SCHEDULE 13D/A: Icahn Entities Reaffirm Significant Stake in CVR Partners with Recent Unit Purchases

Icahn Enterprises and its affiliates have filed an amended Schedule 13D, reaffirming their 39.4% beneficial ownership in CVR Partners, LP, and detailing recent open market purchases of common units.

Summary

• Icahn Enterprises Holdings L.P., Icahn Enterprises G.P. Inc., and Carl C. Icahn collectively beneficially own 4,164,274 Common Units of CVR Partners, LP.
• This ownership represents 39.4% of the outstanding Common Units, based on 10,569,637 units as of April 8, 2025, as reported in the Issuer's Definitive Proxy Statement.
• UAN Services, LLC, an entity associated with the reporting persons, directly holds 3,892,000 Common Units.
• The filing is Amendment No. 4 to a Schedule 13D, updating previously reported beneficial ownership.
• Recent transactions within the past 60 days include open market purchases totaling 90,000 Common Units by American Entertainment Properties Corp., an Icahn-affiliated entity, some executed under a Rule 10b5-1 trading plan.
• These purchases occurred at prices ranging from $66.65 to $75.00 per share.

Sentiment

Score: 7

Explanation: The filing indicates continued strong conviction from a major activist investor (Carl Icahn) through recent share purchases, which can be viewed positively by the market. However, it's a routine disclosure of ownership change rather than a performance update.

Positives

• Continued significant beneficial ownership by Carl C. Icahn and his entities, indicating a strong long-term interest in CVR Partners, LP.
• Recent open market purchases by an Icahn-affiliated entity, suggesting confidence in the company's valuation or prospects.

Future Outlook

The filing does not contain forward-looking statements or guidance from CVR Partners, LP. It primarily details the current beneficial ownership and recent acquisition activities of the reporting persons.

Management Comments

• The filing includes certifications from Ted Papapostolou, Chief Financial Officer and Secretary of Icahn Enterprises Holdings L.P. and Icahn Enterprises G.P. Inc., and Carl C. Icahn, certifying the truth and completeness of the statement.

Industry Context

This Schedule 13D filing primarily concerns a change in beneficial ownership by a significant investor group and does not provide specific insights into broader industry trends or competitive landscape for CVR Partners, LP.

Stakeholder Impact

• Shareholders: The continued significant ownership and recent purchases by Carl C. Icahn and his affiliated entities may signal confidence in CVR Partners, LP, potentially influencing investor sentiment positively.
• Management: The substantial stake held by an activist investor group like Icahn Enterprises typically implies ongoing oversight and potential influence on strategic decisions.

Key Dates

Recommendation

Keywords

SEC Filing, Schedule 13D, Beneficial Ownership, Icahn Enterprises, CVR Partners, Common Units, Share Purchases, Investment