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  4. [Form 4] El Pollo Loco Holdings, Inc. Insider Trading Activity

Biglari group sells 100,000 El Pollo Loco (LOCO) shares, holds 3,538,961

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

El Pollo Loco Holdings, Inc. major shareholder entities associated with Sardar Biglari reported open-market sales totaling 100,000 shares of common stock in early August 2026. Biglari Reinsurance Ltd. and First Guard Insurance Company each sold 50,000 shares at weighted-average prices around $16.73 and $16.90, across multiple trades within disclosed ranges. An affiliated fund, The Lion Fund II, L.P., reported indirect ownership of 3,538,961 shares as of August 3, 2026, with reporting persons disclaiming beneficial ownership beyond their pecuniary interests.

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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 100,000 shs ($1.69M)
Type Security Shares Price Value
Sale Common Stock, par value $0.01 per share F2, F3 40,000 $16.90 $676K
Sale Common Stock, par value $0.01 per share F2, F4 40,000 $16.90 $676K
Sale Common Stock, par value $0.01 per share F1, F3 10,000 $16.73 $167K
Sale Common Stock, par value $0.01 per share F1, F4 10,000 $16.73 $167K
holding Common Stock, par value $0.01 per share F5 -- -- --
Holdings After Transaction: Common Stock, par value $0.01 per share — 315,668 shares (Indirect, By Biglari Reinsurance Ltd.); Common Stock, par value $0.01 per share — 66,422 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 (5)
  1. F1. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.70 to $16.78. 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. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.75 to $17.03. 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.
  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.
  5. F5. 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.
Total shares sold 100000 shares Aggregate El Pollo Loco common shares sold by Biglari-related entities in early August 2026
Shares sold by Biglari Reinsurance on 2026-08-05 40000.0000 shares Indirect sale by Biglari Reinsurance Ltd. at weighted average price of 16.9000 per share
Shares sold by First Guard on 2026-08-05 40000.0000 shares Indirect sale by First Guard Insurance Company at weighted average price of 16.9000 per share
Shares sold by Biglari Reinsurance on 2026-08-03 10000.0000 shares Indirect sale by Biglari Reinsurance Ltd. at weighted average price of 16.7300 per share
Shares sold by First Guard on 2026-08-03 10000.0000 shares Indirect sale by First Guard Insurance Company at weighted average price of 16.7300 per share
Price range for 2026-08-03 sales $16.70–$16.78 Footnote F1 states sales that day occurred within this price range
Price range for 2026-08-05 sales $16.75–$17.03 Footnote F2 states sales that day occurred within this price range
Indirect shares held by The Lion Fund II 3538961.0000 shares Indirect ownership of El Pollo Loco common stock reported as of 2026-08-03
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 ... ownership_type": "indirect""
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 financial
""is_ten_percent_owner": 1 for certain reporting persons"

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FAQ

What insider activity did LOCO report involving Sardar Biglari–related entities?
Entities associated with Sardar Biglari reported selling 100,000 shares of El Pollo Loco common stock in early August 2026 through Biglari Reinsurance Ltd. and First Guard Insurance Company at weighted average prices near $16.73 and $16.90 per share.

How many LOCO shares did Biglari Reinsurance and First Guard each sell?
Biglari Reinsurance Ltd. and First Guard Insurance Company each sold a total of 50,000 shares of El Pollo Loco common stock, split between 10,000-share blocks on August 3, 2026 and 40,000-share blocks on August 5, 2026.

What price ranges applied to the recent LOCO insider sales?
For the August 3, 2026 trades, the weighted average price of $16.7300 reflected multiple sales between $16.70 and $16.78. For August 5, 2026, the $16.9000 weighted average reflected trades between $16.75 and $17.03, as detailed in the footnotes.

How many LOCO shares does The Lion Fund II report holding?
The Lion Fund II, L.P., an affiliate in the Biglari group, reported indirect ownership of 3,538,961 shares of El Pollo Loco common stock as of August 3, 2026, with related parties potentially deemed to beneficially own those shares through their control relationships.

Do the Biglari reporting persons fully acknowledge beneficial ownership of all LOCO shares?
No. The reporting persons jointly state that they disclaim beneficial ownership of the El Pollo Loco shares reported, except to the extent of their pecuniary interest, meaning their economic stake in the securities rather than full ownership control.
SEC Form 4
FORM 4UNITED 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)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/03/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock, par value $0.01 per share08/03/2026S10,000D$16.73(1)355,668IBy Biglari Reinsurance Ltd.(3)
Common Stock, par value $0.01 per share08/03/2026S10,000D$16.73(1)106,422IBy First Guard Insurance Company(4)
Common Stock, par value $0.01 per share08/05/2026S40,000D$16.9(2)315,668IBy Biglari Reinsurance Ltd.(3)
Common Stock, par value $0.01 per share08/05/2026S40,000D$16.9(2)66,422IBy First Guard Insurance Company(4)
Common Stock, par value $0.01 per share3,538,961IBy The Lion Fund II, L.P.(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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
DirectorX10% 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
DirectorX10% 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
DirectorX10% 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
Director10% Owner
Officer (give title below)XOther (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
Director10% Owner
Officer (give title below)XOther (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
Director10% Owner
Officer (give title below)XOther (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 $16.70 to $16.78. 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. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.75 to $17.03. 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.
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.
5. 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.
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 Biglari08/05/2026
By: Biglari Capital Corp.; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer08/05/2026
By: The Lion Fund II, L.P.; By: Biglari Capital Corp., its general partner; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer08/05/2026
By: Biglari Holdings Inc., By: /s/ Sardar Biglari, Chairman and Chief Executive Officer08/05/2026
By: Biglari Reinsurance Ltd.; By: /s/ Sardar Biglari, Chairman of the Board and Chief Executive Officer08/05/2026
By: Biglari Insurance Group Inc.; By: /s/ Sardar Biglari, Chairman of the Board08/05/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR