[SCHEDULE 13G/A] Calumet, Inc. /DE Amended Passive Investment Disclosure
Wasserstein reports 4.6% stake in Calumet Inc.
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.
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
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.
Key Figures
Beneficial ownership (group):3,964,893 SharesOwnership percentage (group):4.6%Shares outstanding:87,147,147 shares+3 more
6 metrics
Beneficial ownership (group)3,964,893 SharesShares of Calumet Inc. common stock beneficially owned by the Wasserstein reporting group
Ownership percentage (group)4.6%Percent of Calumet Inc. common stock class beneficially owned by the Reporting Persons
Shares outstanding87,147,147 sharesCalumet Inc. common stock outstanding as of May 8, 2026, used for ownership calculations
Wasserstein Master, LP holdings2,457,733 SharesCalumet Inc. common stock beneficially owned by Wasserstein Master, LP (2.85% of class)
Wasserstein Master, LP ownership percentage2.85%Percent of Calumet Inc. common stock class beneficially owned by Wasserstein Master, LP
Date of eventJune 30, 2026Date as of which beneficial ownership information is provided
"may be deemed to beneficially own the shares of the Issuer's Common Stock"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
shared voting powerfinancial
"6 | Shared Voting Power 3,964,893.00"
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.
shared dispositive powerfinancial
"8 | Shared Dispositive Power 3,964,893.00"
Reporting Personregulatory
"Each of the foregoing is referred to as a "Reporting Person""
percent of classfinancial
"Percent of class: See Item 11 on the cover page for each Reporting Person"
Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What percentage of Calumet Inc. (CLMT) does Wasserstein currently report owning?
Wasserstein and its affiliates report beneficial ownership of 4.6% of Calumet Inc. common stock. This percentage is calculated using 87,147,147 shares outstanding as of May 8, 2026, as disclosed by Calumet in a prior quarterly report.
How many Calumet Inc. (CLMT) shares are beneficially owned by the Wasserstein group?
The Wasserstein reporting group discloses beneficial ownership of 3,964,893 Calumet Inc. common shares. These Shares are primarily held through a master fund and separately managed accounts over which affiliated entities and individuals exercise shared voting and dispositive power.
Which entities are included as Reporting Persons in the Calumet Inc. (CLMT) Schedule 13G/A?
Reporting Persons include Wasserstein Management, LP, WDO Management GP, LLC, Wasserstein Master, LP, Wasserstein GenPar, LLC, and individuals Rajay Bagaria and Joseph Dutton. Together they report beneficial ownership of Calumet Inc. common stock.
What is the event date for the Calumet Inc. (CLMT) ownership reported by Wasserstein?
The beneficial ownership information is stated as of the close of business on June 30, 2026. Percentages are based on Calumet’s disclosure that 87,147,147 shares of common stock were outstanding as of May 8, 2026.
How many Calumet Inc. (CLMT) shares does Wasserstein Master, LP specifically report holding?
Wasserstein Master, LP reports beneficial ownership of 2,457,733 Calumet Inc. common shares, representing 2.85% of the class. Voting and dispositive power over these shares are reported as shared with affiliated general partners and control persons.
Do Wasserstein and its affiliates report owning more than 5% of Calumet Inc. (CLMT)?
No. The filing indicates ownership of 5 percent or less of Calumet Inc.’s common stock. The aggregated beneficial ownership across the Reporting Persons is reported at 4.6% of the outstanding shares as of the referenced dates.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 6)
Calumet Inc./DE
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
131428104
(CUSIP Number)
06/30/2026
(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
Wasserstein Management L.P.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,964,893.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,964,893.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,964,893.00
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)
4.6 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
131428104
1
Names of Reporting Persons
WDO Management GP, 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,964,893.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,964,893.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,964,893.00
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)
4.6 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
131428104
1
Names of Reporting Persons
Wasserstein Master, LP
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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,457,733.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,457,733.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,457,733.00
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)
2.85 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
131428104
1
Names of Reporting Persons
Wasserstein Genpar, 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,457,733.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,457,733.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,457,733.00
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)
2.85 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
131428104
1
Names of Reporting Persons
Rajay Bagaria
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
14,297.00
6
Shared Voting Power
3,964,893.00
7
Sole Dispositive Power
14,297.00
8
Shared Dispositive Power
3,964,893.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,979,190.00
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)
4.6 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
131428104
1
Names of Reporting Persons
Joseph Dutton
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
3,305.00
6
Shared Voting Power
3,964,893.00
7
Sole Dispositive Power
3,305.00
8
Shared Dispositive Power
3,964,893.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,968,198.00
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)
4.6 %
12
Type of Reporting Person (See Instructions)
IN
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, IN, 46204
Item 2.
(a)
Name of person filing:
This statement is filed by Wasserstein Management, LP, a Delaware limited partnership (the "Adviser"), WDO Management GP, LLC, a Delaware limited liability company (the "Adviser GP"), Wasserstein Master, LP, a Cayman Islands exempted limited partnership (the "Master Fund"), Wasserstein GenPar, LLC, a Delaware limited liability company (the "Master Fund GP"), Rajay Bagaria, and Joseph Dutton. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."
The Adviser is the investment manager of the Master Fund and separately managed accounts (the "Accounts"). The Adviser GP is the general partner of the Adviser. Master Fund GP is the general partner of the Master Fund. Mr. Bagaria is a control person of the Adviser,
sole member of the Adviser GP and managing member of the Master Fund GP. Mr. Dutton is a control person of the Adviser. By virtue of these relationships, the Master Fund GP, the Adviser, the Adviser GP, and Messrs. Bagaria and Dutton, may be deemed to beneficially
own the shares of the Issuer's Common Stock, par value $0.01 per share (the "Shares"), owned directly by the Master Fund. By virtue of these relationships, the Adviser, the Adviser GP, and Messrs. Bagaria and Dutton, may be deemed to beneficially own the shares held in the Accounts.
(b)
Address or principal business office or, if none, residence:
The principal business address of each of the Reporting Persons is 420 Lexington Avenue, Suite 1626, New York, NY 10170
(c)
Citizenship:
For citizenship or place of organization see item 4 of the cover page of each Reporting Person.
(d)
Title of class of securities:
Common Stock, par value $0.01 per share
(e)
CUSIP No.:
131428104
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:
See Item 9 on the cover page for each Reporting Person, and Item 2, which information is given as of the close of business on June 30, 2026, the Date of Event which requires the filing of this Schedule 13G. The Issuer, Calumet, Inc., is the successor to Calumet Specialty Products Partners L.P. for purposes of filings under Section 13(d) of the Securities Exchange Act of 1934.
(b)
Percent of class:
See Item 11 on the cover page for each Reporting Person. The percentages of beneficial ownership contained herein are based on 87,147,147 shares of Common Stock outstanding as of May 8, 2026, as disclosed by the Issuer in its Form 10-Q filed with the SEC on May 8, 2026%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Item 5 on the cover page for each Reporting Person.
(ii) Shared power to vote or to direct the vote:
See Item 6 on the cover page for each Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
See Item 7 on the cover page for each Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
See Item 8 on the cover page for each Reporting Person.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
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 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.
