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

Rhea-AI Filing Summary

El Pollo Loco Holdings, Inc. was the subject of a joint insider report by Sardar Biglari and affiliated entities covering open-market sales of an aggregate 7,157 shares of common stock on July 29-30, 2026, at weighted average prices between $16.70 and $16.75, executed indirectly through Biglari Reinsurance Ltd. and First Guard Insurance Company.

The report also lists indirect ownership of 3,538,961 shares of common stock by The Lion Fund II, L.P. The associated entities state they may be deemed to beneficially own certain shares through control relationships, while disclaiming beneficial ownership beyond their pecuniary interest.

Insider Trade Summary

Net Seller: 7,157 shares

Net Sell 5 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 7,157 shs ($120K)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.01 per share F2, F3	273	$16.70	$5K
Sale	Common Stock, par value $0.01 per share F2, F4	273	$16.70	$5K
Sale	Common Stock, par value $0.01 per share F1, F3	3,306	$16.71	$55K
Sale	Common Stock, par value $0.01 per share F1, F4	3,305	$16.71	$55K
holding	Common Stock, par value $0.01 per share F5	--	--	--

Holdings After Transaction: Common Stock, par value $0.01 per share — 365,668 shares (Indirect, By Biglari Reinsurance Ltd.); Common Stock, par value $0.01 per share — 116,422 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 $16.72. 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 $16.70 to $16.75. 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.

Key Figures

Total shares sold: 7,157 shares Sale price range (Footnote F1): $16.70–$16.72 per share Sale price range (Footnote F2): $16.70–$16.75 per share +3 more

6 metrics

Total shares sold 7,157 shares Aggregate non-derivative common stock sales on July 29-30, 2026 by Biglari Reinsurance Ltd. and First Guard Insurance Company

Sale price range (Footnote F1) $16.70–$16.72 per share Weighted average prices for transactions described in Footnote F1 on July 29, 2026

Sale price range (Footnote F2) $16.70–$16.75 per share Weighted average prices for transactions described in Footnote F2 on July 29-30, 2026

Shares sold by Biglari Reinsurance on July 29, 2026 3,306 shares Indirect sale of common stock at a weighted average price of $16.71 per share

Shares sold by First Guard on July 29, 2026 3,305 shares Indirect sale of common stock at a weighted average price of $16.71 per share

Indirect holdings via The Lion Fund II, L.P. 3,538,961 shares Common stock of El Pollo Loco held indirectly as of July 29, 2026

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 Biglari Reinsurance Ltd. ... may be deemed to beneficially own"

FAQ

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

What insider sales in LOCO stock did Biglari-affiliated entities report for July 29-30, 2026?

Biglari-affiliated entities reported selling 7,157 shares of El Pollo Loco common stock on July 29-30, 2026, at weighted average prices between $16.70 and $16.75 per share through Biglari Reinsurance Ltd. and First Guard Insurance Company.

Which entities executed the reported LOCO share sales associated with Sardar Biglari?

The sales involved El Pollo Loco common stock held indirectly by Biglari Reinsurance Ltd. and First Guard Insurance Company. Both entities are part of a chain of ownership ultimately tied to Biglari Holdings Inc. and Sardar Biglari through parent-subsidiary relationships.

How many LOCO shares are indirectly held by The Lion Fund II, L.P.?

The Lion Fund II, L.P. is reported as indirectly holding 3,538,961 shares of El Pollo Loco common stock as of July 29, 2026. Biglari Capital Corp. is its general partner, and Sardar Biglari owns and leads that general partner entity.

Were the Biglari-related LOCO insider transactions made under a Rule 10b5-1 trading plan?

The Rule 10b5-1 checkbox is not marked as affirming a trading plan for these transactions. The report does not indicate that the July 29-30, 2026 sales by Biglari Reinsurance Ltd. and First Guard Insurance Company were executed under a pre-arranged Rule 10b5-1 plan.

Do Sardar Biglari and related entities fully claim beneficial ownership of the reported LOCO shares?

No. Sardar Biglari and the related entities state they disclaim beneficial ownership of the reported El Pollo Loco shares except to the extent of their pecuniary interest, even though they may be deemed beneficial owners through control relationships over the holding entities.

Which parties are identified as ten percent owners in this LOCO insider report?

The report identifies Sardar Biglari, Biglari Capital Corp., and The Lion Fund II, L.P. as ten percent owners of El Pollo Loco. Other affiliated entities participate through ownership chains but are not all flagged as ten percent owners.

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

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Available on EDGAR 07/31/2026 - 06:04 PM Accepted by SEC EDGAR 07/31/2026 - 06:03 PM 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)
07/29/2026

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	07/29/2026		S		3,306	D	$16.71(1)	365,941	I	By Biglari Reinsurance Ltd.(3)
Common Stock, par value $0.01 per share	07/29/2026		S		3,305	D	$16.71(1)	116,695	I	By First Guard Insurance Company(4)
Common Stock, par value $0.01 per share	07/30/2026		S		273	D	$16.7(2)	365,668	I	By Biglari Reinsurance Ltd.(3)
Common Stock, par value $0.01 per share	07/30/2026		S		273	D	$16.7(2)	116,422	I	By First Guard Insurance Company(4)
Common Stock, par value $0.01 per share								3,538,961	I	By 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)
				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 $16.72. 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 $16.70 to $16.75. 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 Biglari	07/31/2026
	By: Biglari Capital Corp.; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	07/31/2026
	By: The Lion Fund II, L.P.; By: Biglari Capital Corp., its general partner; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	07/31/2026
	By: Biglari Holdings Inc., By: /s/ Sardar Biglari, Chairman and Chief Executive Officer	07/31/2026
	By: Biglari Reinsurance Ltd.; By: /s/ Sardar Biglari, Chairman of the Board and Chief Executive Officer	07/31/2026
	By: Biglari Insurance Group Inc.; By: /s/ Sardar Biglari, Chairman of the Board	07/31/2026
	** 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)