Two Seas Capital LP, together with Two Seas Capital GP LLC and Sina Toussi, reports beneficial ownership of 6,619,708 shares of Calumet, Inc. common stock as of June 30, 2026. This represents 7.5% of the company’s outstanding common stock, based on 87,843,035 shares outstanding as disclosed in Calumet’s Form 10-Q filed on August 7, 2026.
The shares are held by Two Seas Global (Master) Fund LP, for which Two Seas Capital LP acts as investment adviser. The reporting persons may be deemed to have sole voting and dispositive power over all 6,619,708 shares and have no shared voting or dispositive power. This filing is Amendment No. 3 to their Schedule 13G, reflecting ownership above 5%.
Wasserstein Management L.P. and related entities report beneficial ownership of Calumet Inc. common stock on an amended Schedule 13G as of June 30, 2026. The group reports beneficial ownership of 3,964,893 Shares, representing 4.6% of the outstanding common stock, based on 87,147,147 shares outstanding as of May 8, 2026.
The Shares are held primarily through Wasserstein Master, LP and separately managed accounts, with investment and voting authority shared among affiliated general partners and control persons, including Rajay Bagaria and Joseph Dutton. The filing states ownership of 5 percent or less of the class.
Calumet, Inc. reported Q2 2026 sales of $1,445.1 million, up from $1,026.6 million a year earlier, led by Specialty Products and Solutions. Gross profit improved to $18.3 million, and the operating loss narrowed to $40.0 million, but the company still recorded a Q2 net loss of $95.9 million, or $1.09 per share. For the first half of 2026, sales were $2,474.9 million with a net loss of $412.9 million, or $4.73 per share.
Segment performance strengthened: total Adjusted EBITDA rose to $178.7 million in Q2 and $223.2 million year‑to‑date, driven by $161.7 million from Specialty Products and Solutions and positive results in Montana/Renewables. Large losses on derivative instruments, substantial RINs compliance costs and mark‑to‑market adjustments, and $103.1 million of first‑half interest expense outweighed this improvement.
At June 30, 2026, cash and cash equivalents were $109.8 million, with $40.0 million of restricted cash under the DOE renewable‑fuels loan. The RINs obligation increased to $480.2 million from $169.3 million at year‑end, and total debt was $2,258.7 million, contributing to negative stockholders’ equity of $1,137.1 million. The company reported $431.8 million of availability on its $500.0 million revolving credit facility and DOE borrowings of $835.2 million supporting the Montana Renewables expansion.
Calumet, Inc. reported second quarter 2026 results showing higher revenue but continued losses. Sales were $1,445.1 million, with a net loss of $(95.9) million, or $(1.09) per share. Management highlighted that results were heavily affected by non-cash items, including a $9.0 million unrealized gain on derivatives and $163.6 million of non-cash RINs-related expense. EBITDA was $(30.3) million, while Adjusted EBITDA rose to $159.3 million, and Adjusted EBITDA with Tax Attributes reached $175.2 million, both significantly above the prior-year quarter.
The Specialty Products and Solutions segment generated $161.7 million of Adjusted EBITDA in the quarter, up from $66.8 million, reflecting a supportive margin environment. Performance Brands produced $6.3 million of Adjusted EBITDA versus $13.5 million a year earlier, while Montana/Renewables delivered $26.6 million of Adjusted EBITDA with Tax Attributes, up from $16.3 million, as the first phase of the MaxSAF® 150 expansion was completed. Deleveraging efforts continued after quarter-end with $115 million of debt retirement in July. As of June 30, 2026, total assets were $2,802.8 million, total liabilities were $3,689.3 million, the current RINs obligation was $480.2 million, and stockholders’ equity stood at $(1,137.1) million.
Calumet, Inc. director John G. Boss reported compensation-related equity activity. On July 9, 2026, he exercised 7,067 Restricted Stock Units, each equivalent to one share of common stock, resulting in an equivalent number of common shares. In connection with this vesting, he surrendered 2,827 common shares to satisfy tax withholding liabilities, as permitted under Rule 16b-3. Following these transactions, he held 33,033 common shares directly.
Calumet, Inc. director Stephen P. Mawer reported compensation-related equity activity. On July 9, 2026, he exercised 13,780 Restricted Stock Units, each convertible into one share of common stock, following 100% vesting on June 2, 2026. In connection with the delivery of these shares, he surrendered 5,512 shares of common stock to satisfy tax withholding liabilities in accordance with Rule 16b-3, a non-market tax-withholding disposition. After these transactions, he held 311,578 shares of Calumet common stock directly.
Calumet, Inc. director Raymond Paul C reported compensation-related equity activity. On July 9, 2026, he exercised 7,067 Restricted Stock Units, each converting into one share of common stock, and received Calumet, Inc. common stock, par value $0.01 per share. To satisfy tax withholding liabilities upon delivery of the shares and in accordance with Rule 16b-3, he surrendered 2,827 shares back to the issuer. Following these transactions, he directly holds 28,973 shares of Calumet common stock.
Calumet, Inc. director Daniel J. Sajkowski reported compensation-related equity activity. On July 9, 2026, 7,067 Restricted Stock Units, each equal to one share of common stock, were converted into common shares following 100% vesting on June 2, 2026. To cover tax withholding liabilities, he surrendered 2,827 common shares under Rule 16b-3, a non-market disposition mechanism. After these transactions, he holds 81,958 common shares directly.
Calumet, Inc. director Amy M. Schumacher reported the exercise and conversion of 7,067 Restricted Stock Units into an equal number of shares of common stock, par value $0.01 per share, on July 9, 2026. Each Restricted Stock Unit was the economic equivalent of one share of common stock, and 100% of these units vested on June 2, 2026. Following the transaction, Schumacher directly holds 258,160 shares of Calumet, Inc. common stock. The filing does not report any open-market purchases or sales, only the derivative exercise and corresponding share issuance.
Calumet, Inc. director Julio M. Quintana exercised restricted stock units into common stock. On July 9, 2026, he converted 7,067 restricted stock units into 7,067 shares of common stock, par value $0.01 per share. Following the transaction, he held 7,067 common shares directly. The restricted stock units, each economically equivalent to one share of common stock, had 100% vested on June 2, 2026.