Lifeway Foods: Divisadero buys 103,684 shares

Three reported purchases were made by a private investment fund; related entities and William Zolezzi may also be deemed indirect beneficial owners.

Rhea-AI Filing Summary

Lifeway Foods, Inc. (LWAY) reports three purchases of its common stock by Divisadero Street Partners, L.P.: 50,000 shares at $20.8038 per share on October 6, 2026; 36,202 shares at $21.0081 on October 5; and 17,482 shares at $21.0885 on October 2. No Rule 10b5-1 plan is reported.

Divisadero Street Partners, L.P. directly owns the shares and is managed by Divisadero Street Capital Management, LP. The shares may be deemed indirectly beneficially owned by Divisadero Street Capital Management, LP, Divisadero Street Capital, LLC, Divisadero Street Partners GP, LLC, and William Zolezzi, a reported ten percent owner and manager of both general partners. The reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest.

Insider Trade Summary

Net Buyer: 103,684 shares

Net Buy 3 txns

Insider Divisadero Street Capital Management, LP, Divisadero Street Partners GP, LLC, Zolezzi William, Divisadero Street Partners, L.P., Divisadero Street Capital, LLC

Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner

Bought 103,684 shs ($2.17M)

Type	Security	Shares	Price	Value
Purchase	Common Stock, No Par Value F1	50,000	$20.8038	$1.04M
Purchase	Common Stock, No Par Value F1	36,202	$21.0081	$761K
Purchase	Common Stock, No Par Value F1	17,482	$21.0885	$369K

Holdings After Transaction: Common Stock, No Par Value — 2,451,792 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

Shares purchased: 50,000 shares Purchase price: $20.8038 per share Shares purchased: 36,202 shares +3 more

6 metrics

Shares purchased 50,000 shares October 6, 2026

Purchase price $20.8038 per share October 6, 2026

Shares purchased 36,202 shares October 5, 2026

Purchase price $21.0081 per share October 5, 2026

Shares purchased 17,482 shares October 2, 2026

Purchase price $21.0885 per share October 2, 2026

Key Terms

beneficial ownership, pecuniary interest, private investment fund, general partner

4 terms

beneficial ownership financial

"disclaims beneficial ownership"

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.

pecuniary interest financial

"pecuniary interest therein"

private investment fund financial

"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 technical

"the general partner of the Fund"

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.

How many LWAY shares were purchased, and at what prices?

The purchases totaled 103,684 shares: 50,000 shares at $20.8038 per share on October 6, 2026; 36,202 at $21.0081 on October 5; and 17,482 at $21.0885 on October 2. No Rule 10b5-1 plan is reported.

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

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Available on EDGAR 10/06/2026 - 08:35 PM Accepted by SEC EDGAR 10/06/2026 - 08:35 PM Learn about SEC filing dates

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)

1691 MICHIGAN AVE, SUITE 410

(Street)

MIAMI BEACH FLORIDA 33139

(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)
10/02/2026

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	10/02/2026		P		17,482	A	$21.0885	2,365,590	I	See footnote(1)
Common Stock, No Par Value	10/05/2026		P		36,202	A	$21.0081	2,401,792	I	See footnote(1)
Common Stock, No Par Value	10/06/2026		P		50,000	A	$20.8038	2,451,792	I	See footnote(1)

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)

1691 MICHIGAN AVE, SUITE 410

(Street)

MIAMI BEACH FLORIDA 33139

(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)

1691 MICHIGAN AVE, SUITE 410

(Street)

MIAMI BEACH FLORIDA 33139

(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^*

Zolezzi William

(Last) (First) (Middle)

1691 MICHIGAN AVE, SUITE 410

(Street)

MIAMI BEACH FLORIDA 33139

(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)

1691 MICHIGAN AVE, SUITE 410

SUITE 204

(Street)

MIAMI BEACH FLORIDA 33139

(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)

1691 MICHIGAN AVE, SUITE 410

(Street)

MIAMI BEACH FLORIDA 33139

(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.

	Divisadero Street Capital, LLC, By: /s/ William Zolezzi, William Zolezzi, Manager	10/06/2026
	William Zolezzi, By: /s/ William Zolezzi	10/06/2026
	Divisadero Street Capital Management, LP, By: Divisadero Street Capital, LLC, its general partner, By: /s/ William Zolezzi, William Zolezzi, Manager	10/06/2026
	Divisadero Street Partners, L.P., By: Divisadero Street Partners GP, LLC, its general partner, By: /s/ William Zolezzi, William Zolezzi, Manager	10/06/2026
	Divisadero Street Partners GP, LLC, By: /s/ William Zolezzi, William Zolezzi, Manager	10/06/2026
	** 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)