Icahn Enterprises Filing Shows Insider Group Holds Super-Majority of Units

Rhea-AI Filing Summary

Icahn Enterprises L.P. (IEP) — Schedule 13D/A (Amendment No. 80)

The filing dated 25 June 2025 discloses updated beneficial ownership information for eight reporting persons that are members of the same investor group. All securities referenced are depositary units representing limited-partner interests in Icahn Enterprises L.P. (CUSIP 451100101).

• Little Meadow Corp. — 421,659,903 units (shared voting/dispositive power); represents 74.22 % of the class.
• High Coast Limited Partnership — 353,647,015 units (247.9 M sole / 105.7 M shared); 62.25 % of the class.
• CCI Onshore LLC — 105,713,907 units (sole); 18.61 %.
• Gascon Partners — 68,012,888 units (sole); 11.97 %.
• Highcrest Investors LLC — 54,653,989 units (sole) plus matching amount shared through Starfire Holding; 9.62 %.
• Thornwood Associates L.P. — 18,469,727 units (sole); 3.25 %.
• Barberry Corp. — 18,469,727 units (shared).
• Starfire Holding Corp. — 54,653,989 units (shared).

Cumulative percentages exceed 100 % because several entities report overlapping or shared ownership. No purchase prices, transaction dates, or funding sources other than “OO” (other) are provided, and the amendment does not detail any new acquisitions or disposals. The disclosure primarily re-affirms that the reporting group continues to hold a controlling majority stake in Icahn Enterprises.

No financial performance metrics, earnings data, or strategic transaction details are included within the excerpt; therefore, the filing’s investment significance is limited to confirming insider control levels rather than signalling a change in corporate outlook.

Insights

Corporate Governance Expert

TL;DR — Filing confirms over 70 % insider control, no new transactions; governance dynamics unchanged.

This 13D/A simply refreshes ownership tallies among Icahn-affiliated entities. Little Meadow, High Coast, and related LLCs collectively maintain a super-majority position, effectively ensuring full control over partnership votes and strategy. Because no incremental purchases or divestitures are disclosed, the amendment does not alter the governance or risk profile already understood by investors. The outsized insider stake may reassure some holders about alignment, yet it equally limits minority influence and takeover optionality. Overall, material impact on valuation is neutral.

Portfolio Manager

TL;DR — Ownership structure unchanged; filing is routine, investment thesis unaffected.

From a portfolio perspective, this amendment reiterates that Icahn-related vehicles dominate IEP’s equity (>60 %). Liquidity float remains tight, and market price will continue to be sensitive to the controlling owner’s strategic moves rather than to external shareholder activism. Absent transaction data, the filing carries negligible immediate market impact; I maintain current weighting assumptions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 80)

Icahn Enterprises L.P.

(Name of Issuer)

Depositary Units Representing Limited Partner Interests

(Title of Class of Securities)

451100101

(CUSIP Number)

Jesse Lynn, Esq.
16690 Collins Avenue, Suite PH-1,
Sunny Isles Beach, FL, 33160
(305) 422-4100

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/25/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 451100101

1

Name of reporting person

CCI Onshore LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 105,713,907.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 105,713,907.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

105,713,907.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

18.61 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 451100101

1

Name of reporting person

Gascon Partners

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 68,012,888.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 68,012,888.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

68,012,888.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.97 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 451100101

1

Name of reporting person

High Coast Limited Partnership

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 247,933,108.00
8	Shared Voting Power 105,713,907.00
9	Sole Dispositive Power 247,933,108.00
10	Shared Dispositive Power 105,713,907.00

11

Aggregate amount beneficially owned by each reporting person

353,647,015.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

62.25 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 451100101

1

Name of reporting person

Highcrest Investors LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 54,653,989.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 54,653,989.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

54,653,989.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.62 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 451100101

1

Name of reporting person

Thornwood Associates Limited Partnership

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 18,469,727.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 18,469,727.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

18,469,727.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.25 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 451100101

1

Name of reporting person

Barberry Corp.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 18,469,727.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 18,469,727.00

11

Aggregate amount beneficially owned by each reporting person

18,469,727.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.25 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 451100101

1

Name of reporting person

Starfire Holding Corporation

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 54,653,989.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 54,653,989.00

11

Aggregate amount beneficially owned by each reporting person

54,653,989.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.62 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 451100101

1

Name of reporting person

Little Meadow Corp.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 421,659,903.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 421,659,903.00

11

Aggregate amount beneficially owned by each reporting person

421,659,903.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

74.22 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 451100101

1

Name of reporting person

Carl C. Icahn

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FLORIDA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 494,783,619.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 494,783,619.00

11

Aggregate amount beneficially owned by each reporting person

494,783,619.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

87.09 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Depositary Units Representing Limited Partner Interests
(b)	Name of Issuer: Icahn Enterprises L.P.
(c)	Address of Issuer's Principal Executive Offices: 16690 COLLINS AVE,, PH-1, SUNNY ISLES BEACH, FLORIDA , 33160.
Item 1 Comment: The Schedule 13D filed with the U.S. Securities and Exchange Commission ("SEC") on September 24, 1990, as previously amended (the "Initial 13D"), is hereby further amended to furnish the additional information set forth in this Amendment No. 80 to the Initial 13D. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Initial 13D.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Persons may be deemed to beneficially own, in the aggregate, 494,783,619 Depositary Units, representing approximately 87.09% of the Issuer's outstanding Depositary Units (based upon (i) the 546,086,101 Depositary Units stated to be outstanding as of May 7, 2025, by the Issuer in its Form 10-Q filed with the Securities and Exchange Commission on May 7, 2025, plus (ii) the 22,033,036 Depositary Units issued to the Reporting Persons by the Issuer on June 25, 2025 in connection with a regular quarterly distribution of Depositary Units by the Issuer).
(b)	CCI Onshore has sole voting power and sole dispositive power with respect to 105,713,907 Depositary Units. Pursuant to Rule 13d-3(a) under the Exchange Act, each of High Coast, Little Meadow and Mr. Icahn (by virtue of their relationships to CCI Onshore) may be deemed to indirectly beneficially own the Depositary Units which CCI Onshore owns. Each of High Coast, Little Meadow and Mr. Icahn disclaims beneficial ownership of the Depositary Units for all other purposes. Gascon has sole voting power and sole dispositive power with respect to 68,012,888 Depositary Units. Pursuant to Rule 13d-3(a) under the Exchange Act, each of Little Meadow and Mr. Icahn (by virtue of their relationships to Gascon) may be deemed to indirectly beneficially own the Depositary Units which Gascon owns. Each of Little Meadow and Mr. Icahn disclaims beneficial ownership of the Depositary Units for all other purposes. High Coast has sole voting power and sole dispositive power with respect to 247,933,108 Depositary Units. Pursuant to Rule 13d-3(a) under the Exchange Act, each of Little Meadow and Mr. Icahn (by virtue of their relationships to High Coast) may be deemed to indirectly beneficially own the Depositary Units which High Coast owns. Each of Little Meadow and Mr. Icahn disclaims beneficial ownership of the Depositary Units for all other purposes. Highcrest has sole voting power and sole dispositive power with respect to 54,653,989 Depositary Units. Pursuant to Rule 13d-3(a) under the Exchange Act, each of Starfire and Mr. Icahn (by virtue of their relationships to Highcrest) may be deemed to indirectly beneficially own the Depositary Units which Highcrest owns. Each of Starfire and Mr. Icahn disclaims beneficial ownership of the Depositary Units for all other purposes. Thornwood has sole voting power and sole dispositive power with respect to 18,469,727 Depositary Units. Pursuant to Rule 13d-3(a) under the Exchange Act, each of Barberry and Mr. Icahn (by virtue of their relationships to Thornwood) may be deemed to indirectly beneficially own the Depositary Units which Thornwood owns. Each of Barberry and Mr. Icahn disclaims beneficial ownership of the Depositary Units for all other purposes.
(c)	Except for the acquisition of Depositary Units from the Issuer in connection with a quarterly dividend, none of the Reporting Persons effected any transactions in the Issuer's securities during the past sixty (60) days. On June 25, 2025, in connection with the quarterly dividend, CCI Onshore received 4,707,509 Depositary Units, Gascon received 3,028,658 Depositary Units, High Coast received 11,040,623 Depositary Units, Highcrest received 2,433,777 Depositary Units, and Thornwood received 822,469 Depositary Units.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CCI Onshore LLC

Signature:	/s/ Rowella Asuncion-Gumabong
Name/Title:	Rowella Asuncion-Gumabong / Vice President
Date:	06/26/2025

Gascon Partners

Signature:	/s/ Rowella Asuncion-Gumabong
Name/Title:	Rowella Asuncion-Gumabong / Vice President
Date:	06/26/2025

High Coast Limited Partnership

Signature:	/s/ Rowella Asuncion-Gumabong
Name/Title:	Rowella Asuncion-Gumabong / Vice President
Date:	06/26/2025

Highcrest Investors LLC

Signature:	/s/ Rowella Asuncion-Gumabong
Name/Title:	Rowella Asuncion-Gumabong / Vice President
Date:	06/26/2025

Thornwood Associates Limited Partnership

Signature:	/s/ Rowella Asuncion-Gumabong
Name/Title:	Rowella Asuncion-Gumabong / Vice President
Date:	06/26/2025

Barberry Corp.

Signature:	/s/ Rowella Asuncion-Gumabong
Name/Title:	Rowella Asuncion-Gumabong / Vice President
Date:	06/26/2025

Starfire Holding Corporation

Signature:	/s/ Rowella Asuncion-Gumabong
Name/Title:	Rowella Asuncion-Gumabong / Vice President
Date:	06/26/2025

Little Meadow Corp.

Signature:	/s/ Rowella Asuncion-Gumabong
Name/Title:	Rowella Asuncion-Gumabong / Vice President
Date:	06/26/2025

Carl C. Icahn

Signature:	/s/ Carl C. Icahn
Name/Title:	CARL C. ICAHN
Date:	06/26/2025

FAQ

How much of Icahn Enterprises (IEP) does Little Meadow Corp. own according to the Schedule 13D/A?

Little Meadow Corp. reports 421,659,903 depositary units, representing 74.22 % of the class, with shared voting and dispositive power.

Which reporting person holds the largest sole voting power in IEP?

High Coast Limited Partnership holds the largest sole voting power with 247,933,108 units.

What is the event date for this Schedule 13D/A filing for Icahn Enterprises?

The event triggering the filing is dated June 25, 2025.

Does the amendment disclose any new purchases or sales of IEP units?

No. The excerpt provides no details of new acquisitions or disposals; it only updates beneficial ownership figures.

What percentage of IEP’s outstanding units is controlled by High Coast Limited Partnership?

High Coast Limited Partnership reports ownership of 62.25 % of the outstanding class.