insurance, Biglari Holdings and Mr. Biglari may be deemed to beneficially own the shares of Common Stock of the Issuer owned directly by Biglari Reinsurance.
- [F6]Shares owned directly by First Guard Insurance Company ("First Guard"). Biglari Reinsurance is the direct parent company of First Guard. Biglari Insurance is the direct parent company of Biglari Reinsurance. Biglari Holdings is the direct parent company of Biglari Insurance. Mr. Biglari is the Chairman and Chief Executive Officer of Biglari Holdings and has investment discretion over the securities owned by First Guard. By virtue of these relationships, Biglari Reinsurance, Biglari Insurance, Biglari Holdings and Mr. Biglari may be deemed to beneficially own the shares of Common Stock of the Issuer owned directly by First Guard.