Divisadero Street reports 1.94M LWAY shares

Divisadero Street Partners, L.P., a private investment fund, reported an existing indirect holding of 1,936,495 shares of Lifeway Foods, Inc. common stock on a Form 3.

Rhea-AI Filing Summary

Divisadero Street Partners, L.P., a private investment fund, reported an existing indirect holding of 1,936,495 shares of Lifeway Foods, Inc. common stock on a Form 3. The fund is managed by Divisadero Street Capital Management, LP, and several related entities may be deemed indirect beneficial owners.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Divisadero Street Capital Management, LP, Divisadero Street Partners, L.P.

Role 10% Owner | 10% Owner

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. F1. 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.

Key Figures

Indirectly owned shares: 1,936,495 shares

1 metrics

Indirectly owned shares 1,936,495 shares Common Stock, No Par Value, reported on Form 3

Key Terms

ten percent owner, indirect beneficially owned, private investment fund, general partner

4 terms

ten percent owner financial

"is_ten_percent_owner"

indirect beneficially owned financial

"may be deemed to be indirectly beneficially owned by"

private investment fund financial

"which is a private investment fund managed by"

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

"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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Divisadero Street Form 3 filing for LWAY report?

The Form 3 reports that Divisadero Street Partners, L.P. holds 1,936,495 shares of Lifeway Foods common stock. This is an initial ownership report, not a new trade, and reflects the fund’s status as a significant shareholder.

How many Lifeway Foods (LWAY) shares does Divisadero Street Partners hold?

Divisadero Street Partners, L.P. reported ownership of 1,936,495 shares of Lifeway Foods common stock. This figure represents its indirect beneficial ownership position as disclosed in the Form 3, showing it as a large, over-10% shareholder in the company.

Is the Divisadero Street Form 3 for LWAY a buy or sell transaction?

The Form 3 does not disclose a buy or sell; it reports existing holdings. It simply shows Divisadero Street Partners, L.P. as indirectly owning 1,936,495 shares of Lifeway Foods, which establishes it as a significant owner rather than documenting a new trade.

Who is the reporting owner in the Lifeway Foods (LWAY) Form 3?

The reporting owners are Divisadero Street Capital Management, LP and Divisadero Street Partners, L.P. The shares are directly owned by Divisadero Street Partners, L.P., a private investment fund managed by the adviser, with related entities potentially deemed indirect beneficial owners.

What type of ownership did Divisadero Street report in LWAY?

The ownership reported is indirect beneficial ownership of 1,936,495 Lifeway Foods shares. The securities are held by Divisadero Street Partners, L.P., a private investment fund, and may be attributed to several related management and general partner entities under beneficial ownership rules.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/18/2026 - 07:57 PM EDT Learn about SEC filing dates

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^*

Divisadero Street Capital Management, LP

(Last) (First) (Middle)

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^*

Divisadero Street Capital Management, LP

(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 Partners, L.P.

(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:

The Adviser GP, Fund GP, and William Zolezzi will be reported as Reporting Persons on a subsequent Form 3 once CIK codes are received. 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.

	DIVISADERO STREET CAPITAL MANAGEMENT, LP, By: Divisadero Street Capital, LLC, its general partner, By: /s/ William Zolezzi, William Zolezzi, Manager	05/18/2026
	DIVISADERO STREET PARTNERS, L.P., By: Divisadero Street Partners GP, LLC, its general partner, By: /s/ William Zolezzi, William Zolezzi, Manager	05/18/2026
	** 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)