Joseph S. Steinberg boosts Crimson Wine (CWGL) stake to 16.7% in amended 13D

Rhea-AI Filing Summary

Crimson Wine Group, Ltd. shareholder Joseph S. Steinberg filed Amendment No. 5 to his Schedule 13D, updating his ownership in the company’s common stock. Based on 20,586,027 shares outstanding as of May 1, 2026, he may be deemed to beneficially own 3,429,140 shares, representing 16.7% of the class.

The filing explains that he has sole voting and dispositive power over 3,058,638 shares and shared power over 370,502 shares held through a charitable trust, family members and children’s trusts, for which he disclaims pecuniary interest. Recent open‑market purchases include 106,308 shares at a weighted average price of $4.96 on November 20, 2025 and 7,474 shares at $4.05 on May 22, 2026.

Key Figures

Beneficial ownership: 3,429,140 shares Ownership percentage: 16.7% Shares outstanding: 20,586,027 shares +4 more

7 metrics

Beneficial ownership 3,429,140 shares Crimson Wine Group common stock beneficially owned by Joseph S. Steinberg

Ownership percentage 16.7% Portion of Crimson Wine Group common stock class held by Steinberg

Shares outstanding 20,586,027 shares Crimson Wine Group common shares outstanding as of May 1, 2026

Sole voting/dispositive power 3,058,638 shares Shares over which Steinberg has sole voting and dispositive power

Shared voting/dispositive power 370,502 shares Shares held via charitable and family trusts and family members

Purchase 1 106,308 shares at $4.96 Open‑market buy on November 20, 2025, weighted average price per share

Purchase 2 7,474 shares at $4.05 Open‑market buy on May 22, 2026, price per share

Key Terms

beneficially own, dispositive power, Schedule 13D, pecuniary interest, +1 more

5 terms

beneficially own financial

"As of the date of this filing, Mr. Steinberg may be deemed to beneficially own 3,429,140 shares of Common Stock"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

dispositive power financial

"sole voting and dispositive power over 3,058,638 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.

Schedule 13D regulatory

"This Amendment No. 5 amends and supplements that certain Statement on filed on March 5, 2013"

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.

pecuniary interest financial

"Mr. Steinberg disclaims any pecuniary interest in the 33,000 shares held by the charitable trust"

Section 16 regulatory

"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"

Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

Crimson Wine Group, Ltd.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

22662X100

(CUSIP Number)

Joseph S. Steinberg
c/o Crimson Wine Group, Ltd., 5901 Silverado Trail
Napa, CA, 94558
800-486-0503

(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

Joseph S. Steinberg

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 3,058,638.00
8	Shared Voting Power 370,502.00
9	Sole Dispositive Power 3,058,638.00
10	Shared Dispositive Power 370,502.00

11

Aggregate amount beneficially owned by each reporting person

3,429,140.00

12

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

13

Percent of class represented by amount in Row (11)

16.7 %

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. 5 ("Amendment No. 5") amends and supplements that certain Statement on Schedule 13D filed on March 5, 2013, as amended by Amendment No. 1 to Schedule 13D filed on August 4, 2016, by Amendment No. 2 to Schedule 13D filed on May 23, 2018, by Amendment No. 3 to Schedule 13D filed on June 1, 2021 and by Amendment No. 4 to Schedule 13D ("Amendment No. 4") filed on November 18, 2022 (as amended, the "Schedule 13D"), by Joseph S. Steinberg 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, Mr. Steinberg purchased 106,308 shares of Common Stock, which increased the percentage of Common Stock beneficially owned by Mr. Steinberg by approximately 1.1% compared to the percentage of Common Stock beneficially owned by Mr. Steinberg reported in Amendment No. 4. Capitalized terms used herein and not otherwise defined in this Amendment No. 5 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, Mr. Steinberg may be deemed to beneficially own 3,429,140 shares of Common Stock, representing 16.7% of the issued and outstanding Common Stock, including (i) sole voting and dispositive power over 3,058,638 shares of Common Stock held by Mr. Steinberg directly, by corporations that are wholly owned by Mr. Steinberg, by corporations that are wholly owned by family trusts as to which Mr. Steinberg has sole voting and dispositive power, or by such family trusts, (ii) shared voting and dispositive power over 33,000 shares of Common Stock owned by a charitable trust of which Mr. Steinberg and his wife are trustees, (iii) shared voting and dispositive power over 13,920 shares of Common Stock (less than 0.1%) beneficially owned by his wife and daughter, and (iv) shared voting and dispositive power over 323,582 shares of Common Stock beneficially owned by trusts for the benefit of Mr. Steinberg's children. Mr. Steinberg disclaims any pecuniary interest in the 33,000 shares held by the charitable trust, the 13,920 shares held by his wife and daughter, and the 323,582 shares held by the trusts for the benefit of his children, and the inclusion of these shares in this report 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. 5 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, Mr. Steinberg purchased 106,308 shares of Common Stock on the open market at a weighted average price per share of $4.96. The following sets forth all of the transactions in shares of Common Stock effected by Mr. Steinberg within 60 days prior to the date of this filing: 1. On May 22, 2026, Mr. Steinberg purchased 7,474 shares of Common Stock on the open market at a price per share of $4.05.

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.

Joseph S. Steinberg

Signature:	/s/ Joseph S. Steinberg
Name/Title:	Joseph S. Steinberg
Date:	06/01/2026

FAQ

How much of Crimson Wine Group (CWGL) does Joseph S. Steinberg now beneficially own?

Joseph S. Steinberg may be deemed to beneficially own 3,429,140 shares of Crimson Wine Group common stock, representing 16.7% of the outstanding shares based on 20,586,027 shares outstanding as of May 1, 2026, according to the amended Schedule 13D.

What recent stock purchases by Joseph S. Steinberg are disclosed for Crimson Wine Group (CWGL)?

The filing reports Steinberg bought 106,308 Crimson Wine Group shares on November 20, 2025 at a weighted average price of $4.96 and 7,474 shares on May 22, 2026 at $4.05 per share, both acquired in open‑market transactions.

How is Joseph S. Steinberg’s Crimson Wine Group (CWGL) ownership structured?

Steinberg has sole voting and dispositive power over 3,058,638 shares held directly, via wholly owned corporations, and family trusts, plus shared voting and dispositive power over 370,502 shares held by a charitable trust, his wife and daughter, and trusts for his children.

What percentage of Crimson Wine Group (CWGL) is used to calculate Joseph S. Steinberg’s ownership?

The ownership percentage is calculated using 20,586,027 Crimson Wine Group common shares issued and outstanding as of May 1, 2026, as reported in the company’s Form 10‑Q filed with the SEC on May 7, 2026, giving Steinberg a 16.7% beneficial stake.

Does Joseph S. Steinberg claim full economic interest in all Crimson Wine Group (CWGL) shares reported?

No. He disclaims any pecuniary interest in 33,000 shares held by a charitable trust, 13,920 shares held by his wife and daughter, and 323,582 shares in trusts for his children, even though these shares are included in the aggregate beneficial ownership calculation.

What is the purpose of Amendment No. 5 to Joseph S. Steinberg’s Schedule 13D for Crimson Wine Group (CWGL)?

Amendment No. 5 updates Steinberg’s Schedule 13D to reflect additional purchases of Crimson Wine Group common stock and revises his reported beneficial ownership, increasing his stake compared to the percentage disclosed in Amendment No. 4 filed previously.