El Pollo Loco holder proposes $6.22M share sale

The proposed-sale window runs from October 16, 2026, through January 14, 2027, and the reported market value is measured at the October 15 close.

Rhea-AI Filing Summary

El Pollo Loco Holdings, Inc. is the issuer in a Rule 144 notice submitted by Biglari Holdings Inc. for a proposed sale of 380,990 common shares, with an aggregate market value of $6,217,756.80. Biglari Holdings identifies itself as a 10% stockholder and says Biglari Reinsurance Ltd. and First Guard Insurance Company are the entities selling the shares.

The approximate sale period is October 16, 2026, through January 14, 2027. The reported market value is as of the close of business October 15, 2026; El Pollo Loco Holdings had 30,432,937 shares outstanding as of August 7, 2026.

Key Figures

Proposed sale: 380,990 shares Aggregate market value: $6,217,756.80 Shares outstanding: 30,432,937 shares +1 more

4 metrics

Proposed sale 380,990 shares El Pollo Loco Holdings common stock

Aggregate market value $6,217,756.80 As of the close of business October 15, 2026

Shares outstanding 30,432,937 shares As of August 7, 2026

Shares acquired 489,247 shares Open market purchases dated August 15, 2023; paid in cash

Key Terms

Rule 144, 10% Stockholder, aggregate market value, Open Market Purchases

4 terms

Rule 144 regulatory

"paragraph (a) of Rule 144"

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

10% Stockholder regulatory

"10% Stockholder"

aggregate market value financial

"The aggregate market value is as of the close of business"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

Open Market Purchases financial

"Open Market Purchases"

Open market purchases are buys of a company’s shares (or other securities) made on public exchanges at prevailing market prices rather than through private deals. For investors this matters because when a company buys back its own stock it reduces the number of shares available, which can boost per-share earnings and often signals management’s confidence; it also affects supply, demand and short-term liquidity much like someone quietly buying up items from a crowded marketplace.

FAQ

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

How many LOCO shares are proposed for sale?

The notice concerns a proposed sale of 380,990 LOCO common shares, with an aggregate market value of $6,217,756.80. The approximate sale period is October 16, 2026, through January 14, 2027; the market value is as of the close of business October 15, 2026.

Which companies are selling LOCO shares?

Biglari Reinsurance Ltd. and First Guard Insurance Company are identified as the entities selling the shares. Biglari Holdings Inc. submitted the notice as their ultimate parent and is identified as a 10% stockholder.

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

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Available on EDGAR 10/16/2026 - 06:08 PM EDT Accepted by SEC EDGAR 10/16/2026 - 06:08 PM EDT Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001726173
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	El Pollo Loco Holdings, Inc.
SEC File Number	001-36556
Address of Issuer	575 ANTON BLVD STE 1100 COSTA MESA CALIFORNIA 92626
Phone	7145995000
Name of Person for Whose Account the Securities are To Be Sold	Biglari Holdings Inc.
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	10% Stockholder

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Stock	MS Howells & Co. 23350 N. Pima Rd. Scottsdale AZ 85255	380990	6217756.80	30432937	10/16/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Stock	08/15/2023	Open Market Purchases	N/A			489247	08/15/2023	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
The Lion Fund II, L.P. 19100 Ridgewood Parkway Suite 1200 San Antonio TX 78259	Common Stock	07/16/2026	2749	45908.30
The Lion Fund II, L.P. 19100 Ridgewood Parkway Suite 1200 San Antonio TX 78259	Common Stock	07/17/2026	11000	183810.00
Biglari Reinsurance Ltd. 19100 Ridgewood Parkway Suite 1200 San Antonio TX 78259	Common Stock	07/29/2026	3306	55243.26
First Guard Insurance Company 19100 Ridgewood Parkway Suite 1200 San Antonio TX 78259	Common Stock	07/29/2026	3305	55226.55
Biglari Reinsurance Ltd. 19100 Ridgewood Parkway Suite 1200 San Antonio TX 78259	Common Stock	07/30/2026	273	4559.10
First Guard Insurance Company 19100 Ridgewood Parkway Suite 1200 San Antonio TX 78259	Common Stock	07/30/2026	273	4559.10
Biglari Reinsurance Ltd. 19100 Ridgewood Parkway Suite 1200 San Antonio TX 78259	Common Stock	08/03/2026	10000	167300.00
First Guard Insurance Company 19100 Ridgewood Parkway Suite 1200 San Antonio TX 78259	Common Stock	08/03/2026	10000	167300.00
Biglari Reinsurance Ltd. 19100 Ridgewood Parkway Suite 1200 San Antonio TX 78259	Common Stock	08/05/2026	40000	676000.00
First Guard Insurance Company 19100 Ridgewood Parkway Suite 1200 San Antonio TX 78259	Common Stock	08/05/2026	40000	676000.00
Biglari Reinsurance Ltd. 19100 Ridgewood Parkway Suite 1200 San Antonio TX 78259	Common Stock	08/07/2026	550	9383.00
First Guard Insurance Company 19100 Ridgewood Parkway Suite 1200 San Antonio TX 78259	Common Stock	08/07/2026	550	9383.00

144: Remarks and Signature

Remarks	This Form 144 is being filed by Biglari Holdings Inc., the ultimate parent company of Biglari Reinsurance Ltd. and First Guard Insurance Company, which are the entities selling the shares. The aggregate market value is as of the close of business on 10/15/2026. The number of securities outstanding is as of 08/07/2026. The approximate date of sale is between 10/16/2026 through 01/14/2027. The shares proposed to be sold were acquired and paid for between 08/15/2023 and 08/22/2024. A certain other affiliate of Biglari Holdings Inc. is selling shares of the Issuer and filing on a separate Form 144.
Date of Notice	10/16/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Sardar Biglari
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)