Icahn Enterprises (IEP) Carl Icahn Receives 40.5M Units as Dividend

What Happened

• Carl C. Icahn, a >10% owner of Icahn Enterprises L.P. (IEP), received 40,531,194 Depositary Units on September 23, 2026 as a payment‑in‑kind (PIK) dividend. The units were valued at $7.01 each for a total economic value of $284,196,626. This was a non‑cash dividend issuance (not an open‑market purchase or sale) and was reported on a Form 4 filed September 25, 2026.

Key Details

• Transaction date: 2026-09-23; Form 4 filed: 2026-09-25 (appears timely).
• Price/value: $7.01 per Depositary Unit; total value $284,196,626.
• Shares before dividend (record date): 618,393,343 Depositary Units; shares after receipt: 618,393,343 + 40,531,194 = 658,924,537 Depositary Units (the filing excludes 17,704 units owned by his wife).
• Transaction type: Code J — “Other acquisition or disposition”; specifically a payment‑in‑kind dividend exempt from Section 16(b) liability under Rule 16(b)-3(d).
• Ownership structure: Many units are held indirectly through entities (e.g., CCI Onshore, High Coast, Gascon, Thornwood). Footnotes note that Mr. Icahn and related entities may be deemed indirect beneficial owners but disclaim direct beneficial ownership except to the extent of pecuniary interest.

Context

• This was a dividend reinvestment (PIK), not a market buy or sale — such dividend receipts are routine corporate actions and do not necessarily signal a change in insider sentiment.
• As a reported 10% owner, Mr. Icahn’s holdings are largely through investment entities and partnerships; disclosures and disclaimers in the footnotes explain the indirect ownership structure.