Adams Asset files Schedule 13G/A reporting 4.68% stake in Calumet (CLMT)

Rhea-AI Filing Summary

Adams Asset Advisors, LLC filed an Amendment No. 2 to a Schedule 13G/A reporting beneficial ownership of 4,061,388 shares of Calumet, Inc. Common Stock, representing 4.68% of the class.

The filing lists 2,809,156 shares as sole voting power and 1,252,232 as shared voting power. The filing is signed by Steven Adams as Owner.

Key Figures

Beneficial ownership: 4,061,388 shares Percent of class: 4.68% Sole voting power: 2,809,156 shares +3 more

6 metrics

Beneficial ownership 4,061,388 shares Amount beneficially owned

Percent of class 4.68% Percent of class reported

Sole voting power 2,809,156 shares Sole power to vote

Shared voting power 1,252,232 shares Shared power to vote

Sole dispositive power 4,061,388 shares Sole power to dispose

Signature date 04/02/2026 Date signed by Steven Adams

Key Terms

Schedule 13G/A, Beneficial ownership, Sole dispositive power, Shared voting power

4 terms

Schedule 13G/A regulatory

"Amendment No. 2 to Schedule 13G/A reporting beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficial ownership regulatory

"Amount beneficially owned: 4061388 (b) Percent of class: 4.68 %"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 4061388"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Shared voting power regulatory

"Shared power to vote or to direct the vote: 1252232"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Calumet, Inc. /DE

(Name of Issuer)

Common Stock

(Title of Class of Securities)

131428104

(CUSIP Number)

01/16/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 131428104

1

Names of Reporting Persons

Adams Asset Advisors, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,809,156.00
6	Shared Voting Power 1,252,232.00
7	Sole Dispositive Power 4,061,388.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,061,388.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.7 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Calumet, Inc. /DE
(b)	Address of issuer's principal executive offices: 1060 N CAPITOL AVE, SUITE 6-401, INDIANAPOLIS, INDIANA, 46204
Item 2.
(a)	Name of person filing: Adams Asset Advisors, LLC
(b)	Address or principal business office or, if none, residence: 10670 N Central Expwy #470 Dallas, Texas 75231
(c)	Citizenship: Dallas, Texas USA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4061388
(b)	Percent of class: 4.68 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2809156
	(ii) Shared power to vote or to direct the vote: 1252232
	(iii) Sole power to dispose or to direct the disposition of: 4061388
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Adams Asset Advisors, LLC

Signature:	Steven Adams
Name/Title:	Owner
Date:	04/02/2026

FAQ

What stake does Adams Asset Advisors report in CLMT?

Adams Asset Advisors reports beneficial ownership of 4,061,388 shares in CLMT, equal to 4.68% of the class. The filing breaks down voting power into 2,809,156 sole votes and 1,252,232 shared votes.

Does the CLMT filing indicate control or a proxy change?

No, the filing reports beneficial ownership under 5% and states Ownership of 5 percent or less of a class. It does not assert control changes or proxy solicitations and lists routine voting/dispositive powers.

Who signed the Schedule 13G/A amendment for CLMT?

The Schedule 13G/A Amendment No. 2 is signed by Steven Adams in his capacity as Owner. The signature block in the filing shows the date 04/02/2026 associated with the signature.

What voting and dispositive powers are reported for CLMT shares?

The filing reports 2,809,156 shares of sole voting power, 1,252,232 shares of shared voting power, and 4,061,388 shares of sole dispositive power for CLMT.

Is the reported CLMT position considered an activist or large holder filing?

No, the reported 4.68% stake is under the 5% threshold the filing itself references. The Schedule 13G/A classification signals passive/beneficial reporting rather than an activist Schedule 13D filing.