Note 5. Investment Partnerships (Tables)

3 Months Ended

Dec. 18, 2013

Note 5. Investment Partnerships Tables

Fair value and carrying value of our partnership interest

	Fair Value	Fair Value of Company Common Stock	Carrying Value
Partnership interest at September 25, 2013.........................................................................................	$      455,297	$              57,598	$  397,699
Gains from investment partnerships (net of performance fees)......................................................	33,074	9,581	23,493
Distribution from investment partneships..........................................................................................	(1,469)	-	(1,469)
Partnership interest at December 18, 2013..........................................................................................	$      486,902	$              67,179	$  419,723

Summarized financial information for Equity in Investment Partnerships

	Equity in Investment Partnerships
	Lion Fund	Lion Fund II
Current and Total Assets as of December 31, 2013 ..........................................................................	$  149,711	$  436,166
Current and Total Liabilities as of December 31, 2013 ......................................................................	$          62	$           25
Revenue for the 3 month period ending December 31, 2013 ............................................................	$    24,143	$    30,258
Earnings for the 3 month period ending December 31, 2013 ............................................................	$    24,134	$    30,243
Biglari Holdings’ Ownership Interest  .................................................................................................	50.47%	94.32%