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organization · Reporting owner

LION FUND, L.P.

Disclosed activity across 1 company

Tapewire entity
40838
SEC CIK
0001334426

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
Biglari Holdings Inc.BH · Entity 480910% ownerJune 04, 2026June 05, 2026

Disclosed balances

About these balances

Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.

Biglari Holdings Inc.

Report date June 04, 2026 · Filed June 05, 2026

Jointly reported with BIGLARI, SARDAR, BIGLARI CAPITAL CORP.

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Class B common stockSEC Table I · non-derivativeIndirectBy The Lion Fund, L.P.1,400,382 Last balance in matching sequence After 2026-06-05 transaction · row 2 Source-order balances reconcile. Account continuity and personal attribution are not independently verified.
2 source rows

Row 1 · 2026-06-04 · Purchase · Acquired 1,743 · Balance 1,399,847

F3: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $284.99 to $287.50. 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.

F2: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Row 2 · 2026-06-05 · Purchase · Acquired 535 · Balance 1,400,382

F4: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $293.34 to $298.81. 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.

F2: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Class A common stockSEC Table I · non-derivativeIndirectBy The Lion Fund, L.P.128,811.7 Reported balance Holding disclosure · report date 2026-06-04 · row 3 Holding and transaction disclosures are not merged.
1 source row

Row 3 · Balance 128,811.7

F2: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Class A common stockSEC Table I · non-derivativeDirect0.1 Reported balance Holding disclosure · report date 2026-06-04 · row 4 Holding and transaction disclosures are not merged.
1 source row

Row 4 · Balance 0.1

Class A common stockSEC Table I · non-derivativeIndirectBy Biglari Capital Corp.25,663.1 Reported balance Holding disclosure · report date 2026-06-04 · row 5 Holding and transaction disclosures are not merged.
1 source row

Row 5 · Balance 25,663.1

F1: Shares owned directly by Biglari Capital Corp. ("BCC"), including shares of Class A and Class B common stock of the Issuer transferred for no consideration by Sardar Biglari to BCC. Mr. Biglari may be deemed a beneficial owner of the shares of Class A and Class B common stock of the Issuer owned directly by BCC.

Class B common stockSEC Table I · non-derivativeDirect1 Reported balance Holding disclosure · report date 2026-06-04 · row 6 Holding and transaction disclosures are not merged.
1 source row

Row 6 · Balance 1

Class B common stockSEC Table I · non-derivativeIndirectBy Biglari Capital Corp.71,855 Reported balance Holding disclosure · report date 2026-06-04 · row 7 Holding and transaction disclosures are not merged.
1 source row

Row 7 · Balance 71,855

F1: Shares owned directly by Biglari Capital Corp. ("BCC"), including shares of Class A and Class B common stock of the Issuer transferred for no consideration by Sardar Biglari to BCC. Mr. Biglari may be deemed a beneficial owner of the shares of Class A and Class B common stock of the Issuer owned directly by BCC.

Filing footnotes · ownership attribution and instrument terms

F1: Shares owned directly by Biglari Capital Corp. ("BCC"), including shares of Class A and Class B common stock of the Issuer transferred for no consideration by Sardar Biglari to BCC. Mr. Biglari may be deemed a beneficial owner of the shares of Class A and Class B common stock of the Issuer owned directly by BCC.

F2: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

F3: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $284.99 to $287.50. 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.

F4: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $293.34 to $298.81. 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.

Transaction history

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Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

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Transaction dateCompanyActivity / securityShares / unitsReported priceReported valueDetails
November 15, 2024 Filed Nov 20, 2024 00:10 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 782 $1,049.52 $820,724.64
Disclosure

SEC source: 0000921895-24-002776 · form408106003_11192024.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 125,700.7

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1,040.00 to $1,050.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
November 14, 2024 Filed Nov 15, 2024 00:33 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 3,992 $210.13 $838,838.96
Disclosure

SEC source: 0000921895-24-002747 · form408106003_11142024.xml · nonDerivative · entry 6

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,292,670

F8 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $202.95 to $214.99. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
November 14, 2024 Filed Nov 15, 2024 00:33 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 671 $1,032.57 $692,854.47
Disclosure

SEC source: 0000921895-24-002747 · form408106003_11142024.xml · nonDerivative · entry 5

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 124,918.7

F7 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1,020.00 to $1,050.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
November 13, 2024 Filed Nov 15, 2024 00:33 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 6,928 $199.00 $1,378,672.00
Disclosure

SEC source: 0000921895-24-002747 · form408106003_11142024.xml · nonDerivative · entry 4

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,288,678

F6 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $187.00 to $204.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
November 13, 2024 Filed Nov 15, 2024 00:33 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 1,630 $997.72 $1,626,283.60
Disclosure

SEC source: 0000921895-24-002747 · form408106003_11142024.xml · nonDerivative · entry 3

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 124,247.7

F5 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $934.99 to $1017.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
November 12, 2024 Filed Nov 15, 2024 00:33 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 4,534 $181.34 $822,195.56
Disclosure

SEC source: 0000921895-24-002747 · form408106003_11142024.xml · nonDerivative · entry 2

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,281,750

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $174.50 to $185.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
November 12, 2024 Filed Nov 15, 2024 00:33 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 460 $897.76 $412,969.60
Disclosure

SEC source: 0000921895-24-002747 · form408106003_11142024.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 122,617.7

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $876.75 to $925.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 15, 2024 Filed Mar 18, 2024 20:25 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 3,873 $192.37 $745,049.01
Disclosure

SEC source: 0000921895-24-000674 · form408106003_03182024.xml · nonDerivative · entry 2

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,277,216

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $185.00 to $197.70. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 15, 2024 Filed Mar 18, 2024 20:25 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 157 $984.30 $154,535.10
Disclosure

SEC source: 0000921895-24-000674 · form408106003_03182024.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 122,157.7

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $964.00 to $987.50. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 13, 2024 Filed Mar 15, 2024 00:16 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 940 $194.10 $182,454.00
Disclosure

SEC source: 0000921895-24-000657 · form408106003_03142024.xml · nonDerivative · entry 4

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,273,343

F6 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $191.50 to $197.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 13, 2024 Filed Mar 15, 2024 00:16 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 69 $976.62 $67,386.78
Disclosure

SEC source: 0000921895-24-000657 · form408106003_03142024.xml · nonDerivative · entry 3

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 122,000.7

F5 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $960.00 to $985.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 12, 2024 Filed Mar 15, 2024 00:16 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 659 $191.17 $125,981.03
Disclosure

SEC source: 0000921895-24-000657 · form408106003_03142024.xml · nonDerivative · entry 2

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,272,403

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $186.00 to $193.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 12, 2024 Filed Mar 15, 2024 00:16 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 497 $950.54 $472,418.38
Disclosure

SEC source: 0000921895-24-000657 · form408106003_03142024.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 121,931.7

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $947.95 to $960.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 11, 2024 Filed Mar 11, 2024 21:35 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 1,908 $187.87 $358,455.96
Disclosure

SEC source: 0000921895-24-000633 · form408106003_03112024.xml · nonDerivative · entry 5

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,271,744

F7 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $181.89 to $190.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 11, 2024 Filed Mar 11, 2024 21:35 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 149 $948.54 $141,332.46
Disclosure

SEC source: 0000921895-24-000633 · form408106003_03112024.xml · nonDerivative · entry 4

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 121,434.7

F6 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $944.00 to $950.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 08, 2024 Filed Mar 11, 2024 21:35 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 1,005 $185.24 $186,166.20
Disclosure

SEC source: 0000921895-24-000633 · form408106003_03112024.xml · nonDerivative · entry 3

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,269,836

F5 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $184.00 to $186.86. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 08, 2024 Filed Mar 11, 2024 21:35 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 101 $924.26 $93,350.26
Disclosure

SEC source: 0000921895-24-000633 · form408106003_03112024.xml · nonDerivative · entry 2

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 121,285.7

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $914.34 to $925.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 07, 2024 Filed Mar 11, 2024 21:35 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 419 $190.11 $79,656.09
Disclosure

SEC source: 0000921895-24-000633 · form408106003_03112024.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,268,831

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $189.00 to $190.47. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 06, 2024 Filed Mar 6, 2024 22:47 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 632 $186.54 $117,893.28
Disclosure

SEC source: 0000921895-24-000591 · form408106003_03062024.xml · nonDerivative · entry 5

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,268,412

F6 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $182.00 to $189.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 06, 2024 Filed Mar 6, 2024 22:47 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 42 $923.10 $38,770.20
Disclosure

SEC source: 0000921895-24-000591 · form408106003_03062024.xml · nonDerivative · entry 4

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 121,184.7

F5 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $905.00 to $939.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 05, 2024 Filed Mar 6, 2024 22:47 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 277 $180.38 $49,965.26
Disclosure

SEC source: 0000921895-24-000591 · form408106003_03062024.xml · nonDerivative · entry 3

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,267,780

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $179.00 to $180.59. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 04, 2024 Filed Mar 6, 2024 22:47 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 1,692 $178.06 $301,277.52
Disclosure

SEC source: 0000921895-24-000591 · form408106003_03062024.xml · nonDerivative · entry 2

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,267,503

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $172.45 to $182.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
March 04, 2024 Filed Mar 6, 2024 22:47 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 6 $900.00 $5,400.00
Disclosure

SEC source: 0000921895-24-000591 · form408106003_03062024.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 121,142.7

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
December 15, 2023 Filed Dec 15, 2023 22:25 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 440 $175.47 $77,206.80
Disclosure

SEC source: 0000921895-23-002772 · form408106003_12152023.xml · nonDerivative · entry 4

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,265,811

F6 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $173.48 to $176.50. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
December 15, 2023 Filed Dec 15, 2023 22:25 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 81 $887.87 $71,917.47
Disclosure

SEC source: 0000921895-23-002772 · form408106003_12152023.xml · nonDerivative · entry 3

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 121,136.7

F5 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $880.00 to $889.98. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
December 14, 2023 Filed Dec 15, 2023 22:25 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 484 $178.45 $86,369.80
Disclosure

SEC source: 0000921895-23-002772 · form408106003_12152023.xml · nonDerivative · entry 2

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,265,371

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $177.50 to $179.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
December 14, 2023 Filed Dec 15, 2023 22:25 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 183 $891.54 $163,151.82
Disclosure

SEC source: 0000921895-23-002772 · form408106003_12152023.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 121,055.7

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $887.50 to $894.96. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
December 13, 2023 Filed Dec 13, 2023 22:57 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 1,297 $175.29 $227,351.13
Disclosure

SEC source: 0000921895-23-002761 · form408106003_12132023.xml · nonDerivative · entry 6

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,264,887

F8 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $174.00 to $177.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
December 13, 2023 Filed Dec 13, 2023 22:57 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 132 $880.26 $116,194.32
Disclosure

SEC source: 0000921895-23-002761 · form408106003_12132023.xml · nonDerivative · entry 5

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 120,872.7

F7 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $865.00 to $890.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
December 12, 2023 Filed Dec 13, 2023 22:57 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 3,483 $167.75 $584,273.25
Disclosure

SEC source: 0000921895-23-002761 · form408106003_12132023.xml · nonDerivative · entry 4

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,263,590

F6 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $161.00 to $175.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
December 12, 2023 Filed Dec 13, 2023 22:57 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 252 $826.62 $208,308.24
Disclosure

SEC source: 0000921895-23-002761 · form408106003_12132023.xml · nonDerivative · entry 3

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 120,740.7

F5 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $810.00 to $860.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
December 11, 2023 Filed Dec 13, 2023 22:57 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 4,109 $156.63 $643,592.67
Disclosure

SEC source: 0000921895-23-002761 · form408106003_12132023.xml · nonDerivative · entry 2

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,260,107

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $153.00 to $160.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
December 11, 2023 Filed Dec 13, 2023 22:57 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 452 $778.66 $351,954.32
Disclosure

SEC source: 0000921895-23-002761 · form408106003_12132023.xml · nonDerivative · entry 1

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 120,488.7

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $757.50 to $800.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
June 08, 2022 Filed Jun 10, 2022 22:07 UTC Biglari Holdings Inc. BH · Entity 4809 OtherClass B common stock 890,272 Not disclosed Not disclosed
Disclosure

SEC source: 0000921895-22-001953 · form408106003_06102022.xml · nonDerivative · entry 8

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 1,255,998

F4 · price: The Lion Fund II transferred 83,465 shares of Class A common stock and 890,272 shares of Class B common stock held by it to the Lion Fund in a transaction exempt from Section 16, pursuant to Rule 16a-13 or otherwise.

F3 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

Read SEC document
June 08, 2022 Filed Jun 10, 2022 22:07 UTC Biglari Holdings Inc. BH · Entity 4809 OtherClass B common stock 890,272 Not disclosed Not disclosed
Disclosure

SEC source: 0000921895-22-001953 · form408106003_06102022.xml · nonDerivative · entry 7

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 0

F4 · price: The Lion Fund II transferred 83,465 shares of Class A common stock and 890,272 shares of Class B common stock held by it to the Lion Fund in a transaction exempt from Section 16, pursuant to Rule 16a-13 or otherwise.

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

Read SEC document
June 08, 2022 Filed Jun 10, 2022 22:07 UTC Biglari Holdings Inc. BH · Entity 4809 OtherClass A common stock 83,465 Not disclosed Not disclosed
Disclosure

SEC source: 0000921895-22-001953 · form408106003_06102022.xml · nonDerivative · entry 4

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund, L.P.

Disclosed balance after: 120,036.7

F4 · price: The Lion Fund II transferred 83,465 shares of Class A common stock and 890,272 shares of Class B common stock held by it to the Lion Fund in a transaction exempt from Section 16, pursuant to Rule 16a-13 or otherwise.

F3 · ownership.direct: Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund.

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June 08, 2022 Filed Jun 10, 2022 22:07 UTC Biglari Holdings Inc. BH · Entity 4809 OtherClass A common stock 83,465 Not disclosed Not disclosed
Disclosure

SEC source: 0000921895-22-001953 · form408106003_06102022.xml · nonDerivative · entry 3

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 0

F4 · price: The Lion Fund II transferred 83,465 shares of Class A common stock and 890,272 shares of Class B common stock held by it to the Lion Fund in a transaction exempt from Section 16, pursuant to Rule 16a-13 or otherwise.

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

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December 17, 2021 Filed Dec 21, 2021 01:02 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 10,072 $148.68 $1,497,504.96
Disclosure

SEC source: 0001193805-21-001787 · e621178_4-bh.xml · nonDerivative · entry 7

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 890,272

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $143.09 to $150.96. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

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December 14, 2021 Filed Dec 16, 2021 00:46 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 547 $143.81 $78,664.07
Disclosure

SEC source: 0000921895-21-002858 · form408106003_12152021.xml · nonDerivative · entry 8

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 880,200

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $143.00 to $144.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

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December 13, 2021 Filed Dec 16, 2021 00:46 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 389 $144.00 $56,016.00
Disclosure

SEC source: 0000921895-21-002858 · form408106003_12152021.xml · nonDerivative · entry 7

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 879,653

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

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November 24, 2021 Filed Nov 24, 2021 23:17 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 2,200 $145.64 $320,408.00
Disclosure

SEC source: 0001193805-21-001628 · e621109_4-bh.xml · nonDerivative · entry 9

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 879,264

F5 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $143.25 to $146.59. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

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November 24, 2021 Filed Nov 24, 2021 23:17 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 60 $722.44 $43,346.40
Disclosure

SEC source: 0001193805-21-001628 · e621109_4-bh.xml · nonDerivative · entry 4

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 83,465

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $711.14 to $725.92. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

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November 22, 2021 Filed Nov 24, 2021 23:17 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 26,568 $143.00 $3,799,224.00
Disclosure

SEC source: 0001193805-21-001628 · e621109_4-bh.xml · nonDerivative · entry 8

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 877,064

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

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November 22, 2021 Filed Nov 24, 2021 23:17 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 138 $720.00 $99,360.00
Disclosure

SEC source: 0001193805-21-001628 · e621109_4-bh.xml · nonDerivative · entry 3

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 83,405

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

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August 12, 2021 Filed Aug 12, 2021 22:45 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 12,937 $171.56 $2,219,471.72
Disclosure

SEC source: 0000921895-21-002023 · form408106003_08122021.xml · nonDerivative · entry 9

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 850,496

F7 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $169.45 to $174.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

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August 12, 2021 Filed Aug 12, 2021 22:45 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 818 $867.30 $709,451.40
Disclosure

SEC source: 0000921895-21-002023 · form408106003_08122021.xml · nonDerivative · entry 5

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 83,267

F6 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $850.00 to $870.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

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August 11, 2021 Filed Aug 12, 2021 22:45 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 258 $850.00 $219,300.00
Disclosure

SEC source: 0000921895-21-002023 · form408106003_08122021.xml · nonDerivative · entry 4

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 82,449

F5 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $849.99 to $850.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

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August 10, 2021 Filed Aug 12, 2021 22:45 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 542 $825.91 $447,643.22
Disclosure

SEC source: 0000921895-21-002023 · form408106003_08122021.xml · nonDerivative · entry 3

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 82,191

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $800.00 to $840.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

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June 16, 2021 Filed Jun 16, 2021 21:09 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 73 $899.79 $65,684.67
Disclosure

SEC source: 0000921895-21-001651 · form408106003_06162021.xml · nonDerivative · entry 4

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 81,649

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $885.00 to $900.00. 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 purchased at each separate price within the range set forth in this footnote.

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

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June 15, 2021 Filed Jun 16, 2021 21:09 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 75 $915.00 $68,625.00
Disclosure

SEC source: 0000921895-21-001651 · form408106003_06162021.xml · nonDerivative · entry 3

BIGLARI, SARDAR · CIK 0001334430 · Director · Chairman and CEO · 10% owner

BIGLARI CAPITAL CORP. · CIK 0001334429 · 10% owner

LION FUND II, L.P. · CIK 0001580602 · 10% owner

LION FUND, L.P. · CIK 0001334426 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By The Lion Fund II, L.P.

Disclosed balance after: 81,576

F2 · ownership.direct: Shares owned directly by The Lion Fund II, L.P. (the "Lion Fund II"). BCC is the general partner of the Lion Fund II. Mr. Biglari is the sole member, 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 Class A and Class B common stock of the Issuer owned directly by the Lion Fund II.

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Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.