Note 5. Investment Partnerships (Tables)

3 Months Ended

Dec. 31, 2014

Note 5. Investment Partnerships Tables

Fair value and carrying value of our partnership interest

	Fair Value	Company Common Stock	Carrying Value
Partnership interest at July 1, 2013 .......................................................	$              54,608	$             43,580	$        11,028
Investment partnership gains  ..............................................................	23,053	2,985	20,068
Contributions of cash and securities to investment partnerships ..	377,636	-	377,636
Increase in proportionate share of Company stock held ..................	-	11,033	(11,033)
Partnership interest at September 25, 2013 .........................................	$            455,297	$             57,598	$      397,699
Investment partnership gains (losses) ................................................	1,436	(12,619)	14,055
Contributions of cash and securities (net of
distributions of $10,340) to investment partnerships ......................	164,078	-	164,078
Increase in proportionate share of Company stock held ..................	-	18,594	(18,594)
Partnership interest at September 24, 2014 .........................................	$            620,811	$             63,573	$      557,238
Investment partnership gains ..............................................................	156,088	11,386	144,702
Increase in proportionate share of Company stock held ................	-	3,958	(3,958)
Partnership interest at December 31, 2014 .....................................	$         776,899	$           78,917	$    697,982

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, 2014 .................................................	$             187,078	$             719,344
Current and total liabilities as of December 31, 2014 ...........................................	$                 8,658	$                      44
Revenue for the three month period ending December 31, 2014 .........................	$               24,082	$             182,923
Earnings for the three month period ending December 31, 2014 ........................	$               24,037	$             182,902
Biglari Holdings’ Ownership Interest .....................................................................	61.6%	92.7%
Current and total assets as of September 30, 2014 ......................................................	$             154,561	$             548,923
Current and total liabilities as of September 30, 2014...................................................	$                      58	$                      25
Revenue for the twelve month period ending September 30, 2014 ..............................	$             (12,860)	$               19,832
Earnings for the twelve month period ending September 30, 2014 ..............................	$             (12,950)	$               19,789
Biglari Holdings’ Ownership Interest ...........................................................................	61.6%	95.8%
Current and total assets as of September 30, 2013 ......................................................	$             126,121	$             408,883
Current and total liabilities as of September 30, 2013...................................................	$                      83	$                      11
Revenue for the twelve month period ending September 30, 2013 ..............................	$                 9,200	$               25,109
Earnings for the twelve month period ending September 30, 2013 ..............................	$                 9,170	$               25,098
Biglari Holdings’ Ownership Interest ...........................................................................	52.1%	96.3%

Tabular disclosure of realized and unrealized gains and losses on investments of consolidated affiliated partnerships reported in the statement of income.

	2013	2012
Gross unrealized gains .........................................................................................................................	$        3,746	$        3,047
Gross unrealized losses .......................................................................................................................	(410)	-
Net realized gains from sale ................................................................................................................	261	2,895
Other income .........................................................................................................................................	306	360
Total .......................................................................................................................................................	$        3,903	$        6,302

Tabular disclosure of redeemable noncontrolling interests of consolidated affiliated partnerships reported in the balance sheet.

	2013	2012
Carrying value at beginning of year  ............................................................................................	$    52,088	$    45,252
Contributions from noncontrolling interests  .............................................................................	1,076	1,545
Distributions to noncontrolling interests  ...................................................................................	(2,302)	(254)
Incentive fee .....................................................................................................................................	(21)	(36)
Income allocation  ...........................................................................................................................	1,922	3,188
Adjustment to redeemable noncontrolling interest to reflect maximum
redemption value  .........................................................................................................................	4,810	2,393
Adjustment to reflect deconsolidation of affiliated partnerships ............................................	(57,573)	-
Carrying value at end of year  .......................................................................................................	$            -	$    52,088