SCHEDULE: Calumet Inc. Ownership Update Filed

Wasserstein entities and individuals update beneficial ownership of Calumet Inc. common stock, reporting a combined 4.6% stake.

Summary

• This filing is an amendment to a Schedule 13G, reporting changes in beneficial ownership of Calumet Inc. common stock.
• The reporting persons include Wasserstein Management L.P., WDO Management GP, LLC, Wasserstein Master, LP, Wasserstein Genpar, LLC, Rajay Bagaria, and Joseph Dutton.
• As of June 30, 2026, the aggregate beneficial ownership reported by these entities and individuals is 3,964,893 shares, representing 4.6% of the outstanding common stock.
• Wasserstein Master, LP and Wasserstein Genpar, LLC individually report beneficial ownership of 2,457,733 shares, representing 2.85% each.
• Rajay Bagaria and Joseph Dutton also report beneficial ownership, with Rajay Bagaria holding 3,979,190 shares (4.6%) and Joseph Dutton holding 3,968,198 shares (4.6%).
• The filing clarifies the relationships between the reporting entities, with Wasserstein Management L.P. acting as the investment manager and Messrs. Bagaria and Dutton holding control positions.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a neutral filing, primarily an update on beneficial ownership without significant new financial or strategic information.

Positives

• The filing provides transparency regarding significant beneficial ownership of Calumet Inc. stock.
• The reporting entities are established investment managers, suggesting a potentially informed and strategic investment approach.

Negatives

• The filing does not contain new financial performance data or strategic initiatives, limiting its immediate impact on valuation.
• The aggregate ownership of 4.6% is below the threshold that typically triggers significant influence or control, suggesting a passive investment stance for the group as a whole.

Risks

• Potential for future changes in beneficial ownership that could impact the stock price.
• The filing does not disclose the specific investment strategy or intentions of the reporting persons beyond passive ownership.

Future Outlook

This filing is an update on beneficial ownership and does not contain forward-looking statements or specific future guidance from the company.

Management Comments

• The Adviser is the investment manager of the Master Fund and separately managed accounts (the "Accounts").
• The Adviser GP is the general partner of the Adviser.
• Master Fund GP is the general partner of the Master Fund.
• Mr. Bagaria is a control person of the Adviser, sole member of the Adviser GP and managing member of the Master Fund GP.
• Mr. Dutton is a control person of the Adviser.
• By virtue of these relationships, the Master Fund GP, the Adviser, the Adviser GP, and Messrs. Bagaria and Dutton, may be deemed to beneficially own the shares of the Issuer's Common Stock... owned directly by the Master Fund.
• By virtue of these relationships, the Adviser, the Adviser GP, and Messrs. Bagaria and Dutton, may be deemed to beneficially own the shares held in the Accounts.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine for institutional investors and investment managers exceeding a 5% beneficial ownership threshold. This filing indicates a significant, but not controlling, stake in Calumet Inc. by Wasserstein entities, aligning with typical institutional investment patterns in the energy and specialty products sector.

Stakeholder Impact

• Shareholders: Increased transparency on significant ownership stakes, potentially influencing market perception.
• Management: Awareness of substantial passive investment by Wasserstein entities.

Next Steps

• Continued monitoring of Calumet Inc.'s performance and any future filings by Wasserstein entities.

Key Dates

Keywords

Calumet Inc., Schedule 13G, Beneficial Ownership, Wasserstein Management, Investment Management, Common Stock, SEC Filing, Ownership Update