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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
September 04, 2020 Filed Sep 4, 2020 23:19 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 130 $494.99 $64,348.70
Disclosure

SEC source: 0001193805-20-001119 · e619919_4-bh.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: 74,826

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $494.97 to $495.00. 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.

Read SEC document
September 03, 2020 Filed Sep 4, 2020 23:19 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 639 $96.81 $61,861.59
Disclosure

SEC source: 0001193805-20-001119 · e619919_4-bh.xml · nonDerivative · entry 10

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: 726,887

F7 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $95.82 to $97.00. 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.

Read SEC document
September 03, 2020 Filed Sep 4, 2020 23:19 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 106 $489.43 $51,879.58
Disclosure

SEC source: 0001193805-20-001119 · e619919_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: 74,696

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $480.00 to $490.00. 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.

Read SEC document
September 02, 2020 Filed Sep 4, 2020 23:19 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 116 $94.98 $11,017.68
Disclosure

SEC source: 0001193805-20-001119 · e619919_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: 726,248

F6 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $94.75 to $95.00. 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.

Read SEC document
September 02, 2020 Filed Sep 4, 2020 23:19 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 1 $480.00 $480.00
Disclosure

SEC source: 0001193805-20-001119 · e619919_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: 74,590

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
August 17, 2020 Filed Aug 17, 2020 23:37 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 13,824 $95.14 $1,315,215.36
Disclosure

SEC source: 0000921895-20-002272 · form407428007_08172020.xml · nonDerivative · entry 11

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: 726,132

F7 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $93.50 to $97.00. 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.

Read SEC document
August 17, 2020 Filed Aug 17, 2020 23:37 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 1 $475.00 $475.00
Disclosure

SEC source: 0000921895-20-002272 · form407428007_08172020.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: 74,589

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
August 14, 2020 Filed Aug 17, 2020 23:37 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 1,300 $90.27 $117,351.00
Disclosure

SEC source: 0000921895-20-002272 · form407428007_08172020.xml · nonDerivative · entry 10

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: 712,308

F6 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $87.00 to $95.00. 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.

Read SEC document
August 14, 2020 Filed Aug 17, 2020 23:37 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 2,225 $469.60 $1,044,860.00
Disclosure

SEC source: 0000921895-20-002272 · form407428007_08172020.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: 74,588

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $460.00 to $475.00. 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.

Read SEC document
August 13, 2020 Filed Aug 17, 2020 23:37 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 1,631 $87.31 $142,402.61
Disclosure

SEC source: 0000921895-20-002272 · form407428007_08172020.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: 711,008

F5 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $84.87 to $88.00. 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.

Read SEC document
August 13, 2020 Filed Aug 17, 2020 23:37 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 1,426 $450.00 $641,700.00
Disclosure

SEC source: 0000921895-20-002272 · form407428007_08172020.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: 72,363

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
March 23, 2020 Filed Mar 26, 2020 00:51 UTC Biglari Holdings Inc. BH · Entity 4809 OtherClass B common stock 16,841 Not disclosed Not disclosed
Disclosure

SEC source: 0001193805-20-000405 · form407428007_03252020.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: 709,377

F4 · price: The Lion Fund II transferred 1,684 shares of Class A common stock and 16,841 shares of Class B common stock held by it to BCC 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
March 23, 2020 Filed Mar 26, 2020 00:51 UTC Biglari Holdings Inc. BH · Entity 4809 OtherClass B common stock 16,841 Not disclosed Not disclosed
Disclosure

SEC source: 0001193805-20-000405 · form407428007_03252020.xml · nonDerivative · entry 6

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 Biglari Capital Corp.

Disclosed balance after: 71,855

F4 · price: The Lion Fund II transferred 1,684 shares of Class A common stock and 16,841 shares of Class B common stock held by it to BCC in a transaction exempt from Section 16, pursuant to Rule 16a-13 or otherwise.

F1 · ownership.direct: 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.

Read SEC document
March 23, 2020 Filed Mar 26, 2020 00:51 UTC Biglari Holdings Inc. BH · Entity 4809 OtherClass A common stock 1,684 Not disclosed Not disclosed
Disclosure

SEC source: 0001193805-20-000405 · form407428007_03252020.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: 70,937

F4 · price: The Lion Fund II transferred 1,684 shares of Class A common stock and 16,841 shares of Class B common stock held by it to BCC 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
March 23, 2020 Filed Mar 26, 2020 00:51 UTC Biglari Holdings Inc. BH · Entity 4809 OtherClass A common stock 1,684 Not disclosed Not disclosed
Disclosure

SEC source: 0001193805-20-000405 · form407428007_03252020.xml · nonDerivative · entry 2

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 Biglari Capital Corp.

Disclosed balance after: 25,663.1

F4 · price: The Lion Fund II transferred 1,684 shares of Class A common stock and 16,841 shares of Class B common stock held by it to BCC in a transaction exempt from Section 16, pursuant to Rule 16a-13 or otherwise.

F1 · ownership.direct: 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.

Read SEC document
November 26, 2019 Filed Nov 27, 2019 23:46 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 717 $584.39 $419,007.63
Disclosure

SEC source: 0000921895-19-002901 · form407428007_11272019.xml · nonDerivative · entry 1

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: Direct

Disclosed balance after: 7,699.1

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $579.80 to $590.00. 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.

Read SEC document
November 22, 2019 Filed Nov 26, 2019 00:02 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 116 $584.61 $67,814.76
Disclosure

SEC source: 0000921895-19-002879 · form407428007_11252019.xml · nonDerivative · entry 2

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: Direct

Disclosed balance after: 6,982.1

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $580.00 to $585.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
November 21, 2019 Filed Nov 26, 2019 00:02 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 533 $550.37 $293,347.21
Disclosure

SEC source: 0000921895-19-002879 · form407428007_11252019.xml · nonDerivative · entry 1

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: Direct

Disclosed balance after: 6,866.1

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $549.97 to $567.01. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
November 20, 2019 Filed Nov 21, 2019 01:40 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 100 $584.08 $58,408.00
Disclosure

SEC source: 0000921895-19-002845 · form407428007_11202019.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: Direct

Disclosed balance after: 6,333.1

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $580.00 to $589.82. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
November 19, 2019 Filed Nov 21, 2019 01:40 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 848 $575.35 $487,896.80
Disclosure

SEC source: 0000921895-19-002845 · form407428007_11202019.xml · nonDerivative · entry 2

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: Direct

Disclosed balance after: 6,233.1

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $575.00 to $578.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
November 18, 2019 Filed Nov 21, 2019 01:40 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 2,284 $576.07 $1,315,743.88
Disclosure

SEC source: 0000921895-19-002845 · form407428007_11202019.xml · nonDerivative · entry 1

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: Direct

Disclosed balance after: 5,385.1

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $575.00 to $580.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
November 13, 2019 Filed Nov 13, 2019 22:41 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 605 $579.87 $350,821.35
Disclosure

SEC source: 0000921895-19-002754 · form407428007_11132019.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: Direct

Disclosed balance after: 3,101.1

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $578.00 to $580.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
November 12, 2019 Filed Nov 13, 2019 22:41 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 105 $568.08 $59,648.40
Disclosure

SEC source: 0000921895-19-002754 · form407428007_11132019.xml · nonDerivative · entry 2

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: Direct

Disclosed balance after: 2,496.1

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $560.00 to $569.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
November 11, 2019 Filed Nov 13, 2019 22:41 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 420 $551.85 $231,777.00
Disclosure

SEC source: 0000921895-19-002754 · form407428007_11132019.xml · nonDerivative · entry 1

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: Direct

Disclosed balance after: 2,391.1

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $544.00 to $555.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
November 07, 2019 Filed Nov 8, 2019 00:05 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 111 $546.19 $60,627.09
Disclosure

SEC source: 0000921895-19-002687 · form407428007_11072019.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: Direct

Disclosed balance after: 1,971.1

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $535.00 to $550.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
November 06, 2019 Filed Nov 8, 2019 00:05 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 184 $531.74 $97,840.16
Disclosure

SEC source: 0000921895-19-002687 · form407428007_11072019.xml · nonDerivative · entry 2

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: Direct

Disclosed balance after: 1,860.1

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $530.00 to $540.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
November 05, 2019 Filed Nov 8, 2019 00:05 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 1,676 $506.95 $849,648.20
Disclosure

SEC source: 0000921895-19-002687 · form407428007_11072019.xml · nonDerivative · entry 1

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: Direct

Disclosed balance after: 1,676.1

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $481.95 to $525.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
June 14, 2019 Filed Jun 17, 2019 21:45 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 4,454 $106.90 $476,132.60
Disclosure

SEC source: 0000921895-19-001848 · form407428007_06172019.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: Direct

Disclosed balance after: 4,573

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $104.50 to $108.71. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
June 14, 2019 Filed Jun 17, 2019 21:45 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 414 $650.77 $269,418.78
Disclosure

SEC source: 0000921895-19-001848 · form407428007_06172019.xml · nonDerivative · entry 1

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: Direct

Disclosed balance after: 2,808.1

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $635.00 to $664.37. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
June 13, 2019 Filed Jun 13, 2019 21:50 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 1,885 $624.53 $1,177,239.05
Disclosure

SEC source: 0000921895-19-001819 · form407428007_06132019.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: Direct

Disclosed balance after: 5,988.1

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $599.00 to $640.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
June 12, 2019 Filed Jun 13, 2019 21:50 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 118 $99.00 $11,682.00
Disclosure

SEC source: 0000921895-19-001819 · form407428007_06132019.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: Direct

Disclosed balance after: 17,556

Read SEC document
June 12, 2019 Filed Jun 13, 2019 21:50 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 509 $600.62 $305,715.58
Disclosure

SEC source: 0000921895-19-001819 · form407428007_06132019.xml · nonDerivative · entry 2

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: Direct

Disclosed balance after: 4,103.1

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $590.00 to $610.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
June 11, 2019 Filed Jun 13, 2019 21:50 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 419 $99.00 $41,481.00
Disclosure

SEC source: 0000921895-19-001819 · form407428007_06132019.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: Direct

Disclosed balance after: 17,438

Read SEC document
June 11, 2019 Filed Jun 13, 2019 21:50 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 516 $592.24 $305,595.84
Disclosure

SEC source: 0000921895-19-001819 · form407428007_06132019.xml · nonDerivative · entry 1

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: Direct

Disclosed balance after: 3,594.1

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $584.00 to $600.80. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
June 10, 2019 Filed Jun 10, 2019 23:14 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 1,339 $617.77 $827,194.03
Disclosure

SEC source: 0000921895-19-001785 · form407428007_06102019.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: Direct

Disclosed balance after: 3,078.1

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $593.50 to $633.15. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
June 07, 2019 Filed Jun 10, 2019 23:14 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 700 $109.44 $76,608.00
Disclosure

SEC source: 0000921895-19-001785 · form407428007_06102019.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: Direct

Disclosed balance after: 17,019

F5 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $108.25 to $110.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
June 07, 2019 Filed Jun 10, 2019 23:14 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 140 $618.47 $86,585.80
Disclosure

SEC source: 0000921895-19-001785 · form407428007_06102019.xml · nonDerivative · entry 2

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: Direct

Disclosed balance after: 1,739.1

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $599.95 to $630.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
June 06, 2019 Filed Jun 10, 2019 23:14 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 2,388 $109.07 $260,459.16
Disclosure

SEC source: 0000921895-19-001785 · form407428007_06102019.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: Direct

Disclosed balance after: 16,319

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $107.87 to $110.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
June 06, 2019 Filed Jun 10, 2019 23:14 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 260 $621.32 $161,543.20
Disclosure

SEC source: 0000921895-19-001785 · form407428007_06102019.xml · nonDerivative · entry 1

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: Direct

Disclosed balance after: 1,599.1

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $615.00 to $629.24. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
June 05, 2019 Filed Jun 5, 2019 21:23 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 7,470 $107.83 $805,490.10
Disclosure

SEC source: 0000921895-19-001743 · form407428007_06052019.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: Direct

Disclosed balance after: 15,918

F6 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $104.80 to $110.75.The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regardingthe number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
June 05, 2019 Filed Jun 5, 2019 21:23 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 641 $608.86 $390,279.26
Disclosure

SEC source: 0000921895-19-001743 · form407428007_06052019.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: Direct

Disclosed balance after: 4,032.1

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $600.05 to $615.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Read SEC document
June 04, 2019 Filed Jun 5, 2019 21:23 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 1,560 $103.28 $161,116.80
Disclosure

SEC source: 0000921895-19-001743 · form407428007_06052019.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: Direct

Disclosed balance after: 8,448

F5 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $101.98 to $104.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

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June 04, 2019 Filed Jun 5, 2019 21:23 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 296 $581.03 $171,984.88
Disclosure

SEC source: 0000921895-19-001743 · form407428007_06052019.xml · nonDerivative · entry 2

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: Direct

Disclosed balance after: 3,391.1

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $564.95 to $599.99. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

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June 03, 2019 Filed Jun 5, 2019 21:23 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 4,900 $95.22 $466,578.00
Disclosure

SEC source: 0000921895-19-001743 · form407428007_06052019.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: Direct

Disclosed balance after: 6,888

F4 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $92.49 to $97.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

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June 03, 2019 Filed Jun 5, 2019 21:23 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 402 $515.44 $207,206.88
Disclosure

SEC source: 0000921895-19-001743 · form407428007_06052019.xml · nonDerivative · entry 1

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: Direct

Disclosed balance after: 3,095.1

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $493.80 to $530.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

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May 24, 2019 Filed May 28, 2019 22:46 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 500 $97.36 $48,680.00
Disclosure

SEC source: 0000921895-19-001656 · form407428007_05282019.xml · nonDerivative · entry 6

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: Direct

Disclosed balance after: 1,988

F3 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $96.50 to $99.75. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

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May 24, 2019 Filed May 28, 2019 22:46 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 150 $554.87 $83,230.50
Disclosure

SEC source: 0000921895-19-001656 · form407428007_05282019.xml · nonDerivative · entry 1

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: Direct

Disclosed balance after: 2,693.1

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $550.00 to $555.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commision (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

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May 23, 2019 Filed May 28, 2019 22:46 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 307 $98.85 $30,346.95
Disclosure

SEC source: 0000921895-19-001656 · form407428007_05282019.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: Direct

Disclosed balance after: 1,488

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $98.30 to $99.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

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May 22, 2019 Filed May 23, 2019 01:39 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass B common stock 300 $103.49 $31,047.00
Disclosure

SEC source: 0000921895-19-001627 · form407428007_05222019.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: Direct

Disclosed balance after: 1,181

F5 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $103.36 to $103.53. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

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May 22, 2019 Filed May 23, 2019 01:39 UTC Biglari Holdings Inc. BH · Entity 4809 PurchaseClass A common stock 550 $576.83 $317,256.50
Disclosure

SEC source: 0000921895-19-001627 · form407428007_05222019.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: Direct

Disclosed balance after: 2,543.1

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $570.00 to $580.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

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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.