Biglari entity sells 222,600 El Pollo Loco shares
El Pollo Loco Holdings, Inc. disclosed that investment vehicles associated with Sardar Biglari reported open-market sales of its common stock.
Rhea-AI Filing Summary
El Pollo Loco Holdings, Inc. disclosed that investment vehicles associated with Sardar Biglari reported open-market sales of its common stock. The Lion Fund II, L.P. sold 100,000 shares at a weighted average price of $16.75 on June 26, 2026, 100,000 shares at $16.58 on June 29, 2026, and 22,600 shares at $16.91 on June 30, 2026, for total reported sales of 222,600 shares. Following the June 30 transaction, The Lion Fund II, L.P. directly held 3,777,400 El Pollo Loco shares. Separate indirect holdings disclosed as of June 26, 2026 include 369,247 shares held by Biglari Reinsurance Ltd. and 120,000 shares held by First Guard Insurance Company, which are entities within the Biglari-related structure.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 222,600 shares
Net Sell
5 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
222,600 shs ($3.72M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock, par value $0.01 per share | 22,600 | $16.91 | $382K |
| Sale | Common Stock, par value $0.01 per share | 100,000 | $16.58 | $1.66M |
| Sale | Common Stock, par value $0.01 per share | 100,000 | $16.75 | $1.68M |
| holding | Common Stock, par value $0.01 per share | -- | -- | -- |
| holding | Common Stock, par value $0.01 per share | -- | -- | -- |
Holdings After Transaction:
Common Stock, par value $0.01 per share — 3,777,400 shares (Indirect, By The Lion Fund II, L.P.);
Common Stock, par value $0.01 per share — 369,247 shares (Indirect, By Biglari Reinsurance Ltd.);
Common Stock, par value $0.01 per share — 120,000 shares (Indirect, By First Guard Insurance Company)
Footnotes (6)
- 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 $16.90. 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 sold at each separate price within the range set forth in this footnote.
- F2. 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 $16.67. 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 sold at each separate price within the range set forth in this footnote.
- F3. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.87 to $17.00. 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 sold at each separate price within the range set forth in this footnote.
- F4. 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.
- F5. 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 virute 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.
- F6. 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
Total shares sold: 222,600 shares
Sale on June 26, 2026: 100,000 shares at $16.75
Sale on June 29, 2026: 100,000 shares at $16.58
+4 more
7 metrics
Total shares sold
222,600 shares
Aggregate open-market sales reported in June 2026
Sale on June 26, 2026
100,000 shares at $16.75
Open-market sale by The Lion Fund II, L.P.
Sale on June 29, 2026
100,000 shares at $16.58
Open-market sale by The Lion Fund II, L.P.
Sale on June 30, 2026
22,600 shares at $16.91
Open-market sale by The Lion Fund II, L.P.
Lion Fund II holdings
3,777,400 shares
Shares held after June 30, 2026 transaction
Biglari Reinsurance holdings
369,247 shares
Indirect holdings as of June 26, 2026
First Guard holdings
120,000 shares
Indirect holdings as of June 26, 2026
Key Terms
weighted average price, beneficially own, ten percent owner, indirect ownership, +1 more
5 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.
beneficially own financial
"BCC and Mr. Biglari may be deemed to beneficially own the shares of Common Stock"
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.
ten percent owner financial
""BIGLARI, SARDAR" ... "is_ten_percent_owner": 1"
indirect ownership financial
""ownership_type": "indirect", "ownership_code": "I""
FAQ
Are the El Pollo Loco (LOCO) insider sales attributed directly to Sardar Biglari?
The transactions are reported through entities associated with Sardar Biglari rather than direct personal accounts. Shares sold were owned directly by The Lion Fund II, L.P., with beneficial ownership of these shares attributed to Biglari Capital Corp. and Mr. Biglari by virtue of their control relationships.
How are the El Pollo Loco (LOCO) sale prices described in the Form 4 filing?
Each reported sale price is a weighted average derived from multiple trades. Footnotes state that transactions occurred within price ranges such as $16.50–$16.90, and the reporting persons undertake to provide detailed price and share data for each individual trade upon request.
AI-generated analysis. How Rhea-AI works. Not financial advice.
