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Note 5. Investment Partnerships (Tables)

9 Months Ended

Sep. 30, 2016

Note 5. Investment Partnerships Details Narrative

Fair value and carrying value of our partnership interest

	Fair Value	Company Common Stock	Carrying Value
Partnership interest at December 31, 2015 .........................................	$ 734,668	$ 262,979	$ 471,689
Investment partnership gains ................................................................	114,088	92,180	21,908
Contributions (net of distributions) to investment partnerships .....	(10,896)		(10,896)
Increase in proportionate share of Company stock held ...................		19,807	(19,807)
Partnership interest at September 30, 2016 ........................................	$ 837,860	$ 374,966	$ 462,894

	Fair Value	Company Common Stock	Carrying Value
Partnership interest at December 31, 2014 ...............................................	$ 776,899	$ 78,917	$ 697,982
Investment partnership gains ....................................................................	(16,313)	(39,023)	22,710
Contributions (net of distributions) to investment partnerships ..............	73,500		73,500
Increase in proportionate share of Company stock held ..........................		255,272	(255,272)
Partnership interest at September 30, 2015 ..............................................	$ 834,086	$ 295,166	$ 538,920

Fair value of investment partnerships net of deferred taxes

	September 30, 2016	December 31, 2015
Fair value of investment partnerships ......................................................................................	$ 837,860	$ 734,668
Deferred tax liability related to investment partnerships .........................................................	(116,097)	(115,952)
Fair value of investment partnerships net of deferred taxes .....................................................	$ 721,763	$ 618,716

Gains from investment partnerships

	Third Quarter		First Nine Months
	2016	2015	2016	2015
Investment partnership gains (losses) ............................................	$ (108,614)	$ 5,302	$ 21,908	$ 22,710
Loss on contribution of securities to investment partnership ........	-	-	(306)	-
Investment partnership gains (losses) ............................................	(108,614)	5,302	21,602	22,710
Tax expense (benefit) ...................................................................	(44,383)	(1,688)	2,373	3,163
Contribution to net earnings (loss) ................................................	$ (64,231)	$ 6,990	$ 19,229	$ 19,547

Summarized financial information for Equity in Investment Partnerships

	Equity in Investment Partnerships
	Lion Fund	Lion Fund II
Total assets as of September 30, 2016 .......................................................................	$ 203,507	$ 917,197
Total liabilities as of September 30, 2016 ................................................................	$ 710	$ 174,601
Revenue for the first nine months ending September 30, 2016 ............................	$ 23,926	$ 112,715
Earnings for the first nine months ending September 30, 2016 ...........................	$ 23,792	$ 108,327
Biglari Holdings’ Ownership Interest .....................................................................	64.9%	95.2%

Total assets as of December 31, 2015............................................................................	$ 165,996	$ 819,323
Total liabilities as of December 31, 2015.......................................................................	$ 409	$ 141,274
Revenue for the first nine months ending September 30, 2015.......................................	$ (14,112)	$ (6,634)
Earnings for the first nine months ending September 30, 2015 ......................................	$ (14,199)	$ (8,389)
Biglari Holdings’ Ownership Interest .............................................................................	60.9%	93.5%

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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