SCHEDULE 13G/A: Wasserstein Entities Adjust Calumet, Inc. Stake Disclosure, Removing Feeder Fund

Wasserstein Debt Opportunities Management and related entities have filed an amended Schedule 13G for Calumet, Inc., primarily to remove a feeder fund previously included for EDGAR system access.

Summary

• Wasserstein Debt Opportunities Management, LP and its affiliates, including WDO Management GP, LLC, Rajay Bagaria, Joseph Dutton, Wasserstein Debt Opportunities Master, LP, and Wasserstein Debt Opportunities GenPar, LLC, have filed an Amendment No. 4 to their Schedule 13G regarding their beneficial ownership in Calumet, Inc.
• The primary purpose of this amendment is to remove Wasserstein Debt Opportunities Fund, LP (the "Feeder Fund") as a reporting person.
• The Feeder Fund was previously included in Amendment No. 3 solely to facilitate access to the SEC's EDGAR system, despite not beneficially owning any Common Stock as of the event date of Amendment No. 3.
• As of December 31, 2024, Wasserstein Debt Opportunities Management, LP, WDO Management GP, LLC, and Joseph Dutton each beneficially own 5,689,984 shares of Calumet, Inc. Common Stock, representing 6.6% of the class.
• Rajay Bagaria beneficially owns a total of 6,098,084 shares, representing 7.1% of the class, which includes 408,100 shares with sole voting and dispositive power and 5,689,984 shares with shared voting and dispositive power.
• Wasserstein Debt Opportunities Master, LP and Wasserstein Debt Opportunities Genpar, LLC each beneficially own 4,332,824 shares, representing 5.0% of the class, with shared voting and dispositive power.
• The beneficial ownership percentages 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 filed on November 12, 2024.
• The reporting persons certify that the securities were not acquired and are not held for the purpose of changing or influencing the control of Calumet, Inc., other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 5

Explanation: The document is a factual, routine ownership disclosure and amendment, with no positive or negative implications for the issuer's performance or outlook. The sentiment is neutral.

Positives

• The filing clarifies the beneficial ownership structure by removing a non-owning entity, improving transparency.
• The reporting entities maintain significant stakes in Calumet, Inc., with Rajay Bagaria holding the largest reported individual and shared stake at 7.1%.

Future Outlook

NA

Management Comments

• "Each Reporting Person disclaims beneficial ownership with respect to any Common Stock other than the Common Stock directly beneficially owned by such Reporting Person."
• "By signing below I certify that, to the best of my knowledge and belief, 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

This filing is a routine disclosure of significant ownership by an investment firm and its principals. It does not provide information to analyze broader industry trends or competitive landscape for Calumet, Inc.

Stakeholder Impact

• Shareholders: Provides updated information on significant beneficial ownership by institutional investors and their principals.
• Regulatory Authorities: Fulfills SEC disclosure requirements for significant ownership stakes.

Key Dates

Keywords

Calumet Inc., SEC filing, Schedule 13G, Beneficial ownership, Wasserstein Debt Opportunities Management, Institutional ownership, Common Stock, Investment management, Shareholding disclosure