Sardar Biglari, chairman and CEO of Biglari Holdings, has maintained a clear two-sided approach in his recent SEC Form 4 filings, with open-market purchases concentrated in the company’s own stock (ticker: BH) while systematically trimming his position in El Pollo Loco (ticker: LOCO). Over the period covered, Biglari reported 36 total transactions across the two companies, with aggregate open-market purchases of approximately $22.4 million versus open-market sales of roughly $7.9 million—a net buying bias driven almost entirely by his BH accumulation.
The buying pattern in BH is notable for both its frequency and size. Between December 2025 and June 2026, Biglari executed 12 open-market purchases, with individual transactions ranging from roughly $159,000 to $5.7 million. The largest cluster came in mid-May 2026, when he spent about $13.4 million across three consecutive trading days (May 12–14), followed by additional purchases in early June and a smaller buy in March. This steady, escalating accumulation suggests a deliberate commitment to increasing his stake in the holding company.
In contrast, the LOCO activity is exclusively on the sell side, with 13 open-market sales recorded between late June and late July 2026. The sales are smaller in aggregate—totaling roughly $7.9 million—but show a similar cadence, with the largest single dispositions occurring on July 1 ($2.29 million), July 13 ($1.26 million), and June 26 ($1.68 million). The pattern is consistent: Biglari is monetizing his LOCO position in tranches while simultaneously deploying capital into BH, a divergence that underscores a clear preference for the parent company’s shares over the restaurant chain’s stock.
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