El Pollo Loco: Lion Fund II sells 13,169 shares
Separate indirect holdings were reported as 315,118 shares at Biglari Reinsurance Ltd. and 65,872 shares at First Guard Insurance Company as of November 4, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
4
Rhea-AI Filing Summary
El Pollo Loco Holdings, Inc. (LOCO) reported that The Lion Fund II, L.P. sold 13,169 shares on November 4, 2026, at a weighted average price of $16.50 per share; the reported transaction prices ranged from $16.50 to $16.51. The fund sold 5,984 shares on November 5 at $16.50 per share. Sardar Biglari, identified as a ten-percent owner, was a joint filer; the sold shares were held by the fund. No Rule 10b5-1 plan is reported.
Insider Trade Summary
Net Seller: 19,153 shares
Net Sell
2 txns
Insider
BIGLARI, SARDAR, BIGLARI CAPITAL CORP., LION FUND II, L.P., Biglari Holdings Inc., Biglari Reinsurance Ltd., Biglari Insurance Group Inc.
Role
10% Owner | 10% Owner | 10% Owner | Insider | Insider | Insider
Sold
19,153 shs ($316K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock, par value $0.01 per share F2 | 5,984 | $16.50 | $99K |
| Sale | Common Stock, par value $0.01 per share F1, F2 | 13,169 | $16.50 | $217K |
| Holding | Common Stock, par value $0.01 per share F3 | -- | -- | -- |
| Holding | Common Stock, par value $0.01 per share F4 | -- | -- | -- |
Holdings After Transaction:
Common Stock, par value $0.01 per share — 3,494,252 shares (Indirect, By The Lion Fund II, L.P.);
Common Stock, par value $0.01 per share — 315,118 shares (Indirect, By Biglari Reinsurance Ltd.);
Common Stock, par value $0.01 per share — 65,872 shares (Indirect, By First Guard Insurance Company)
Footnotes (4)
- F1. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.50 to $16.51. 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 sold at each separate price within the range set forth in this footnote.
- F2. Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). Biglari Capital Corp. ("BCC") is the general partner of the Lion Fund II. Mr. Biglari is the sole owner, 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 Common Stock of the Issuer owned directly by the Lion Fund II.
- F3. Shares owned directly by Biglari Reinsurance Ltd. ("Biglari Reinsurance"). Biglari Insurance Group Inc. ("Biglari Insurance") is the direct parent company of Biglari Reinsurance. Biglari Holdings Inc. ("Biglari Holdings") is the direct parent company of Biglari Insurance. Mr. Biglari is the Chairman and Chief Executive Officer of Biglari Holdings. By virtue of these relationships, Biglari Insurance, Biglari Holdings and Mr. Biglari may be deemed to beneficially own the shares of Common Stock of the Issuer owned directly by Biglari Reinsurance.
- F4. Shares owned directly by First Guard Insurance Company ("First Guard"). Biglari Reinsurance is the direct parent company of First Guard. Biglari Insurance is the direct parent company of Biglari Reinsurance. Biglari Holdings is the direct parent company of Biglari Insurance. Mr. Biglari is the Chairman and Chief Executive Officer of Biglari Holdings and has investment discretion over the securities owned by First Guard. By virtue of these relationships, Biglari Reinsurance, Biglari Insurance, Biglari Holdings and Mr. Biglari may be deemed to beneficially own the shares of Common Stock of the Issuer owned directly by First Guard.
Key Figures
Shares sold: 13,169 shares
Weighted average sale price: $16.50 per share
Reported transaction price range: $16.50 to $16.51 per share
+4 more
7 metrics
Shares sold
13,169 shares
The Lion Fund II, L.P.; November 4, 2026
Weighted average sale price
$16.50 per share
The Lion Fund II, L.P.; November 4, 2026
Reported transaction price range
$16.50 to $16.51 per share
The Lion Fund II, L.P.; November 4, 2026
Shares sold
5,984 shares
The Lion Fund II, L.P.; November 5, 2026
Sale price
$16.50 per share
The Lion Fund II, L.P.; November 5, 2026
Indirect shares held
315,118 shares
Biglari Reinsurance Ltd.; November 4, 2026
Indirect shares held
65,872 shares
First Guard Insurance Company; November 4, 2026
Key Terms
weighted average price, general partner, pecuniary interest, beneficially own
4 terms
weighted average price financial
"The price reported in column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
general partner financial
"BCC is the general partner of the Lion Fund II."
A general partner is the person or firm that runs an investment partnership and legally represents it — they make the day-to-day decisions, choose which assets to buy or sell, and are responsible for the partnership’s obligations. Investors care because the general partner’s judgment, risk-taking and fee and profit-sharing arrangements determine both the potential returns and the level of exposure to losses; think of the GP as the ship’s captain whose skill and honesty shape the voyage’s outcome.
pecuniary interest regulatory
"except to the extent of his or its pecuniary interest therein."
beneficially own regulatory
"may be deemed to beneficially own the shares"
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What other indirect LOCO holdings were reported?
Biglari Reinsurance Ltd. held 315,118 shares and First Guard Insurance Company held 65,872 shares, both reported as indirect holdings dated November 4, 2026. The footnotes state that each entity owned its shares directly.
AI-generated analysis. How Rhea-AI works. Not financial advice.
