<SEC-DOCUMENT>0001995487-26-000003.txt : 20260226
<SEC-HEADER>0001995487-26-000003.hdr.sgml : 20260226
<ACCEPTANCE-DATETIME>20260226204359
ACCESSION NUMBER:		0001995487-26-000003
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260224
FILED AS OF DATE:		20260226
DATE AS OF CHANGE:		20260226

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Lunin David
		CENTRAL INDEX KEY:			0001995487
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42172
		FILM NUMBER:		26691870

	MAIL ADDRESS:	
		STREET 1:		C/O MEDALIST DIVERSIFIED REIT, INC.
		STREET 2:		PO BOX 8436
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23226

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Calumet, Inc. /DE
		CENTRAL INDEX KEY:			0002013745
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				365098520
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1060 N CAPITOL AVE
		STREET 2:		SUITE 6-401
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204
		BUSINESS PHONE:		(317) 328-5660

	MAIL ADDRESS:	
		STREET 1:		1060 N CAPITOL AVE
		STREET 2:		SUITE 6-401
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-02272026_010255.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-02-24</periodOfReport>

    <issuer>
        <issuerCik>0002013745</issuerCik>
        <issuerName>Calumet, Inc. /DE</issuerName>
        <issuerTradingSymbol>CLMT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001995487</rptOwnerCik>
            <rptOwnerName>Lunin David</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1060 N CAPITOL AVE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 6-401</rptOwnerStreet2>
            <rptOwnerCity>INDIANAPOLIS</rptOwnerCity>
            <rptOwnerState>IN</rptOwnerState>
            <rptOwnerZipCode>46204</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>EVP - CFO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2026-02-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>9786</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.01 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>9786</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9786</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Unit</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2026-02-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7080</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.01 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7080</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7080</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each Restricted Stock Unit is the economic equivalent of one share of Calumet, Inc. common stock, par value $0.01 per share.</footnote>
        <footnote id="F2">Reflects 2025 performance-based restricted stock units, for which performance was certified by the Company's Board of Directors on the transaction date. These Restricted Stock Units remain subject to service based vesting requirements through February 25, 2028.</footnote>
        <footnote id="F3">These Restricted Stock Units vest on February 24, 2029.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Connor J. Egan, as attorney-in-fact</signatureName>
        <signatureDate>2026-02-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
