Form 4: Biglari Holdings CEO Boosts Stake in Company

Sardar Biglari, Chairman and CEO of Biglari Holdings Inc., increased his indirect beneficial ownership in the company's Class A and Class B common stock through recent purchases.

Summary

• Sardar Biglari, through The Lion Fund, L.P., acquired additional shares of Biglari Holdings Inc. common stock across multiple transactions.
• On December 12, 2025, 449 Class B shares were purchased at a weighted average price of $333.14.
• On December 15, 2025, 152 Class B shares were purchased at $328.00.
• Also on December 15, 2025, 60 Class A shares were purchased at a weighted average price of $1,635.37.
• On December 16, 2025, 156 Class A shares were purchased at a weighted average price of $1,599.87.
• Following these transactions, The Lion Fund, L.P. beneficially owns 1,332,629 Class B shares and 128,443.7 Class A shares.
• Sardar Biglari, as Chairman and CEO of Biglari Capital Corp. (the general partner of The Lion Fund), is deemed a beneficial owner of these shares.

Sentiment

Score: 8

Explanation: The significant insider buying by the Chairman and CEO, Sardar Biglari, through affiliated entities, indicates strong confidence in the company's future prospects and valuation. This is generally viewed as a very positive signal by investors.

Positives

• Significant insider buying by the Chairman and CEO, Sardar Biglari, through The Lion Fund, L.P., indicates strong confidence in the company's future prospects.
• The purchases include both Class A and Class B common stock, demonstrating broad conviction across different share classes.
• The continued accumulation of shares by key management and associated entities suggests alignment of interests with shareholders.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance.

Management Comments

• 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 purchased at each separate price within the range set forth in this footnote.
• Each of Mr. Biglari, BCC and the Lion Fund disclaims beneficial ownership of the shares of Class A and Class B common stock reported herein except to the extent of his or its pecuniary interest therein.

Industry Context

Insider buying by a company's Chairman and CEO typically signals strong internal confidence in the company's valuation and future performance, often seen as a positive indicator by the market. This action aligns with a broader trend where management's direct investment in their own company is interpreted as a belief that the stock is undervalued or poised for growth.

Comparison to Industry Standards

• NA

Related Party Transactions

• Sardar Biglari, as Chairman and CEO of Biglari Capital Corp. (BCC), which is the general partner of The Lion Fund, L.P., is deemed to beneficially own shares purchased by The Lion Fund. Shares are also owned directly by BCC, including those transferred for no consideration by Sardar Biglari to BCC. This establishes a clear related-party transaction structure for the reported share acquisitions.

Stakeholder Impact

• Shareholders: The insider buying by the Chairman and CEO could be perceived as a strong vote of confidence, potentially leading to increased investor interest and a positive impact on share price. It aligns management's interests more closely with those of other shareholders.
• Employees: No direct impact on employees is indicated by this filing.
• Customers/Suppliers/Creditors: No direct impact on these stakeholders is indicated by this filing.

Key Dates

Recommendation

The substantial insider purchases by Chairman and CEO Sardar Biglari, through The Lion Fund, L.P., signal strong conviction in Biglari Holdings Inc.'s intrinsic value and future performance. Such actions by top management are typically interpreted by seasoned investors as a bullish indicator, suggesting the stock may be undervalued or poised for growth. This aligns management's financial interests directly with shareholders, making it a compelling reason to consider a 'buy' recommendation.

Keywords

Biglari Holdings, BH, Sardar Biglari, Insider Buying, Form 4, Stock Purchase, Class A Common Stock, Class B Common Stock, The Lion Fund, Biglari Capital Corp