SCHEDULE 13D/A: Carl Icahn and Affiliates Increase Stake in Icahn Enterprises L.P. Through Quarterly Dividend Reinvestment

Carl C. Icahn and his affiliated entities have increased their beneficial ownership in Icahn Enterprises L.P. to approximately 86.79% following the reinvestment of a regular quarterly distribution.

Summary

• The reporting persons, including Carl C. Icahn and various affiliated entities, collectively beneficially own 472,750,583 Depositary Units of Icahn Enterprises L.P.
• This aggregate ownership represents approximately 86.79% of the Issuer's outstanding Depositary Units.
• The calculation of outstanding units is based on 522,736,315 units as of February 25, 2025 (from the Issuer's Form 10-K filed February 26, 2025), plus an additional 21,962,413 Depositary Units issued to the reporting persons on April 16, 2025.
• The increase in ownership resulted from the acquisition of Depositary Units from the Issuer on April 16, 2025, in connection with a regular quarterly distribution of Depositary Units.
• Specific entities received units as part of this dividend: CCI Onshore received 4,692,420 units, Gascon received 3,018,951 units, High Coast received 11,005,235 units, Highcrest received 2,425,975 units, and Thornwood received 819,832 units.

Sentiment

Score: 7

Explanation: The sentiment is positive as it indicates continued commitment and confidence from the primary beneficial owner, Carl C. Icahn, through the reinvestment of dividends, reinforcing a stable ownership structure.

Positives

• The continued reinvestment of dividends by Carl C. Icahn and his affiliates demonstrates strong confidence and long-term commitment to Icahn Enterprises L.P.
• The high percentage of beneficial ownership (86.79%) by the principal owner provides stability and clear strategic direction for the company.

Future Outlook

This filing is an ownership disclosure and does not contain forward-looking statements or guidance regarding the Issuer's future performance or strategic direction.

Industry Context

This Schedule 13D filing primarily concerns a change in beneficial ownership within Icahn Enterprises L.P., reflecting the ongoing control and investment strategy of its principal shareholder, Carl C. Icahn. It does not provide broader industry trends or competitive analysis.

Related Party Transactions

• The acquisition of 21,962,413 Depositary Units by the reporting persons (entities affiliated with Carl C. Icahn) from Icahn Enterprises L.P. on April 16, 2025, in connection with a quarterly dividend, constitutes a transaction between related parties.

Stakeholder Impact

• Shareholders: The high and stable beneficial ownership by Carl C. Icahn and his affiliates reinforces the existing control structure and strategic direction of Icahn Enterprises L.P., potentially signaling long-term stability for investors.
• Management: The continued strong ownership by the principal shareholder implies consistent oversight and alignment with management's strategic decisions.

Key Dates

Keywords

Icahn Enterprises L.P., Carl C. Icahn, Beneficial Ownership, Schedule 13D, Depositary Units, Dividend Reinvestment, Shareholding, Corporate Control