X0202 SCHEDULE 13G/A 0001398344-21-019846 0001751492 XXXXXXXX LIVE 6 Common Stock, par value $0.01 per share 06/30/2026 0002013745 Calumet Inc./DE 131428104 1060 N. Capitol Ave, Suite 6-401 Indianapolis IN 46204 Rule 13d-1(c) Wasserstein Management L.P. b DE 0.00 3964893.00 0.00 3964893.00 3964893.00 N 4.6 IA PN WDO Management GP, LLC DE 0.00 3964893.00 0.00 3964893.00 3964893.00 N 4.6 OO Wasserstein Master, LP b E9 0.00 2457733.00 0.00 2457733.00 2457733.00 N 2.85 PN Wasserstein Genpar, LLC b DE 0.00 2457733.00 0.00 2457733.00 2457733.00 N 2.85 OO Rajay Bagaria X1 14297.00 3964893.00 14297.00 3964893.00 3979190.00 N 4.6 IN Joseph Dutton b X1 3305.00 3964893.00 3305.00 3964893.00 3968198.00 N 4.6 IN Calumet Inc./DE 1060 N. Capitol Ave, Suite 6-401, Indianapolis, IN, 46204 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. The principal business address of each of the Reporting Persons is 420 Lexington Avenue, Suite 1626, New York, NY 10170 For citizenship or place of organization see item 4 of the cover page of each Reporting Person. Y 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. 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% See Item 5 on the cover page for each Reporting Person. See Item 6 on the cover page for each Reporting Person. See Item 7 on the cover page for each Reporting Person. See Item 8 on the cover page for each Reporting Person. N Y Y Y Y Y N 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. Wasserstein Management L.P. /s/ Rajay Bagaria 08/14/2026 WDO Management GP, LLC /s/ Rajay Bagaria 08/14/2026 Wasserstein Master, LP /s/ Rajay Bagaria 08/14/2026 Wasserstein Genpar, LLC /s/ Rajay Bagaria 08/14/2026 Rajay Bagaria /s/ Rajay Bagaria 08/14/2026 Joseph Dutton /s/ Rajay Bagaria 08/14/2026