[SCHEDULE 13G] Calumet, Inc. SEC Filing

Rhea-AI Filing Summary

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.

Positive

• Material stake disclosed: Reporting Persons beneficially own 4,497,609 shares, equal to 5.2% of Calumet's common stock.
• Sole voting and dispositive power: The filing asserts sole power to vote and to dispose of all 4,497,609 shares.
• Clear chain of control: Ownership is held via Two Seas Global (Master) Fund LP with TSC as investment adviser and TSC GP as general partner.
• Ordinary-course certification: Item 10 certifies the securities are held in the ordinary course and not to change or influence control.

Negative

• None.

Insights

Financial Analyst

TL;DR Two Seas discloses a material 5.2% stake in CLMT with sole voting and dispositive power over the position.

The Schedule 13G shows a meaningful minority position of 4,497,609 shares, calculated on 86,659,413 shares outstanding as reported for June 30, 2025. Ownership is held by the Global Fund with investment discretion granted to Two Seas Capital as adviser. The combination of a >5% disclosure threshold and assertion of sole voting and dispositive power makes this a material disclosure for shareholders and market participants because it clarifies who controls voting decisions for that block of stock.

Corporate Governance Expert

TL;DR Filing confirms centralized control of a 5.2% block by an adviser and its managing member, with certification of ordinary-course holdings.

The filing identifies governance roles: TSC as investment adviser, TSC GP as general partner, and Sina Toussi as managing member/Chief Investment Officer. All three report sole voting and dispositive power over the same 4,497,609 shares held by the Global Fund. Item 10 explicitly states the position is held in the ordinary course and not to effect control changes, which is an important governance disclosure that frames how the position should be interpreted under Rule 13G.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Calumet, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

131428104

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 131428104

1

Names of Reporting Persons

Two Seas Capital 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,497,609.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,497,609.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,497,609.00

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)

5.2 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 131428104

1

Names of Reporting Persons

Two Seas Capital 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 4,497,609.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,497,609.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,497,609.00

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)

5.2 %

12

Type of Reporting Person (See Instructions)

OO, HC

SCHEDULE 13G

CUSIP No. 131428104

1

Names of Reporting Persons

Sina Toussi

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 4,497,609.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,497,609.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,497,609.00

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)

5.2 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Calumet, Inc.
(b)	Address of issuer's principal executive offices: 1060 N Capitol Ave, Suite 6-401, Indianapolis, Indiana, 46214
Item 2.
(a)	Name of person filing: The Statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons") (i) Two Seas Capital LP ("TSC"); (ii) Two Seas Capital GP LLC ("TSC GP"); and (iii) Sina Toussi. This statement relates to the Common Stock, par value $0.01 per share (the "Common Stock"), held by Two Seas Global (Master) Fund LP (the "Global Fund"). The principal business of TSC is providing investment advice as a registered investment adviser and serving as investment manager to the Global Fund. As such, TSC has been granted investment discretion over portfolio investments, including the Common Stock, held by or for the account of the Global Fund, including the Global Fund's voting and discretionary decisions. TSC GP serves as general partner of TSC. Sina Toussi serves as the chief investment officer of TSC and managing member of TSC GP.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is 32 Elm Place - 3rd Floor, Rye, New York 10580.
(c)	Citizenship: (i) Two Seas Capital LP is a Delaware limited partnership; (ii) Two Seas Capital GP LLC is a Delaware limited liability company; and (iii) Sina Toussi is a United States citizen.
(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: Amount beneficially owned as of June 30, 2025: TSC - 4,497,609 shares of Common Stock TSC GP - 4,497,609 shares of Common Stock Sina Toussi - 4,497,609 shares of Common Stock
(b)	Percent of class: Percent of class as of June 30, 2025: TSC - 5.2 TSC GP - 5.2% Sina Toussi - 5.2% The shares of Common Stock reported for Item 4 total 4,497,609 shares of Common Stock held by the Global Fund. TSC may be deemed to have sole power to vote and sole power to dispose of the Common Stock held by the Global Fund, through its capacity as investment adviser of the Global Fund. TSC GP may be deemed to have sole power to vote and sole power to dispose of the Common Stock held by the Global Fund, through its capacity as general partner of TSC. Sina Toussi may be deemed to have sole power to vote and sole power to dispose of the Common Stock owned by the Global Fund, through his capacity as Managing Member of TSC GP. The percentages reported for Item 4(b) are calculated based on a total of 86,659,413 shares of Common Stock outstanding on June 30, 2025, as disclosed in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on August 8, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: As of June 30, 2025, the Reporting Persons had sole power to vote or to direct the vote of 4,497,609 shares of Common Stock.
	(ii) Shared power to vote or to direct the vote: As of June 30, 2025, the Reporting Persons had shared power to vote or to direct the vote of 0 shares of Common Stock.
	(iii) Sole power to dispose or to direct the disposition of: As of June 30, 2025, the Reporting Persons had sole power to dispose or to direct the disposition of 4,497,609 shares of Common Stock.
	(iv) Shared power to dispose or to direct the disposition of: As of June 30, 2025, the Reporting Persons had shared power to dispose or to direct the disposition of 0 shares of Common Stock.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See disclosure in Item 4, which is incorporated by reference herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See disclosure in Item 2, which is incorporated by reference herein.
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Not Applicable
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. 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.

Two Seas Capital LP

Signature:	/s/ Sina Toussi
Name/Title:	Sina Toussi / Managing Member of Two Seas Capital GP LLC, its General Partner
Date:	08/13/2025

Two Seas Capital GP LLC

Signature:	/s/ Sina Toussi
Name/Title:	Sina Toussi / Managing Member
Date:	08/13/2025

Sina Toussi

Signature:	/s/ Sina Toussi
Name/Title:	Sina Toussi / Self
Date:	08/13/2025

FAQ

Who filed the Schedule 13G for Calumet, Inc. (CLMT)?

The Schedule 13G was filed on behalf of Two Seas Capital LP, Two Seas Capital GP LLC, and Sina Toussi.

How many CLMT shares does Two Seas report owning and what percent of the class is that?

The Reporting Persons beneficially own 4,497,609 shares, representing 5.2% of the class based on 86,659,413 shares outstanding as of June 30, 2025.

What voting and dispositive powers are reported over the CLMT shares?

The filing reports sole voting power and sole dispositive power over all 4,497,609 shares, with 0 shares held with shared power.

Where is the principal business office of the Reporting Persons located?

The principal business office for the Reporting Persons is listed as 32 Elm Place, 3rd Floor, Rye, New York 10580.

Are the shares held to change or influence control of Calumet (CLMT)?

No. The filing's Item 10 certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.