BIGLARI CAPITAL CORP. 4

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.