Eldridge Diversified Credit, the private, liquid, and asset-based credit investment strategy of Eldridge Capital Management (“Eldridge”), has announced the renewal and upsizing of its Shreveport, LA terminal lease facility with Calumet, Inc. (NASDAQ: CLMT) (“Calumet” or the “Company”). This transaction increases the assigned value of the subject terminal assets to $120 million and provides $80 million of net proceeds to Calumet to be used to reduce the Company’s outstanding 11.00% Senior Notes due 2026.

“Over the last five years via Stonebriar Commercial Finance, an Eldridge affiliate, we have deployed over $650 million to Calumet and affiliates across a diverse set of asset classes and end markets,” said Nicholas Sandler, Co-President of Eldridge Capital Management and Co-Head of Diversified Credit. “This creative lease facility unlocks substantial value at Calumet's Shreveport fuels terminal and underscores Eldridge's asset-based credit and equipment finance capabilities. Our tailored, large-ticket capital solutions help management teams execute their business plans while successfully managing their balance sheets.”

"The Eldridge team continues to be a valued partner to Calumet," said Todd Borgmann, CEO of Calumet. "The substantial value increase recognized through this transaction is a result of our Shreveport team's relentless focus on improving the reliability and throughput of our facility, and we look forward to continuing to build upon the operational progress made at this important site."

Eldridge Diversified Credit invests across a broad spectrum of asset-based credit, corporate credit, and structured credit. The strategy aims to thoroughly underwrite downside scenarios to provide a margin of safety and utilizes a rigorous, fundamental-driven, and value-oriented approach, emphasizing deep investment research while balancing company, industry, and macro risks. Eldridge's asset-based credit strategy provides loans and leases secured by mission-critical, income-producing assets across a diverse set of industries and asset classes, including manufacturing, energy and power, maritime, chemicals, metals, technology, aircraft, and railcars.

Through its Diversified Credit strategy, Eldridge is the largest private independent equipment financier in North America by both assets and origination volume, with over $16 billion originated since 2015, leveraging an experienced team with a disciplined approach to creating long-term value for its customers.

About Eldridge

Eldridge is an asset management and insurance holding company with over $70 billion in assets under management that consists of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions. Eldridge Capital Management, through its subsidiaries, focuses on four investment strategies – diversified credit, GP solutions, real estate credit, and sports & entertainment. Eldridge Wealth Solutions, an insurance and retirement solutions platform, is comprised of Eldridge’s wholly owned insurance companies, Security Benefit and Everly Life. Eldridge is wholly owned by Eldridge Industries. To learn more, visit www.eldridge.com.

About Calumet

Calumet, Inc. manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.

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