El Pollo Loco: Lion Fund II sells 25,556 shares

The Lion Fund II held 3,513,405 shares after the sale, while separate holdings were reported for Biglari Reinsurance and First Guard.

Rhea-AI Filing Summary

El Pollo Loco Holdings, Inc. (LOCO) reports that The Lion Fund II, L.P. sold 25,556 shares on October 16, 2026, at a weighted average of $16.50 per share; the sales were at prices ranging from $16.50 to $16.56. The fund held 3,513,405 shares after the sale. Separate reported holdings included 315,118 shares held by Biglari Reinsurance Ltd. and 65,872 shares held by First Guard Insurance Company. Sardar Biglari, Chairman and Chief Executive Officer of Biglari Holdings Inc., was a joint filer; the joint filers disclaim beneficial ownership except to the extent of their respective pecuniary interests.

Insider Trade Summary

Net Seller: 25,556 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 25,556 shs ($422K)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.01 per share F1, F2	25,556	$16.50	$422K
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 — 3,513,405 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)

1. 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 $16.56. 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.
2. 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.
3. 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.
4. 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 by The Lion Fund II: 25,556 shares Weighted average sale price: $16.50 per share Sale price range: $16.50 to $16.56 per share +3 more

6 metrics

Shares sold by The Lion Fund II 25,556 shares October 16, 2026

Weighted average sale price $16.50 per share Multiple sale transactions on October 16, 2026

Sale price range $16.50 to $16.56 per share Multiple sale transactions on October 16, 2026

Shares held by The Lion Fund II after the sale 3,513,405 shares Reported after the October 16, 2026 sale

Shares held by Biglari Reinsurance Ltd. 315,118 shares Reported October 16, 2026

Shares held by First Guard Insurance Company 65,872 shares Reported October 16, 2026

Key Terms

weighted average price, pecuniary interest, investment discretion

3 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.

pecuniary interest regulatory

"except to the extent of his or its pecuniary interest therein"

investment discretion regulatory

"has investment discretion over the securities owned by First Guard"

FAQ

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

How many LOCO shares did The Lion Fund II sell?

The Lion Fund II, L.P. sold 25,556 shares on October 16, 2026, at a weighted average price of $16.50 per share. The sales occurred at prices ranging from $16.50 to $16.56, and no Rule 10b5-1 plan is reported.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/20/2026 - 08:04 PM EDT Accepted by SEC EDGAR 10/20/2026 - 08:04 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BIGLARI, SARDAR

(Last) (First) (Middle)

C/O BIGLARI HOLDINGS INC.

19100 RIDGEWOOD PKWY, SUITE 1200

(Street)

SAN ANTONIO TEXAS 78259

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
El Pollo Loco Holdings, Inc. [ LOCO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share	10/16/2026		S		25,556	D	$16.5(1)	3,513,405	I	By The Lion Fund II, L.P.(2)
Common Stock, par value $0.01 per share								315,118	I	By Biglari Reinsurance Ltd.(3)
Common Stock, par value $0.01 per share								65,872	I	By First Guard Insurance Company(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

BIGLARI, SARDAR

(Last) (First) (Middle)

C/O BIGLARI HOLDINGS INC.

19100 RIDGEWOOD PKWY, SUITE 1200

(Street)

SAN ANTONIO TEXAS 78259

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BIGLARI CAPITAL CORP.

(Last) (First) (Middle)

C/O BIGLARI HOLDINGS INC.

19100 RIDGEWOOD PKWY, SUITE 1200

(Street)

SAN ANTONIO TEXAS 78259

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

LION FUND II, L.P.

(Last) (First) (Middle)

C/O BIGLARI HOLDINGS INC.

19100 RIDGEWOOD PKWY, SUITE 1200

(Street)

SAN ANTONIO TEXAS 78259

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Biglari Holdings Inc.

(Last) (First) (Middle)

C/O BIGLARI HOLDINGS INC.

19100 RIDGEWOOD PKWY, SUITE 1200

(Street)

SAN ANTONIO TEXAS 78259

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

1. Name and Address of Reporting Person^*

Biglari Reinsurance Ltd.

(Last) (First) (Middle)

C/O BIGLARI HOLDINGS INC.

19100 RIDGEWOOD PKWY, SUITE 1200

(Street)

SAN ANTONIO TEXAS 78259

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

1. Name and Address of Reporting Person^*

Biglari Insurance Group Inc.

(Last) (First) (Middle)

C/O BIGLARI HOLDINGS INC.

19100 RIDGEWOOD PKWY, SUITE 1200

(Street)

SAN ANTONIO TEXAS 78259

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

Explanation of Responses:

1. 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 $16.56. 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.

2. 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.

3. 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.

4. 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.

Remarks:

This Form 4 is filed jointly by Mr. Biglari, Biglari Holdings, BCC, the Lion Fund II, Biglari Reinsurance and Biglari Insurance. Each of the foregoing disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of his or its pecuniary interest therein.

	By: /s/ Sardar Biglari	10/20/2026
	By: Biglari Capital Corp.; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	10/20/2026
	By: The Lion Fund II, L.P.; By: Biglari Capital Corp., its general partner; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	10/20/2026
	By: Biglari Holdings Inc., By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	10/20/2026
	By: Biglari Reinsurance Ltd.; By: /s/ Sardar Biglari, Chairman of the Board and Chief Executive Officer	10/20/2026
	By: Biglari Insurance Group Inc.; By: /s/ Sardar Biglari, Chairman of the Board	10/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)