Calumet, Inc. (CLMT) director John G. Boss reported two transactions on 06/24/2025. He received 3,796 Restricted Stock Units that are fully vested and economically equivalent to one share each; the filing shows these RSUs were reported as acquired and may be settled in stock or cash. Separately, he disposed of 1,518 shares in a sale reported the same day. After these transactions the filing shows 27,278 shares beneficially owned following the sale and 28,796 held following the RSU acquisition (table ordering reflects both entries).
The form is filed individually and signed by an attorney-in-fact. The filing clarifies that each RSU equals one common share and that the reporting person elected to receive 40% of vested RSUs in cash equivalent form.
Stephen P. Mawer, a director of Calumet, Inc. (CLMT), reported transactions dated 06/24/2025 on Form 4. He was credited with 7,403 Restricted Stock Units (reported as an acquisition) that are 100% vested and each equals one share or the cash value of one share. He separately reported a sale of 2,962 common shares on the same date. The filings show beneficial ownership rising to 291,055 shares after the RSU acquisition and ending at 288,093 shares following the sale. The reporting person elected to receive 40% of vested RSUs in the cash equivalent of common shares.
Two Seas Capital LP, Two Seas Capital GP LLC and Sina Toussi report beneficial ownership of 4,497,609 shares of Calumet, Inc. common stock, representing 5.2% of the 86,659,413 shares outstanding referenced for the period ended June 30, 2025. These shares are held by Two Seas Global (Master) Fund LP (the Global Fund).
The filing states that Two Seas Capital (TSC) has sole voting and sole dispositive power over the 4,497,609 shares through its role as investment adviser, that Two Seas Capital GP LLC serves as general partner of TSC, and that Sina Toussi serves as managing member of TSC GP and chief investment officer of TSC. The reporting persons certify the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.
Calumet, Inc. (CLMT) reported a sharply weaker first half of 2025. Sales were $2,020.5 million for the six months versus $2,139.5 million a year earlier, producing a gross loss of $125.0 million compared with a $142.3 million gross profit last year. Operating results swung to a $149.7 million operating loss for six months and a $309.9 million net loss (versus $80.7 million net loss a year earlier). For the quarter, sales were $1,026.6 million and net loss was $147.9 million, or $1.70 per share on 86.8 million weighted average shares.
Balance sheet and cash flow highlights show total assets of $2,776.4 million and total liabilities of $3,540.5 million, leaving stockholders' equity at a $1,009.7 million deficit. Cash and restricted cash totaled $190.6 million at June 30, 2025. The Company recorded a $457.0 million RINs obligation (current) and had net cash used in operating activities of $108.0 million for the six months. Material transactions included a March 31, 2025 closing of the sale of the industrial portion of Royal Purple for $110.0 million (net proceeds received $95.4 million) producing a $62.2 million gain, and a DOE Loan Guarantee for MRL totaling $1.44 billion with a first tranche disbursement of $781.8 million.
Calumet, Inc. filed a current report describing that it has released its financial results for the quarter ended June 30, 2025. On August 8, 2025, the company issued a press release with its results of operations and financial condition, which is furnished as Exhibit 99.1 to this report rather than being treated as formally filed. The report also notes inclusion of Exhibit 104, which contains the cover page interactive data file with XBRL tags embedded in the Inline XBRL document.
Calumet, Inc. (CLMT) Form 4 – director equity award
Director Paul C. Raymond disclosed two Restricted Stock Unit (RSU) grants dated 08-05-2025:
- 1,611 fully-vested RSUs that will settle on the earlier of a date selected by the director or his termination from service.
- 537 RSUs issued under the Deferred Compensation Plan; 25 % vest each July 1 beginning 07-01-2026 and settle on the same earlier-of dates.
Both grants were acquired at $0; no shares were sold. Raymond’s directly held derivative equity rises to 2,148 RSUs. The transaction reflects standard board compensation and modestly increases insider alignment, but it does not involve open-market buying or selling that would materially affect share supply or trading sentiment.
Calumet, Inc. (CLMT) – Form 4 insider filing
Director John G. Boss reported the acquisition of 644 restricted stock units (RSUs) on 05 Aug 2025. The filing lists two grants: 483 fully-vested RSUs that will settle on the earlier of a specified date or the director’s termination, and 161 RSUs issued under the company’s Deferred Compensation Plan, vesting 25 % annually beginning 01 Jul 2026. Each RSU converts 1-for-1 into common stock at $0 cost and is held directly by the director.
No shares were sold or transferred, so Mr. Boss’ beneficial ownership in Calumet increased by the same amount. The award appears to be routine director compensation and does not involve open-market transactions.
Calumet, Inc. (CLMT) Form 4 reports that director Stephen P. Mawer was granted a total of 2,954 restricted stock units (RSUs) on 08/05/2025 at an exercise price of $0.
The award is split into (i) 2,216 fully-vested RSUs that will settle upon the earlier of a date selected by the director or his termination, and (ii) 738 RSUs issued through the company’s Deferred Compensation Plan that vest 25 % each July 1 beginning 07/01/2026. Each RSU is economically equivalent to one share of Calumet common stock.
After the grant, Mawer directly holds 2,954 derivative securities convertible into common shares; no open-market purchases or sales were disclosed. The filing reflects routine equity compensation, strengthens management-shareholder alignment, and introduces only minor prospective dilution with no immediate impact on earnings or cash flow.
On 08/05/2025, Calumet, Inc. (CLMT) director Amy M. Schumacher filed a Form 4 reporting receipt of 1,965 Restricted Stock Units (RSUs).
- 1,474 RSUs are already 100 % vested and will be settled in common stock upon the earlier of a date chosen by Schumacher or her separation from the company.
- 491 RSUs were issued under Calumet’s Deferred Compensation Plan; 25 % of this tranche vests each 1 July beginning 2026, with settlement timing identical to the first grant.
Both grants were acquired at $0.00 cost, involve no share sales and remain under direct ownership. The transaction increases Schumacher’s derivative holdings to 1,965 RSUs but does not change the public float or generate immediate cash-flow or earnings impact. While routine, the equity award reinforces long-term alignment between the director and shareholders.
Calumet, Inc. (CLMT) filed an 8-K to disclose a $120 million sale-leaseback of its Shreveport refinery fuels terminal, truck rack and related equipment. Subsidiary Calumet Shreveport sold the assets to Stonebriar Commercial Finance and immediately leased them back under a seven-year Master Lease Agreement (Property Schedule No. 2).
- Monthly rent: ≈ $1.8 million, implying a 10.75% annual cost of capital.
- Early buy-out option: after six years for ≈ $42 million.
- The parent company reaffirmed its guaranty of all lease obligations.
- ≈ $40 million of proceeds were applied to retire obligations under the now-terminated 2021 Property Schedule No. 1.
Concurrent amendments were executed to accommodate the new indebtedness and liens:
- Eighth Amendment to the Third Amended & Restated Credit Agreement (Bank of America, N.A. agent).
- Third Amendment to the Monetization Master Agreement with J. Aron & Co.
The transaction creates a new direct financial obligation, adjusts existing credit facilities, and constitutes a disposition and re-acquisition of assets for accounting purposes. Exhibits, including a press release dated July 28 2025, will be filed with the next Form 10-Q.