As of November 10, 2026, 3 holders' latest Schedule 13D or 13G filings report owning 5% or more of Calumet Inc. The largest reported stake is The Heritage Group's, at 16.56%. 10 filings are on record since July 17, 2025 (Schedule 13D/A, June 5, 2026).
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Key facts
- · Reporting person: Two Seas Capital LP · Sole voting: 6,619,708 · Shared voting: 0 · Sole dispositive: 6,619,708 · Shared dispositive: 0 · SCHEDULE 13G/A, 2026-08-14
- · Reporting person: Wasserstein Management L.P. · Sole voting: 0 · Shared voting: 3,964,893 · Sole dispositive: 0 · Shared dispositive: 3,964,893 · SCHEDULE 13G/A, 2026-08-14
- · Holder: The Heritage Group · Percent: 16.56% · Shares: 14,523,185 · SCHEDULE 13D/A
- · Holder: Adams Asset Advisors, LLC · Percent: 4.7% · SCHEDULE 13G/A
- · Holder: The Vanguard Group · Percent: 0% · SCHEDULE 13G/A
Calumet Inc. has 10 Schedule 13D or 13G filings on record since 2025-07-17. 3 holders' latest filing reports 5% or more of common stock, par value $0.01 per share. Each figure below is the holder's own, as filed, with the filing linked.
Holders
| Holder | Percent | Shares | Latest | Event date |
|---|---|---|---|---|
| The Heritage Group | 16.56% | 14,523,185 | SCHEDULE 13D/A, 2026-06-05 | 2026-06-05 |
| Two Seas Capital LP | 7.5% | 6,619,708 | SCHEDULE 13G/A, 2026-08-14 | 2026-06-30 |
| BlackRock, Inc. | 5.4% | 4,708,310 | SCHEDULE 13G, 2025-07-17 | 2025-06-30 |
| Adams Asset Advisors, LLC | 4.7% | 4,061,388 | SCHEDULE 13G/A, 2026-04-02 | 2026-01-16 |
| Wasserstein Management L.P. | 4.6% | 3,964,893 | SCHEDULE 13G/A, 2026-08-14 | 2026-06-30 |
| The Vanguard Group | 0% | 0 | SCHEDULE 13G/A, 2026-03-26 | 2026-03-13 |
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More on Calumet Inc. and the records around it.
Calumet Inc. elsewhere on the record
Companies that share a holder
- Two Seas Capital LP also filed stake reports on 14 other companies: NEKTAR THERAPEUTICS (Sep 2026), Quantum Corporation (Aug 2026), Sable Offshore Corp. (Aug 2026)
- BlackRock, Inc. also filed stake reports on 1596 other companies: AvePoint, Inc. (Nov 2026), BIOMARIN PHARMACEUTICAL INC (Nov 2026), MSG RANGERS CORP (Nov 2026)
- The Vanguard Group also filed stake reports on 2384 other companies: BellRing Brands, Inc. (Sep 2026), CAL-MAINE FOODS INC (Sep 2026), FTAI Aviation Ltd. (Sep 2026)
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What the Full Report on Calumet Inc. covers
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Voting and dispositive power, as filed
| Reporting person | Sole voting | Shared voting | Sole dispositive | Shared dispositive | Filing |
|---|---|---|---|---|---|
| The Heritage Group | 13,640,211 | 882,974 | 13,640,211 | 882,974 | SCHEDULE 13D/A, 2026-06-05 |
| Two Seas Capital LP | 6,619,708 | 0 | 6,619,708 | 0 | SCHEDULE 13G/A, 2026-08-14 |
| Two Seas Capital GP LLC | 6,619,708 | 0 | 6,619,708 | 0 | SCHEDULE 13G/A, 2026-08-14 |
| Sina Toussi | 6,619,708 | 0 | 6,619,708 | 0 | SCHEDULE 13G/A, 2026-08-14 |
| Wasserstein Management L.P. | 0 | 3,964,893 | 0 | 3,964,893 | SCHEDULE 13G/A, 2026-08-14 |
| WDO Management GP, LLC | 0 | 3,964,893 | 0 | 3,964,893 | SCHEDULE 13G/A, 2026-08-14 |
| Wasserstein Master, LP | 0 | 2,457,733 | 0 | 2,457,733 | SCHEDULE 13G/A, 2026-08-14 |
| Wasserstein Genpar, LLC | 0 | 2,457,733 | 0 | 2,457,733 | SCHEDULE 13G/A, 2026-08-14 |
| Rajay Bagaria | 14,297 | 3,964,893 | 14,297 | 3,964,893 | SCHEDULE 13G/A, 2026-08-14 |
| Joseph Dutton | 3,305 | 3,964,893 | 3,305 | 3,964,893 | SCHEDULE 13G/A, 2026-08-14 |
The latest filing identifies Calumet Inc. by CUSIP 131428104 and gives its principal executive office as 1060 N Capitol Ave, Suite 6-401, Indianapolis, IN 46204 (SCHEDULE 13G/A, 2026-08-14).
What the percentages are based on
Percent of class as of June 30, 2026: TSC - 7.5 TSC GP - 7.5% Sina Toussi - 7.5% The shares of Common Stock reported for Item 4 total 6,619,708 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.Two Seas Capital LP, SCHEDULE 13G/A, 2026-08-14
Purpose of Transaction (Item 4)
The Heritage Group
Item 4 of the 2024 Schedule 13D is hereby amended to incorporate the following at the end thereof: As previously reported and in connection with the July 2024 restructuring, the Reporting Person received warrants to acquire 1,020,000 shares of Common Stock at an exercise price of $20.00 per share (the "Heritage Warrants"). On May 15, 2026, the Reporting Person exercised the Heritage Warrants in full, receiving 393,002 shares of Common Stock in net settlement thereof resulting in a decrease in beneficial ownership of 626,998 shares of Common Stock. On June 5, 2026, the General Partner Trustees approved a gift of 540,000 shares of Common Stock (the "Gift") directly held by the Reporting Person.Item 4 of the SCHEDULE 13D/A filed 2026-06-05
Timeline
| Filed | Holder | Percent | Filing |
|---|---|---|---|
| 2025-07-17 | BlackRock, Inc. | 5.4% | SCHEDULE 13G |
| 2025-07-29 | The Vanguard Group | 5.38% | SCHEDULE 13G |
| 2025-08-13 | Two Seas Capital LP | 5.2% | SCHEDULE 13G |
| 2025-11-14 | Two Seas Capital LP | 7.8% | SCHEDULE 13G/A |
| 2026-02-17 | Two Seas Capital LP | 9.3% | SCHEDULE 13G/A |
| 2026-03-26 | The Vanguard Group | 0% | SCHEDULE 13G/A |
| 2026-04-02 | Adams Asset Advisors, LLC | 4.7% | SCHEDULE 13G/A |
| 2026-06-05 | The Heritage Group | 16.56% | SCHEDULE 13D/A |
| 2026-08-14 | Two Seas Capital LP | 7.5% | SCHEDULE 13G/A |
| 2026-08-14 | Wasserstein Management L.P. | 4.6% | SCHEDULE 13G/A |
Questions about who owns Calumet Inc.
Who owns Calumet Inc.?
On this page, 3 holders' latest ownership filings report 5% or more of Calumet Inc.: The Heritage Group (16.56%, Schedule 13D/A, filed 2026-06-05), Two Seas Capital LP (7.5%, Schedule 13G/A, filed 2026-08-14) and BlackRock, Inc. (5.4%, Schedule 13G, filed 2025-07-17).
Who are the largest shareholders of Calumet Inc.?
By the share each holder's latest filing reports, the largest holders of Calumet Inc. on this page are The Heritage Group (16.56%), Two Seas Capital LP (7.5%) and BlackRock, Inc. (5.4%).
When did The Heritage Group buy into Calumet Inc.?
The filings give report dates, not purchase dates. The earliest filing from The Heritage Group on this page is the Schedule 13D/A, filed 2026-06-05, reporting 16.56%. That earliest filing is itself an amendment, which updates an earlier report.
Is this an audit or a full list?
Neither. The ownership list on this page covers only Schedule 13D and 13G filings, which holders make once they own 5% or more of a class of shares (an amendment can report a stake that has since fallen below 5%); 10 such filings are shown here. It is not an audit and not a full cap table: holders who never reached 5% are not listed, and a stake can change after its latest filing.
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Where this comes from
Anyone who comes to own more than 5% of a class of a listed company's voting shares has to tell the SEC. A holder who may seek to change or influence the company files Schedule 13D, and has to say in Item 4, "Purpose of Transaction", what it intends to do. A holder with no such intent, such as many index and passive funds, may file the shorter Schedule 13G. Both are amended when the stake changes, including when it falls below 5%.
Every row here is one of those filings, linked to the filing itself. Percentages and share counts are exactly as the holder filed them, for the holder the filing names; an amendment showing a lower figure is shown as filed. Item 4 text is quoted word for word. Where a 13D's Item 4 contains a sentence stating a definite intent to influence the company, that sentence is marked and quoted; the page does not describe the holder or its motives beyond the words it filed. Nothing here is investment advice.