Investment Partnerships (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Equity Method Investments and Joint Ventures [Abstract] |
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| Schedule of Fair Value and Carrying Value of our Partnership Interest |
The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest are presented below. | | | | | | | | | | | | | | | | | | | Fair Value | | Company
Common Stock | | Carrying Value | | Partnership interest at December 31, 2025 | $ | 772,585 | | | $ | 618,310 | | | $ | 154,275 | | | Investment partnership gains (losses) | 191,873 | | | 169,690 | | | 22,183 | | | Contributions (net of distributions) | 21,910 | | | | | 21,910 | | | Changes in proportionate share of Company stock held | | | 19,668 | | | (19,668) | | | Partnership interest at June 30, 2026 | $ | 986,368 | | | $ | 807,668 | | | $ | 178,700 | |
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Common Stock | | Carrying Value | | Partnership interest at December 31, 2024 | $ | 656,266 | | | $ | 454,539 | | | $ | 201,727 | | | Investment partnership gains (losses) | 68,515 | | | 59,603 | | | 8,912 | | | Distributions (net of contributions) | (4,935) | | | | | (4,935) | | | Changes in proportionate share of Company stock held | | | 2,811 | | | (2,811) | | | Partnership interest at June 30, 2025 | $ | 719,846 | | | $ | 516,953 | | | $ | 202,893 | |
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| Schedule of Carrying Value of Investment Partnerships Net of Deferred Taxes |
The carrying value of the investment partnerships net of deferred taxes is presented below. | | | | | | | | | | | | | June 30,
2026 | | December 31, 2025 | | Carrying value of investment partnerships | $ | 178,700 | | | $ | 154,275 | | | Deferred tax liability related to investment partnerships | (31,985) | | | (20,004) | | | Carrying value of investment partnerships net of deferred taxes | $ | 146,715 | | | $ | 134,271 | |
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| Schedule of Gains (Losses) from Investment Partnerships |
Gains/losses from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Second Quarter | | First Six Months | | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | Gains (losses) from investment partnerships | $ | 35,637 | | | $ | 58,504 | | | $ | 22,183 | | | $ | 8,912 | | | | | | | Tax expense (benefit) | 7,710 | | | 12,310 | | | 4,507 | | | 2,144 | | | | | | | Contribution to net earnings (loss) | $ | 27,927 | | | $ | 46,194 | | | $ | 17,676 | | | $ | 6,768 | | | | | |
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| Schedule of Financial Information |
Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below. | | | | | | | | | | | | | Equity in Investment Partnerships | | Lion Fund | | Lion Fund II | | Total assets as of June 30, 2026 | $ | 980,989 | | | $ | 340,347 | | | Total liabilities as of June 30, 2026 | $ | 30,068 | | | $ | 180,513 | | | Revenue for the first six months of 2026 | $ | 184,628 | | | $ | 26,412 | | | Earnings for the first six months of 2026 | $ | 184,154 | | | $ | 22,622 | | | Biglari Holdings’ average ownership interest during 2026 | 92.8 | % | | 91.7 | % | | | | | | Total assets as of December 31, 2025 | $ | 750,172 | | | $ | 293,051 | | | Total liabilities as of December 31, 2025 | $ | 16,742 | | | $ | 163,900 | | | Revenue for the first six months of 2025 | $ | 58,537 | | | $ | 23,257 | | | Earnings for the first six months of 2025 | $ | 57,970 | | | $ | 18,396 | | | Biglari Holdings’ average ownership interest during 2025 | 91.2 | % | | 88.8 | % |
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