LIBERTY MUTUAL HOLDING Co INC. 4

What Happened
Liberty Mutual Foundation Inc., reported as a 10% holder of Crescent Energy Company (CRGY), sold 32,600,000 shares of Class A Common Stock in an open-market/private block sale on May 7, 2026. The shares were disposed at $12.33 per share for total proceeds of $401,958,000. This was a sale (not a purchase); such large institutional sell-offs can be routine (e.g., portfolio rebalancing or block trades) rather than an executive signal.

Key Details

• Transaction date: May 7, 2026. Price: $12.33 per share. Shares sold: 32,600,000. Total value: $401,958,000. Transaction code: S (sale).
• Trade executed as a block trade pursuant to Rule 144 (footnote F1).
• Filing date / Form 4 filed: May 11, 2026 (filed within the standard two business-day Form 4 window).
• Ownership after transaction: not specified in the provided summary of the filing.
• Beneficial ownership notes: Liberty Energy Holdings, LLC (LEH) may be deemed to beneficially own the Foundation’s shares due to common control but is stated to have no pecuniary interest (F2–F5). The Report contains customary disclaimers by the related record holders.
• Additional note (F6): discloses an LEH officer (Bevin Brown) previously served as a director and had RSUs tied to board service; these RSUs and director compensation arrangements are described but are separate from this block sale.

Context: This filing reflects an institutional block sale by a 10% holder rather than insider executive stock sales. For retail investors, purchases by insiders often carry more interpretive weight as a bullish sign; large institutional sales can reflect portfolio management or liquidity needs and are not direct evidence of company-specific negative views.