SCHEDULE 13G/A: Wasserstein Debt Opportunities and Principals Disclose Significant Stakes in Calumet, Inc.

Several investment entities and their control persons, including Wasserstein Debt Opportunities Management, LP and Rajay Bagaria, have disclosed beneficial ownership exceeding 5% in Calumet, Inc.'s common stock as of December 31, 2024.

Summary

• Wasserstein Debt Opportunities Management, LP and its related entities, along with control persons Rajay Bagaria and Joseph Dutton, have filed an amended Schedule 13G for Calumet, Inc.
• As of December 31, 2024, Rajay Bagaria beneficially owns the largest stake among the reporting persons, totaling 6,098,084 shares, representing 7.1% of Calumet, Inc.'s common stock.
• Wasserstein Debt Opportunities Management, LP and WDO Management GP, LLC each report shared beneficial ownership of 5,689,984 shares, equivalent to 6.6% of the class.
• Joseph Dutton reports beneficial ownership of 5,693,289 shares, also 6.6% of the class, including 3,305 shares of sole voting and dispositive power.
• Wasserstein Debt Opportunities Master, LP and Wasserstein Debt Opportunities GenPar, LLC each report shared beneficial ownership of 4,332,824 shares, representing 5.0% of the class.
• The percentages of beneficial ownership are based on 85,904,105 shares of Common Stock outstanding as of November 11, 2024, as disclosed by Calumet, Inc. in its Form 10-Q.
• The filing explicitly states that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Sentiment

Score: 6

Explanation: The filing is a routine disclosure of beneficial ownership, indicating a significant, passive stake by institutional investors and their principals. This is generally viewed as a neutral to slightly positive signal of investor confidence, without implying any immediate operational or financial impact.

Positives

• Significant beneficial ownership by institutional investors and their principals, indicating potential confidence in Calumet, Inc.'s long-term prospects.
• The filing explicitly states that the securities were not acquired for the purpose of changing or influencing control, suggesting a passive investment stance which can be viewed positively by current management.

Negatives

• No explicit negative information is contained within this beneficial ownership filing, as it primarily serves as a disclosure of ownership stakes.

Risks

• The document itself does not detail specific operational or financial risks for Calumet, Inc., as it is a beneficial ownership filing focused on shareholder stakes.

Future Outlook

NA

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

NA

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership stakes, which can be interpreted as a vote of confidence in the company's value.

Next Steps

• NA

Key Dates

Keywords

Calumet Inc, Common Stock, Beneficial Ownership, Schedule 13G, Institutional Investor, Wasserstein Debt Opportunities, Rajay Bagaria, Joseph Dutton, SEC Filing