Biglari Holdings (BH) affiliates add 52,674 Class B shares in open-market buys
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Biglari Holdings Inc. reported that entities affiliated with Chairman and CEO Sardar Biglari made open-market purchases of Class B common stock. Through The Lion Fund, L.P., they bought a total of 52,674 Class B shares on May 12–14 at weighted average prices reported as $249.84, $260.36 and $258.06 per share.
After these trades, The Lion Fund, L.P. is shown holding 1,398,104 Class B shares and 128,811.7 Class A shares indirectly. Biglari Capital Corp. is shown holding 71,855 Class B shares and 25,663.1 Class A shares indirectly, while Sardar Biglari also holds small direct positions in both classes. The filing notes that Mr. Biglari and Biglari Capital Corp. may be deemed to beneficially own the Lion Fund’s holdings.
Positive
- None.
Negative
- None.
Insights
Affiliated entities increased their BH Class B holdings via open-market buys.
Affiliates of Sardar Biglari executed open-market purchases totaling 52,674 shares of Biglari Holdings Class B common stock across three days in mid-May 2026. All reported transactions were classified as non-derivative open-market purchases, with no sales disclosed.
The Lion Fund, L.P. now holds 1,398,104 Class B shares and 128,811.7 Class A shares, while Biglari Capital Corp. holds additional Class A and B shares. The filing describes Mr. Biglari and Biglari Capital Corp. as potentially beneficial owners of the Lion Fund’s positions.
Because there are no derivative positions shown and the filing does not provide total shares outstanding, the scale of these purchases relative to Biglari Holdings’ overall equity base cannot be assessed from this information alone. Future company filings may offer broader context on ownership concentration and trading activity.
Insider Trade Summary
Net Buyer: 52,674 shares ($13,439,604)
Net Buy
8 txns
Insider
BIGLARI, SARDAR, BIGLARI CAPITAL CORP., LION FUND, L.P.
Role
Chairman and CEO | null | null
Bought
52,674 shs ($13.44M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Class B common stock | 14,351 | $258.06 | $3.70M |
| Purchase | Class B common stock | 15,358 | $260.36 | $4.00M |
| Purchase | Class B common stock | 22,965 | $249.84 | $5.74M |
| 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 — 1,398,104 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, null);
Class B common stock — 1 shares (Direct, null)
Footnotes (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 $244.18 to $256.54. 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. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $252.40 to $265.00. 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. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $256.50 to $259.46. 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.
Key Figures
Total Class B shares purchased: 52,674 shares
Class B purchase tranche: 22,965 shares at $249.84
Class B purchase tranche: 15,358 shares at $260.36
+5 more
8 metrics
Total Class B shares purchased
52,674 shares
Open-market buys across May 12–14, 2026
Class B purchase tranche
22,965 shares at $249.84
Weighted average price on May 12, 2026
Class B purchase tranche
15,358 shares at $260.36
Weighted average price on May 13, 2026
Class B purchase tranche
14,351 shares at $258.06
Weighted average price on May 14, 2026
Lion Fund Class B holdings
1,398,104 shares
Class B common stock after May 14, 2026 trades
Lion Fund Class A holdings
128,811.7 shares
Class A common stock as of May 12, 2026
Biglari Capital Corp. Class B holdings
71,855 shares
Indirect Class B ownership as of May 12, 2026
Biglari Capital Corp. Class A holdings
25,663.1 shares
Indirect Class A ownership as of May 12, 2026
Key Terms
open-market purchase, weighted average price, beneficially own, indirect ownership, +2 more
6 terms
open-market purchase financial
"transaction_action": "open-market purchase""
An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.
weighted average price financial
"The price reported in column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
beneficially own financial
"BCC and Mr. Biglari may be deemed to beneficially own the shares"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
indirect ownership financial
""ownership_type": "indirect""
Class B common stock financial
""security_title": "Class B common stock""
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
Class A common stock financial
""security_title": "Class A common stock""
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.
FAQ
What insider transactions did Biglari Holdings (BH) report in this Form 4?
Biglari Holdings reported open-market purchases of Class B shares. Entities affiliated with Chairman and CEO Sardar Biglari, primarily The Lion Fund, L.P., bought 52,674 Class B common shares across three days in May 2026, with no corresponding sales disclosed in this filing.
Does the Form 4 show any derivative positions for Biglari Holdings (BH)?
The Form 4 does not list any derivative security transactions. All reported activity involves non-derivative common stock, and the derivative summary section is empty, indicating no options, warrants or other derivative instruments are reported in this particular filing.