Note 5. Investment Partnerships (Tables)

3 Months Ended

Mar. 31, 2017

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, 2016	$	972,707		$	395,070		$	577,637
Investment partnership gains (losses)		(59,517	)		(34,549	)		(24,968	)
Contributions (net of distributions) to investment partnerships		(5,015	)					(5,015	)
Increase in proportionate share of Company stock held					1,484			(1,484	)
Partnership interest at March 31, 2017	$	908,175		$	362,005		$	546,170
		Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2015	$	734,668		$	262,979		$	471,689
Investment partnership gains		115,894			36,921			78,973
Contributions (net of distributions) to investment partnerships		6,750						6,750
Increase in proportionate share of Company stock held					10,930			(10,930	)
Partnership interest at March 31, 2016	$	857,312		$	310,830		$	546,482

Carrying value of investment partnerships net of deferred taxes

	March 31, 2017			December 31, 2016
Carrying value of investment partnerships	$	546,170		$	577,637
Deferred tax liability related to investment partnerships		(144,676	)		(155,553	)
Carrying value of investment partnerships net of deferred taxes	$	401,494		$	422,084

Gains from investment partnerships

		First Quarter
		2017			2016
Investment partnership gains (losses)	$	(24,968	)	$	78,973
Tax expense (benefit)		(9,761	)		28,585
Contribution to net earnings (loss)	$	(15,207	)	$	50,388

Summarized financial information for Equity in Investment Partnerships

		Equity in Investment Partnerships
		Lion Fund			Lion Fund II
Total assets as of March 31, 2017	$	203,202		$	1,041,405
Total liabilities as of March 31, 2017	$	202		$	199,443
Revenue for the first quarter ending March 31, 2017	$	(15,696	)	$	(52,652	)
Earnings (loss) for the first quarter ending March 31, 2017	$	(15,716	)	$	(53,514	)
Biglari Holdings’ Ownership Interest		63.6	%		92.5	%
Total assets as of December 31, 2016	$	221,676		$	1,109,465
Total liabilities as of December 31, 2016	$	2,694		$	201,460
Revenue for the first quarter ending March 31, 2016	$	(1,738	)	$	130,525
Earnings (loss) for the first quarter ending March 31, 2016	$	(1,771	)	$	129,285
Biglari Holdings’ Ownership Interest		63.4	%		93.5	%