Biglari Holdings: Lion Fund buys about $6.56M in shares

Available on EDGAR 11/13/2026 - 08:48 AM EST Accepted by SEC EDGAR 11/13/2026 - 08:48 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Lion Fund, L.P. acquired 3,826 shares of Biglari Holdings Inc. (BH) Class A common stock for approximately $6,562,583 in open-market purchases using its working capital. As of the close of business November 12, 2026, the fund directly owned 131,840.7 shares, approximately 60.4% of shares outstanding. Biglari Capital Corp. directly owned 25,663.1 shares and may be deemed to beneficially own 157,503.8 shares, approximately 72.1%, through its relationship with the fund. Sardar Biglari directly owned 0.1 share and may be deemed to beneficially own shares representing approximately 72.1%. The percentages are based on 218,412 shares outstanding as of November 5, 2026. The reporting persons disclaim beneficial ownership of shares they do not directly own.

Key Figures

Shares acquired: 3,826 shares Purchase cost: Approximately $6,562,583 Lion Fund direct ownership: 131,840.7 shares (approximately 60.4%) +3 more

6 metrics

Shares acquired 3,826 shares Lion Fund's open-market purchases

Purchase cost Approximately $6,562,583 Aggregate cost of Lion Fund's purchases

Lion Fund direct ownership 131,840.7 shares (approximately 60.4%) As of the close of business November 12, 2026

Biglari Capital Corp. direct ownership 25,663.1 shares As of the close of business November 12, 2026

Potential beneficial ownership 157,503.8 shares (approximately 72.1%) Biglari Capital Corp. may be deemed to beneficially own the shares through its relationship with Lion Fund

Shares outstanding 218,412 shares As of November 5, 2026

Key Terms

beneficially own, sole voting power, sole dispositive power

3 terms

beneficially own technical

"may be deemed to beneficially own"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

sole voting power technical

"Sole Voting Power 157,503.90"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power technical

"Sole Dispositive Power 157,503.90"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many BH shares did the Lion Fund acquire, and what did it pay?

Lion Fund, L.P. acquired 3,826 BH Class A shares for approximately $6,562,583 in open-market purchases using its working capital. The purchases occurred after Amendment No. 49.

What ownership percentages did BH's reporting persons disclose?

As of the close of business November 12, 2026, Lion Fund directly owned 131,840.7 shares, approximately 60.4% of shares outstanding. Biglari Capital Corp. directly owned 25,663.1 shares and may be deemed to beneficially own 157,503.8 shares, approximately 72.1%. Sardar Biglari also may be deemed to beneficially own shares representing approximately 72.1%. The reporting persons disclaim beneficial ownership of shares they do not directly own.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 50)

Biglari Holdings Inc.

(Name of Issuer)

Class A Common Stock, No Par Value

(Title of Class of Securities)

08986R408

(CUSIP Number)

Sardar Biglari
Biglari Capital Corp., 19100 Ridgewood Parkway, Suite 1200
San Antonio, TX, 78259
210-344-3400

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

11/06/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 08986R408

1

Name of reporting person

BIGLARI, SARDAR

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 157,503.90
8	Shared Voting Power 0.00
9	Sole Dispositive Power 157,503.90
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

157,503.90

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

72.1 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 08986R408

1

Name of reporting person

LION FUND, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 131,840.70
8	Shared Voting Power 0.00
9	Sole Dispositive Power 131,840.70
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

131,840.70

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

60.4 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 08986R408

1

Name of reporting person

BIGLARI CAPITAL CORP.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 157,503.80
8	Shared Voting Power 0.00
9	Sole Dispositive Power 157,503.80
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

157,503.80

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

72.1 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, No Par Value
(b)	Name of Issuer: Biglari Holdings Inc.
(c)	Address of Issuer's Principal Executive Offices: 19100 RIDGEWOOD PKWY, SUITE 1200, SAN ANTONIO, TEXAS , 78259.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and supplemented as follows: Subsequent to filing Amendment No. 49 to the Schedule 13D, the Lion Fund acquired an aggregate of 3,826 Shares for an aggregate cost of approximately $6,562,583. The Shares purchased by the Lion Fund were purchased with its working capital in open market purchases.
Item 5.	Interest in Securities of the Issuer
(a)	Items 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by the Reporting Persons is based upon 218,412 Shares outstanding, which is the total number of Shares outstanding as of November 5, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 6, 2026. The filing of this Schedule 13D shall not be deemed an admission that any of the Reporting Persons is, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owner of any Shares he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that he or it does not directly own.
(b)	Items 5(b) is hereby amended and restated to read as follows: As of the close of business on November 12, 2026, (i) the Lion Fund owned directly 131,840.7 Shares, constituting approximately 60.4% of the Shares outstanding; (ii) BCC owned directly 25,663.1 Shares, and by virtue of its relationship with the Lion Fund, BCC may be deemed to beneficially own the 131,840.7 Shares owned directly by the Lion Fund, constituting approximately 72.1% of the Shares outstanding; and (iii) Mr. Biglari owned directly 0.1 Share, and by virtue of his relationship with the other Reporting Persons, Mr. Biglari may be deemed to beneficially own, and have the sole power to vote and dispose of, the 131,840.7 Shares owned directly by the Lion Fund and the 25,663.1 Shares owned directly by BCC, constituting approximately 72.1% of the Shares outstanding.
(c)	Items 5(c) is hereby amended and restated to read as follows: Exhibit 1 annexed hereto lists all transactions in securities of the Issuer by the Reporting Persons during the past sixty days.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibits: 1 - Transactions in Securities

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BIGLARI, SARDAR

Signature:	/s/ Sardar Biglari
Name/Title:	Sardar Biglari
Date:	11/12/2026

LION FUND, L.P.

Signature:	/s/ Sardar Biglari
Name/Title:	Sardar Biglari, Chairman and Chief Executive Officer of BIGLARI CAPITAL CORP., its General Partner
Date:	11/12/2026

BIGLARI CAPITAL CORP.

Signature:	/s/ Sardar Biglari
Name/Title:	Sardar Biglari, Chairman and Chief Executive Officer
Date:	11/12/2026