Petrus Trust Company, LTA 4

What Happened

• Petrus Trust Company, LTA (reported as a 10% owner/related party) disclosed that on Feb 13, 2026 the Petrus Employee Profit Share, L.P. (PAM2) distributed 2,082,203 shares of Cricut Class B common stock to PAM2’s limited partners (employees). Under Cricut’s charter, 853,712 of those Class B shares automatically converted into 853,712 shares of Class A common stock; the remaining 1,228,491 shares remained Class B.
• The filing shows conversion (transaction code C) and “other” acquisition/disposition (code J) entries. No cash or price is reported (price = N/A); the distribution and automatic conversion were made without consideration and are reported as exempt under Rule 16a‑9(a) and Rule 16a‑13.

Key Details

• Transaction date: Feb 13, 2026. Filing date: Feb 17, 2026.
• Shares involved: 2,082,203 total distributed by PAM2; 853,712 Class B → 853,712 Class A (conversion); 1,228,491 remained Class B.
• Prices/values: No price or cash consideration reported (N/A); distribution described as without consideration.
• Ownership note: PAM2 directly held the shares. PAM Partners GP and Petrus Trust Company perform advisory/trust roles and may be deemed to beneficially own or have pecuniary interests in PAM2’s securities (see footnotes). The reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest.
• Filing timeliness: Filing shows transactions on Feb 13 and was submitted Feb 17; check the Form 4 for any late-filing flag if timeliness is a concern.

Context

• This was a partner/employee distribution and an automatic class conversion under the company charter — not an open-market sale or purchase. Such distributions/conversions are administrative and don’t necessarily signal insider buying or selling sentiment.
• The conversion is a reclassification of share class (Class B → Class A), not an exercise-for-cash transaction. As a 10% owner/reporting entity, Petrus Trust’s filing reflects institutional/organizational holdings and structural changes rather than an executive’s personal trade.