El Pollo Loco (LOCO) holder Lion Fund II sells 11,000 shares
Rhea-AI Filing Summary
El Pollo Loco Holdings, Inc. saw entities affiliated with Sardar Biglari report an open-market sale of 11,000 shares of common stock on July 17, 2026. The Lion Fund II, L.P. sold the shares at a weighted average price of $16.71, with individual trades between $16.70 and $16.76, and now reports 3,538,961 shares held indirectly. Separate indirect holdings reported include 369,247 shares held by Biglari Reinsurance Ltd. and 120,000 shares held by First Guard Insurance Company. Through their control relationships, various Biglari entities and Mr. Biglari may be deemed to beneficially own these shares, while collectively disclaiming beneficial ownership except to the extent of pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 11,000 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
11,000 shs ($184K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock, par value $0.01 per share F1, F2 | 11,000 | $16.71 | $184K |
| 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 — 3,538,961 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 (4)
- F1. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.70 to $16.76. 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. 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 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.
- 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: 11,000 shares
Weighted average sale price: $16.71 per share
Price range of sales: $16.70–$16.76 per share
+3 more
6 metrics
Shares sold
11,000 shares
Common stock sale on July 17, 2026 by The Lion Fund II, L.P.
Weighted average sale price
$16.71 per share
Open-market or private sale; trades ranged from $16.70 to $16.76
Price range of sales
$16.70–$16.76 per share
Multiple transactions underlying the weighted average sale price
Lion Fund II holdings after sale
3,538,961 shares
Indirect ownership of El Pollo Loco common stock following the 11,000-share sale
Biglari Reinsurance holdings
369,247 shares
Indirect holdings of El Pollo Loco common stock reported for Biglari Reinsurance Ltd.
First Guard holdings
120,000 shares
Indirect holdings of El Pollo Loco common stock reported for First Guard Insurance Company
Key Terms
weighted average price, beneficially own, pecuniary interest, indirect ownership
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.
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"
indirect ownership financial
"Shares owned directly by The Lion Fund II, L.P. ... may be deemed to beneficially own"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider activity was reported for El Pollo Loco (LOCO) on this Form 4?
Entities affiliated with Sardar Biglari reported that The Lion Fund II, L.P. sold 11,000 El Pollo Loco common shares on July 17, 2026. The sale was executed in open-market or private transactions at a weighted average price of $16.71 per share.
Were the reported El Pollo Loco (LOCO) transactions made under a Rule 10b5-1 trading plan?
The filing’s Rule 10b5-1 checkbox is not marked as a plan transaction, and the footnotes do not describe a trading plan. This indicates the reported sale was not affirmatively characterized as being executed under a pre-arranged Rule 10b5-1 plan.
Who are the reporting persons on this El Pollo Loco (LOCO) Form 4 and how is ownership characterized?
Reporting persons include Sardar Biglari, Biglari Capital Corp., The Lion Fund II, L.P., and several Biglari insurance and holding entities. Through general partner and parent-subsidiary relationships, they may be deemed to beneficially own the reported shares but disclaim beneficial ownership beyond their pecuniary interest.