Lion Fund II (ticker: LOCO) sells 141,946 El Pollo Loco shares

Rhea-AI Filing Summary

The Lion Fund II, L.P., an entity associated with Sardar Biglari, reported open-market sales of El Pollo Loco Holdings, Inc. common stock. On July 1, 2026, it sold 132,421 shares at a weighted average price of $17.2700 per share. On July 2, 2026, it sold an additional 9,525 shares at a weighted average price of $16.9200 per share.

After these transactions, The Lion Fund II, L.P. reported holding 3,635,454.0000 shares of El Pollo Loco common stock indirectly. Related entities reported indirect holdings of 369,247.0000 shares through Biglari Reinsurance Ltd. and 120,000.0000 shares through First Guard Insurance Company, reflecting a continued large overall position.

Insights

Equity ownership analyst

Large shareholder executes moderate open-market sales but retains sizable stake.

The filing shows that The Lion Fund II, L.P., a significant holder associated with Sardar Biglari, sold a total of 141,946 shares of El Pollo Loco in open-market trades at weighted average prices around $17.2700 and $16.9200.

Following these sales, the fund still holds 3,635,454.0000 shares, while related entities hold an additional 369,247.0000 and 120,000.0000 shares. The transactions reduce exposure but leave a substantial combined position, suggesting routine portfolio adjustment rather than a transformative ownership change based on the disclosed figures.

Insider Trade Summary

Net Seller: 141,946 shares ($2,448,074)

Net Sell 4 txns

Insider BIGLARI, SARDAR, BIGLARI CAPITAL CORP., LION FUND II, L.P., Biglari Holdings Inc., Biglari Reinsurance Ltd., Biglari Insurance Group Inc.

Role null | null | null | null | null | null

Sold 141,946 shs ($2.45M)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.01 per share	9,525	$16.92	$161K
Sale	Common Stock, par value $0.01 per share	132,421	$17.27	$2.29M
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 — 3,635,454 shares (Indirect, By The Lion Fund II, L.P.)

Footnotes (1)

1. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $17.20 to $17.40. 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. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.90 to $16.96. 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. 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. 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. 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: 141,946 shares July 1, 2026 sale: 132,421 shares at $17.2700 July 2, 2026 sale: 9,525 shares at $16.9200 +3 more

6 metrics

Total shares sold 141,946 shares Open-market sales reported for July 1–2, 2026

July 1, 2026 sale 132,421 shares at $17.2700 Open-market sale by The Lion Fund II, L.P.

July 2, 2026 sale 9,525 shares at $16.9200 Open-market sale by The Lion Fund II, L.P.

Holdings after sales (Lion Fund II) 3,635,454.0000 shares Indirectly held El Pollo Loco common stock

Holdings via Biglari Reinsurance Ltd. 369,247.0000 shares Shares owned directly by Biglari Reinsurance Ltd.

Holdings via First Guard Insurance Company 120,000.0000 shares Shares owned directly by First Guard Insurance Company

Key Terms

open-market sale, weighted average price, beneficially own, ten percent owner, +1 more

5 terms

open-market sale financial

"transaction_action: "open-market sale" for the reported S-coded trades"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

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.

ten percent owner financial

"is_ten_percent_owner: 1 for BIGLARI, SARDAR and BIGLARI CAPITAL CORP."

indirect ownership financial

"ownership_type: "indirect" and nature_of_ownership fields for entities"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/06/2026 - 08:38 PM Accepted by SEC EDGAR 07/06/2026 - 08:37 PM Learn about SEC filing dates

FAQ

How many El Pollo Loco (LOCO) shares did Lion Fund II sell?

The Lion Fund II, L.P. sold a total of 141,946 El Pollo Loco shares in open-market transactions. This included 132,421 shares on July 1, 2026 and 9,525 shares on July 2, 2026, according to the Form 4 filing.

At what prices did Lion Fund II sell its LOCO shares?

Lion Fund II’s El Pollo Loco sales occurred at weighted average prices of $17.2700 and $16.9200 per share. The fund notes shares were sold in multiple trades within narrow ranges around these figures and can provide detailed breakdowns upon request.

How many El Pollo Loco shares does Lion Fund II hold after the sales?

After the reported transactions, The Lion Fund II, L.P. holds 3,635,454.0000 El Pollo Loco shares indirectly. This post-transaction balance reflects the remaining position following the July 1 and July 2, 2026 open-market sales disclosed in the Form 4.

What additional LOCO shares are held by related Biglari entities?

Related entities reported indirect holdings of El Pollo Loco shares, including 369,247.0000 shares owned directly by Biglari Reinsurance Ltd. and 120,000.0000 shares owned directly by First Guard Insurance Company, all of which may be deemed beneficially owned through the disclosed ownership chain.

Who is considered the beneficial owner of the LOCO shares in this Form 4?

The filing states that The Lion Fund II, L.P. owns shares directly, with Biglari Capital Corp. as its general partner and Sardar Biglari as sole owner and CEO. Through these relationships, they may be deemed to beneficially own the fund’s El Pollo Loco shares.

Were the LOCO share sales in this Form 4 open-market transactions?

Yes. The Form 4 classifies both reportable trades as open-market sales under transaction code “S.” The filing specifies they were executed at weighted average prices and involved multiple individual trades within stated price ranges on July 1 and July 2, 2026.

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)
07/01/2026

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	07/01/2026		S		132,421	D	$17.27(1)	3,644,979	I	By The Lion Fund II, L.P.(3)
Common Stock, par value $0.01 per share	07/02/2026		S		9,525	D	$16.92(2)	3,635,454	I	By The Lion Fund II, L.P.(3)
Common Stock, par value $0.01 per share								369,247	I	By Biglari Reinsurance Ltd.(4)
Common Stock, par value $0.01 per share								120,000	I	By First Guard Insurance Company(5)

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)
			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)
			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)
			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 $17.20 to $17.40. 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.

2. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.90 to $16.96. 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.

3. 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.

4. 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.

5. 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	07/06/2026
	By: Biglari Capital Corp.; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	07/06/2026
	By: The Lion Fund II, L.P.; By: Biglari Capital Corp., its general partner; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	07/06/2026
	By: Biglari Holdings Inc., By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	07/06/2026
	By: Biglari Reinsurance Ltd.; By: /s/ Sardar Biglari, Chairman of the Board and Chief Executive Officer	07/06/2026
	By: Biglari Insurance Group Inc.; By: /s/ Sardar Biglari, Chairman of the Board	07/06/2026
	** 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)