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Lion Fund boosts Biglari Holdings (BH) stake with Class B share purchase

Filing Impact
(Very High)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Biglari Holdings Inc. reported an insider open-market purchase of its Class B common stock. On March 13, 2026, The Lion Fund, L.P. purchased 2,810 shares of Class B common stock at a weighted average price of $302.20 per share, held indirectly. Following this transaction, The Lion Fund, L.P. holds 1,345,430 Class B shares. Related footnotes state that Biglari Capital Corp. is the general partner of The Lion Fund and that Sardar Biglari may be deemed a beneficial owner through his control of Biglari Capital Corp.

Positive

  • None.

Negative

  • None.

Insights

Open-market insider buy via affiliated fund, modest but directional.

The filing shows The Lion Fund, L.P. bought 2,810 Biglari Holdings Class B shares on March 13, 2026 at a weighted average of $302.20. The transaction is an open-market purchase, typically viewed as the strongest form of insider buying signal.

Holdings are indirect. The Lion Fund is controlled by Biglari Capital Corp., whose sole member is Chairman and CEO Sardar Biglari, so he may be deemed to beneficially own these shares. After the trade, The Lion Fund holds 1,345,430 Class B shares, indicating the purchase is incremental relative to an already large position.

No derivative positions are reported in this filing, and there are no indications of a Rule 10b5-1 trading plan in the footnotes. The net effect is a net-buy of 2,810 shares, suggesting continued commitment by affiliated investment entities, though the scale alone is not large enough to be thesis-changing.

Insider BIGLARI, SARDAR, BIGLARI CAPITAL CORP., LION FUND, L.P.
Role Chairman and CEO | 10% Owner | 10% Owner
Bought 2,810 shs ($849K)
Type Security Shares Price Value
Purchase Class B common stock 2,810 $302.20 $849K
holding Class A common stock -- -- --
holding Class A common stock -- -- --
holding Class A common stock -- -- --
holding Class B common stock -- -- --
holding Class B common stock -- -- --
Holdings After Transaction: Class B common stock — 1,345,430 shares (Indirect, By The Lion Fund, L.P.); Class A common stock — 128,811.7 shares (Indirect, By The Lion Fund, L.P.); Class A common stock — 0.1 shares (Direct); Class B common stock — 1 shares (Direct)
Footnotes (1)
  1. 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. 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. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $297.73 to $304.46. 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.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
BIGLARI, SARDAR
(Last) (First) (Middle)
19100 RIDGEWOOD PKWY, SUITE 1200
(Street)
SAN ANTONIO TX 78259
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Biglari Holdings Inc. [ BH ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
X Officer (give title below) Other (specify below)
Chairman and CEO
3. Date of Earliest Transaction (Month/Day/Year)
03/13/2026
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class B common stock 03/13/2026 P 2,810 A $302.2(3) 1,345,430 I(2) By The Lion Fund, L.P.
Class A common stock 128,811.7 I(2) By The Lion Fund, L.P.
Class A common stock 0.1 D
Class A common stock 25,663.1 I(1) By Biglari Capital Corp.
Class B common stock 1 D
Class B common stock 71,855 I(1) By Biglari Capital Corp.
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
BIGLARI, SARDAR
(Last) (First) (Middle)
19100 RIDGEWOOD PKWY, SUITE 1200
(Street)
SAN ANTONIO TX 78259
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
X Officer (give title below) Other (specify below)
Chairman and CEO
1. Name and Address of Reporting Person*
BIGLARI CAPITAL CORP.
(Last) (First) (Middle)
19100 RIDGEWOOD PKWY, SUITE 1200
(Street)
SAN ANTONIO TX 78259
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
LION FUND, L.P.
(Last) (First) (Middle)
19100 RIDGEWOOD PKWY, SUITE 1200
(Street)
SAN ANTONIO TX 78259
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. 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.
2. 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.
3. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $297.73 to $304.46. 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.
Remarks:
This Form 4 is filed jointly by Mr. Biglari, BCC and the Lion Fund. Each of Mr. Biglari, BCC and the Lion Fund disclaims beneficial ownership of the shares of Class A and Class B common stock reported herein except to the extent of his or its pecuniary interest therein.
By: /s/ Sardar Biglari 03/13/2026
By: Biglari Capital Corp.; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer 03/13/2026
By: The Lion Fund, L.P.; By: Biglari Capital Corp., its general partner; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer 03/13/2026
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Biglari Holdings (BH) report in this Form 4?

Biglari Holdings reported an open-market purchase of Class B shares. The Lion Fund, L.P. bought 2,810 shares of Biglari Holdings Class B common stock at a weighted average price of $302.20 on March 13, 2026, increasing its existing indirect holdings.

Who executed the Biglari Holdings (BH) share purchase disclosed here?

The transaction was executed by The Lion Fund, L.P. The fund purchased 2,810 Class B shares. Biglari Capital Corp. is the general partner of The Lion Fund, and Sardar Biglari controls Biglari Capital Corp., so he may be deemed a beneficial owner of these indirectly held shares.

What is The Lion Fund, L.P.’s Class B position in Biglari Holdings (BH) after the trade?

After the reported trade, The Lion Fund, L.P. holds 1,345,430 Class B shares. This post-transaction figure shows the fund already owned a substantial Class B stake, with the new 2,810-share purchase adding incrementally to its existing position.

At what price were the Biglari Holdings (BH) shares purchased in this Form 4?

The reported purchase price is a weighted average of $302.20 per share. Footnotes explain the 2,810 Class B shares were bought in multiple trades between $297.73 and $304.46, with detailed trade data available upon request to the company, investors, or regulators.

Does this Biglari Holdings (BH) Form 4 include any derivative security exercises?

No derivative exercises are reported in this Form 4. The transactions involve only non-derivative Class A and Class B common stock, with one open-market purchase of Class B shares and several updated holdings entries, and no options or other derivatives listed.