SCHEDULE: Icahn Entities Boost Stake in Icahn Enterprises L.P.

Several entities associated with Carl C. Icahn have amended their Schedule 13D filing, reporting an aggregate beneficial ownership of approximately 87.69% of Icahn Enterprises L.P.'s outstanding Depositary Units.

Summary

• The filing is an amendment (Amendment No. 86) to a Schedule 13D, originally filed on September 24, 1990, concerning Icahn Enterprises L.P. ('the Issuer').
• Multiple reporting persons, including CCI Onshore LLC, Gascon Partners, High Coast Limited Partnership, Highcrest Investors LLC, Thornwood Associates Limited Partnership, Barberry Corp., Starfire Holding Corporation, MODAL LLC, Little Meadow Corp., and Carl C. Icahn, are listed.
• Collectively, these reporting persons may be deemed to beneficially own 658,924,537 Depositary Units, representing approximately 87.69% of the Issuer's outstanding units.
• This percentage is based on 710,915,093 units outstanding as of August 4, 2026, plus 40,531,194 units issued to the reporting persons on September 23, 2026, as part of a regular quarterly distribution.
• Specific ownership details are provided for each reporting person, with Carl C. Icahn having shared voting and dispositive power over the largest aggregate amount of units.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing as moderately positive, reflecting significant beneficial ownership and recent acquisitions of units, indicating continued strategic interest and investment in Icahn Enterprises L.P.

Positives

• Significant aggregate beneficial ownership of Icahn Enterprises L.P. units, totaling 87.69% (658,924,537 units).
• Recent acquisition of 40,531,194 Depositary Units by reporting persons on September 23, 2026, through a regular quarterly distribution.
• Clear disclosure of beneficial ownership across multiple associated entities and Carl C. Icahn.

Negatives

• No explicit negative financial or operational information is presented in this Schedule 13D amendment.

Risks

• The filing does not explicitly detail new risks, but the concentration of ownership could imply potential strategic shifts or governance considerations for minority shareholders.

Future Outlook

The filing primarily reports on current beneficial ownership and recent unit acquisitions, rather than providing forward-looking financial guidance or strategic outlook for the Issuer.

Management Comments

• Each of High Coast, Little Meadow and Mr. Icahn disclaims beneficial ownership of the Depositary Units for all other purposes.
• Each of Little Meadow and Mr. Icahn disclaims beneficial ownership of the Depositary Units for all other purposes.
• Each of Starfire, Modal and Mr. Icahn disclaims beneficial ownership of the Depositary Units for all other purposes.
• Each of Barberry and Mr. Icahn disclaims beneficial ownership of the Depositary Units for all other purposes.
• Mr. Icahn's signature confirms the accuracy of the information to the best of his knowledge and belief.

Industry Context

StockSavvy.ai notes that this Schedule 13D amendment from Carl Icahn and associated entities highlights a significant and increasing control position in Icahn Enterprises L.P. Such filings are common for activist investors or large stakeholders to disclose their holdings and intentions, often preceding or following significant corporate actions or strategic shifts within the company.

Related Party Transactions

• The acquisition of 40,531,194 Depositary Units by reporting persons on September 23, 2026, in connection with a regular quarterly distribution by the Issuer, represents a transaction between the Issuer and its significant beneficial owners.

Stakeholder Impact

• Shareholders: The substantial ownership by Carl Icahn and associated entities may influence corporate strategy and decision-making, potentially impacting minority shareholder value.
• Management: Increased control by a major shareholder could lead to changes in management direction or composition.

Next Steps

• Continued monitoring of Icahn Enterprises L.P. for any strategic actions or disclosures by the significant beneficial owners.

Key Dates

Keywords

Icahn Enterprises L.P., Schedule 13D, Beneficial Ownership, Depositary Units, Carl Icahn, SEC Filing, Amendment