Note 5. Investment Partnerships (Tables)

6 Months Ended

Jun. 30, 2019

Note 5. Investment Partnerships

Fair value and carrying value of our partnership interest

	Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2018	$	715,102		$	157,622		$	557,480
Investment partnership gains		54,374			(13,978	)		68,352
Contributions (net of distributions) to investment partnerships		(2,490	)					(2,490	)
Increase in proportionate share of Company stock held					1,276			(1,276	)
Partnership interest at June 30, 2019	$	766,986		$	144,920		$	622,066

	Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2017	$	925,279		$	359,258		$	566,021
Investment partnership gains (losses)		(128,725	)		(123,879	)		(4,846	)
Contributions (net of distributions) to investment partnerships		(7,700	)					(7,700	)
Increase in proportionate share of Company stock held					18,681			(18,681	)
Partnership interest at June 30, 2018	$	788,854		$	254,060		$	534,794

Carrying value of investment partnerships net of deferred taxes

	June 30, 2019			December 31, 2018
Carrying value of investment partnerships	$	622,066		$	557,480
Deferred tax liability related to investment partnerships		(83,187	)		(92,703	)
Carrying value of investment partnerships net of deferred taxes	$	538,879		$	464,777

Gains (loss) from investment partnerships

	Second Quarter					First Six Months
	2019		2018			2019		2018
Gains (losses) on investment partnership	$	34,198	$	(8,341	)	$	68,352	$	(4,846	)
Tax expense (benefit)		7,944		(2,464	)		15,861		(2,044	)
Net earnings (loss)	$	26,254	$	(5,877	)	$	52,491	$	(2,802	)

Summarized financial information for equity in investment partnerships

		Equity in Investment Partnerships
		Lion Fund			Lion Fund II
Total assets as of June 30, 2019	$	106,657		$	911,690
Total liabilities as of June 30, 2019	$	90		$	165,787
Revenue for the first six months of 2019	$	121		$	62,499
Earnings for the first six months of 2019	$	88		$	58,068
Biglari Holdings’ ownership interest as of June 30, 2019		66.1	%		93.4	%
Total assets as of December 31, 2018	$	107,207		$	901,750
Total liabilities as of December 31, 2018	$	447		$	202,770
Revenue for the first six months of 2018	$	(49,773	)	$	(99,751	)
Earnings (loss) for the first six months of 2018	$	(49,805	)	$	(104,290	)
Biglari Holdings’ ownership interest as of June 30, 2018		65.3	%		92.2	%

Contributions to and distributions from the investment partnerships

	Second Quarter						First Six Months
	2019			2018			2019			2018
Contributions	$	—		$	—		$	40,000		$	—
Distributions		(2,490	)		(2,500	)		(42,490	)		(7,700	)
	$	(2,490	)	$	(2,500	)	$	(2,490	)	$	(7,700	)