Calumet, Inc.

CLMT • NASDAQ

Calumet, Inc. is a oil & gas exploration & production company in the energy sector on NASDAQ, led by Todd Borgmann, with a market cap of $1.7B. As of Q3 2025, 52% of shares are held by 149 institutional investors, with Wasserstein Debt Opportunities Management, L.P. as the largest holder at 6.71%.

Chief Executive OfficerTodd Borgmann

Market Cap$1.7B

Oil & Gas Exploration & Production

Energy

Employees1.6K

Websitecalumet.com

Country

United States of America

Overview

Overview of institutional ownership in CLMT as of Q3 2025 with a market cap of $1.6B

All Institutions

Institutions: 149
Value Held: $827.6M
Shares Held: 45.3M
Avg Position: $5.6M
Median Position: $565.4K

Hedge Funds

Hedge Funds: 20
Value Held: $240.4M
Shares Held: 13.2M
Avg Position: $12.0M
Median Position: $1.0M

Ownership Breakdown

Institutional (non-HF)

37.09%

$587.2M

Hedge Funds

15.19%

$240.4M

Retail & Other

47.73%

$755.6M

Based on market cap of $1.6B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CLMT as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Wasserstein Debt Opportunities Management, L.P. Hedge Fund•Distressed	Rajay Prakash Bagaria Managing Partner	$106.2M 100.00% of portfolio	6.71% 5.8M shares	Q4 2023 Held for 1y 11m	$106.2M
T Two Seas Capital LP Hedge Fund•Event Driven	Sina Nmn Toussi CIO	$105.0M 6.31% of portfolio	6.63% 5.8M shares	Q3 2024 Held for 1y 2m	$1.7B
A Adams Asset Advisors, LLC RIA/Wealth	Steven Adams Managing Partner	$98.7M 12.77% of portfolio	6.23% 5.4M shares	≤ Q2 2013 Held for 12y 5m+	$772.6M
B BlackRock, Inc. Institution	-	$90.1M 0.00% of portfolio	5.69% 4.9M shares	Q3 2024 Held for 1y 2m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$84.8M 0.00% of portfolio	5.35% 4.6M shares	Q3 2024 Held for 1y 2m	$6.69T
K Knott David M Jr Institution	-	$51.6M 21.60% of portfolio	3.26% 2.8M shares	Q4 2021 Held for 3y 11m	$238.7M
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$40.3M 0.00% of portfolio	2.54% 2.2M shares	Q3 2024 Held for 1y 2m	$2.88T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$30.6M 0.00% of portfolio	1.93% 1.7M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
Marshall Wace LLP Institution	Diana Lj Harrison President	$16.3M 0.02% of portfolio	1.03% 891.4K shares	Q4 2024 Held for 11 months	$90.3B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$14.4M 0.00% of portfolio	0.91% 788.2K shares	≤ Q2 2013 Held for 12y 5m+	$1.65T

Net Capital Flow

Institutional buying and selling activity for CLMT in Q3 2025

Net Flow: +$7.7M
Buyers: 49
Sellers: 55
Total Bought: +$71.9M
Total Sold: −$64.2M
Avg Position: $5.9M

Biggest Buyers

Institution	Net Bought	Current Position
T Two Seas Capital LP Hedge Fund•Event Driven	+$22.9M +1.3M shares	$105.0M 5.8M shares
B BROWN ADVISORY INC RIA/Wealth	+$11.2M +615.7K shares	$14.0M 765.7K shares
Mariner Wealth Advisors, LLC RIA/Wealth	+$6.1M +334.5K shares	$6.7M 369.4K shares
MORGAN STANLEY RIA/Wealth	+$5.0M +276.6K shares	$14.4M 788.2K shares
Marshall Wace LLP Institution	+$4.3M +234.8K shares	$16.3M 891.4K shares
B BlackRock, Inc. Institution	+$4.2M +230.2K shares	$90.1M 4.9M shares
FIRST TRUST ADVISORS LP ETF Provider	+$2.9M +156.4K shares	$2.9M 156.4K shares
W WOLVERINE TRADING, LLC Institution	+$1.9M +104.8K shares	$2.3M 125.9K shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$1.8M +97.2K shares	$5.1M 281.1K shares
CITIGROUP INC Institution	+$1.7M +95.4K shares	$3.3M 180.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
K Knott David M Jr Institution	−$8.2M −450.0K shares	$51.6M 2.8M shares
A Alta Fundamental Advisers LLC Hedge Fund•Multi-Strategy	−$7.2M −459.9K shares	Sold Off 0 shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	−$5.8M −316.3K shares	$367.7K 20.1K shares
UBS Group AG Institution	−$4.8M −263.6K shares	$3.4M 188.7K shares
BANK OF AMERICA CORP /DE/ Institution	−$4.5M −247.3K shares	$6.6M 362.0K shares
G GARNET EQUITY CAPITAL HOLDINGS, INC. Hedge Fund•Long/Short	−$4.2M −228.6K shares	$7.0M 382.0K shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	−$4.2M −264.1K shares	Sold Off 0 shares
Barnett & Company, Inc. RIA/Wealth	−$3.7M −232.0K shares	Sold Off 0 shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$3.2M −172.8K shares	$641.6K 35.2K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$2.6M −142.7K shares	$2.5M 139.6K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited CLMT in Q3 2025

New Positions: 18
New Value: $10.8M
Exited Positions: 14
Exited Value: $21.7M

New Positions

Institution	Position Value
GREAT LAKES ADVISORS, LLC Long Only Manager	$3.1M 169.2K shares
P PEAK6 LLC Institution	$2.4M 131.1K shares
L Lombard Odier Asset Management Corp Hedge Fund•Multi-Strategy	$2.3M 127.5K shares
C Cubist Systematic Strategies, LLC Institution	$760.8K 41.7K shares
Y Y-Intercept Ltd Institution	$565.4K 31.0K shares
STATE OF WISCONSIN INVESTMENT BOARD RIA/Wealth	$476.7K 26.1K shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	$402.4K 22.0K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$312.8K 17.1K shares
FourThought Financial Partners, LLC RIA/Wealth	$307.2K 16.8K shares
I INTREPID FAMILY OFFICE LLC Institution	$138.7K 7.6K shares

Exited Positions

Institution	Previous Position
A Alta Fundamental Advisers LLC Hedge Fund•Multi-Strategy	$7.2M 459.9K shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	$4.2M 264.1K shares
Barnett & Company, Inc. RIA/Wealth	$3.7M 232.0K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.0M 124.2K shares
ARISTEIA CAPITAL LLC Hedge Fund•Multi-Strategy	$896.6K 56.9K shares
TORONTO DOMINION BANK Institution	$787.8K 50.0K shares
A Aventail Capital Group, LP Hedge Fund•Long/Short	$722.6K 45.9K shares
C CI Private Wealth, LLC RIA/Wealth	$577.0K 36.6K shares
X XTX Topco Ltd Institution	$467.9K 29.7K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$466.3K 29.6K shares

Options Activity

Institutions with the largest Call and Put options positions in CLMT as of Q3 2025

Call Positions: 16
Call Value: $76.1M
Put Positions: 11
Put Value: $79.0M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$23.4M 12.8K contracts
T Two Seas Capital LP Hedge Fund•Event Driven	$18.3M 10.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$16.3M 8.9K contracts
W WOLVERINE TRADING, LLC Institution	$5.2M 2.8K contracts
J JANE STREET GROUP, LLC Institution	$4.3M 2.4K contracts
Caption Management, LLC Hedge Fund•Long/Short	$2.9M 1.6K contracts
Walleye Trading LLC RIA/Wealth	$1.8M 993.0 contracts
DLD Asset Management, LP Hedge Fund•Multi-Strategy	$959.4K 525.0 contracts
Centiva Capital, LP Hedge Fund•Multi-Strategy	$912.5K 500.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$868.7K 476.0 contracts

Put Positions

Institution	Position Value
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$47.6M 26.1K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$13.7M 7.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$4.7M 2.6K contracts
W WOLVERINE TRADING, LLC Institution	$3.4M 1.9K contracts
J JANE STREET GROUP, LLC Institution	$2.4M 1.3K contracts
Walleye Trading LLC RIA/Wealth	$2.3M 1.2K contracts
Caption Management, LLC Hedge Fund•Long/Short	$2.2M 1.2K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.9M 1.1K contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$565.8K 310.0 contracts
UBS OCONNOR LLC Long Only Manager	$81.7K 1.4K contracts

Most Committed Institutions

Institutions with CLMT as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Wasserstein Debt Opportunities Management, L.P. Hedge Fund•Distressed	Rajay Prakash Bagaria Managing Partner	100.00% $106.2M	6.71% 5.8M shares	Q4 2023 Held for 1y 11m	$106.2M
K Knott David M Jr Institution	-	21.60% $51.6M	3.26% 2.8M shares	Q4 2021 Held for 3y 11m	$238.7M
A Adams Asset Advisors, LLC RIA/Wealth	Steven Adams Managing Partner	12.77% $98.7M	6.23% 5.4M shares	≤ Q2 2013 Held for 12y 5m+	$772.6M
T Two Seas Capital LP Hedge Fund•Event Driven	Sina Nmn Toussi CIO	6.31% $105.0M	6.63% 5.8M shares	Q3 2024 Held for 1y 2m	$1.7B
R Rangeley Capital, LLC Hedge Fund•Event Driven	Christopher Clay Demuth Jr. Managing Partner	5.72% $6.0M	0.38% 331.0K shares	Q4 2024 Held for 11 months	$105.5M
A AYAL Capital Advisors Ltd Institution	-	4.39% $7.6M	0.48% 416.6K shares	Q2 2025 Held for 5 months	$173.4M
G GARNET EQUITY CAPITAL HOLDINGS, INC. Hedge Fund•Long/Short	Joseph A Cohen President	3.06% $7.0M	0.44% 382.0K shares	Q3 2024 Held for 1y 2m	$228.0M
O one8zero8, LLC Institution	-	0.75% $3.5M	0.22% 189.7K shares	Q4 2024 Held for 11 months	$462.7M
Diametric Capital, LP Hedge Fund•Long/Short	David Richard Salvietti COO	0.72% $1.9M	0.12% 104.7K shares	Q4 2024 Held for 11 months	$264.8M
L Lombard Odier Asset Management Corp Hedge Fund•Multi-Strategy	Raymond Mouhadeb CEO	0.61% $2.3M	0.15% 127.5K shares	Q3 2025 Held for 2 months	$380.2M

Hedge Fund Spotlight

Discover hedge funds investing in CLMT

Quest Partners LLC

Hedge Fund • Quant Macro

Portfolio ManagerNigol (Nmn) Koulajian

Portfolio Value: $1.5B
Positions: 2,240
Last Reported: Q3 2025

Sector Allocation

Position in Calumet, Inc.

Market Value: $50.7K
Shares Held: 2.8K
Portfolio Weight: 0.00%
Owned Since: 2024-Q3

Top Holding	Sector	Market Value	Weight
1 iShares 7-10 Year Treasury Bond IEF	ETF ETF	$39.0M	2.54%
2 SPDR Portfolio Intermediate Term Treasury SPTI	ETF ETF	$6.5M	0.42%
3 SCHR Schwab Intermediately-Term U.S. Treasury SCHR	ETF ETF	$6.5M	0.42%

View full profile

Calumet, Inc.

Overview

All Institutions

Hedge Funds

Ownership Breakdown

Biggest Investors

Net Capital Flow

Biggest Buyers

Biggest Sellers

Entry and Exit Activity

New Positions

Exited Positions

Options Activity

Call Positions

Put Positions

Most Committed Institutions

Hedge Fund Spotlight

Position in Calumet, Inc.

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