Executive summary of QQ3 2024 results and strategic developments at Calumet Inc (CLMT). The quarter featured a GAAP net loss of $100.6 million on revenue of $1.1004 billion, with Adjusted EBITDA of $3.1 million and negative operating income of $57.1 million. The quarterly earnings were highlighted by ongoing transformation initiatives (C-Corp conversion completed in the quarter, and a landmark Department of Energy loan commitment of up to $1.44 billion to fund Montana Renewables’ MaxSAF expansion). Management emphasized substantial improvements in the specialty products and performance brands segments, including the strongest production volumes in the specialty segment in Calumet’s current form and 19% quarterly volume growth in performance brands. Montana Renewables (MRL) posted $12.7 million of adjusted EBITDA in Q3 2024, aided by renewables and a ramp in SAF production to roughly 3,200 barrels per day in September and 10 million gallons produced for the quarter. The Q3 results reflect a bifurcated earnings profile: a cash-flow-positive core in high-margin specialty and renewables output, offset by high interest, depreciation and non-cash items that drive a GAAP loss and negative equity. The company’s strategic posture centers on deleveraging through the DOE facility, equity investment from MRL’s existing owners, and a phased SAF expansion to 150 million gallons per year by 2026. The near-term investment thesis hinges on (1) the successful closing of the DOE loan tranche one and subsequent draw for tranche two, (2) the ability to deleverage and optimize capital structure, and (3) the continued execution of Montana Renewables’ SAF ramp and associated feedstock flexibility in a policy-driven market. Investors should monitor DOE loan closing timing, equity funding cadence, SAF production ramp, commodity pricing dynamics, and regulatory developments around SAF tax credits (PTC/45Z) and SREs as key drivers of future cash flows and leverage progression.