Kernel panic on shutdown and restart

When shutting down my Mac, it takes 1-3 minutes to shutdown. The screen goes black for a few seconds, then the kernel panic message appears. I'm using a 2017 27-inch iMac, with macOS Big Sur 11.1. This did not happen immediately after upgrading to 11.1.

Edit This issue does not occur when booting in Safe Mode and shutting down from login screen without logging in.

Edit 2: This issue also does not occur with a new user account. Kexts are loaded in the user account, meaning the kernel panic does not occur from the kexts.

panic(cpu 0 caller 0xffffff800d2bf016):  initproc exited -- exit reason namespace 2 subcode 0x4 description: none

uuid info:
 0x1156f8000    uuid = <dea51514-b4e8-3368-979b-89d0f8397abc>
 0x10e9c5000    uuid = <6083e0d1-1507-3c83-a7f9-269261462d97>

Thread 3 crashed

RAX: 0x00007fff2018cc2a, RBX: 0x000070000c1039b0, RCX: 0x00007fff201a498d, RDX: 0x0000000000000002
RSP: 0x000070000c103998, RBP: 0x000070000c1039a0, RSI: 0x0000000000000390, RDI: 0x00007f9859e05600
R8:  0x00000000004f4005, R9:  0x0000000000000001, R10: 0x0000000000000000, R11: 0xfffffffffffffe30
R12: 0x00007f9859c058f0, R13: 0x0000000000000001, R14: 0x0000000000000001, R15: 0x000070000c103aa0
RFL: 0x0000000000010207, RIP: 0x00007fff2019e347, CS:  0x000000000000002b, SS:  0x0000000000000023

Thread 0: 0xffffff86bcbf9bf0
    0x00007fff202ea622
    0x00007fff2017f51b
    0x0000000000000000

Thread 1: 0xffffff86bcbf7120
    0x00007fff20307a7a
    0x00007fff2016e7c7
    0x00007fff201745fe
    0x00007fff201750cb
    0x00007fff2017ec5d
    0x00007fff20316499
    0x00007fff20315467
    0x0000000000000000

Thread 2: 0xffffff86c1b4f120
    0x00007fff202e6586
    0x00007fff2018c1fc
    0x00007fff2017b84c
    0x00007fff2017b4ac
    0x000000010e9f8ea4
    0x000000010e9d2051
    0x000000010e9d1e36
    0x00007fff2016e7c7
    0x00007fff2017b605
    0x000000010e9d154f
    0x00007fff2016e7c7
    0x00007fff20171195
    0x00007fff20181550
    0x00007fff201744a7
    0x00007fff201750cb
    0x00007fff2017ec5d
    0x00007fff20316499
    0x00007fff20315467
    0x0000000000000000

Thread 3: 0xffffff86c1b51bf0
    0x00007fff2019e347
    0x00007fff2018b404
    0x00007fff2017eae0
    0x00007fff20316499
    0x00007fff20315467
    0x0000000000000000

Thread 4: 0xffffff86c1b535a0
    0x00007fff202e653e
    0x00007fff20315467
    0x0000000000000000

Thread 5: 0xffffff86bca54480
    0x00007fff202eb856
    0x00007fff2023ebf1
    0x000000010e9f9875
    0x000000010e9f9385
    0x00007fff2017b1d5
    0x00007fff2016e7c7
    0x00007fff201745fe
    0x00007fff201750cb
    0x00007fff2017ec5d
    0x00007fff20316499
    0x00007fff20315467
    0x0000000000000000


Mac OS version:
20C69

Kernel version:
Darwin Kernel Version 20.2.0: Wed Dec  2 20:39:59 PST 2020; root:xnu-7195.60.75~1/RELEASE_X86_64
Kernel UUID: 82E2050C-5936-3D24-AD3B-EC4EC5C09E11
System model name: iMac18,3 (Mac-BE088AF8C5EB4FA2)
System shutdown begun: YES
Panic diags file available: YES (0x0)

Kernel extensions:

$ kextstat | grep -v apple
Executing: /usr/bin/kmutil showloaded
No variant specified, falling back to release
Index Refs Address            Size       Wired      Name (Version) UUID <Linked Against>
  171    0 0xffffff7fa24fb000 0x40000    0x40000    com.paragon-software.filesystems.ntfs (65.5.15) 4727E0E8-9579-3CC5-A6BC-2A38E5B28B1D <8 6 5 1>
  180    3 0xffffff7fa232d000 0xb2000    0xb2000    org.virtualbox.kext.VBoxDrv (6.1.16) DAF044F0-5043-3B8E-8758-5A462567BDAA <8 6 5 3 1>
  183    0 0xffffff7fa240a000 0x5000     0x5000     org.virtualbox.kext.VBoxUSB (6.1.16) CA33FA52-5933-3F0E-9B40-8B1ECF4D6A36 <182 180 64 8 6 5 3 1>
  184    0 0xffffff7fa2405000 0x4000     0x4000     org.virtualbox.kext.VBoxNetFlt (6.1.16) C93EAF6A-676F-3370-BAE2-BDFD2BF16582 <180 8 6 5 3 1>
  185    0 0xffffff7fa23ff000 0x2000     0x2000     org.virtualbox.kext.VBoxNetAdp (6.1.16) 76200407-D2F0-3D84-BCCF-7EEA18F16654 <180 6 5 1>