Sardar Biglari, Lion Fund, L.P., and Biglari Capital Corp. filed Amendment No. 50 to a Schedule 13D with the SEC on November 13, 2026, disclosing updated beneficial ownership of Biglari Holdings Inc. Class A Common Stock following open market purchases by the Lion Fund.

Key Highlights

  • New purchases: The Lion Fund acquired an aggregate of 3,826 shares for an aggregate cost of approximately $6,562,583 subsequent to the prior amendment filing.
  • Lion Fund direct stake: As of November 12, 2026, the Lion Fund directly owned 131,840.7 shares, representing approximately 60.4% of shares outstanding.
  • Biglari Capital Corp. aggregate stake: Biglari Capital Corp. (BCC) directly owned 25,663.1 shares and, through its relationship with the Lion Fund, may be deemed to beneficially own approximately 72.1% of shares outstanding.
  • Sardar Biglari aggregate stake: Sardar Biglari, with 0.1 share held directly, may be deemed to beneficially own 157,503.90 shares in total, also approximately 72.1% of shares outstanding.
  • Shares outstanding basis: Percentage calculations are based on 218,412 shares outstanding as of November 5, 2026, as reported in the issuer's quarterly report filed November 6, 2026.
  • Funding source: The shares acquired by the Lion Fund were purchased with its working capital through open market purchases.

Biglari Group Updates Class A Ownership After Open Market Buys

According to the filing, Biglari Holdings Inc. is a holding company whose Class A Common Stock carries no par value and is identified by CUSIP number 08986R408. The three reporting persons, Sardar Biglari (an individual), Lion Fund, L.P. (a Delaware limited partnership), and Biglari Capital Corp. (a Texas entity serving as the Lion Fund's general partner), collectively disclosed their updated positions following transactions that occurred in the sixty days preceding the filing.

The filing states that the Lion Fund acquired an aggregate of 3,826 shares for an aggregate cost of approximately $6,562,583 subsequent to the prior Amendment No. 49, using working capital in open market purchases. As of the close of business on November 12, 2026, the Lion Fund held 131,840.7 shares directly. BCC directly owned 25,663.1 shares and, by virtue of its relationship with the Lion Fund, may be deemed to beneficially own the 131,840.7 shares the Lion Fund held directly, bringing BCC's deemed beneficial total to approximately 72.1% of outstanding shares, the filing disclosed.

Sardar Biglari, identified as Chairman and Chief Executive Officer of Biglari Capital Corp., directly owned 0.1 share as of the same date. The filing states that "by virtue of his relationship with the other Reporting Persons, Mr. Biglari may be deemed to beneficially own, and have the sole power to vote and dispose of," the shares held directly by the Lion Fund and BCC, giving him a total deemed beneficial ownership of 157,503.90 shares, or approximately 72.1% of shares outstanding. The filing also notes that it "shall not be deemed an admission that any of the Reporting Persons is, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owner of any Shares he or it does not directly own."

What Was Disclosed

This Amendment No. 50 to Schedule 13D reported the Lion Fund's open market acquisition of 3,826 Class A shares of Biglari Holdings Inc. for approximately $6,562,583, and updated the aggregate beneficial ownership figures for all three reporting persons as of November 12, 2026.