Elgethun discloses 8% Crimson Wine Group (CWGL) holding in Schedule 13G/A

Rhea-AI Filing Summary

Elgethun Capital Management has disclosed a significant holding in Crimson Wine Group, Ltd. The firm reports beneficial ownership of 1,657,948 shares of Crimson Wine common stock, representing 8.0% of the outstanding class as of the event date of 12/31/2025.

Elgethun has sole voting power over 1,646,247 shares and sole dispositive power over 1,657,948 shares, with no shared voting or dispositive authority. The securities are owned by Elgethun’s investment advisory clients, who are entitled to dividends and sale proceeds, but no single client holds more than 5% of the class. Elgethun certifies the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Crimson Wine Group.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Crimson Wine Group, Ltd.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

22662X100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 22662X100

1

Names of Reporting Persons

Elgethun Capital Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SOUTH DAKOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,646,247.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,657,948.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,657,948.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Crimson Wine Group, Ltd.
(b)	Address of issuer's principal executive offices: 5901 Silverado Trail, Napa, CA 94558
Item 2.
(a)	Name of person filing: Elgethun Capital Management
(b)	Address or principal business office or, if none, residence: 231 S Phillips Avenue Suite 201 Sioux Falls, South Dakota 57104
(c)	Citizenship: South Dakota
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 22662X100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,657,948
(b)	Percent of class: 8.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,646,247
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,657,948
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The securities covered by this statement are owned by investment advisory clients of Elgethun Capital Management. These clients have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities. No one of these clients own more than 5% of such class of securities
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

Elgethun Capital Management

Signature:	John A. Barker
Name/Title:	President
Date:	02/06/2026

FAQ

What percentage of Crimson Wine Group (CWGL) does Elgethun Capital Management own?

Elgethun Capital Management reports beneficial ownership of 8.0% of Crimson Wine Group’s common stock. This represents 1,657,948 shares as of the 12/31/2025 event date, making Elgethun a sizable shareholder based on Schedule 13G/A disclosure thresholds.

How many Crimson Wine Group (CWGL) shares does Elgethun Capital Management control?

Elgethun Capital Management beneficially owns 1,657,948 Crimson Wine Group common shares. It has sole voting power over 1,646,247 shares and sole dispositive power over 1,657,948 shares, with no shared voting or shared dispositive authority reported in the filing.

Who actually owns the Crimson Wine Group (CWGL) shares reported by Elgethun Capital Management?

The Crimson Wine Group shares are owned by investment advisory clients of Elgethun Capital Management. These clients receive dividends and sale proceeds, but no single client owns more than 5% of the common stock class, according to the Schedule 13G/A disclosure.

Is Elgethun Capital Management seeking control of Crimson Wine Group (CWGL)?

Elgethun Capital Management certifies the securities were acquired and are held in the ordinary course of business. It states they were not acquired and are not held to change or influence control of Crimson Wine Group, nor in connection with any control-related transaction.

What is the key date for Elgethun’s Schedule 13G/A on Crimson Wine Group (CWGL)?

The Schedule 13G/A identifies 12/31/2025 as the date of the event requiring the filing. Ownership figures, including the 1,657,948 shares and the 8.0% beneficial ownership percentage, are reported as of that event date in the disclosure.

Does any single Elgethun client hold more than 5% of Crimson Wine Group (CWGL) shares?

No, the filing states that no one client of Elgethun Capital Management owns more than 5% of the Crimson Wine Group common stock class. The aggregate 8.0% stake reflects combined holdings of multiple advisory clients managed by Elgethun.