{
  "docId": "019dd923-5e88-73ef-bd5a-1efa1a95dde3",
  "docSlug": "01f4247210613d78",
  "documentTitle": "Calumet+Inc.+Carbonomics+Investor+Presentation+Final+11+Nov.+'24",
  "authorId": "GoldmanSachs",
  "authorName": "Calumet",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.294,
  "pageNumber": 6,
  "pageCount": 31,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "impact_sizing",
  "function": "quantify_impact",
  "density": "overcrowded",
  "nDataPoints": 5,
  "notes": "The slide highlights the catalyst of the conversion and provides a table of potential passive fund demand by index.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5a-1efa1a95dde3/6",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5a-1efa1a95dde3",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-1efa1a95dde3.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-1efa1a95dde3#slide-6",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.03,
        "y": 0.66
      },
      "kind": "callout",
      "text": "Conversion from MLP to C-Corp structure expected to continue to drive new stock demand from eligible passive index inclusion and institutional investors",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "49ee533c-e7dd-4eb9-8be4-17f9f13ca0ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.42,
        "x": 0.54,
        "y": 0.7
      },
      "kind": "disclaimer",
      "text": "(1) Estimated demand is based on the methodology currently used by each index, which is subject to change at any time. There can be no assurance that Calumet's common stock will be included in any particular index at a specific time or at all.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73f9551b-d095-488e-8fcf-f558ad0fc8b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.03,
        "y": 0.38
      },
      "kind": "list",
      "text": "Since conversion, substantially increased trading volume (1-month ADV of ~ 825,000)\nStructural increase in share demand expected from access to passive indices\nCalumet C-Corp peers typically have 20%-30% of shares held by passive indices. Prior to the conversion passive investors held almost no CLMT.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2acc0d38-9e30-460c-9667-9d466d64eec8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Potential Incremental Demand: 15MM",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-163f-7040-9129-318320dd9171",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.03,
        "y": 0.28
      },
      "kind": "paragraph",
      "text": "Catalyst – Corporate Conversion from MLP to C-Corp in July 2024",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0de7ee0d-fc9a-4298-9ed8-f7093f43fdc1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.42,
        "x": 0.54,
        "y": 0.38
      },
      "kind": "table",
      "text": "S&P TMI: 2MM, Complete; CRSP Small / TMI: 2MM, Complete; MSCI Small Cap 1750: 1MM, November 2024; S&P Small Cap 600: 6MM, December 2024; Russell 2000: 4MM, June 2025",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fbc8bbe1-cbb9-4dd1-a2ce-3e37fe601cc5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.4,
        "x": 0.55,
        "y": 0.28
      },
      "kind": "title",
      "text": "Potential Eligible Passive Funds from C-Corp Conversion",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "067f1753-6673-441d-8418-371daeed5cab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.03,
        "y": 0.15
      },
      "kind": "title",
      "text": "C-CORP CONVERSION SUCCESSFULLY COMPLETED",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a4c30402-5c11-44bb-98b0-6f46ef007e51",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 6,
      "from": 5,
      "beatId": "33bf132d-2345-4670-a7d5-ccc6caa9199a",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Problem",
      "beatSlug": "sequoia-pitch-problem",
      "evidence": "The document presents the problem statement on pages 5-6, highlighting the need for sustainable aviation fuel.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 11,
      "from": 5,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "14bd0356-a6b8-42b7-978f-751936ee4f2e",
      "evidence": "The document presents the cost of inaction on pages 5-11, highlighting the potential consequences of not investing in sustainable aviation fuel.",
      "position": 0,
      "objective": "Highlight the cost of inaction on sustainable aviation fuel.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}