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

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.

Insights

Insider transactions analyst

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.

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

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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
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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.

How is Sardar Biglari related to the shares reported in this Biglari Holdings (BH) filing?

Sardar Biglari is linked through control of Biglari Capital Corp. He is the sole member, Chairman and CEO of Biglari Capital Corp., which is general partner of The Lion Fund, L.P., so he may be deemed to beneficially own the fund’s Biglari Holdings shares.

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.