SCHEDULE: Cricut, Inc. Ownership Update by Petrus Entities

Petrus entities report beneficial ownership of 120,882,351 shares of Cricut's Class B Common Stock, representing 68.72% of the total class when combined with outstanding Class A shares.

Summary

• This filing is an amendment to a Schedule 13G, indicating a change in beneficial ownership reporting for Cricut, Inc.
• The reporting persons are Petrus Trust Company, LTA (PTC), Petrus Capital Management, LLC (PCM), and HWGAA, L.P. (HWGAA).
• HWGAA holds 120,882,351 shares of Class B Common Stock, with PCM acting as the general partner.
• PTC serves as the investment advisor to HWGAA.
• An investment committee of PTC, composed of three individuals, has voting and dispositive control over the Class B shares held by HWGAA.
• No single individual controls investment or voting decisions for these shares.
• The total beneficial ownership is 120,882,351 shares.
• This represents 68.72% of the class of securities.
• The percentage is calculated based on 175,900,007 shares of Class A Common Stock, which includes 55,017,656 outstanding Class A shares as of March 31, 2026, plus the 120,882,351 shares of convertible Class B Common Stock.
• The filing date for this event is March 31, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it is a routine disclosure of ownership changes rather than an announcement of new financial performance or strategic initiatives.

Positives

• Significant beneficial ownership stake reported by Petrus entities, indicating substantial investment and potential influence.
• Clear reporting structure outlining the roles of Petrus Trust Company, Petrus Capital Management, and HWGAA, L.P.
• The investment committee structure for voting and dispositive control suggests a diversified decision-making process, mitigating single-point-of-failure risk.

Negatives

• The large percentage of Class B shares held by a single group could indicate concentrated control, potentially limiting the influence of Class A shareholders.
• The filing does not provide details on the specific terms or conditions under which the Class B shares are convertible to Class A shares, which could impact future dilution.

Risks

• Potential for significant influence by the reporting persons over company decisions due to their large ownership stake.
• The concentration of voting power could lead to conflicts of interest between the reporting persons and other shareholders.
• Future conversion of Class B shares could lead to dilution of Class A common stock.

Future Outlook

The filing does not contain forward-looking statements or guidance. It is a disclosure of beneficial ownership.

Industry Context

StockSavvy.ai notes that significant shifts in beneficial ownership, particularly involving large blocks of convertible stock, are common in the technology and consumer goods sectors. Such filings often precede or follow strategic corporate actions, and investors closely monitor these to understand potential changes in control or influence.

Stakeholder Impact

• Shareholders: The significant ownership by Petrus entities may influence corporate governance and strategic decisions, potentially impacting shareholder value. The conversion of Class B shares could also lead to dilution for Class A shareholders.
• Management: The reporting persons' substantial stake could influence management's strategic direction and operational decisions.
• Creditors: While not directly impacted by ownership changes, significant shifts in control could indirectly affect a company's financial stability and risk profile.

Next Steps

• Monitor future filings from Petrus entities for any further changes in beneficial ownership.
• Observe company actions and strategic decisions by Cricut, Inc. for potential influence by the significant ownership block.

Key Dates

Keywords

Cricut Inc, Schedule 13G, Beneficial Ownership, Petrus Trust Company, Petrus Capital Management, HWGAA L.P., Class B Common Stock, Class A Common Stock, SEC Filing, Ownership Stake