El Pollo Loco (NASDAQ: LOCO) major holder trims 10,493 shares
Rhea-AI Filing Summary
An investment vehicle associated with Sardar Biglari trimmed its stake in El Pollo Loco Holdings, Inc. A total of 10,493 common shares were sold in open-market transactions by The Lion Fund II, L.P. on July 14–16, 2026 at weighted-average prices of $16.70, $16.71 and $16.73 per share, leaving 3,549,961 shares held indirectly by The Lion Fund II.
Separate indirect holdings reported include 369,247 shares owned directly by Biglari Reinsurance Ltd. and 120,000 shares owned directly by First Guard Insurance Company. Through the described parent-subsidiary relationships, Biglari Capital Corp., Biglari Holdings Inc. and Mr. Biglari may be deemed to beneficially own these positions.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 10,493 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
10,493 shs ($175K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock, par value $0.01 per share F3, F4 | 2,749 | $16.70 | $46K |
| Sale | Common Stock, par value $0.01 per share F2, F4 | 6,533 | $16.71 | $109K |
| Sale | Common Stock, par value $0.01 per share F1, F4 | 1,211 | $16.73 | $20K |
| holding | Common Stock, par value $0.01 per share F5 | -- | -- | -- |
| holding | Common Stock, par value $0.01 per share F6 | -- | -- | -- |
Holdings After Transaction:
Common Stock, par value $0.01 per share — 3,549,961 shares (Indirect, By The Lion Fund II, L.P.);
Common Stock, par value $0.01 per share — 369,247 shares (Indirect, By Biglari Reinsurance Ltd.);
Common Stock, par value $0.01 per share — 120,000 shares (Indirect, By First Guard Insurance Company)
Footnotes (6)
- 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 $16.76. 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.
- 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 $16.72. 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.
- F3. 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 Commision, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- F4. 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.
- F5. 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.
- F6. 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
Common shares sold: 10,493 shares
Sale prices (weighted averages): $16.70, $16.71 and $16.73 per share
Lion Fund II post-sale holding: 3,549,961 shares
+2 more
5 metrics
Common shares sold
10,493 shares
Open-market sales by The Lion Fund II, L.P. on July 14–16, 2026
Sale prices (weighted averages)
$16.70, $16.71 and $16.73 per share
Reported column 4 prices for each trading day’s transactions
Lion Fund II post-sale holding
3,549,961 shares
Indirectly held after July 16, 2026 transaction
Biglari Reinsurance holding
369,247 shares
Shares owned directly by Biglari Reinsurance Ltd. as of July 14, 2026
First Guard holding
120,000 shares
Shares owned directly by First Guard Insurance Company as of July 14, 2026
Key Terms
weighted average price, beneficially own, par value
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.
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.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider activity did LOCO’s major holder report on this Form 4?
An investment vehicle linked to Sardar Biglari reported selling 10,493 El Pollo Loco common shares in open-market trades on July 14–16, 2026, at weighted-average prices between $16.70 and $16.73, while retaining a large remaining position.
Does the Form 4 indicate use of a Rule 10b5-1 trading plan for LOCO trades?
The disclosure describes the sales as open-market transactions with weighted-average prices and provides price ranges, but it does not state that they were executed under a Rule 10b5-1 or other pre-arranged trading plan.