Biglari group discloses 13.5% El Pollo Loco (LOCO) stake in amended 13D

Rhea-AI Filing Summary

Biglari-affiliated investors report owning 13.5% of El Pollo Loco. The amended Schedule 13D shows Sardar Biglari and related entities beneficially owning 4,124,701 common shares. The Lion Fund II directly holds 3,635,454 shares (11.9%), with additional holdings at First Guard Insurance and Biglari Reinsurance.

These positions were acquired in open-market purchases funded by working capital, sometimes including margin loans. The filing bases ownership on 30,455,298 shares outstanding as of May 1, 2026, meaning the Biglari group is a significant shareholder in El Pollo Loco.

Insights

Equity ownership & governance analyst

Biglari group discloses a sizable, concentrated LOCO stake.

The amended Schedule 13D shows Sardar Biglari and affiliated entities reporting beneficial ownership of 4,124,701 El Pollo Loco shares, or about 13.5% of shares outstanding. The Lion Fund II is the primary holder, with additional shares in insurance and reinsurance affiliates.

Holdings were built through open-market purchases using working capital, which may include margin loans. Concentrated ownership at this level often reflects a high-conviction position and can influence governance, though this document only updates ownership data. Future company filings may further describe any related engagement or strategic intentions.

Key Figures

Biglari group beneficial ownership: 4,124,701 shares Lion Fund II holdings: 3,635,454 shares Lion Fund II aggregate purchase price: $35,964,823 +5 more

8 metrics

Biglari group beneficial ownership 4,124,701 shares Approximately 13.5% of El Pollo Loco common stock

Lion Fund II holdings 3,635,454 shares About 11.9% of shares outstanding as of May 1, 2026

Lion Fund II aggregate purchase price $35,964,823 Cost for 3,635,454 El Pollo Loco shares

First Guard purchase price $1,223,056 Cost for 120,000 El Pollo Loco shares

Biglari Reinsurance purchase price $4,861,578 Cost for 369,247 El Pollo Loco shares

Shares outstanding baseline 30,455,298 shares El Pollo Loco shares outstanding as of May 1, 2026

First Guard holdings 120,000 shares Less than 1% of El Pollo Loco shares outstanding

Biglari Reinsurance holdings (with First Guard) 489,247 shares Approximately 1.6% of El Pollo Loco shares outstanding

Key Terms

beneficially own, Schedule 13D, working capital, margin loans, +2 more

6 terms

beneficially own financial

"may be deemed to beneficially own the Shares owned by The Lion Fund II"

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.

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

working capital financial

"were purchased with working capital (which may, at any given time, include margin loans"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

margin loans financial

"may, at any given time, include margin loans made by brokerage firms in the ordinary course of business"

Margin loans are loans from a brokerage that let an investor borrow money using their existing stocks, bonds or cash as collateral to buy more securities. They matter because borrowing magnifies both gains and losses—like using a lever to move a heavier load—so small market moves can have outsized effects on your returns; investors also pay interest and risk a margin call, where the broker may force sales if collateral falls below required levels.

aggregate percentage of Shares financial

"The aggregate percentage of Shares reported owned by the Reporting Persons is based upon 30,455,298 Shares outstanding"

material to be filed as exhibits regulatory

"Item 7. | Material to be Filed as Exhibits."

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Available on EDGAR 07/02/2026 - 06:31 PM Accepted by SEC EDGAR 07/02/2026 - 06:30 PM Learn about SEC filing dates

FAQ

How many El Pollo Loco (LOCO) shares does the Biglari group report owning?

The Biglari group reports beneficial ownership of 4,124,701 El Pollo Loco shares. This represents approximately 13.5% of the company’s common stock, based on 30,455,298 shares outstanding as of May 1, 2026, making them a significant shareholder.

What percentage of El Pollo Loco does The Lion Fund II hold according to this 13D/A?

The Lion Fund II directly owns 3,635,454 El Pollo Loco shares. That position represents about 11.9% of the outstanding common stock as of May 1, 2026, and forms the core of the overall Biglari-related ownership in the company.

How were the El Pollo Loco (LOCO) shares acquired by Biglari-affiliated entities?

The shares were acquired in open-market purchases funded with working capital. The filing notes working capital may include margin loans from brokerage firms in the ordinary course of business, and this description applies to purchases by The Lion Fund II, First Guard, and Biglari Reinsurance.

What is the aggregate purchase price paid by The Lion Fund II for LOCO shares?

The Lion Fund II paid approximately $35,964,823 for 3,635,454 LOCO shares. These shares were bought in open-market transactions using working capital, as detailed in the amended ownership disclosure filed on Schedule 13D/A.

How many El Pollo Loco shares do First Guard and Biglari Reinsurance own?

First Guard owns 120,000 LOCO shares and Biglari Reinsurance owns 369,247 shares. First Guard’s stake cost about $1,223,056, while Biglari Reinsurance’s cost about $4,861,578, and together they account for roughly 1.6% of shares outstanding.

On what outstanding share count is the Biglari group’s LOCO ownership percentage based?

The reported ownership percentages use 30,455,298 LOCO shares outstanding. This figure comes from El Pollo Loco’s Form 10-Q, which stated 30,455,298 shares outstanding as of May 1, 2026, and serves as the denominator for all percentage calculations in the filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

El Pollo Loco Holdings, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

268603107

(CUSIP Number)

Sardar Biglari
Biglari Capital Corp., 19100 Ridgewood Pkwy, Suite 1200
San Antonio, TX, 78259
210-344-3400

Michael Neidell, Esq.
Olshan Frome Wolosky LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/30/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 268603107

1

Name of reporting person

BIGLARI, SARDAR

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,124,701.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 4,124,701.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

4,124,701.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.5 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 268603107

1

Name of reporting person

BIGLARI CAPITAL CORP.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,635,454.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,635,454.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,635,454.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 268603107

1

Name of reporting person

LION FUND II, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,635,454.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,635,454.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,635,454.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 268603107

1

Name of reporting person

First Guard Insurance Company

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ARIZONA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 120,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 120,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

120,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.4 %

14

Type of Reporting Person (See Instructions)

IC

SCHEDULE 13D

CUSIP Number(s): 268603107

1

Name of reporting person

Biglari Reinsurance Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 489,247.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 489,247.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

489,247.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.6 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 268603107

1

Name of reporting person

Biglari Insurance Group Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 489,247.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 489,247.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

489,247.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.6 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 268603107

1

Name of reporting person

Biglari Holdings Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

INDIANA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 489,247.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 489,247.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

489,247.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.6 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: El Pollo Loco Holdings, Inc.
(c)	Address of Issuer's Principal Executive Offices: 575 ANTON BLVD, STE 1100, COSTA MESA, CALIFORNIA , 92626.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated to read as follows: The aggregate purchase price of the 3,635,454 Shares owned directly by The Lion Fund II is approximately $35,964,823. The Shares purchased by The Lion Fund II were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted. The aggregate purchase price of the 120,000 Shares owned directly by First Guard is approximately $1,223,056. The Shares purchased by First Guard were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted. The aggregate purchase price of the 369,247 Shares owned directly by Biglari Reinsurance is approximately $4,861,578. The Shares purchased by Biglari Reinsurance were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by the Reporting Persons is based upon 30,455,298 Shares outstanding as of May 1, 2026, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 8, 2026. As of the close of business on July 2, 2026, The Lion Fund II owned directly 3,635,454 Shares, constituting approximately 11.9% of the Shares outstanding. By virtue of their relationships with The Lion Fund II, each of Sardar Biglari and BCC may be deemed to beneficially own the Shares owned by The Lion Fund II. As of the close of business on July 2, 2026, First Guard owned directly 120,000 Shares, constituting less than 1% of the Shares outstanding. By virtue of their relationships with First Guard, each of Sardar Biglari, Biglari Reinsurance, Biglari Insurance, and Biglari Holdings may be deemed to beneficially own the Shares owned directly by First Guard. As of the close of business on July 2, 2026, Biglari Reinsurance owned directly 369,247 Shares, constituting approximately 1.2% of the Shares outstanding, and together with the 120,000 Shares owned directly by First Guard, constituting approximately 1.6% of the Shares outstanding. By virtue of their relationships with Biglari Reinsurance, each of Sardar Biglari, Biglari Insurance, and Biglari Holdings may be deemed to beneficially own the Shares owned directly by Biglari Reinsurance. An aggregate of 4,124,701 Shares, constituting approximately 13.5% of the Shares outstanding, are reported by the Reporting Persons in this statement. The filing of this Schedule 13D shall not be deemed an admission that any of the Reporting Persons is, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owner of any Shares he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that he or it does not directly own.
(c)	Items 5(c) is hereby amended and restated to read as follows: The transactions in the Shares by the Reporting Persons during the past sixty days are set forth in Exhibit 1 and are incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibit: 1 - Transactions in Securities

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BIGLARI, SARDAR

Signature:	/s/ Sardar Biglari
Name/Title:	Sardar Biglari
Date:	07/02/2026

BIGLARI CAPITAL CORP.

Signature:	/s/ Sardar Biglari
Name/Title:	Sardar Biglari, Chairman and Chief Executive Officer
Date:	07/02/2026

LION FUND II, L.P.

Signature:	/s/ Sardar Biglari
Name/Title:	Sardar Biglari, Chairman and Chief Executive Officer of Biglari Capital Corp., its general partner
Date:	07/02/2026

First Guard Insurance Company

Signature:	/s/ Sardar Biglari
Name/Title:	Sardar Biglari, Authorized Signatory
Date:	07/02/2026

Biglari Reinsurance Ltd.

Signature:	/s/ Sardar Biglari
Name/Title:	Sardar Biglari, Chairman and Chief Executive Officer
Date:	07/02/2026

Biglari Insurance Group Inc.

Signature:	/s/ Sardar Biglari
Name/Title:	Sardar Biglari, Chairman of the Board
Date:	07/02/2026

Biglari Holdings Inc.

Signature:	/s/ Sardar Biglari
Name/Title:	Sardar Biglari, Chairman and Chief Executive Officer
Date:	07/02/2026