X0609 4 2026-06-04 0 0001726173 Biglari Holdings Inc. BH 0001334430 BIGLARI, SARDAR false 19100 RIDGEWOOD PKWY, SUITE 1200 SAN ANTONIO TX 78259 1 1 1 0 Chairman and CEO 0001334429 BIGLARI CAPITAL CORP. false 19100 RIDGEWOOD PKWY, SUITE 1200 SAN ANTONIO TX 78259 0 0 1 0 0001334426 LION FUND, L.P. false 19100 RIDGEWOOD PKWY, SUITE 1200 SAN ANTONIO TX 78259 0 0 1 0 0 Class B common stock 2026-06-04 4 P 0 1743 286.76 A 1399847 I By The Lion Fund, L.P. Class B common stock 2026-06-05 4 P 0 535 297.14 A 1400382 I By The Lion Fund, L.P. Class A common stock 128811.7 I By The Lion Fund, L.P. Class A common stock .1 D Class A common stock 25663.1 I By Biglari Capital Corp. Class B common stock 1 D Class B common stock 71855 I By Biglari Capital Corp. 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. 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. 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. 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. This Form 4 is filed jointly by Mr. Biglari, BCC and the Lion Fund. Each of Mr. Biglari, BCC and the Lion Fund disclaims beneficial ownership of the shares of Class A and Class B common stock reported herein except to the extent of his or its pecuniary interest therein. By: /s/ Sardar Biglari 2026-06-05 By: Biglari Capital Corp.; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer 2026-06-05 By: The Lion Fund, L.P.; By: Biglari Capital Corp., its general partner; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer 2026-06-05