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ICAHN ENTERPRISES L.P. Icahn Enterprises L.P. Reports Third Quarter 2021 Financial Results November 2 , 2021 - Our Estimate of Indicative net asset value increased $ 1.8 billion since December 31 , 2020 and has increased $ 699 million in Q3 2021 - Board approves quarterly distribution of $ 2.00 per depositary unit ( the 66th consecutive quarterly distribution since 2005 ) ; IEP has increased the quarterly distribution over time and has not missed a quarterly distribution - Activist positions have recently come to fruition ; Navistar position realized during Q3 2021 for aggregate gains of $ 231 million and Cloudera during Q4 2021 for aggregate gains of $ 522 million ; announced the sale of the Metals segment subsequent to quarter end with estimated gain of $ 154 million ( all gains also include those attributable to non - controlling interests ) ¹ SUNNY ISLES BEACH , Fla . , Nov. 2 , 2021 / PRNewswire / -- Icahn Enterprises L.P. ( Nasdaq : IEP ) is reporting third quarter 2021 revenues of $ 2.6 billion and net loss attributable to Icahn Enterprises of $ 148 million , or a loss of $ 0.55 per depositary unit . For the three months ended September 30 , 2020 , revenues were $ 723 million and net loss attributable to Icahn Enterprises was $ 714 million , or a loss of $ 3.14 per depositary unit . Adjusted EBITDA attributable to Icahn Enterprises was $ 88 million for the three months ended September 30 , 2021 , compared to $ ( 550 ) million for the three months ended September 30 , 2020 . For the nine months ended September 30 , 2021 , revenues were $ 9.0 billion and net loss attributable to Icahn Enterprises was $ 122 million , or a loss of $ 0.47 per depositary unit . For the nine months ended September 30 , 2020 , revenues were $ 3.4 billion and net loss attributable to Icahn Enterprises was $ 1.8 billion , or a loss of $ 8.12 per depositary unit . Adjusted EBITDA attributable to Icahn Enterprises was $ 715 million for the nine months ended September 30 , 2021 , compared to $ ( 1.2 ) billion for the nine months ended September 30 , 2020 . As of September 30 , 2021 , our estimate of indicative net asset value was $ 5.4 billion , compared to $ 3.6 billion as of December 31 , 2020 , an increase of $ 1.8 billion . This was due in part to a change in how we estimate the fair value of our Automotive segment's owned real estate value to reflect the improvement of its real estate leasing operations . We believe this better reflects the estimated fair value of this segment's assets . Additionally , the change in our estimate of indicative net asset value includes , among other things , changes in the fair value of certain subsidiaries which are not included in our GAAP assets . For additional information , refer to " Use of Indicative Net Asset Value Data " below . For the nine months ended September 30 , 2021 , net income attributable to Icahn Enterprises for our Investment segment was $ 375 million compared to a net loss of $ 990 million for the nine months ended September 30 , 2020. There are a number of activist positions in the Investment segment that have recently come to fruition , including Navistar during the quarter and Cloudera subsequent to quarter end , and we believe there are several more in the pipeline . On November 1 , 2021 , the Board of Directors of the general partner of Icahn Enterprises happily declared its 66th consecutive quarterly distribution since 2005 , in the amount of $ 2.00 per depositary unit , which will be paid on or about December 22 , 2021 to depositary unitholders of record at the close of business on November 16 , 2021. Depositary unitholders will have until December 10 , 2021 to make a timely election to receive either cash or additional depositary units . If a unitholder does not make a timely election , the unitholder will automatically be deemed to have elected to receive the distribution in additional depositary units . Depositary unitholders who elect to receive ( or who are deemed to have elected to receive ) additional depositary units will receive units valued at the volume weighted average trading price of the units during the five consecutive trading days ending December 17 , 2021. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders electing to receive ( or who are deemed to have elected to receive ) depositary units . 1 The disclosed gains represent the aggregate gains of the Investment Funds , including those attributable to Icahn Enterprises and those attributable to non - controlling interests in the Investment Funds . As of September 30 , 2021 , Icahn Enterprises or its subsidiaries owned approximately 45 % of the Investment Funds . Icahn Enterprises L.P. , a master limited partnership , is a diversified holding company engaged in eight primary business segments : Investment , Energy , Automotive , Food Packaging , Metals , Real Estate , Home Fashion and Pharma . On October 29 , 2021 , we announced that we have entered into an agreement to sell PSC Metals , LLC , our wholly owned subsidiary through which we operate our Metals segment . Caution Concerning Forward - Looking Statements Results for any interim period are not necessarily indicative of results for any full fiscal period . This release may contain certain " forward - looking statements " within the meaning of the Private Securities Litigation Reform Act of 1995 , many of which are beyond our ability to control or predict . Forward - looking statements may be identified by words such as " expects , " " anticipates , " " intends , " " plans , " " believes , " " seeks , " " estimates , " " will " or words of similar meaning and include , but are not limited to , statements about the expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries . Actual events , results and outcomes may differ materially from our expectations due to a variety of known and unknown risks , uncertainties and other factors , including risks related to economic downturns , substantial competition and rising operating costs ; risks related to the severity , magnitude and duration of the COVID - 19 pandemic and its impact on the global economy , financial markets and industries in