Sardar Biglari-linked fund buys BH Class B shares at $307.20

Rhea-AI Filing Summary

Biglari Holdings Inc. reported an insider purchase linked to Chairman and CEO Sardar Biglari through affiliated entities. On March 6, 2026, The Lion Fund, L.P. bought 2,441 shares of Biglari Holdings Class B common stock in an open-market transaction at a weighted average price of $307.20 per share. The Lion Fund’s post-transaction balance was 1,339,300 Class B shares and 128,811.7 Class A shares, while Biglari Capital Corp. held 25,663.1 Class A and 71,855 Class B shares, and Mr. Biglari held small direct positions in both classes.

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)
03/06/2026

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	03/06/2026		P		2,441	A	$307.2(3)	1,339,300	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 $303.69 to $309.46. 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	03/06/2026
	By: Biglari Capital Corp.; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	03/06/2026
	By: The Lion Fund, L.P.; By: Biglari Capital Corp., its general partner; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	03/06/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did Sardar Biglari report at Biglari Holdings (BH)?

The filing shows an indirect insider purchase of Class B shares. The Lion Fund, L.P., an entity associated with Sardar Biglari, bought 2,441 Class B shares of Biglari Holdings in the open market at a weighted average price of $307.20 per share.

Who actually bought the Biglari Holdings Class B shares in this Form 4?

The buyer was The Lion Fund, L.P., not Sardar Biglari personally. The Lion Fund purchased 2,441 Class B shares. Footnotes explain that Biglari Capital Corp. is the fund’s general partner and Sardar Biglari may be deemed to beneficially own those shares through these relationships.

What Biglari Holdings positions does The Lion Fund, L.P. hold after this transaction?

After the reported trade, The Lion Fund holds both Class A and Class B shares. It beneficially owns 1,339,300 shares of Class B common stock and 128,811.7 shares of Class A common stock of Biglari Holdings, according to the updated holdings in the Form 4.

What shares of Biglari Holdings does Biglari Capital Corp. hold according to the Form 4?

Biglari Capital Corp. is shown with positions in both share classes. It directly owns 25,663.1 shares of Class A common stock and 71,855 shares of Class B common stock of Biglari Holdings, separate from the holdings of The Lion Fund, L.P.

Does Sardar Biglari hold any Biglari Holdings shares directly in this filing?

Yes, the filing lists small direct holdings for Sardar Biglari. He directly owns 0.1 share of Biglari Holdings Class A common stock and 1 share of Class B common stock, alongside larger indirect positions through The Lion Fund and Biglari Capital Corp.

How is the purchase price for the Biglari Holdings Class B shares described?

The Form 4 reports a weighted average purchase price. The 2,441 Class B shares were acquired at a weighted average price of $307.20, with individual transactions occurring in a price range from $303.69 to $309.46, as detailed in a transaction footnote.