Form 4: Carl Icahn Reports Common Unit Transactions in CVR Partners, LP

Carl Icahn and related entities report the acquisition of CVR Partners, LP common units through a Rule 10b5-1 trading plan.

Summary

• Carl Icahn, Icahn Enterprises Holdings L.P., and Icahn Enterprises G.P. Inc. filed a Form 4 detailing changes in beneficial ownership of CVR Partners, LP common units.
• The reported transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on December 20, 2024.
• On March 28, 2025, 2,640 common units were purchased at $74.96 per unit.
• On March 31, 2025, 2,819 common units were purchased at $74.79 per unit.
• On April 1, 2025, 31 common units were purchased at $74.69 per unit.
• Following these transactions, the Reporting Persons indirectly beneficially own 3,892,000 common units.
• The common units are held through a complex ownership structure involving UAN Services, LLC, CVR Services, LLC, CVR Energy Holdings, Inc., CVR Energy, Inc. (CVI), AEPC Holdings LLC, American Entertainment Properties Corp. (AEP), and IEP Energy Holding LLC.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports transactions executed under a pre-existing trading plan. It doesn't necessarily indicate a positive or negative outlook.

Positives

• The purchases indicate a continued investment by Carl Icahn and related entities in CVR Partners, LP.

Industry Context

This filing reflects ongoing trading activity by a major shareholder in CVR Partners, LP, which is a company in the nitrogen fertilizer industry. Such transactions are common and are monitored by investors for insights into the sentiment of key stakeholders.

Comparison to Industry Standards

• It's difficult to compare these transactions directly to industry standards without knowing the specific investment strategies of other major shareholders in comparable companies.
• However, monitoring insider transactions is a common practice in the investment community to gauge confidence levels and potential future performance.
• Companies like CF Industries and Nutrien Ltd. are major players in the nitrogen fertilizer industry, and their major shareholder activity is similarly scrutinized.

Stakeholder Impact

• The transactions may have a minor impact on shareholders by influencing the supply and demand for CVR Partners, LP common units.

Key Dates

Keywords

CVR Partners, Carl Icahn, common units, Form 4, beneficial ownership, Rule 10b5-1, Icahn Enterprises