Calumet SEC Filings

Raymond Paul C, a director of Calumet, Inc. (CLMT), acquired 3,796 restricted stock units on 06/24/2025. The filing shows the RSUs were granted at $0 and are 100% vested, each convertible into one share of common stock or paid in cash. After the reported transaction, the reporting person beneficially owns 19,680 shares of Calumet common stock. The Form 4 was signed by an attorney-in-fact on 10/03/2025. The disclosure is a standard Section 16 statement documenting an insider grant and resulting ownership level.

Jennifer Straumins, a director of Calumet, Inc. (CLMT), received 3,796 Restricted Stock Units on 06/24/2025. The RSUs are fully vested and each unit is the economic equivalent of one share of common stock; they may be settled in one share each or in cash for the cash value. The transaction was coded M and reported as having a $0 price. After the grant, Ms. Straumins is reported to beneficially own 938,385 shares of Calumet common stock. The Form 4 was signed by an attorney-in-fact on 10/03/2025. This filing documents an insider compensation-related grant and confirms the director's current beneficial ownership level.

Daniel J. Sajkowski, a director of Calumet, Inc. (CLMT), reported transactions dated 06/24/2025. He received 3,796 Restricted Stock Units (RSUs) that are 100% vested and economically equivalent to one share each; these RSUs were reported as to be settled in the cash equivalent of common stock. On the same date he reported a disposition of 1,518 shares. After these transactions he beneficially owns 164,237 shares of Calumet common stock. The Form 4 was signed by an attorney-in-fact on 10/03/2025. The filing notes the RSUs may be settled in shares or cash and that the reporter elected to receive 40% of vested RSUs in cash equivalent.

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. (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.