Calumet Specialty Products Partners, L.P. (CLMT): Business Model Canvas [Dec-2025 Updated]

You're looking at a fascinating pivot, one I've seen play out a few times over my two decades in this game: Calumet Specialty Products Partners, L.P. (CLMT) is actively transforming from a legacy refiner into a dual-engine powerhouse focused on high-margin specialty products and the booming renewable fuels sector, like Sustainable Aviation Fuel (SAF). Honestly, this shift isn't simple, but the numbers suggest a clear strategy, especially with that $1.44 billion U.S. Department of Energy loan backing their Montana Renewables (MRL) expansion. If you want to see exactly how they are balancing the production of 3,500 unique specialty items while capturing premiums on green fuels-with specialty margins hitting over $66/barrel in Q2 2025-dive into the full Business Model Canvas below; it lays out the whole complex, yet compelling, structure.

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Calumet Specialty Products Partners, L.P. (CLMT) running, especially as they push hard into renewables. These aren't just vendor lists; these are strategic anchors, some involving massive government financing and others tied directly to governance post-conversion.

U.S. Department of Energy (DOE) for the $1.44 Billion MRL Loan Facility

The partnership with the U.S. Department of Energy (DOE) Loan Programs Office (LPO) is central to the Montana Renewables (MRL) expansion. This is a guaranteed loan facility totaling $1.44 billion, designed to fund the construction and expansion of the renewable fuels facility. Honestly, this level of government backing de-risks the capital structure significantly.

The initial financial move was swift following the January 10, 2025, closing announcement. The first tranche of proceeds, approximately $782 million, was disbursed on February 18, 2025. Calumet Specialty Products Partners, L.P. also committed an additional $150 million in equity investment concurrent with that first funding event. This funding is key to scaling up MRL's capacity.

The goal of this expansion is substantial:

• Targeting an annual Sustainable Aviation Fuel (SAF) production capacity of approximately 300 million gallons.
• Targeting a combined annual production capacity of 330 million gallons of SAF and renewable diesel (RD).

This partnership directly fuels the doubling of feedstock needs, which brings us to the agricultural partners.

Large-Scale Agricultural Suppliers for Renewable Feedstocks

The DOE-backed expansion at Montana Renewables necessitates a massive increase in raw material sourcing, creating deep ties with agricultural producers. The feedstocks are the lifeblood of the renewable fuels segment, primarily consisting of tallow, distiller corn oil, canola oil, used cooking oil, and camelina oil. This is where the scale-up becomes concrete.

Here's the math on the required feedstock increase:

This doubling of required feedstocks means Calumet Specialty Products Partners, L.P. is forging long-term, high-volume commitments with suppliers across the Pacific Northwest farm and ranch operations. That's a defintely large commitment to the agricultural supply chain.

Strategic Crude Oil Suppliers

For the traditional specialty products side of the business, reliance on a concentrated group of crude oil suppliers remains a key operational factor, though the focus is clearly shifting. You need to watch this concentration, as any disruption hits the Specialties and Solutions segment hard.

Data from the first quarter of 2024 shows this concentration:

• Two suppliers accounted for approximately 88.1% of the total crude oil supply during the three months ended March 31, 2024.
• For comparison, in the prior year period (Q1 2023), these two suppliers accounted for 94.4% of the crude oil supply.

While the concentration slightly decreased year-over-year, having nearly 90% of a critical input tied to just two sources is a significant dependency to monitor.

Wholesale Distributors and Retail Chains for Performance Brands

The Performance Brands (PB) segment, which includes branded products like TruFuel, relies on a network of wholesale distributors and retail chains to get product to the end consumer. While specific distributor names aren't always public, the financial performance reflects the strength of this channel.

The segment's financial contribution shows the importance of this distribution network:

The segment managed year-over-year volume growth of approximately 13% in Q1 2024, which points to effective execution through its established wholesale and retail channels, even without the prior year's insurance boost.

The Heritage Group, A Key Governance and Ownership Partner

Following the corporate transition from a Master Limited Partnership to a C-Corporation, The Heritage Group solidified its role as a major governance and ownership partner. This relationship is formalized through the Stockholders' Agreement and the terms of the conversion.

The key elements defining The Heritage Group's influence post-conversion (which culminated in July 2024) include:

• Issuance of 5.5 million shares of Common Stock plus 2.0 million warrants to The Heritage Group and other owners of the General Partner.
• The right to nominate three directors to the nine-member Board of Directors, provided they own at least 15% of the Common Stock.
• This nomination right reduces to two directors if ownership falls to between 10% and 15%.

Finance: draft 13-week cash view by Friday.

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Key Activities

Calumet Specialty Products Partners, L.P. focuses its key activities on two complementary areas: stable specialty product manufacturing and high-growth renewable fuels production.

The company is dedicated to manufacturing and formulating its diverse slate of specialty branded products, which serve industrial goods, finished lubricants, and water treatment chemistry markets. Calumet Specialty Products Partners, L.P. is dedicated to providing unique chemical specialties. The Specialty Products & Solutions segment posted sales volume exceeding 20,000 barrels per day for the fourth consecutive quarter as of Q3 2025, with Q3 2025 Adjusted EBITDA reaching $80.2 million.

A major activity centers on operating the Montana Renewables (MRL) facility for Sustainable Aviation Fuel (SAF) and renewable diesel production. MRL generated $8.3 million in adjusted EBITDA with tax attributes during the second quarter of 2025, even amid the lowest quarterly index margin for the renewable diesel industry to date. For the third quarter of 2025, the MR segment reported $17.1 million of Adjusted EBITDA with Tax Attributes.

Executing the MaxSAF expansion is critical for future growth. The ultimate plan is to reach 300 million gallons of annual SAF capacity by 2028. The initial phase, MaxSAF 150, remains on track to bring 120 to 150 million gallons per year (MMgy) of annualized SAF production capacity online by the second quarter of 2026. This initial expansion is being executed at a capital cost estimated between $20 million to $30 million.

Managing complex supply chain logistics involves securing diverse feedstocks, including crude, oils, and tallow. The MRL expansion is set to double the annual purchase of seed oils and tallow from approximately 1.5 billion pounds per year to 3 billion pounds per year post-expansion.

Driving company-wide cost reduction initiatives is a constant focus, which has yielded significant results. Company-wide cost reduction initiatives drove $61 million of year-over-year operating cost savings through the first nine months of 2025. On a unit basis across the system, reliability and cost initiatives reduced operating costs by $3.37 a barrel year-to-date 2025.

Here are some key financial and operational statistics from the 2025 reporting periods:

The execution of these activities is supported by strategic financial maneuvers:

• Securing a $1.44 billion guaranteed loan facility from the DOE for the MRL expansion.
• Calling $230 million of the 2026 Senior Notes in recent months leading up to Q3 2025.
• The Specialty Products and Solutions segment posted sales volume exceeding 20,000 barrels per day for four consecutive quarters through Q3 2025.

The MaxSAF project is expected to capture premiums of $1-$2 per gallon over renewable diesel once operational.

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Key Resources

You're looking at the core assets that power Calumet Specialty Products Partners, L.P.'s (CLMT) current operations, especially as they push hard into renewables. These are the tangible and intangible things the business absolutely needs to deliver its value proposition. Honestly, the physical footprint is still massive, but the strategic value is shifting heavily toward the Great Falls operation.

Calumet Specialty Products Partners, L.P. operates 12 specialty product manufacturing and production facilities across North America, which is the backbone for its Specialty Products & Solutions segment. These facilities convert crude oil and other feedstocks into customized lubricating oils, solvents, and waxes.

The Montana Renewables (MRL) facility in Great Falls, MT, is defintely the growth engine, centered around its reconfigured hydrocracker. This asset is key to their pivot. Here's a quick look at the capacity progression and the financing that makes it happen:

Regarding proprietary product formulations and intellectual property, Calumet Specialty Products Partners, L.P. relies on its expertise to create customized solutions. This is not a number you can easily put in a spreadsheet, but it's the know-how behind the output. The company formulates and markets a diversified slate of specialty products.

The intellectual property underpins the high-margin specialty product lines, which posted sales volume exceeding 20,000 barrels per day for four consecutive quarters as of Q3 2025. The margins in this segment were reported at more than $66 per barrel in Q2 2025.

The branded product portfolio is a distinct asset within the Performance Brands segment. You see these brands on the shelf, and they represent direct-to-consumer and business-to-business revenue streams. The portfolio includes:

• TruFuel
• Bel-Ray
• Royal Purple
• Orchex
• Penreco
• TitanWax

Bel-Ray, for example, offers lubricants for aerospace, automotive, steel, mining, and power sports vehicles. Finance: draft 13-week cash view by Friday.

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Value Propositions

High-margin, customized specialty products deliver a material margin of $66.17/bbl in the Specialty Products and Solutions segment for the second quarter of 2025, up from $62.44/bbl in the second quarter of 2024. This segment posted an Adjusted EBITDA of $66.8 million in the second quarter of 2025. This performance was achieved despite a planned, month-long turnaround at the Shreveport facility.

Calumet Specialty Products Partners, L.P. offers value through its focus on low-emission Sustainable Aviation Fuel (SAF) and renewable diesel production via Montana Renewables. The company remains on track to achieve 120-150 million gallons of annualized SAF production capacity by the second quarter of 2026. Furthermore, as of the third quarter of 2025, approximately 100 million gallons of post-expansion SAF volumes are fully committed or deep in contracting.

The company has demonstrated the ability to capture a premium on its renewable fuels, specifically noting an expected $1-$2 per gallon premium for SAF over renewable diesel. The Montana/Renewables segment generated an Adjusted EBITDA with Tax Attributes of $16.3 million in the third quarter of 2025, up from $14.6 million in the prior year period.

The core offering includes essential products that serve diverse end-markets. These products are used in:

• Consumer applications.
• Industrial applications.
• Automotive applications.

Calumet Specialty Products Partners, L.P. maintains supply chain stability through its North American footprint, operating nine manufacturing facilities across locations including northwest Louisiana and northern Montana. The company has also driven significant cost discipline, delivering $61 million in year-over-year operating cost savings through the first nine months of 2025.

Here's a look at the Specialty Products and Solutions segment performance supporting the high-margin value proposition:

The company continues to execute on commercial excellence, which helps secure contracted homes at higher margins rather than relying on the spot market. This focus on product and market diversification helps ensure the resilience of specialty margins.

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Customer Relationships

You're looking at how Calumet Specialty Products Partners, L.P. (CLMT) keeps its diverse customer base locked in, moving from bespoke chemical needs to massive renewable fuel commitments. It's a dual-focus approach, really, balancing high-touch service with large-scale, long-term volume placement.

Consultative and technical support for customized specialty product co-development

For the core Specialty Products and Solutions (SPS) business, the relationship is deep. Calumet Specialty Products Partners, L.P. emphasizes offering more technical support and bespoke services compared to competitors. This approach helps secure sticky demand, as evidenced by the consistent operational performance in this segment. The SPS segment posted sales volume exceeding 20,000 barrels per day for the fourth consecutive quarter through the third quarter of 2025. Furthermore, specialty products margins were strong, hitting more than $66 per barrel in the second quarter of 2025. Back in fiscal year 2023, the company served approximately 2,400 customers with a range of over 1,900 specialty and fuels products.

Long-term, high-volume contracts for renewable fuels (e.g., 100 million gallons of committed SAF)

The Montana/Renewables (MR) segment is all about locking in future volume for Sustainable Aviation Fuel (SAF). This is where the big, forward-looking commitments happen. As of late 2025, approximately 100 million gallons of SAF are fully committed or deep in contracting. This commitment is part of a larger expansion plan. The company is on track to achieve 120-150 million gallons of annualized SAF production capacity by the second quarter of 2026. The ultimate goal for the MaxSAF initiative is to reach 300 million gallons per year of SAF capacity by 2028. The initial, accelerated phase to bring 120 MMgy to 150 MMgy of SAF capacity online by early 2026 required a capital outlay of only $20 million to $30 million.

Dedicated account management for large industrial and aviation customers

For the large-scale renewable fuel buyers, dedicated management is key to navigating complex regulatory frameworks and long-term supply agreements. While specific account manager headcount isn't public, the success in placing SAF volume speaks to this focus. The MR segment generated $17.1 million of Adjusted EBITDA with Tax Attributes in the third quarter of 2025.

Standardized retail relationships for Performance Brands (e.g., TruFuel)

The Performance Brands (PB) segment, which includes the TruFuel brand, relies on more standardized retail relationships, though commercial improvements are still driving results. The segment posted an Adjusted EBITDA of $13.2 million in the third quarter of 2025. The sales volume for this segment was 6.7 million gallons in the second quarter of 2025, following a 7% increase in sales volume during the first quarter of 2025.

Commercial excellence program focused on customer-centricity

The company's focus on customer-centricity is formalized through its commercial excellence program, which is credited with driving strong performance across the specialties portfolio. This focus is clearly linked to operational efficiency gains that benefit the customer. Company-wide cost reduction initiatives delivered $61 million of year-over-year operating cost savings through the first nine months of 2025.

Here's a quick look at the segment performance that reflects these customer-facing efforts through Q3 2025:

The overall Adjusted EBITDA with Tax Attributes for the entire company reached $92.5 million in the third quarter of 2025.

If onboarding those new SAF customers takes longer than expected, the realization of those committed volumes could slip. Finance: draft 13-week cash view by Friday.

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Channels

You're looking at how Calumet Specialty Products Partners, L.P. gets its diverse products-from specialty oils to renewable fuels-into the hands of end-users. The channel strategy is clearly segmented to match the product type, which makes sense given the pivot to high-margin specialties and renewables.

The company uses a direct sales force to reach industrial and business-to-business (B2B) customers for its Specialty Products and Solutions segment. This direct approach is critical for specialty applications that often require long customer approval processes, which can take from six months to two years for some products. For the Performance Brands, which include consumer-facing products like those under the Royal Purple and Bel-Ray brands, the approach shifts to leveraging established third-party networks.

The scale of their reach is significant. Calumet products are available in more than 90 countries across the world, serving nearly 2,500 customers globally through their global distribution network as of early 2025. For context, in fiscal year 2022, they sold specialty products to approximately 2,200 customers.

The logistics backbone is complex, relying heavily on owned and third-party infrastructure to move bulk and finished goods. The Shreveport facility, for instance, has direct pipeline access to the Enterprise Products Partners L.P. pipeline (TEPPCO pipeline) for shipping certain grades of gasoline, diesel, and jet fuel. It also has barge access via the Red River Terminal to the Mississippi River and Gulf Coast inland waterway system for both feedstocks and products. The Wisconsin Refinery also connects to the Magellan system pipeline, alongside its rail racks and marine terminal.

Here's a look at the structure supporting these channels:

• The company operates at 12 specialty product manufacturing and production facilities across North America.
• International shipments accounted for less than 10% of consolidated sales in 2023.
• The Specialty Products and Solutions segment posted sales volume exceeding 20,000 barrels per day for four consecutive quarters as of Q3 2025.
• Performance Brands volume grew 7% year over year in Q1 2025.

The channels are differentiated by segment, as you'd expect. The table below summarizes the known scale and access points for the various product lines:

For Performance Brands, the reliance on wholesale distributors and retail chains and big-box stores is how they reach the consumer-facing markets. While the exact number of these partners isn't explicitly stated in the latest filings I have, the structure implies a broad, established network for their branded consumer products.

The Montana/Renewables segment, focused on Sustainable Aviation Fuel (SAF), is on track to achieve 120-150 million gallons of annualized SAF production by Q2 2026, with approximately 100 million gallons already fully committed or deep in contracting as of Q3 2025. This commitment level directly informs the near-term channel capacity needed for that segment.

Finance: draft 13-week cash view by Friday.

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Customer Segments

You're looking at the customer base for Calumet Specialty Products Partners, L.P. (CLMT) as of late 2025, and it's clearly split between high-margin niche products and the rapidly growing renewable fuels sector. The company's trailing twelve-month (TTM) revenue as of November 2025 sits at $4.04 Billion USD. The customer segments reflect this dual focus.

Industrial manufacturers requiring customized lubricating oils, waxes, and solvents

This group forms the core of the Specialty Products and Solutions (SPS) segment, which is the company's reliable profit engine. For the third quarter of 2025, the SPS segment delivered an Adjusted EBITDA of $80.2 million. Segment sales revenue for Q3 2025 was reported at $679.10 million. Customer demand here is sustained, with specialty product sales volume exceeding 20,000 barrels per day (bpd) for the third consecutive quarter in Q3 2025. The company continues to target a mid-cycle margin level of $60 per barrel for these specialty products. In the first quarter of 2025, the segment sold roughly 23,000 barrels per day of specialty products.

Global aviation industry seeking Sustainable Aviation Fuel (SAF) mandates

This segment is centered around the Montana Renewables (MR) facility, which is undergoing a massive expansion to meet global decarbonization targets. Calumet Specialty Products Partners, L.P. expects to produce 120 million to 150 million gallons of SAF annually by the end of 2026. As of November 2025, approximately 100 million gallons of SAF volumes are already fully contracted or in final review. The expansion project secured a Department of Energy (DOE) loan release of $782 million in February 2025 to help fund this growth. The expanded renewable diesel/SAF unit is slated to reach a capacity of 31,000 barrels per day (BBL/d), or 450 million gallons per year (gal/yr). The MR segment contributed $17.1 million of Adjusted EBITDA with Tax Attributes in Q3 2025.

Consumer-facing markets (e.g., personal care, food processing, water treatment)

Customers in these areas are served primarily through the Performance Brands (PB) segment, which focuses on high-performance consumer and light industrial products. The PB segment reported an Adjusted EBITDA of $13.2 million for the third quarter of 2025. This segment benefited from strong margin performance, especially in its key brands. The company completed the sale of the Royal Purple® industrial business in March 2025, streamlining the focus of this segment.

Wholesale distributors and retail consumers of Performance Brands (e.g., TruFuel)

The TruFuel brand is a key driver for the Performance Brands segment. In the first quarter of 2025, this segment saw seven percent growth in year-over-year sales volumes, which included continued volume and margin growth for the TruFuel brand. The segment's Q1 2025 Adjusted EBITDA was $15.8 million. The customer base here relies on the distribution network for these specialized consumer fuels and related products.

Government and military entities for specialized fuel and lubricant needs

While direct sales volume data to government or military entities is not itemized, the significant financial interaction with the U.S. government via the DOE loan highlights a critical relationship supporting the renewable fuels customer segment. The $782 million DOE loan is a direct financial commitment from a government entity supporting the expansion to serve future SAF customers. The overall company production across all facilities in Q3 2025 was 88,668 barrels per day.

Here's a quick look at the segment profitability for the third quarter of 2025:

The company-wide cost reduction initiatives delivered $61 million of year-over-year operating cost savings through the first nine months of 2025, which benefits all customer segments through improved operational stability.

You can see the diversity in their customer base by looking at the segment contributions to the total Adjusted EBITDA with Tax Attributes of $92.5 million for Q3 2025.

• Industrial/Specialty Products: The largest contributor to segment-level profitability.
• Renewables: Growing contribution tied to SAF contract execution.
• Performance Brands: Stable consumer market presence.

Finance: Review the Q3 2025 segment-level Adjusted EBITDA to see which value is driving the most profit by Friday.

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Cost Structure

You're looking at the hard costs Calumet Specialty Products Partners, L.P. faces to keep its twelve facilities running and its growth engine, Montana Renewables (MRL), expanding. It's a mix of commodity swings and big project spending.

Raw material and feedstock costs (crude oil, seed oils, tallow)

The MRL expansion is set to double the annual purchase of seed oils and tallow from approximately 1.5 billion pounds per year to 3 billion pounds per year post-expansion. The cost of commonly used industry feedstock, like UCO (used cooking oil), may increase due to external factors.

Operating expenses, including utilities and labor for 12 facilities

Calumet Specialty Products Partners, L.P. operates twelve facilities throughout North America. The company-wide cost discipline is showing up in the numbers; cost reduction initiatives drove a \$61 million year-over-year operating cost savings through the first nine months of 2025. Specifically for the MRL segment, operating costs were reported at \$0.40 per gallon in the third quarter of 2025, continuing a trend of operational cost improvement over eight consecutive quarters (excluding a turnaround in Q4 2024). The Specialty Products and Solutions (SPS) segment also reflected fixed cost reduction in its Q3 2025 Adjusted EBITDA performance.

Capital expenditures for MRL's MaxSAF expansion (e.g., $40-60 million projected for 2025)

The streamlined MaxSAF project, aimed at boosting SAF capacity to 120 to 150 million gallons per year (MMgy) by the second quarter of 2026, has a stated capital cost of \$20 to \$30 million for this initial phase. The overall expansion is funded in part by the \$1.44 billion DOE loan, with a Tranche 2 delay draw term loan of up to \$662 million planned for 2025-2028 to fund the MaxSAF construction going forward.

Debt service and financing costs, though the DOE loan has zero cash interest for ~4 years

The \$1.44 billion Department of Energy (DOE) guaranteed loan facility, closed in early 2025, is structured to eliminate cash interest or amortization for the first $\sim 4$ years, with a 4.8% interest rate thereafter. This new financing is expected to save Calumet Specialty Products Partners, L.P. roughly \$80 million annually in cash interest expense by eliminating third-party debt. The company is targeting \$800 million in restricted group debt.

Regulatory compliance costs for the Renewable Fuel Standard (RFS) and low-carbon fuels

Regulatory certainty is a major factor; relief from EPA Small Refinery Exemptions slashed RINs (Renewable Identification Numbers) liabilities from 396 million to 89 million. For the Montana/Renewables (MR) segment in Q3 2025, the calculation of Adjusted EBITDA with Tax Attributes included \$22.9 million in Tax Attributes (87% allocation). Furthermore, the value of the $45\text{Z}$ clean fuel production credit is estimated to be reduced by approximately 40 cents to 50 cents per gallon for the company's SAF due to a cap of \$1 per gallon instead of the previous $\$1.75$ per gallon.

• RINs Liabilities Reduction (due to regulatory relief): 396 million to 89 million.
• Production Tax Credit (PTC) generated in Q3 2025 (MRL): \$0.61 per gallon.
• Estimated reduction in $45\text{Z}$ credit value per gallon: 40 cents to 50 cents.

Finance: draft 13-week cash view by Friday.

Calumet Specialty Products Partners, L.P. (CLMT) - Canvas Business Model: Revenue Streams

You're looking at the core ways Calumet Specialty Products Partners, L.P. brings in cash as of late 2025. It's a mix of traditional refined products, high-value specialties, and the newer, government-supported renewable fuels business. Honestly, the shift toward renewables is the big story here, but the legacy specialty business is still putting up strong numbers.

For the third quarter ended September 30, 2025, Calumet, Inc. reported total sales of USD 1,078 million compared to USD 1,100.4 million a year ago. The revenue streams are segmented operationally, and we can look at their profitability contribution via Adjusted EBITDA.

Here's a breakdown of the segment performance for the three months ended September 30, 2025:

The Montana Renewables segment's profitability is heavily influenced by government support mechanisms. For Q3 2025, the segment reported $17.1 million of Adjusted EBITDA with Tax Attributes. Looking deeper, the underlying operating Adjusted EBITDA for the MR segment was $(5.8) million (based on an 87% allocation), which was significantly boosted by Tax Attributes of $22.9 million (based on an 87% allocation). This shows you how critical those credits are to the segment's reported earnings.

Government incentives and tax credits are a direct, material revenue component, often recognized outside of direct product sales:

• Monetization of Production Tax Credits (PTC) in Q3 2025 was $25 million.
• An additional $15 million in PTCs was monetized in October 2025.
• The company expects to achieve roughly 95% of face value on future PTC monetization.

Sales of conventional fuels and asphalt from the Montana facility are bundled within the MR segment results, which noted strong fuels and asphalt results partially offset by low industry renewable diesel margins in Q3 2025. The overall renewable fuels strategy is focused on growth, with Montana Renewables on track to achieve 120-150 million gallons of annualized Sustainable Aviation Fuel (SAF) production by the second quarter of 2026. Plus, approximately 100 million gallons of SAF volumes are already fully committed or deep in contracting.

Performance Brands revenue, anchored by products like TruFuel, is a steady contributor to the bottom line, posting an Adjusted EBITDA of $13.2 million in Q3 2025. That brand is definitely set for another record EBITDA year.