1.94M Lifeway Foods (LWAY) shares held by entities tied to Zolezzi

Rhea-AI Filing Summary

Lifeway Foods, Inc. insider reporting shows that entities associated with William Zolezzi hold 1,936,495 shares of Lifeway common stock, no par value, as of a Form 3 dated May 14, 2026. These shares are owned directly by Divisadero Street Partners, L.P., a private investment fund, and are reported as indirect beneficial ownership by Zolezzi and related general partner entities.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Zolezzi William, Divisadero Street Partners GP, LLC, Divisadero Street Capital, LLC

Role null | null | null

Type	Security	Shares	Price	Value
holding	Common Stock, No Par Value	--	--	--

Holdings After Transaction: Common Stock, No Par Value — 1,936,495 shares (Indirect, See footnote)

Footnotes (1)

1. [object Object]

Key Figures

Indirectly held common shares: 1,936,495 shares Form type: Form 3 Ownership type: Indirect +1 more

4 metrics

Indirectly held common shares 1,936,495 shares Common Stock, No Par Value; holding as of 2026-05-14

Form type Form 3 Initial statement of beneficial ownership for Lifeway Foods

Ownership type Indirect Nature of ownership reported as indirect via investment fund

Unknown transaction entries 1 entry Transaction summary shows one holding entry with unknown code

Key Terms

indirectly beneficially owned, private investment fund, general partner, beneficial ownership

4 terms

indirectly beneficially owned financial

"may be deemed to be indirectly beneficially owned by (i) the Adviser"

private investment fund financial

"owned directly by Divisadero Street Partners, L.P. (the "Fund"), which is a private investment fund"

A private investment fund is a pooled pool of capital from a limited group of investors that professional managers use to buy assets such as companies, real estate, or bonds that are not traded on public markets. Think of it as a private investment club: members give money to a manager who makes decisions on their behalf. It matters to investors because these funds can offer higher returns or different risks than public markets, but they also come with less liquidity, fewer disclosure rules, and longer commitments.

general partner financial

"Divisadero Street Capital, LLC (the "Adviser GP"), the general partner of the Adviser"

A general partner is the person or firm that runs an investment partnership and legally represents it — they make the day-to-day decisions, choose which assets to buy or sell, and are responsible for the partnership’s obligations. Investors care because the general partner’s judgment, risk-taking and fee and profit-sharing arrangements determine both the potential returns and the level of exposure to losses; think of the GP as the ship’s captain whose skill and honesty shape the voyage’s outcome.

beneficial ownership financial

"may be deemed to be indirectly beneficially owned by (i) the Adviser"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

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Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Zolezzi William

(Last) (First) (Middle)

DIVISADERO STREET CAPITAL MANAGEMENT, LP

3480 MAIN HIGHWAY, SUITE 204

(Street)

MIAMI FLORIDA 33133

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
05/14/2026

3. Issuer Name and Ticker or Trading Symbol
Lifeway Foods, Inc. [ LWAY ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, No Par Value	1,936,495	I	See footnote(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Zolezzi William

(Last) (First) (Middle)

DIVISADERO STREET CAPITAL MANAGEMENT, LP

3480 MAIN HIGHWAY, SUITE 204

(Street)

MIAMI FLORIDA 33133

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Divisadero Street Partners GP, LLC

(Last) (First) (Middle)

3480 MAIN HIGHWAY, SUITE 204

(Street)

MIAMI FLORIDA 33133

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Divisadero Street Capital, LLC

(Last) (First) (Middle)

3480 MAIN HIGHWAY, SUITE 204

(Street)

MIAMI FLORIDA 33133

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The reported securities are owned directly by Divisadero Street Partners, L.P. (the "Fund"), which is a private investment fund managed by Divisadero Street Capital Management, LP (the "Adviser"), and may be deemed to be indirectly beneficially owned by (i) the Adviser, (ii) Divisadero Street Capital, LLC (the "Adviser GP"), the general partner of the Adviser, (iii) Divisadero Street Partners GP, LLC (the "Fund GP"), the general partner of the Fund, and (iv) William Zolezzi, the manager of both the Adviser GP and the Fund GP.

Remarks:

Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its or his pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

	WILLIAM ZOLEZZI, By: /s/ William Zolezzi	05/19/2026
	DIVISADERO STREET PARTNERS GP, LLC, By: /s/ William Zolezzi, William Zolezzi, Manager	05/19/2026
	DIVISADERO STREET CAPITAL, LLC, /s/ William Zolezzi, William Zolezzi, Manager	05/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does the Lifeway Foods (LWAY) Form 3 filing report for William Zolezzi?

The Form 3 shows entities associated with William Zolezzi indirectly holding 1,936,495 shares of Lifeway Foods common stock. This is an initial ownership report, not a new purchase or sale, and reflects existing holdings tied to a private investment fund.

How many Lifeway Foods (LWAY) shares are reported in this Form 3?

The filing reports 1,936,495 shares of Lifeway Foods common stock, no par value. These shares are held by Divisadero Street Partners, L.P. and are reported as indirectly beneficially owned by William Zolezzi and related general partner entities.

Who actually owns the Lifeway Foods (LWAY) shares reported in this Form 3?

The shares are owned directly by Divisadero Street Partners, L.P., a private investment fund. The Form 3 states they may be deemed indirectly beneficially owned by Divisadero Street Capital Management, Divisadero Street Capital, Divisadero Street Partners GP, and William Zolezzi as manager of those entities.

Is there a buy or sell transaction in this Lifeway Foods (LWAY) Form 3 filing?

No buy or sell transaction is reported. The Form 3 classifies the entry as a holding, with a neutral net buy/sell direction. It simply discloses indirect beneficial ownership of 1,936,495 shares as of the reported date, rather than recording a new trade.

What type of ownership is reported for the Lifeway Foods (LWAY) shares in this Form 3?

The filing labels the position as indirect ownership with the nature of ownership described in a footnote. The shares are held by Divisadero Street Partners, L.P., while entities including Divisadero Street Capital and William Zolezzi may be deemed indirect beneficial owners.