Divisadero fund boosts Lifeway Foods (LWAY) stake with 165K-share buy

Rhea-AI Filing Summary

Divisadero Street Partners, L.P., a private investment fund, reported open-market purchases of 165,045 shares of Lifeway Foods, Inc. common stock. The buys occurred on May 14–15, 2026 at weighted average prices between $22.9794 and $26.3251 per share.

After these transactions, the filing shows 2,101,540 shares of Lifeway Foods common stock indirectly owned. The securities are held directly by Divisadero Street Partners, L.P. and may be deemed indirectly beneficially owned by related Divisadero entities and William Zolezzi, as described in the footnotes.

Insider Trade Summary

Net Buyer: 165,045 shares ($4,200,968)

Net Buy 4 txns

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

Role null | null

Bought 165,045 shs ($4.20M)

Type	Security	Shares	Price	Value
Purchase	Common Stock, No Par Value	33,174	$25.2695	$838K
Purchase	Common Stock, No Par Value	95,371	$25.2365	$2.41M
Purchase	Common Stock, No Par Value	1,500	$22.9794	$34K
Purchase	Common Stock, No Par Value	35,000	$26.3251	$921K

Holdings After Transaction: Common Stock, No Par Value — 2,101,540 shares (Indirect, See Footnote)

Footnotes (1)

1. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.1592 - $25.4584. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in footnote (1) to this Form 4. 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. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.1845 - $25.3121. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in footnote (3) to this Form 4.

Key Figures

Total shares bought: 165,045 shares Shares after latest trade: 2,101,540 shares Purchase price 2026-05-15: $25.2695 per share +3 more

6 metrics

Total shares bought 165,045 shares Open-market purchases reported in Form 4

Shares after latest trade 2,101,540 shares Indirect ownership following May 15, 2026 transaction

Purchase price 2026-05-15 $25.2695 per share Weighted average price for 33,174-share buy

Largest single-day buy 95,371 shares Open-market purchase on May 14, 2026

Lowest reported price $22.9794 per share Weighted average for 1,500-share purchase on May 14, 2026

Highest reported price $26.3251 per share Weighted average for 35,000-share purchase on May 14, 2026

Key Terms

open-market purchase, weighted average price, indirectly beneficially owned, private investment fund, +1 more

5 terms

open-market purchase financial

"transaction_action: open-market purchase"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

weighted average price financial

"The price reported is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

indirectly beneficially owned financial

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

private investment fund financial

"which is a private investment fund managed by Divisadero Street Capital Management"

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.

ten percent owner financial

"is_ten_percent_owner: 1"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, No Par Value	05/14/2026		P		95,371	A	$25.2365(1)	2,031,866	I	See Footnote(2)
Common Stock, No Par Value	05/14/2026		P		1,500	A	$22.9794	2,033,366	I	See Footnote(2)
Common Stock, No Par Value	05/14/2026		P		35,000	A	$26.3251	2,068,366	I	See Footnote(2)
Common Stock, No Par Value	05/15/2026		P		33,174	A	$25.2695(3)	2,101,540	I	See Footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	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 price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.1592 - $25.4584. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in footnote (1) to this Form 4.

2. 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.

3. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.1845 - $25.3121. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in footnote (3) to this Form 4.

Remarks:

The Adviser GP, Fund GP, and William Zolezzi will be reported as Reporting Persons on a subsequent Form 4 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, Manager	05/18/2026
	Divisadero Street Partners, L.P., By: Divisadero Street Partners GP, LLC, its general partner, By: /s/ 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 4 (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 4: SEC 1474 (03-26)

FAQ

What did Divisadero Street Partners report in the Lifeway Foods (LWAY) Form 4?

Divisadero Street Partners, L.P. reported open-market purchases of Lifeway Foods common stock. The filing shows multiple transactions on May 14–15, 2026, increasing indirect holdings to 2,101,540 shares following the latest reported trade.

How many Lifeway Foods (LWAY) shares were bought in this Form 4?

The filing reports total open-market purchases of 165,045 Lifeway Foods common shares. These were executed across four transactions, with individual trades ranging from 1,500 to 95,371 shares, according to the detailed transaction table.

At what prices were Lifeway Foods (LWAY) shares purchased in this Form 4?

Reported purchases were made at weighted average prices between $22.9794 and $26.3251 per share. Footnotes note that each weighted price reflects numerous trades within narrower ranges and that detailed breakdowns are available upon request.

Who owns the Lifeway Foods (LWAY) shares reported in this Form 4?

The securities are owned directly by Divisadero Street Partners, L.P., a private investment fund. The footnotes state they may be deemed indirectly beneficially owned by Divisadero Street Capital Management, related general partners, and manager William Zolezzi.

What is Divisadero Street Partners’ Lifeway Foods (LWAY) position after these trades?

After the reported open-market purchases, indirect ownership stands at 2,101,540 Lifeway Foods common shares. This figure reflects the position following the latest transaction dated May 15, 2026, as shown in the Form 4 data.

Are the Lifeway Foods (LWAY) trades in this Form 4 direct or indirect holdings?

All reported trades are classified as indirect holdings. The Form 4 notes ownership type as indirect, with the shares held by Divisadero Street Partners, L.P. and associated with related advisory and general partner entities.