Biglari Holdings: Lion Fund buys 2,012 Class A shares
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Form Type
4
Rhea-AI Filing Summary
Biglari Holdings Inc. reported purchases of its common stock by The Lion Fund, L.P., which directly owns the shares. The fund bought 1,017 Class A shares at a weighted-average price of $1,727.65 on November 11, 2026, and 2,012 Class A shares at a weighted-average price of $1,767.99 plus 628 Class B shares at a weighted-average price of $354.95 on November 12, 2026.
The reported prices were weighted averages across multiple transactions. The respective price ranges were $1,694.87 to $1,750.00, $1,742.21 to $1,774.95, and $354.66 to $355.00. Sardar Biglari, chairman and CEO of Biglari Holdings Inc., Biglari Capital Corp. and The Lion Fund were joint reporting persons. The reporting persons disclaim beneficial ownership except to the extent of their pecuniary interests. No Rule 10b5-1 plan is reported.
Insider Trade Summary
Net Buyer: 3,657 shares
Net Buy
3 txns
Insider
BIGLARI, SARDAR, BIGLARI CAPITAL CORP., LION FUND, L.P.
Role
Chairman and CEO | 10% Owner | 10% Owner
Bought
3,657 shs ($5.54M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Class A common stock F4, F1 | 2,012 | $1,767.99 | $3.56M |
| Purchase | Class B common stock F5, F1 | 628 | $354.95 | $223K |
| Purchase | Class A common stock F3, F1 | 1,017 | $1,727.65 | $1.76M |
| Holding | Class A common stock F2 | -- | -- | -- |
| Holding | Class A common stock | -- | -- | -- |
| Holding | Class B common stock F2 | -- | -- | -- |
| Holding | Class B common stock | -- | -- | -- |
Holdings After Transaction:
Class A common stock — 131,840.7 shares (Indirect, By The Lion Fund, L.P.);
Class B common stock — 1,401,010 shares (Indirect, By The Lion Fund, L.P.);
Class A common stock — 25,663.1 shares (Indirect, By Biglari Capital Corp.);
Class A common stock — 0.1 shares (Direct);
Class B common stock — 71,855 shares (Indirect, By Biglari Capital Corp.);
Class B common stock — 1 share (Direct)
Footnotes (5)
- F1. 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.
- F2. 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.
- F3. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1,694.87 to $1,750.00. 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.
- F4. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1,742.21 to $1,774.95. 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.
- F5. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $354.66 to $355.00. 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.
Key Figures
Class A shares purchased: 1,017 shares
Class A weighted-average purchase price: $1,727.65 per share
Class A shares purchased: 2,012 shares
+4 more
7 metrics
Class A shares purchased
1,017 shares
The Lion Fund purchase on November 11, 2026
Class A weighted-average purchase price
$1,727.65 per share
The Lion Fund purchase on November 11, 2026
Class A shares purchased
2,012 shares
The Lion Fund purchase on November 12, 2026
Class A weighted-average purchase price
$1,767.99 per share
The Lion Fund purchase on November 12, 2026
Class B shares purchased
628 shares
The Lion Fund purchase on November 12, 2026
Class B weighted-average purchase price
$354.95 per share
The Lion Fund purchase on November 12, 2026
Class B shares held after purchase
1,401,010 shares
The Lion Fund reported position following the November 12, 2026 purchase
Key Terms
weighted average price, beneficial ownership, pecuniary interest
3 terms
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.
beneficial ownership regulatory
"disclaims beneficial ownership of the shares"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interest financial
"except to the extent of his or its pecuniary interest therein"
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