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Investment Partnerships (Tables) | 6 Months Ended
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Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
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, 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 |
| Fair Value |  | Company Common Stock |  | Carrying Value
Partnership interest at December 31, 2023 | $ | 472,772 |  |  | $ | 273,669 |  |  | $ | 199,103 |
Investment partnership gains (losses) | (12,645) |  |  | 45,260 |  |  | (57,905) |
Contributions (net of distributions) | 21,924 |  |  |  |  | 21,924 |
Changes in proportionate share of Company stock held |  |  | 4,391 |  |  | (4,391) |
Partnership interest at June 30, 2024 | $ | 482,051 |  |  | $ | 323,320 |  |  | $ | 158,731 |
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, 2025 |  | December 31, 2024
Carrying value of investment partnerships | $ | 202,893 |  |  | $ | 201,727 |
Deferred tax liability related to investment partnerships | (30,030) |  |  | (17,255) |
Carrying value of investment partnerships net of deferred taxes | $ | 172,863 |  |  | $ | 184,472 |
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 |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Gains (losses) from investment partnerships | $ | 58,504 |  |  | $ | (79,890) |  |  | $ | 8,912 |  |  | $ | (57,905) |  |  |  |  |
Tax expense (benefit) | 12,310 |  |  | (19,142) |  |  | 2,144 |  |  | (14,305) |  |  |  |  |
Contribution to net earnings (loss) | $ | 46,194 |  |  | $ | (60,748) |  |  | $ | 6,768 |  |  | $ | (43,600) |  |  |  |  |
Schedule of Equity Method Investments | 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, 2025 | $ | 623,894 |  |  | $ | 365,151 |
Total liabilities as of June 30, 2025 | $ | 15,173 |  |  | $ | 178,988 |
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’ ownership interest as of June 30, 2025 | 91.6 | % |  | 87.8 | %
Total assets as of December 31, 2024 | $ | 567,387 |  |  | $ | 367,630 |
Total liabilities as of December 31, 2024 | $ | 20,609 |  |  | $ | 188,202 |
Revenue for the first six months of 2024 | $ | 33,316 |  |  | $ | (42,355) |
Earnings for the first six months of 2024 | $ | 32,417 |  |  | $ | (48,207) |
Biglari Holdings’ ownership interest as of June 30, 2024 | 90.2 | % |  | 87.3 | %

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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