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Calumet, Inc. (CLMT) reported a sharply weaker first half of 2025. Sales were $2,020.5 million for the six months versus $2,139.5 million a year earlier, producing a gross loss of $125.0 million compared with a $142.3 million gross profit last year. Operating results swung to a $149.7 million operating loss for six months and a $309.9 million net loss (versus $80.7 million net loss a year earlier). For the quarter, sales were $1,026.6 million and net loss was $147.9 million, or $1.70 per share on 86.8 million weighted average shares.

Balance sheet and cash flow highlights show total assets of $2,776.4 million and total liabilities of $3,540.5 million, leaving stockholders' equity at a $1,009.7 million deficit. Cash and restricted cash totaled $190.6 million at June 30, 2025. The Company recorded a $457.0 million RINs obligation (current) and had net cash used in operating activities of $108.0 million for the six months. Material transactions included a March 31, 2025 closing of the sale of the industrial portion of Royal Purple for $110.0 million (net proceeds received $95.4 million) producing a $62.2 million gain, and a DOE Loan Guarantee for MRL totaling $1.44 billion with a first tranche disbursement of $781.8 million.

Calumet, Inc. (CLMT) Form 4 鈥� director equity award

Director Paul C. Raymond disclosed two Restricted Stock Unit (RSU) grants dated 08-05-2025:

• 1,611 fully-vested RSUs that will settle on the earlier of a date selected by the director or his termination from service.
• 537 RSUs issued under the Deferred Compensation Plan; 25 % vest each July 1 beginning 07-01-2026 and settle on the same earlier-of dates.

Both grants were acquired at $0; no shares were sold. Raymond鈥檚 directly held derivative equity rises to 2,148 RSUs. The transaction reflects standard board compensation and modestly increases insider alignment, but it does not involve open-market buying or selling that would materially affect share supply or trading sentiment.

Calumet, Inc. (CLMT) 鈥� Form 4 insider filing

Director John G. Boss reported the acquisition of 644 restricted stock units (RSUs) on 05 Aug 2025. The filing lists two grants: 483 fully-vested RSUs that will settle on the earlier of a specified date or the director鈥檚 termination, and 161 RSUs issued under the company鈥檚 Deferred Compensation Plan, vesting 25 % annually beginning 01 Jul 2026. Each RSU converts 1-for-1 into common stock at $0 cost and is held directly by the director.

No shares were sold or transferred, so Mr. Boss鈥� beneficial ownership in Calumet increased by the same amount. The award appears to be routine director compensation and does not involve open-market transactions.

Calumet, Inc. (CLMT) Form 4 reports that director Stephen P. Mawer was granted a total of 2,954 restricted stock units (RSUs) on 08/05/2025 at an exercise price of $0.

The award is split into (i) 2,216 fully-vested RSUs that will settle upon the earlier of a date selected by the director or his termination, and (ii) 738 RSUs issued through the company鈥檚 Deferred Compensation Plan that vest 25 % each July 1 beginning 07/01/2026. Each RSU is economically equivalent to one share of Calumet common stock.

After the grant, Mawer directly holds 2,954 derivative securities convertible into common shares; no open-market purchases or sales were disclosed. The filing reflects routine equity compensation, strengthens management-shareholder alignment, and introduces only minor prospective dilution with no immediate impact on earnings or cash flow.

On 08/05/2025, Calumet, Inc. (CLMT) director Amy M. Schumacher filed a Form 4 reporting receipt of 1,965 Restricted Stock Units (RSUs).

• 1,474 RSUs are already 100 % vested and will be settled in common stock upon the earlier of a date chosen by Schumacher or her separation from the company.
• 491 RSUs were issued under Calumet鈥檚 Deferred Compensation Plan; 25 % of this tranche vests each 1 July beginning 2026, with settlement timing identical to the first grant.

Both grants were acquired at $0.00 cost, involve no share sales and remain under direct ownership. The transaction increases Schumacher鈥檚 derivative holdings to 1,965 RSUs but does not change the public float or generate immediate cash-flow or earnings impact. While routine, the equity award reinforces long-term alignment between the director and shareholders.

Calumet, Inc. (CLMT) filed an 8-K to disclose a $120 million sale-leaseback of its Shreveport refinery fuels terminal, truck rack and related equipment. Subsidiary Calumet Shreveport sold the assets to Stonebriar Commercial Finance and immediately leased them back under a seven-year Master Lease Agreement (Property Schedule No. 2).

• Monthly rent: 鈮� $1.8 million, implying a 10.75% annual cost of capital.
• Early buy-out option: after six years for 鈮� $42 million.
• The parent company reaffirmed its guaranty of all lease obligations.
• 鈮� $40 million of proceeds were applied to retire obligations under the now-terminated 2021 Property Schedule No. 1.

Concurrent amendments were executed to accommodate the new indebtedness and liens:

• Eighth Amendment to the Third Amended & Restated Credit Agreement (Bank of America, N.A. agent).
• Third Amendment to the Monetization Master Agreement with J. Aron & Co.

The transaction creates a new direct financial obligation, adjusts existing credit facilities, and constitutes a disposition and re-acquisition of assets for accounting purposes. Exhibits, including a press release dated July 28 2025, will be filed with the next Form 10-Q.