Biglari-linked entities sell small stake in El Pollo Loco
El Pollo Loco Holdings, Inc. insider group reported small open-market sales.
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. insider group reported small open-market sales. Entities associated with Sardar Biglari sold 550 shares held by Biglari Reinsurance Ltd. and 550 shares held by First Guard Insurance Company on 2026-08-07 at a weighted average price of $17.06 per share. After these transactions, Biglari Reinsurance held 315,118 shares and First Guard held 65,872 shares, both reported as indirect holdings. The Lion Fund II, L.P., also associated with Mr. Biglari, reported an indirect holding of 3,538,961 shares. The reporting persons jointly filed and each disclaimed beneficial ownership beyond their pecuniary interest.
Insider Trade Summary
Net Seller: 1,100 shares
Net Sell
3 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
1,100 shs ($19K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock, par value $0.01 per share F1, F2 | 550 | $17.06 | $9K |
| Sale | Common Stock, par value $0.01 per share F1, F3 | 550 | $17.06 | $9K |
| holding | Common Stock, par value $0.01 per share F4 | -- | -- | -- |
Holdings After Transaction:
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);
Common Stock, par value $0.01 per share — 3,538,961 shares (Indirect, By The Lion Fund II, L.P.)
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 $17.05 to $17.13. 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 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.
- F3. 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.
- 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.
Key Figures
Shares sold by Biglari Reinsurance Ltd.: 550 shares
Shares sold by First Guard Insurance Company: 550 shares
Weighted average sale price: $17.06 per share
+4 more
7 metrics
Shares sold by Biglari Reinsurance Ltd.
550 shares
Open-market sale on 2026-08-07 at weighted average price
Shares sold by First Guard Insurance Company
550 shares
Open-market sale on 2026-08-07 at weighted average price
Weighted average sale price
$17.06 per share
Sales in multiple trades between $17.05 and $17.13
Shares held by Biglari Reinsurance Ltd.
315,118 shares
Indirect ownership after 2026-08-07 sale
Shares held by First Guard Insurance Company
65,872 shares
Indirect ownership after 2026-08-07 sale
Shares held by The Lion Fund II, L.P.
3,538,961 shares
Indirect holding reported as of this Form 4
Total shares sold in this filing
1,100 shares
Two open-market sales on 2026-08-07 by affiliated entities
Key Terms
weighted average price, indirect, beneficially own, pecuniary interest, +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.
indirect financial
"total_shares_following_transaction reported as indirect ownership"
beneficially own financial
"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.
pecuniary interest financial
"disclaims beneficial ownership ... except to the extent of his or its pecuniary interest"
ten percent owner regulatory
"reporting person flagged as is_ten_percent_owner"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did the LOCO insider group led by Sardar Biglari report in this Form 4?
The filing reports two small open-market sales totaling 1,100 shares of El Pollo Loco Holdings, Inc. common stock by entities associated with Sardar Biglari, plus updated indirect holdings across those entities and The Lion Fund II, L.P.
What are the remaining LOCO holdings of Biglari Reinsurance and First Guard after these sales?
After the sales, Biglari Reinsurance Ltd. held 315,118 shares and First Guard Insurance Company held 65,872 shares of El Pollo Loco Holdings, Inc., each reported as indirectly owned by the Biglari reporting group.
Were the LOCO insider sales made under a Rule 10b5-1 trading plan?
The Form 4 indicates the Rule 10b5-1 checkbox is not marked as using a plan. The filing does not describe these El Pollo Loco trades as executed under a pre-arranged trading plan.
AI-generated analysis. How Rhea-AI works. Not financial advice.
