Icahn Enterprises LP (IEP)

I don’t expect it to go much lower but we are close to the 10 average cost for those like Carl and family to get shares in lieu of cash dividend. Most likely Icahn sells shares to drive down avaerage pps for shares. Carl I. And son Bret are greedy and want more shares and know how to manipulate the pps to get them - SEC should investigate them.

Looks like we are heading for a new 52 week low !!

Michael

ItsMyOpnoion

Agree Although not in their wheel house I cannot believe they did not invest in AI ?

Michael

Michael,
I also do not see how the shorts expect to make any money in IEP. With the .50 they pay to whoever they loaned the stock from. We have see IEP move down after the X-Dividend date as some just own it before x-div then sell as they feel it is dead money. It looks like $7.50 is the low and it still shows 13 M short.

As a note: I make my money in IEP by STO - selling to open $7.50 Puts usual about 45 days out collect a good premium and keep doing it monthly for $$

Going forward looks much better. We collect our .50 Div on June 25 and next earnings July 31 estimates at positive .11 compared to -03 last years so we are headed in right direction. What I believe could really move the stock is for Icahn to see off about 20% of his holding to a large hedge fund to get better management in place before Carl is not in the picture anymore. I do not think his son Bret can run this company as he has performed poor in his investments.

ItsMyOpnion

I just do not see how the shorts can make any money in this stock ! Can someone give this a kick in the pants and get it going back to at least $8 this has been going on way too long . How is CI not pissed that his stock has gone to shit !!

Michael

Michael, This is from AI about how someone that shorts a dividend stock is handled. Read below but yes it is expensive to short a high dividend paying stock and one would think they should cover which would help move IEP much higher. I also feel IEP earnings will continue to improve going forward and hope to see $10-$12 within next year.

My question:
if someone shorts a dividend stock do they need to pay that dividend back to the company as they are short?

Yes — a short seller must pay the dividend, but not to the company. They pay it to the share lender as a substitute payment in lieu of dividend.

Core answer
When you short a dividend-paying stock, you owe the lender an amount equal to the dividend because they would have received it if their shares had not been loaned out. This payment is automatic and is a built-in cost of maintaining a short position.

How it works
You borrow shares and sell them short.

The company declares a dividend.

The actual dividend goes to whoever bought the borrowed shares (the new holder of record).

The original share lender misses out — so you must compensate them.

Your broker transfers a payment in lieu of dividend (PIL) from your account to the lender.

This is not a corporate dividend; it’s a contractual obligation of the short seller.

Tax implications (important)
The lender receives this payment as ordinary income, not a qualified dividend.

For the short seller, the payment is treated as an expense of maintaining the short position, with specific IRS rules on deductibility.

Practical takeaway
Shorting a high-dividend stock is expensive. If a stock yields 4%, you effectively pay that 4% annually just to stay short — before borrowing fees or price movement.

Its My Opition

Hope your trip went well . Is my understanding correct that the 13 million shares that are short and have been for at least 1.5 years have to somehow pay the .50 cents a shares dividend to whoever they borrowed them from ? If true that would mean to keep those shares short for now a year and a half 6 quarters it cost them $3 per share or 39 million dollars total to continue to not cover on a $8 stock ! TIA

Michael

Out of country now with only phone so can not read if that dividends is for common or preferred holds but yes it will help. I expect positive earnings for IEP vs big last last year - they are heading in right direction UP!

ItsMyOption

Should this help our call next week and continue our .50 dividend ? TIA
From CVR quarter
We are therefore pleased to announce a first quarter cash dividend of 10 cents per share and while there can be no guarantees, we are hopeful to be able to raise the dividend in the future.
“CVR Partners posted strong operating results for the first quarter of 2026, and demand was robust for the spring planting season,” Pytosh said. “In addition to the solid operating results, CVR Partners was pleased to declare a first quarter distribution of $4.00 per common unit.”

Michael

Michael, My guess is it has been oversold and shorts are covering. IEP has next earnings May 13th last year they reports -79 loss and this year the estamates is they will show .10 profit - that is a big change and should propel IEP much higher. IEP is on a turn around with many new holding going to report much better earning - up we go finally.

Any reason why we have finally made it over $8 today ? TIA

Michael

I think trimming a million or so shares of SATS over 130's each quarter and buying back IEP shares would do the trick.

IEP - Icahn Enterprises have holdings in many good companies such as CVI which could start up their dividend next quarter. Right now the shorts are in control and now over 13 million shares shorted.
I have written to IEP - IR manager and CFO of IEP and what I think they should do next quarter is cut dividend to .10 as 26% is too much but then do an agressive buy back of shares with money that would have gone to that too high 26% dividend. To me that would be best for shareholders to finally kill the shorts and move the pps up.

What do you think about the stock long term? I have been adding the last few months, but obviously their are the risks of div cuts and why they keep going down week after week. You would think it's a no brainer at this SP vs div payment.

Yes, the shorts control this stock because of poor management. They buy shares right before the dividend record date to collect the dividend then sell and short it more. There is not enough retail investors as Icahn family hold too many shares. What Carl should do to move IEP much higher is for him to sell 20% plus of his holdings to large institutional investor / hedge fund. I have written to management many times about this but no response.

Does anyone have any idea why we are at 7.50 ? TIA

Michael

ItsMyOption

At least we will receive the .50 dividend Hope they can find a way to continue that .

Michael

GREAT ERNINGS!

Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its Fourth Quarter and Full Year 2025 Financial Results
February 25, 2026

SUNNY ISLES BEACH, Fla., Feb. 25, 2026 /PRNewswire/ --

Q4 2025 Adjusted EBITDA was $281 million, compared to Adjusted EBITDA of $16 million in Q4 2024

Q4 2025 net income attributable to IEP was $1 million, compared to a net loss of $98 million in Q4 2024

IEP declares fourth quarter distribution of $0.50 per depositary unit

Indicative Net Asset Value was approximately $3.2 billion as of December 31, 2025, a decrease of $654 million compared to September 30, 2025. The decrease was primarily due to a decrease of $778 million of our long position in CVI and the Holding Company's net interest expense of $75 million. The decrease was offset in part by the positive performance from the Funds of $261 million

ItsMyOption

IDK CVR had a bad quarter . What happened to all the tax credits ?

Michael

FYI, If your interested in IEP they post earnings on Feb 25 and expected is positive .17 vs negative -19 last year. IMO they are very oversold and should pop up on earnings - the question is if they continue to pay .50 / per share which is 26% may be a bit too much so they may lower to .25 which is still good - .the record date to own IEP for dividend is March 10th with expected payout April 16th.

IEP is still heavily shorted 12 million so I would like to see IEP do a share buy back to get ride of shorts. I feel they are on slow turn around by selling some of thier poor earning companies and buy many that look more $$$ long term. I see $12 plus in a year. IMO

Interesting, popped up on my radar, LTB

Icahn Enterprises L.P. Announces Q4 2025 Earnings Conference CallFebruary 11, 2026 9:38 PM
PR Newswire (US)

SUNNY ISLES BEACH, Fla., Feb. 11, 2026 /PRNewswire/ -- Icahn Enterprises L.P. (Nasdaq: IEP) announced today that it will discuss its fourth quarter 2025 results on a webcast on Wednesday, February 25, 2026 - 10:00 a.m. Eastern Time. To access the webcast, viewers should go to this link (webcast). We encourage viewers to access the webcast 15 minutes ahead of the scheduled start time. A replay of the webcast will also be available for at least twelve months at Icahn events and presentations.Icahn Enterprises L.P., a master limited partnership, is a diversified holding company engaged in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.Investor Contact:
Ted Papapostolou, Chief Financial Officer

I just do not understand how icon owns 520 million shares out of 600 million and the stock continues to decline . How can he not do anything to prop up the share price. Will he take this private I cannot think of any other reason. For such a big investor why didn't he see the AL stock boom !!!

Michael

Yes, Michael I also feel your concerns about IEP trading so low. I feel the shorts still have a firm grip on controlling the pps for their benefits.
Last nights 8K about IEP retiring debt early should have given the pps a boost but instead we are down. I own a ton and will continue to hold as I feel IEP is turning around and earnings going forward will be positive to finally move the pps up.

Next earnings are March 4th and estimated at positive .19 vs last year negative -19 - this is great and my guess will be another dividend although I feel the 26% is a bit too much so I would be happy if it is reduced to .25 and they use any extra cash to buy quality companies. My biggest concern is Carl's age and is son Bret, which to date has not proven himself as a great investor. Time will tell!

Under 8 with the call happening in February what the actual F*** is going on

Michael

I agree. I wonder if he will move long on Fmcc and fnma? He made a killing shorting it before. But if he just continues to increase eps and create value I am good. What are the odds he increases the dividend back?

IMO, we should continue moving up into the new Year as it was vary oversold.

ALSO:

- I noticed over 2 million short shares covered in last two days.
- I expect IEP 4th quarter earning to be vary positive after the company finally removed their larges losing stocks and add more such as CVI that should help earnings. In addition to CVI they should show strong growth and big question is will they reinstate their Dividend?

- My one negative is how much Carl Icahn sucks in value per quarter in dividend reinvestments that also dilutes shareholder value. Although I do love the dividend I feel IEP would have more EPS growth in the pps if Carl was not sucking 1 billion in value per year from bottom line.

Nice uptick. Wasnt expecting to recover til Jan 1. Theoretically it should keep going up next month.

WOW 7.30 and dropping I would have never thought that this could go this low !

Michael

that Nov 17th date has nothing to do with how IEP calculates the VWAP go read the 10-Q or 10-K
This Nov 17th is only record date so if you buy shares after that record date they are not included in any dividend payout cash or share units

IEP’s Actual Formula (from their 10-Q/10-K filings)
IEP uses:
Number of Shares = Cash Dividend Amount ÷ “Market Price”
Where Market Price is defined as:
The volume-weighted average price (VWAP) of IEP units over the 5 trading days ending on the payment date.
This is the method IEP has used for years in their dividend alternative program.
So for the Dec. 26 payment:
• They take the 5 trading days ending Dec. 26
• Compute the VWAP
• Divide your cash dividend amount by that VWAP
• You receive that number of IEP units, including fractional units

MyOption

This does not square up with your November post ???

• Ex-Dividend Date: November 17, 2025
This is the date by which you must own IEP shares to receive the dividend. It also serves as the reference date for pricing dividend shares if you elect to receive them instead of cash.
• Record Date: November 17, 2025

Michael

more on dividend payout and low pps:

Can Icahn (or IEP insiders) sell units before the dividend pay date to push the price down and get more shares?
Short answer:
They could sell, but doing so for the purpose of manipulating the price would be illegal.
Selling simply because they want liquidity is legal.
Selling to influence the VWAP used for the dividend share calculation crosses into market manipulation, which is prohibited.
Let’s unpack it clearly.

🧠 1. What would be the motive?
IEP’s dividend reinvestment formula uses a 5-day VWAP ending on the payment date.
Lower VWAP ? more shares issued to those who elect stock.
So in theory, if Icahn or affiliates sold a large amount of units before the VWAP window, it could push the price down and increase the number of units they receive.
But…

⚖️ 2. Is that legal? No — if the intent is manipulation.
U.S. securities law is very clear:
Market manipulation = illegal
This includes:
• Trading with the intent to artificially influence price
• Coordinated selling to distort VWAP
• Any action designed to affect a corporate action calculation (like a DRIP price)
The SEC has prosecuted companies and insiders for:
• “Marking the close”
• “Painting the tape”
• “Manipulating VWAP windows”
• “Trading to influence conversion ratios or dividend calculations”
Intent is the key.
If the purpose is to influence the price used in a corporate action ? illegal.

🧾 3. What is legal?
Insiders can:
• Sell shares for normal reasons
• Sell during open trading windows
• Sell with proper 10b5-1 plans
• Sell without any intent to manipulate VWAP
If the selling is:
• Disclosed
• Pre-planned
• Not coordinated
• Not intended to affect the dividend calculation
? Legal.

🧱 4. Could Icahn practically manipulate the price?
IEP’s float is large, but the daily volume is relatively modest.
A major insider selling aggressively could move the price — but:
• It would be visible
• It would be traceable
• It would be high-risk legally
• It would invite SEC scrutiny, especially given IEP’s history of short-seller attention
Icahn is many things, but he’s not reckless with SEC rules.

🧮 5. Does Icahn personally benefit from lower VWAP?
Not really.
IEP dividends are paid in:
• Cash (which costs the company money), or
• Units (which dilute the company)
If Icahn takes units:
• He gets more units at lower VWAP
• But the company dilutes more
• And the market sees the dilution
• Which can depress the stock further
It’s not a clean “win.”

why IEP always goes down right before Dividend payout? MY GUESS IS ICAHN GROUP IS MINIPULATING THE PPS FOR THEIR BENIFITS BY SELLING SHARES TO DROP PPS TO GET MORE DIVIDEND SHARES. With all the shares Icahn has it is easy for them to sell to manipulate the pps down. This should be a SEC violation.

How the Share Amount Is Calculated
When a company offers a stock dividend or a dividend reinvestment option, the math is straightforward:

The key is which share price the company uses — and this is where plans differ.

🧮 What Price Do They Use?
Companies or DRIP plans typically use one of these:
1. Market Price on the Dividend Payment Date
• Often the average of the high and low for the day.
• Or the closing price.
2. Average Price Over Several Days
• Common in DRIPs: a 5-day or 10-day average around the payment date.

I was under the impression that the price for the options ( if you took shares instead of cash ) was already set ?

Michael

Yep down to 7,50 or $3 off the 52 week high something does not add up . Hopefully we will rise after the dividend payout to Wednesday

Michael

I too can not figure out management. It is almost like they Icahn does not want the pps to move up as they keep growing a larger ownership of IEP with every dividend. I hope Icahn does not shit on us shareholders by forcing a low buyout and take company private.

They had good opportunity to sell some CVI when it was at high and use that $$$ to buy back cheap IEP shares to create a short squeeze. It is like Carl's brain is not working any more and his son never was good at investing.

I too would like to know what is going on. They are still paying a good dividend and the earnings are getting better each quarter.

New all-time lows every day what the heck is going on ? With Icon owning 75$ of all outstanding shares what is he thinking !!!

Michael

Not sure what is going on but I'm buying all I can at these prices.
.

My take is IEP shorts are still holding it down and slowly tiring to cover. Next earnings should be good and if CVI declare Dividend again IEP should move up fast.
I show it is vary over sold so what I did today is STO-Sell to Open the Jan 16 $10.00 PUTS. This is optimistic play where I collected $2.10 per share now and if above $10 I keep 100% of premium if below I am assigned but my cost $7.90. Would love to hear positive news from Carl that would force shorts to cover as this could fly up fast!

hotdawg

Under 8 What is wrong with this company ??

Michael

looking good today. let's see how far it will run up.

I think the downside is limited now and potential for Hugh upside along with 22% dividend. I am looking forward to Dec. 26 dividend pay date$$$

Moving down today means i can buy more shares.

Michael,

Yes it is frustrating as it seems like we can not go lower. The shorts may be tiring to get down to 7.27 for a double bottom
IEP = https://finviz.com/quote.ashx?t=IEP&ty=c&ta=1&p=d
We do have a vary high dividend going for us with next .50 / share on Dec. 26.
With over 12 million short IEP will move up vary fast once the shorts start to cover.
Going forward their earnings all look positive with next quarter expected EPS as positive .17 with last year was a negative -.19
I have been doing both STO-sell to Open PUTS both Jan. 16 $10.00 and $7.50 as I expect a nice move up in Jan. 2026

ItsMyOption

What is up we are going the wrong way ! Thought we would be headed north sure does not look good

Michael

this is what AI told me:
Icahn Enterprises (IEP) sets the price for dividend shares on the ex-dividend date, which for the upcoming quarter is November 17, 2025.
Here's how it works:
🗓 Key Dividend Dates for IEP
• Ex-Dividend Date: November 17, 2025
This is the date by which you must own IEP shares to receive the dividend. It also serves as the reference date for pricing dividend shares if you elect to receive them instead of cash.
• Record Date: November 17, 2025
Shareholders on record as of this date are eligible for the dividend.
• Payment Date: December 24, 2025
This is when the dividend—either in cash or shares—is actually distributed.
💡 How Share Pricing Works for Dividend Shares
If you choose to receive IEP dividends in the form of additional shares, the price used to calculate how many shares you receive is typically based on the market price around the ex-dividend date. IEP has historically used a volume-weighted average price (VWAP) over a few trading days around the ex-dividend date, but the exact methodology can vary and is disclosed in their dividend declaration or SEC filings

ItsMyOpnion

Thanks Question is is it the 3 days before the close Monday that determines the price or the 3 days before they pay the dividend ? I thought it was the latter Monday is the number of shares you get paid the dividend shares or cash and December determines the value TIA

Michael

my guess is short sellers and the big holders that wish to keep pps low on record date to receive more shares as dividend payment.
I would not doubt if Carl Icahn and son Bret short their own company to get more in shares.

ItsMyOpnion

What are your thoughts of why we seem to not be able to hold $9 and is this the price we are stuck at until the next earnings call TIA

Michael