Cumming group lifts Crimson Wine Group (CWGL) ownership to 17.8%

Rhea-AI Filing Summary

Crimson Wine Group (CWGL) received an updated ownership filing from the Cumming group. The amendment reports that John D. Cumming beneficially owns 3,655,115 shares of common stock, representing 17.8% of the 20,586,027 shares outstanding as of May 1, 2026.

On November 20, 2025, John D. Cumming purchased 106,308 shares on the open market at a weighted average price of $4.96 per share, increasing his beneficial ownership by about 1.3 percentage points from the prior amendment. He directly holds 1,216,801 shares with sole voting and dispositive power, and shares voting and dispositive power over additional shares held through charitable entities.

The filing also shows that the Ian M. Cumming Charitable Lead Annuity Trust and its trustee, Teton Holdings Corporation CCS, each beneficially own 2,410,828 shares, or 11.7% of the outstanding stock, while David Cumming beneficially owns 2,438,314 shares, or 11.8%, primarily through shared voting and dispositive power via Teton and a charitable foundation.

Key Figures

Shares outstanding: 20,586,027 shares John D. Cumming beneficial stake: 3,655,115 shares (17.8%) CLAT stake: 2,410,828 shares (11.7%) +5 more

8 metrics

Shares outstanding 20,586,027 shares Common stock outstanding as of May 1, 2026

John D. Cumming beneficial stake 3,655,115 shares (17.8%) Beneficial ownership of Crimson Wine common stock

CLAT stake 2,410,828 shares (11.7%) Ian M. Cumming Charitable Lead Annuity Trust ownership

Teton stake 2,410,828 shares (11.7%) Beneficial ownership as trustee of the CLAT

David Cumming stake 2,438,314 shares (11.8%) Beneficial ownership via shared voting and dispositive power

Recent purchase size 106,308 shares Shares purchased by John D. Cumming on November 20, 2025

Purchase price $4.96 per share Weighted average price for November 20, 2025 purchase

Direct holdings 1,216,801 shares Shares directly owned by John D. Cumming with sole voting power

Key Terms

beneficially owns, Schedule 13D, Charitable Lead Annuity Trust, pecuniary interest, +2 more

6 terms

beneficially owns financial

"As of the date of this filing, the Reporting Persons beneficially own the following shares of Common Stock"

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

Schedule 13D regulatory

"This Amendment No. 4 ("Amendment No. 4") amends and supplements that certain Statement on filed on May 23, 2018"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Charitable Lead Annuity Trust financial

"the Ian M. Cumming Charitable Lead Annuity Trust (the "CLAT")"

pecuniary interest financial

"John D. Cumming disclaims any excess of his pecuniary interest in the 2,410,828 shares of Common Stock held by the CLAT"

dispositive power financial

"The CLAT has sole voting and dispositive power over such shares of Common Stock"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

investment committee financial

"As a member of the investment committee of Teton, John D. Cumming has shared voting and dispositive power"

An investment committee is a small group of experienced people who set the rules and make the key decisions about what investments to buy, hold, or sell for a fund, pension, or portfolio. Think of them as the steering team that balances goals, potential returns and risk—their choices shape how much money investors are likely to gain or lose and provide consistent oversight so decisions aren’t made impulsively.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Crimson Wine Group, Ltd.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

22662X100

(CUSIP Number)

John D. Cumming
c/o Crimson Wine Group, Ltd., 5901 Silverado Trail
Napa, CA, 94558
800-486-0503

Teton Holdings Corporation CCS
PO Box 4902,
Jackson, WY, 83001
307-734-0708

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

11/20/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 22662X100

1

Name of reporting person

John D. Cumming

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,216,801.00
8	Shared Voting Power 2,438,314.00
9	Sole Dispositive Power 1,216,801.00
10	Shared Dispositive Power 2,438,314.00

11

Aggregate amount beneficially owned by each reporting person

3,655,115.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.8 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 22662X100

1

Name of reporting person

Ian M. Cumming Charitable Lead Annuity Trust

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

WYOMING

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 2,410,828.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 2,410,828.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

2,410,828.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.7 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 22662X100

1

Name of reporting person

Teton Holdings Corp CCS

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

WYOMING

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 2,410,828.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 2,410,828.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

2,410,828.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.7 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 22662X100

1

Name of reporting person

David Cumming

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,438,314.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,438,314.00

11

Aggregate amount beneficially owned by each reporting person

2,438,314.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.8 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.01 par value
(b)	Name of Issuer: Crimson Wine Group, Ltd.
(c)	Address of Issuer's Principal Executive Offices: 5901 Silverado Trail, Napa, CALIFORNIA , 94558.
Item 1 Comment: This Amendment No. 4 ("Amendment No. 4") amends and supplements that certain Statement on Schedule 13D filed on May 23, 2018, as amended by Amendment No. 1 to Schedule 13D filed on September 21, 2020, by Amendment No. 2 to Schedule 13D filed on May 28, 2021 and by Amendment No. 3 to Schedule 13D ("Amendment No. 3") filed on November 18, 2022 (as amended, the "Schedule 13D") by (i) John D. Cumming, (ii) the Ian M. Cumming Charitable Lead Annuity Trust (the "CLAT"), (iii) Teton Holdings Corporation CCS ("Teton"), and (iv) David Cumming (collectively, the "Reporting Persons"), with respect to the common stock, $0.01 par value per share ( "Common Stock"), of Crimson Wine Group, Ltd., a Delaware corporation (the "Company"). On November 20, 2025, John D. Cumming purchased 106,308 shares of Common Stock, which increased the percentage of Common Stock beneficially owned by John D. Cumming by approximately 1.3% compared to the percentage of Common Stock beneficially owned by John D. Cumming reported in Amendment No. 3. Capitalized terms used herein and not otherwise defined in this Amendment No. 4 shall have the meanings set forth in the Schedule 13D. Except as specifically set forth herein, the Schedule 13D remains unmodified.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Schedule 13D is hereby amended and restated as follows: The percentage of shares owned is based upon 20,586,027 shares of Common Stock issued and outstanding as of May 1, 2026 as reported in the Company's Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the "SEC") on May 7, 2026. As of the date of this filing, the Reporting Persons beneficially own the following shares of Common Stock: (i) John D. Cumming beneficially owns 3,655,115 shares of Common Stock, representing 17.8% of the issued and outstanding Common Stock. As a member of the investment committee of Teton, John D. Cumming has shared voting and dispositive power over the 2,410,828 shares of Common Stock held by the CLAT. John D. Cumming also has shared voting and dispositive power over 27,486 shares of Common Stock held by the Cumming Foundation, a private charitable foundation, of which he serves as a trustee. John D. Cumming directly owns 1,216,801 shares of Common Stock and has sole voting and dispositive power over such shares. John D. Cumming disclaims any excess of his pecuniary interest in the 2,410,828 shares of Common Stock held by the CLAT and disclaims a pecuniary interest in the 27,486 shares of Common Stock held by the Cumming Foundation, and the inclusion of these shares in this Schedule 13D shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose. (ii) The CLAT beneficially owns 2,410,828 shares of Common Stock, representing approximately 11.7% of the issued and outstanding Common Stock. The CLAT has sole voting and dispositive power over such shares of Common Stock. (iii) Teton, as the trustee of the CLAT, beneficially owns 2,410,828 shares of Common Stock, representing 11.7% of the issued and outstanding Common Stock. As the trustee of the CLAT, Teton has sole voting and dispositive power over the 2,410,828 shares of Common Stock held by the CLAT. (iv) David Cumming beneficially owns 2,438,314 shares of Common Stock, representing 11.8% of the issued and outstanding Common Stock. As a member of the investment committee of Teton, David Cumming has shared voting and dispositive power over the 2,410,828 shares of Common Stock held by the CLAT. David Cumming also has shared voting and dispositive power over 27,486 shares of Common Stock held by the Cumming Foundation, a private charitable foundation, of which he serves as a trustee. David Cumming disclaims any excess of his pecuniary interest in the 2,410,828 shares of Common Stock held by the CLAT and disclaims a pecuniary interest in the 27,486 shares of Common Stock held by the Cumming Foundation, and the inclusion of these shares in this Schedule 13D shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.
(b)	Item 5(b) of the Schedule 13D is hereby amended and restated as follows: The information set forth in Item 5(a) of this Amendment No. 4 is incorporated by reference into this Item 5(b).
(c)	Item 5(c) of the Schedule 13D is hereby amended and restated as follows: On November 20, 2025, John D. Cumming purchased 106,308 shares of Common Stock on the open market at a weighted average price per share of $4.96. None of the Reporting Persons have effected any transactions in shares of Common Stock within 60 days prior to the date of this filing.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1. Joint Filing Agreement of the Reporting Persons

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

John D. Cumming

Signature:	/s/ John D. Cumming
Name/Title:	John D. Cumming
Date:	06/01/2026

Ian M. Cumming Charitable Lead Annuity Trust

Signature:	/s/ Catherine Handley
Name/Title:	Catherine Handley, as Trust Committee Member of Teton Holdings Corporation CCS, its trustee
Date:	06/01/2026

Teton Holdings Corp CCS

Signature:	/s/ Catherine Handley
Name/Title:	Catherine Handley, as Trust Committee Member
Date:	06/01/2026

David Cumming

Signature:	/s/ David Cumming
Name/Title:	David Cumming
Date:	06/01/2026

FAQ

What change in ownership did John D. Cumming report for CWGL?

John D. Cumming reported beneficial ownership of 3,655,115 Crimson Wine Group shares, or 17.8% of the company’s common stock, based on 20,586,027 shares outstanding as of May 1, 2026, reflecting an increase from the prior amendment.

What recent share purchase did John D. Cumming make in CWGL?

On November 20, 2025, John D. Cumming purchased 106,308 Crimson Wine Group common shares on the open market at a weighted average price of $4.96 per share, increasing his beneficial ownership percentage by approximately 1.3 percentage points versus the prior filing.

How many CWGL shares does the Ian M. Cumming Charitable Lead Annuity Trust hold?

The Ian M. Cumming Charitable Lead Annuity Trust beneficially owns 2,410,828 Crimson Wine Group common shares, representing about 11.7% of the company’s outstanding stock. The trust has sole voting and dispositive power over all of these reported shares.

What is Teton Holdings Corporation CCS’s stake in Crimson Wine Group (CWGL)?

Teton Holdings Corporation CCS, as trustee of the Ian M. Cumming Charitable Lead Annuity Trust, is reported to beneficially own 2,410,828 Crimson Wine Group shares, or 11.7% of outstanding common stock, with sole voting and dispositive power over those trust-held shares.

How many CWGL shares does David Cumming beneficially own?

David Cumming beneficially owns 2,438,314 Crimson Wine Group common shares, equal to 11.8% of outstanding stock. His interest arises mainly from shared voting and dispositive power over trust and foundation holdings, rather than directly held shares.

What share count did the CWGL ownership percentages use as a basis?

The reported ownership percentages are based on 20,586,027 Crimson Wine Group common shares issued and outstanding as of May 1, 2026, as disclosed in the company’s Quarterly Report on Form 10-Q filed with the SEC on May 7, 2026.