BIGLARI CAPITAL CORP. 4
4 · El Pollo Loco Holdings, Inc. · Filed Jul 6, 2026
Research Summary
AI-generated summary of this filing
El Pollo Loco (LOCO) 10% Owner Sardar Biglari Sells Shares
What Happened
- Sardar Biglari (reported as a 10% owner via related entities) sold a total of 141,946 shares of El Pollo Loco (LOCO) in open‑market transactions: 132,421 shares on 2026‑07‑01 at a weighted average price of $17.27 (proceeds $2,286,911) and 9,525 shares on 2026‑07‑02 at a weighted average price of $16.92 (proceeds $161,163). Combined proceeds ≈ $2,448,074. This was a sale (not a purchase or option exercise).
Key Details
- Transaction dates and prices:
- 2026‑07‑01: 132,421 shares sold; weighted avg $17.27 (per F1, individual trade prices ranged $17.20–$17.40).
- 2026‑07‑02: 9,525 shares sold; weighted avg $16.92 (per F2, range $16.90–$16.96).
- Total sold: 141,946 shares for ≈ $2.45 million.
- Shares owned after the transactions: not specified in the provided excerpt — see the full Form 4 for post‑transaction holdings.
- Notable footnotes:
- F1/F2: reported prices are weighted averages across multiple transactions; seller will provide per‑trade price detail on request.
- F3–F5: ownership is through related entities (The Lion Fund II, Biglari Reinsurance, First Guard, etc.); Biglari Capital Corp., Biglari Insurance, Biglari Holdings and Mr. Biglari may be deemed to beneficially own shares held by those entities.
- Filing is joint (Mr. Biglari and several affiliated entities) and includes typical disclaimers of beneficial ownership except for pecuniary interest.
- Filing timeliness: Form 4 was filed on 2026‑07‑06. That filing date likely misses the SEC’s usual two‑business‑day window for the 2026‑07‑01 sale (so the July 1 sale appears late); the July 2 sale’s reporting deadline may fall on or before July 6.
Context
- This was a sale by a 10% owner (institutional/affiliate structure), not a routine employee purchase; such sales can be for many reasons and do not on their own indicate company prospects. Purchases are generally more informative about insider conviction. The filing provides ownership details via affiliated funds and insurance entities rather than direct executive purchases.
Insider Transaction Report
Form 4
BIGLARI, SARDAR
10% Owner
Transactions
- Sale
Common Stock, par value $0.01 per share
[F1][F3]2026-07-01$17.27/sh−132,421$2,286,911→ 3,644,979 total(indirect: By The Lion Fund II, L.P.) - Sale
Common Stock, par value $0.01 per share
[F2][F3]2026-07-02$16.92/sh−9,525$161,163→ 3,635,454 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
[F4] - 120,000(indirect: By First Guard Insurance Company)
Common Stock, par value $0.01 per share
[F5]
Footnotes (5)
- [F1]The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $17.20 to $17.40. 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 $16.90 to $16.96. 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]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.
- [F4]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.
- [F5]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.