The Heritage Group Reports Decreased Stake in Calumet, Inc. Following Warrant Exercise and Gift

The Heritage Group filed an amendment to its Schedule 13D on June 5, 2026, reporting a decrease in its holdings of Calumet, Inc. (CLMT) common stock. The reporting person now beneficially owns 14,523,185 shares, representing 16.56% of the outstanding common stock. This change resulted from two primary transactions: the full exercise of warrants for 1,020,000 shares on May 15, 2026, which was net-settled for 393,002 shares (resulting in a net disposition of 626,998 shares to the issuer), and a charitable gift of 540,000 shares approved on June 5, 2026. Of the total shares, The Heritage Group directly holds 12,440,211 shares and maintains sole voting and dispositive power over an additional 1,200,000 shares held by The Heritage Group Investment Company, LLC. Furthermore, the filer reports shared power over 882,974 shares representing its proportionate interest in Lumet Investments, Inc. through Asphalt Materials, Inc. The filing also identifies twenty-eight grantor trusts as the ultimate owners of the partnership interests in The Heritage Group.