Biglari Holdings (BH) CEO Sardar Biglari discloses Class A and B stock buys
Rhea-AI Filing Summary
Biglari Holdings Inc. chair and CEO Sardar Biglari, together with Biglari Capital Corp. and The Lion Fund, L.P., reported purchases of the company’s Class A and Class B common stock.
Through The Lion Fund, they bought 3,084 shares of Class B common stock at a weighted average price of $323.71 and 368 shares of Class A common stock at a weighted average price of $1,633.52 on 12/17/2025, with each group of shares acquired in multiple transactions within stated price ranges. After these transactions, The Lion Fund beneficially owned 1,335,713 shares of Class B and 128,811.7 shares of Class A, while Biglari Capital Corp. held 71,855 shares of Class B and 25,663.1 shares of Class A. The reporting persons state they may be deemed beneficial owners of these shares but disclaim beneficial ownership beyond their pecuniary interests.
Positive
- None.
Negative
- None.
Insights
Biglari and affiliated entities reported additional purchases of Biglari Holdings Class A and B shares through The Lion Fund.
The filing shows that Sardar Biglari, Biglari Capital Corp. and The Lion Fund, L.P. jointly reported buying Biglari Holdings Class A and Class B common stock on 12/17/2025. The Lion Fund acquired 3,084 Class B shares at a weighted average price of $323.71 and 368 Class A shares at a weighted average price of $1,633.52, with each set of trades executed across a stated price range.
Following these transactions, the filing reports The Lion Fund beneficially owning 1,335,713 Class B shares and 128,811.7 Class A shares, while Biglari Capital Corp. holds 71,855 Class B shares and 25,663.1 Class A shares. Mr. Biglari is identified as a director, 10% owner, and Chairman and CEO of Biglari Holdings, and as sole member, Chairman and CEO of Biglari Capital Corp., which is the general partner of The Lion Fund.
The reporting persons note that, by virtue of these relationships, they may be deemed to beneficially own the shares held by the affiliated entities, while expressly disclaiming beneficial ownership except to the extent of their pecuniary interests. This keeps the disclosure focused on economic exposure rather than asserting full ownership of all reported shares.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Class B common stock | 3,084 | $323.71 | $998K |
| Purchase | Class A common stock | 368 | $1,633.52 | $601K |
| holding | Class A common stock | -- | -- | -- |
| holding | Class A common stock | -- | -- | -- |
| holding | Class B common stock | -- | -- | -- |
| holding | Class B common stock | -- | -- | -- |
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 $320.00 to $328.95. 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. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1,619.00 to $1,645.00. 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.
FAQ
What insider activity did Biglari Holdings (BH) report in this Form 4 filing?
The filing reports that Sardar Biglari, Biglari Capital Corp. and The Lion Fund, L.P. jointly disclosed purchases of Biglari Holdings Class A and Class B common stock on 12/17/2025.