Insider fund tied to Biglari Holdings (NYSE: BH) buys 3,320 Class B shares

Rhea-AI Filing Summary

Biglari Holdings Inc. reported an insider-related open-market purchase by an affiliated investment fund. On 2026-03-09, The Lion Fund, L.P. bought 3,320 shares of Biglari Holdings Class B common stock at a weighted average price of $301.06 per share, giving it 1,342,620 Class B shares afterward. The Lion Fund, whose general partner is Biglari Capital Corp., also indirectly holds 128,811.7 Class A shares. Biglari Capital Corp. indirectly holds 71,855 Class B and 25,663.1 Class A shares, while Sardar Biglari directly holds 1 Class B share and 0.1 Class A share.

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

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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)
03/09/2026

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	03/09/2026		P		3,320	A	$301.06(3)	1,342,620	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 $295.32 to $308.91. 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	03/09/2026
	By: Biglari Capital Corp.; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	03/09/2026
	By: The Lion Fund, L.P.; By: Biglari Capital Corp., its general partner; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	03/09/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did Biglari Holdings (BH) disclose in this Form 4?

Biglari Holdings disclosed that The Lion Fund, L.P. purchased 3,320 shares of its Class B common stock in an open-market transaction at a weighted average price of $301.06 per share, increasing the fund’s indirect ownership stake in the company.

Who actually bought the Biglari Holdings (BH) shares reported in this filing?

The purchase was made by The Lion Fund, L.P., an investment partnership. Biglari Capital Corp. is its general partner, and Sardar Biglari controls Biglari Capital Corp., so they may be deemed to beneficially own the Lion Fund’s Biglari Holdings shares.

How many Biglari Holdings (BH) Class B shares does The Lion Fund hold after the trade?

After buying 3,320 Class B shares, The Lion Fund, L.P. holds 1,342,620 Class B shares of Biglari Holdings. This position reflects the fund’s indirect ownership, with beneficial ownership potentially attributed to Biglari Capital Corp. and Sardar Biglari through their control relationships.

What are Biglari Capital Corp.’s indirect holdings in Biglari Holdings (BH)?

Biglari Capital Corp. directly owns shares and also serves as general partner of The Lion Fund. It owns 71,855 Class B and 25,663.1 Class A Biglari Holdings shares directly, and may be deemed to beneficially own additional shares held by The Lion Fund, according to the relationships described.

What direct Biglari Holdings (BH) stake does Sardar Biglari personally hold?

Sardar Biglari directly owns 1 share of Class B common stock and 0.1 share of Class A common stock of Biglari Holdings. Additional beneficial ownership may be attributed to him through Biglari Capital Corp. and The Lion Fund, as outlined in the relationships described in the filing.

How was the purchase price for the Biglari Holdings (BH) shares determined?

The reported price of $301.06 per share is a weighted average across multiple trades. The Lion Fund bought the 3,320 Class B shares in separate transactions at prices ranging from $295.32 to $308.91, with the weighted figure reflecting the blended purchase cost.