Biglari Holdings (BH) insider group reports Class B stock purchases by The Lion Fund
Rhea-AI Filing Summary
Biglari Holdings Inc. insider entities reported additional purchases of the company’s Class B common stock. A joint filing by Sardar Biglari, Biglari Capital Corp. and The Lion Fund, L.P. shows that The Lion Fund bought 973 Class B shares on 12/08/2025 at a weighted average price of $315.08, 938 shares on 12/09/2025 at a weighted average price of $319.08, and 310 shares on 12/10/2025 at a weighted average price of $321.94.
After these transactions, The Lion Fund is shown as indirectly holding over 1.33 million Class B shares. The filing notes that the reported prices reflect weighted averages for multiple trades within stated intraday price ranges, and the reporting persons undertake to provide full trade details upon request. Sardar Biglari is identified as a director, Chairman and Chief Executive Officer of Biglari Holdings and a 10% owner, and the filing explains his indirect beneficial ownership through Biglari Capital Corp. and The Lion Fund, subject to standard beneficial ownership disclaimers.
Positive
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Negative
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Insights
Insider-controlled entities increased their Class B holdings through open-market purchases, modestly raising already large ownership and economic alignment with the company.
The filing shows entities affiliated with Sardar Biglari—notably The Lion Fund, L.P.—bought a total of 2,221 shares of Class B common stock over three days ending on
The disclosure clarifies the ownership structure: Biglari Capital Corp. (BCC) holds Class A and Class B shares directly, serves as general partner of The Lion Fund, and Mr. Biglari is sole member, Chairman, and CEO of BCC. Each reporting person disclaims beneficial ownership beyond their economic interest, but the structure still concentrates significant voting and economic power in related entities. There are no derivative securities reported, so exposure appears to be primarily through common equity.
Key items to watch are any future Form 4s showing additional purchases or sales by BCC or The Lion Fund, as these will change the overall ownership concentration over time. The dates
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Class B common stock | 310 | $321.94 | $100K |
| Purchase | Class B common stock | 938 | $319.08 | $299K |
| Purchase | Class B common stock | 973 | $315.08 | $307K |
| 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 | -- | -- | -- |
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 $312.89 to $320.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision, 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 $317.00 to $320.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision, 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 $320.89 to $322.11. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
