Biglari fund sells 75,000 El Pollo Loco (NASDAQ: LOCO) shares

Rhea-AI Filing Summary

El Pollo Loco Holdings, Inc. shareholder entities associated with Sardar Biglari reported an open-market sale of 75,000 common shares on July 13, 2026 at a weighted average price of $16.74 per share through The Lion Fund II, L.P. After the sale, The Lion Fund II holds 3,560,454 shares indirectly, while Biglari Reinsurance Ltd. and First Guard Insurance Company hold 369,247 and 120,000 shares, respectively.

Insider Trade Summary

Net Seller: 75,000 shares ($1,255,500)

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 75,000 shs ($1.26M)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.01 per share	75,000	$16.74	$1.26M
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 — 3,560,454 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 $16.70 to $17.02. 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

Shares sold: 75,000 shares Weighted average sale price: $16.74 per share Shares held by The Lion Fund II after sale: 3,560,454 shares +2 more

5 metrics

Shares sold 75,000 shares Open-market sale of Common Stock on 2026-07-13 by The Lion Fund II, L.P.

Weighted average sale price $16.74 per share Weighted average price for 75,000 shares sold, with trades from $16.70 to $17.02

Shares held by The Lion Fund II after sale 3,560,454 shares Indirect ownership of El Pollo Loco common stock following the sale

Shares held by Biglari Reinsurance Ltd. 369,247 shares Indirect ownership position in El Pollo Loco common stock

Shares held by First Guard Insurance Company 120,000 shares Indirect ownership position in El Pollo Loco common stock

Key Terms

weighted average price, beneficially own, par value, investment discretion

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.

par value financial

"Common Stock, par value $0.01 per share"

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

investment discretion financial

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/14/2026 - 09:22 AM Accepted by SEC EDGAR 07/14/2026 - 09:22 AM Learn about SEC filing dates

FAQ

What did Biglari-related holders report in the LOCO Form 4?

Entities associated with Sardar Biglari reported an open-market sale of 75,000 El Pollo Loco shares at a weighted average price of $16.74 per share. The sale was executed through The Lion Fund II, L.P., which continues to hold a large indirect position.

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

The Lion Fund II, L.P. sold 75,000 shares of El Pollo Loco common stock in an open-market transaction. The filing notes the price as a weighted average, with individual trades occurring within a specified range during the sale date.

At what price were LOCO shares sold by The Lion Fund II?

The reported sale price for El Pollo Loco shares was a weighted average of $16.74 per share. According to the filing, individual trade prices ranged from $16.70 to $17.02, and detailed breakdowns are available upon request from the reporting persons.

How many LOCO shares do Biglari-related entities hold after the reported sale?

After the reported transactions, The Lion Fund II holds 3,560,454 El Pollo Loco shares indirectly, Biglari Reinsurance Ltd. holds 369,247 shares, and First Guard Insurance Company holds 120,000 shares. Each position is reported as indirect ownership of common stock.

Who is considered a beneficial owner of LOCO shares held by The Lion Fund II?

The Lion Fund II directly owns the El Pollo Loco shares, while Biglari Capital Corp. and Sardar Biglari may be deemed to beneficially own those shares. This is by virtue of Biglari Capital Corp. serving as general partner and Mr. Biglari’s ownership and leadership roles there.

What price range applied to the LOCO share sale reported in this Form 4?

The 75,000 El Pollo Loco shares were sold at prices ranging from $16.70 to $17.02 per share. The weighted average sale price reported was $16.74, and more detailed trade-level pricing information is available from the reporting persons upon request.

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)
07/13/2026

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	07/13/2026		S		75,000	D	$16.74(1)	3,560,454	I	By The Lion Fund II, L.P.(2)
Common Stock, par value $0.01 per share								369,247	I	By Biglari Reinsurance Ltd.(3)
Common Stock, par value $0.01 per share								120,000	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)
			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 $16.70 to $17.02. 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. 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 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.

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	07/14/2026
	By: Biglari Capital Corp.; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	07/14/2026
	By: The Lion Fund II, L.P.; By: Biglari Capital Corp., its general partner; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	07/14/2026
	By: Biglari Holdings Inc., By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	07/14/2026
	By: Biglari Reinsurance Ltd.; By: /s/ Sardar Biglari, Chairman of the Board and Chief Executive Officer	07/14/2026
	By: Biglari Insurance Group Inc.; By: /s/ Sardar Biglari, Chairman of the Board	07/14/2026
	** 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)