Lion Fund tied to Biglari Holdings (BH) adds 2,278 Class B shares in open-market buys
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Biglari Holdings Inc. insider entities associated with Chairman and CEO Sardar Biglari reported open-market purchases of Class B common stock. The Lion Fund, L.P. bought 1,743 shares on June 4 at a weighted average price of $286.76 per share and 535 shares on June 5 at a weighted average price of $297.14 per share. After these purchases, The Lion Fund, L.P. is shown holding 1,400,382 Class B shares. Additional indirect holdings through Biglari Capital Corp. and small direct positions in both Class A and Class B shares are also reported, highlighting that most exposure is held via investment entities rather than directly in Mr. Biglari’s name.
Positive
- None.
Negative
- None.
Insights
Associated investment entities made modest net open-market share purchases.
Entities linked to Sardar Biglari, primarily The Lion Fund, L.P., executed open-market purchases totaling 2,278 shares of Biglari Holdings Class B stock at weighted average prices of $286.76 and $297.14. These are straightforward cash buys, not option exercises or complex derivatives.
The filing also lists sizeable existing positions, including 1,400,382 Class B shares and significant Class A holdings at the fund level, plus smaller positions via Biglari Capital Corp. and direct ownership. Within this context, the new purchases appear incremental relative to the overall stake.
There is no reference to Rule 10b5-1 trading plans or other pre-arranged mechanisms in the excerpt, so the transactions look discretionary open-market activity by the fund. Overall, the filing mainly updates investors on the scale and structure of ownership rather than signaling a major strategic shift.
Insider Trade Summary
Net Buyer: 2,278 shares ($658,793)
Net Buy
7 txns
Insider
BIGLARI, SARDAR, BIGLARI CAPITAL CORP., LION FUND, L.P.
Role
Chairman and CEO | null | null
Bought
2,278 shs ($659K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Class B common stock | 535 | $297.14 | $159K |
| Purchase | Class B common stock | 1,743 | $286.76 | $500K |
| 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 — 1,400,382 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 $284.99 to $287.50. 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 $293.34 to $298.81. 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
Class B shares bought June 4: 1,743 shares
Class B shares bought June 5: 535 shares
Total net shares bought: 2,278 shares
+4 more
7 metrics
Class B shares bought June 4
1,743 shares
Open-market purchase at $286.76 weighted average price
Class B shares bought June 5
535 shares
Open-market purchase at $297.14 weighted average price
Total net shares bought
2,278 shares
Net-buy across reported open-market purchases
Lion Fund Class B holdings
1,400,382 shares
Class B common stock after reported transactions
Lion Fund Class A holdings
128,811.7 shares
Class A common stock position reported as indirect
Biglari Capital Class B holdings
71,855 shares
Indirect Class B common stock via Biglari Capital Corp.
Biglari Capital Class A holdings
25,663.1 shares
Indirect Class A common stock via Biglari Capital Corp.
Key Terms
open-market purchase, beneficially own, weighted average price, Class A common stock, +1 more
5 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.
beneficially own financial
"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.
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.
Class A common stock financial
"Shares owned directly by Biglari Capital Corp., including shares of 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.
Class B common stock financial
"Shares owned directly by The Lion Fund, L.P. of 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.
FAQ
What insider transactions did Biglari Holdings (BH) report in this Form 4?
The filing reports open-market purchases of 2,278 Class B shares by The Lion Fund, L.P., an entity associated with Sardar Biglari. These were bought at weighted average prices around $286.76 and $297.14 per share, increasing the fund’s existing stake.
Does this Biglari Holdings (BH) Form 4 involve derivatives or only common stock?
The reported transactions involve common stock only, specifically Class B shares purchased in the open market. The derivative summary section is empty in the provided data, indicating no option or other derivative exercises were reported in connection with these transactions.