Lifeway Foods Inc Form 4 Filings

Lifeway Foods, Inc. (LWAY) director Dorri McWhorter exercised 1,550 Restricted Stock Units into 1,550 shares of Common Stock on August 31, 2026 at $0.00 per share, bringing her directly held common shares to 28,842. She continues to hold several RSU awards that each represent a contingent right to receive one share of common stock, vesting in 2026 and 2027, contingent on continued service as a director; no Rule 10b5-1 trading plan is reported.

Lifeway Foods, Inc. (LWAY) director Jason Scott Scher reported equity compensation-related transactions on August 31, 2026. 1,550 restricted stock units (RSUs) vested and were exchanged for 1,550 shares of phantom stock, deferring receipt of common shares under the company’s Non-Employee Director Equity and Deferred Compensation Plan. Following these transactions, Scher directly holds 84,608 phantom stock units, plus several outstanding RSU awards that may convert into common stock at future vesting dates, and 1 share of common stock. No Rule 10b5-1 trading plan is reported.

Lifeway Foods, Inc. (LWAY) CEO, President and Secretary Julie Smolyansky reported purchasing 2,000 shares of common stock on August 19, 2026 at $25.26 per share in an open-market or private transaction, bringing her directly held common stock position to 2,214,095 shares. She also reports direct and indirect holdings of restricted stock units (RSUs) tied to common stock, with various tranches scheduled to vest in 2027 and 2028 contingent on continued service by her or her spouse, plus additional common shares held for the benefit of minor children, by her spouse, and through Smolyansky Holding LLC.

Divisadero Street Partners, L.P., a private investment fund managed by Divisadero Street Capital Management, LP, reported open-market purchases of Lifeway Foods, Inc. common stock. On August 13, 14, and 17, 2026, the fund bought an aggregate of 246,568 shares at per-share prices around the mid‑$24 range, including weighted-average purchase ranges of $24.5375–$25.4022 and $24.6705–$24.8293. The securities are held by the fund and may be deemed indirectly beneficially owned by related Divisadero entities and William Zolezzi, with all positions reported as indirect ownership. The filing does not indicate that these transactions were made pursuant to a Rule 10b5-1 trading plan.

Lifeway Foods, Inc. major shareholder Edward Smolyansky reported indirect open‑market sales of 110,000 shares of common stock on August 12 and 14, 2026. The shares, held by the Edward Smolyansky Trust 2/2/16, were sold at weighted average prices of $28.74 (35,000 shares), $24.89 (29,931 shares), $25.82 (45,038 shares), and $26.50 (31 shares), with detailed price ranges noted in the footnotes. After these transactions, reported holdings include 100,000 shares held directly and 902,642 shares held by his son, as to which beneficial ownership is disclaimed, plus additional shares held by an LLC where beneficial ownership is also disclaimed. The Rule 10b5‑1 trading plan box was not checked.

Lifeway Foods, Inc. reporting person Ludmila Smolyansky, a member of a 10% owner group, reported indirect sales totaling 100000 shares of common stock on July 22, 2026, through the Ludmila Smolyansky Trust 2/1/05, of which she is trustee. The trust sold 60000 shares at $30.5500 and 40000 shares at a weighted average price of $29.4600, from multiple trades between $29.28 and $30.27, and the transactions were not made under a Rule 10b5-1 trading plan.

Lifeway Foods, Inc. major shareholder Edward Smolyansky reported open-market sales totaling 66,916 shares of common stock on July 15, 2026, at weighted-average prices of $31.51 and $32.32 per share, executed in multiple transactions within stated price ranges. After these sales, he reports 902,642 shares held directly, plus additional indirect holdings through a trust, an LLC and shares held by his son, with footnotes stating that he disclaims beneficial ownership of certain indirect holdings.

Lifeway Foods, Inc. 10% owner Edward Smolyansky reported open-market sales totaling 47,082 shares of common stock on July 6–7, 2026 at weighted-average prices of $29.41 and $29.79 per share. After these trades, indirect holdings shown exceed 1,071,709 shares, alongside separate direct and entity-related positions.

Lifeway Foods, Inc. major shareholder Edward Smolyansky reported open-market sales totaling 176,090 shares of common stock from June 26–30, 2026, at weighted average prices generally between $28.50 and $30.99 per share across multiple trades.

After these transactions, he directly holds 852,642 common shares. Indirect holdings include 1,168,791 shares beneficially held by the Edward Smolyansky Trust, where he serves as trustee, 500,000 shares held by Smolyansky Holding LLC, and 100,000 shares held by his son; he disclaims beneficial ownership of the LLC and son-held shares except for any pecuniary interest.

Lifeway Foods, Inc. major shareholder Edward Smolyansky reported multiple open-market sales of common stock. He sold 50,000 shares on June 30, 2026 at an average price of $29.56 per share and 55,794 and 55,754 shares on June 26, 2026 at weighted average prices of $29.87 and $28.64, respectively. He also sold 14,542 indirectly held shares on June 29, 2026 at an average price of $30.12 per share.

After these transactions, Smolyansky holds 852,642 shares directly, plus significant indirect holdings. Footnotes state that some shares are held by an Edward Smolyansky trust where he is trustee, by Smolyansky Holding LLC, and 100,000 shares are owned by his son, for which he disclaims beneficial ownership.

Lifeway Foods director Andee Harris received equity-based awards tied to future service. On July 1, 2026, Harris was granted 2,038 restricted stock units at an exercise price of $0.00 per unit, each representing a right to one share of common stock, subject to vesting conditions.

On June 30, 2026, Harris also received 566 shares of phantom stock with a value linked to Lifeway Foods common stock. Each phantom share corresponds to one common share and becomes payable when Harris no longer serves as a director. The phantom stock was acquired by deferring cash board compensation under the company’s Non-Employee Director Equity and Deferred Compensation Plan.

Chartier Kirk reported acquisition or exercise transactions in this Form 4 filing.

Lifeway Foods director Kirk Chartier reported equity-based compensation awards. He received 2,038 restricted stock units (RSUs) on common stock and 556 phantom stock units, each representing the right to receive one share of common stock at a future date.

The RSUs vest on future dates contingent on his continued service as a director, with tranches scheduled to vest on December 30, 2026 and July 1, 2027. The phantom stock units were granted in connection with his decision to defer cash fees for board service in the quarter ended June 30, 2026, and become payable when he no longer serves as a director.

Lifeway Foods director Susan Hultquist reported a new equity award and her existing restricted stock units. She received a grant of 2,038 restricted stock units, each representing a contingent right to one share of common stock at an exercise price of $0.0000 per share. These RSUs vest on July 1, 2027, conditioned on her continued service as a director through that date. A separate block of 2,512 RSUs is also reported, which vests on December 30, 2026 subject to the same continued-service requirement. The filing shows no open-market stock purchases or sales, only compensation-related awards.

Drori Rachel reported acquisition or exercise transactions in this Form 4 filing.

Lifeway Foods director Rachel Drori reported compensation in the form of restricted stock units. She was granted 2,038 RSUs, each representing a contingent right to receive one share of common stock, which vest on July 1, 2027 if she continues serving as a director through that date.

The filing also reflects an existing award of 2,512 RSUs scheduled to vest on December 30, 2026, likewise contingent on continued board service. These awards are non-cash equity compensation and do not represent open-market share purchases or sales.

Lifeway Foods director Dorri McWhorter reported equity compensation activity and updated holdings. She received a grant of 2,038 Restricted Stock Units (RSUs), each representing a contingent right to one share of common stock. She also exercised 1,356 RSUs into common stock at an exercise price of $0.00 per share.

Following these transactions, McWhorter directly holds 27,292 shares of common stock and retains unvested RSUs tied to continued board service. Footnotes state that certain RSUs vest on August 31, 2026, December 30, 2026, and July 1, 2027, aligning ongoing compensation with her future service as a director.

Lifeway Foods director Juan Carlos Dalto reported routine equity compensation and deferral activity. He received 2,038 new restricted stock units (RSUs), each representing a contingent right to one share of common stock, which vest on December 30, 2026 if he continues serving as a director.

Dalto also deferred receipt of 1,356 shares of common stock that vested on July 1, 2026, electing instead to receive 1,356 shares of phantom stock under the company’s Non-Employee Director Equity and Deferred Compensation Plan. In addition, he acquired 503 phantom stock units by deferring his cash board fees for the quarter ended June 30, 2026.

Following these transactions, Dalto directly holds 4,751 shares of common stock, 2,038 RSUs and 9,221 shares of phantom stock. The filing shows no open-market purchases or sales, only grants, exercises and deferrals of director compensation.

Lifeway Foods director Jason Scott Scher reported equity compensation changes, mainly awards and deferrals rather than open‑market trades. On July 1, 2026, 1,356 restricted stock units vested and were effectively exchanged for 1,356 shares of phantom stock under the company’s Non-Employee Director Equity and Deferred Compensation Plan, while his direct common stock holdings stood at 83,058 shares afterward.

He also received a grant of 2,038 new restricted stock units, each representing a contingent right to one share of common stock that is scheduled to vest on July 1, 2027 if he continues to serve as a director. Separately, on June 30, 2026, he acquired 828 shares of phantom stock by deferring cash board fees, bringing his phantom stock balance to 81,702 share-equivalents.

After these changes, Scher continues to hold additional unvested restricted stock units covering 1,550 and 2,512 underlying common shares, with vesting dates in August 2026 and July 2027, respectively, all tied to ongoing service on the board.

Lifeway Foods, Inc. reported that shares held through the Ludmila Smolyansky Trust 2/1/05 were sold in two open-market transactions. The trust, for which Ludmila Smolyansky is trustee, sold 40,000 shares of common stock on June 24, 2026 at a weighted average price of $30.12 per share.

On June 25, 2026, the trust sold an additional 45,616 shares at a weighted average price of $29.65 per share, bringing total reported sales to 85,616 shares. Following these sales, the trust continues to indirectly hold 607,207 shares of Lifeway Foods common stock.

Lifeway Foods, Inc. major shareholder Edward Smolyansky sold a total of 38,452 shares of common stock in open-market transactions on June 24, 2026. The reported weighted average prices were about $29.82 and $30.52, with individual trades executed between $29.26 and $31.24.

After these sales, he continues to hold more than 1,000,000 shares directly, and additional shares are held indirectly. Indirect holdings include shares in a trust where he is trustee, shares held by his son that he disclaims beneficial ownership of, and shares held by Smolyansky Holding LLC, which he also disclaims except for any pecuniary interest.

Lifeway Foods, Inc. insider Edward Smolyansky reported an open-market sale of 50,000 shares of common stock at a weighted average price of $26.20 per share. The shares were sold by the Edward Smolyansky Trust 2/2/16, for which he serves as trustee, in multiple trades between $26.00 and $26.99. Following this transaction, the Form 4 shows 1,183,333 shares held indirectly by the trust, 1,052,642 shares held directly, and 100,000 shares held by his son, which he disclaims. Additional shares are held by Smolyansky Holding LLC, where he disclaims beneficial ownership except for any pecuniary interest.

Lifeway Foods, Inc. CEO, President and Secretary Julie Smolyansky reported a series of equity compensation events, mainly exercises of performance share units and restricted stock units into common stock on June 16–17, 2026.

She exercised a total of 130,830 share-based awards into common stock and 57,466 shares of common stock were surrendered to the issuer to satisfy tax withholding obligations, with footnotes stating that no stock was sold. Following these transactions, her directly held common stock reported in this filing totaled 2,212,095 shares.

Lifeway Foods, Inc. CFO Eric A. Hanson reported equity compensation activity involving restricted stock units and common shares. On June 16, 2026, 2,390 restricted stock units were exercised into the same number of shares of common stock, recorded as a grant or award at $0.00 per share. Of these shares, 994 common shares valued at $24.79 per share were surrendered to the company to cover tax withholding obligations; the footnotes state that no stock was sold in the market. After these transactions, Hanson directly owned 59,884 shares of common stock. Footnotes also indicate that additional restricted stock units remain outstanding, with tranches of 743 and 742 units scheduled to vest on March 28, 2027 and March 28, 2028, 1,261 units scheduled to vest on January 10, 2027, and 891, 891, and 890 units scheduled to vest on March 6 of 2027, 2028, and 2029, contingent on his continued service.

Lifeway Foods insider Ludmila Smolyansky, through the Ludmila Smolyansky Trust dated 2/1/05, reported an open-market sale of 20,000 shares of Lifeway Foods common stock. The shares were sold at a weighted average price of $24.02 across trades between $23.50 and $24.49. After this transaction, the trust’s reported indirect holdings total 692,823 shares of Lifeway Foods common stock.

Lifeway Foods, Inc. reported a major insider transaction by significant shareholder Danone S.A.. Danone executed an open-market sale of 3,454,756 shares of Lifeway common stock at $19.50 per share on May 14, 2026, and its reported Lifeway holdings fell to zero shares after the transaction. This filing shows a complete exit of Danone’s directly held position in Lifeway in a single sale.

Lifeway Foods, Inc. reported that entities associated with Divisadero Street Capital and Divisadero Street Partners made additional open-market purchases of its common stock. A private investment fund managed by Divisadero Street Capital Management, LP bought a total of 165,045 shares across several trades on May 14–15 at weighted-average prices in the mid‑$20s per share, bringing its indirect holdings reported in this filing to just over 2.1 million shares. The filing notes these trades had previously been reported by the fund and its adviser and are now being reported again after the reporting persons received their own CIK codes.

Lifeway Foods, Inc. insider Ludmila Smolyansky, through the Ludmila Smolyansky Trust dated 2/1/05, reported an open-market sale of 20,000 shares of common stock. The weighted average sale price was $24.64 per share, with individual trades between $24.00 and $24.99 per share.

After this transaction, the trust’s indirect holdings reported for Smolyansky totaled 712,823 shares of Lifeway Foods common stock.

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.

Lifeway Foods, Inc. insider Edward Smolyansky, identified as a ten percent owner, reported open-market sales of a total of 49,000 shares of common stock over two days. On May 14–15, 2026, he sold shares at weighted average prices ranging from about $23.73 to $26.99 per share, according to price-range footnotes. After these sales, he continues to hold a substantial position in Lifeway Foods both directly and indirectly through a trust and an LLC, while formally disclaiming beneficial ownership of shares held by his son and limiting beneficial ownership claims on certain LLC-held shares.

Lifeway Foods insider filing reports an open-market sale by a trust associated with Ludmila Smolyansky. The Ludmila Smolyansky Trust 2/1/05 sold 15,000 shares of Lifeway Foods common stock at $26.50 per share on April 20, 2026.

After this transaction, the trust continues to hold 732,823 shares indirectly for her benefit. The filing also notes that shares held by The Smolyansky Family Foundation and The Ludmila and Edward Smolyansky Family Foundation are excluded because she has no direct or indirect pecuniary interest in those holdings.

Lifeway Foods, Inc. director Juan Carlos Dalto reported an award of 776 shares of phantom stock on March 31, 2026. Each phantom share represents the right to receive one share of common stock and becomes payable when he no longer serves as a director.

The phantom stock was acquired by deferring his cash compensation for board service for the quarter ended March 31, 2026 under the Non-Employee Director Equity and Deferred Compensation Plan. Following this award, he holds 7,362 phantom stock units, 4,751 common shares, and multiple restricted stock unit grants with future vesting dates.

Lifeway Foods director Kirk Chartier reported a compensation-related equity award. He acquired 857 shares of phantom stock by deferring his cash fees for service on the board for the quarter ended March 31, 2026. Each phantom share represents a right to receive one share of common stock when he no longer serves as a director.

The filing also shows Chartier holding 2,512 restricted stock units, each representing a contingent right to one share of common stock that vests on December 30, 2026, if he continues serving as a director through that date.

Lifeway Foods, Inc. director Jason Scott Scher reported equity-based compensation and existing holdings rather than open-market trading. He received an award of 1,277 shares of phantom stock, representing deferred cash compensation for Board service for the quarter ended March 31, 2026.

After this award, he holds 80,874 phantom stock units, each representing a right to receive one share of common stock, payable when he no longer serves as a director. He also holds several blocks of restricted stock units (RSUs) that each convert into one share of common stock at no exercise price.

The RSUs vest on specified future dates, including December 30, 2026, August 31, 2026, and in tranches of 1,356 and 1,354 RSUs on July 1, 2026 and July 1, 2027, contingent on his continued service as a director.

Harris Andee reported acquisition or exercise transactions in this Form 4 filing.

Lifeway Foods, Inc. director Andee Harris received 873 shares of phantom stock as a non-cash grant tied to deferred board compensation for the quarter ended March 31, 2026. Each phantom share represents a right to one common share, payable when she no longer serves as a director.

Harris also holds 2,512 restricted stock units, each representing a contingent right to one common share. These RSUs are scheduled to vest on December 30, 2026, contingent on her continued service on the board through that vesting date.

Lifeway Foods, Inc. CFO Eric A. Hanson reported equity compensation activity involving restricted stock units and common shares. He exercised 743 restricted stock units into an equal number of common shares at a conversion price of $0.00 per share and received 743 common shares as a grant or award. To satisfy tax withholding obligations, 285 common shares were surrendered to the company at $18.30 per share, and the footnotes clarify that no stock was sold in the market.

After these transactions, Hanson directly holds 57,494 shares of common stock. He also continues to hold several blocks of unvested restricted stock units that each represent one share of common stock, with scheduled vesting dates through 2029, contingent on his continued service.

Lifeway Foods, Inc. insider Ludmila Smolyansky, a member of a 10% owner group, reported an indirect open-market sale of 10,000 shares of common stock at a weighted average price of $18.74 per share on March 18, 2026. The shares were sold in multiple trades at prices between $18.42 and $19.34.

The transaction was made through the Ludmila Smolyansky Trust 2/1/05, where she serves as trustee, which held 747,823 shares after the sale. Additional indirect holdings include 17,343 shares held by The Smolyansky Family Foundation, where she is trustee, and 750,000 shares held by The Ludmila and Edward Smolyansky Family Foundation, where she is a director and disclaims beneficial ownership of those shares.

Lifeway Foods 10% owner Edward Smolyansky reported an open-market sale of 14,353 shares of common stock on March 19, 2026 at a weighted average price of $17.77 per share. The footnotes state the trades occurred between $17.50 and $18.41.

Following the sale, he directly holds 1,101,642 shares. He also has indirect holdings, including shares beneficially held by the Edward Smolyansky Trust dated 2/2/16, and additional shares held by Smolyansky Holding LLC, where he disclaims beneficial ownership except for any pecuniary interest, plus shares held by his son that he fully disclaims.

Lifeway Foods, Inc. 10% owner Edward Smolyansky reported open-market sales of common stock. He sold 13,334 shares on March 16, 2026 at a weighted average price of $20.60 per share and 22,313 shares on March 17, 2026 at a weighted average price of $20.10 per share, for total reported sales of 35,647 shares. Following these transactions, he holds 1,115,995 shares directly. The filing also notes additional indirect holdings through a trust and an LLC, while shares held by a family foundation and by his son are specifically disclaimed for beneficial ownership.

Lifeway Foods, Inc. CFO Eric A. Hanson reported equity compensation and related tax withholding. On March 6, 2026, he received 2,672 restricted stock units and 21,396 shares of common stock at no cost, tied to previously granted performance share units whose performance goals were certified that day.

To cover tax obligations, 8,024 shares of common stock were surrendered to the company at $21.50 per share, with no stock sold on the market. After these transactions, Hanson directly owns 57,036 common shares and holds several blocks of restricted stock units scheduled to vest between June 16, 2026 and March 6, 2029, subject to continued service.

Lifeway Foods, Inc. CEO Julie Smolyansky reported compensation-related equity activity, not open-market trading.

On March 6, 2026, 13,334 previously granted restricted stock units vested and were settled in cash, with related shares disposed to the issuer at $21.50 per share, leaving her with 2,139,318 common shares held directly. On the same date, 108,426 performance share units tied to three-year revenue and adjusted EBITDA goals were certified; these are scheduled to be settled in cash by March 15, 2027, unless Danone North America PBC consents to settlement in common stock or such consent is no longer required.

Lifeway Foods, Inc. CFO Eric A. Hanson reported equity award activity and updated holdings. On January 10, 2026, restricted stock units converted into 3,751 shares of common stock, increasing his directly held shares to 45,384. The filing shows that 1,720 shares were then surrendered to the company for tax withholding, rather than sold in the market, leaving 43,664 common shares held directly.

The report also details multiple restricted stock unit grants. One grant covers 2,390 RSUs scheduled to vest on June 16, 2026 if he remains in service. Another includes units of which 1,261 RSUs are scheduled to vest on January 10, 2027 under continued service conditions. A further grant of 2,228 RSUs is structured to vest in three equal steps in March 2026, 2027, and 2028, again contingent on continued service.

Lifeway Foods director Dorri McWhorter reported equity award activity involving restricted stock units and common shares. On January 10, 2026, 3,151 shares of Lifeway Foods common stock were acquired following the vesting and settlement of previously granted restricted stock units, bringing her directly held common stock to 25,936 shares.

The filing also shows she continues to hold 2,512 restricted stock units scheduled to vest on December 30, 2026, and 2,710 restricted stock units scheduled to vest in two installments on July 1, 2026 and July 1, 2027, all contingent on her continued service as a director.

Lifeway Foods, Inc. director Juan Carlos Dalto reported equity award activity and deferral elections rather than an open-market stock sale. On January 10, 2026, previously vested restricted stock units (RSUs) totaling 3,151 units were converted into an equal number of phantom stock shares under the company’s 2022 Non-Employee Director Equity and Deferred Compensation Plan, to be paid when he no longer serves as a director.

Following these transactions, Dalto beneficially owns 4,751 shares of common stock directly, along with 2,512 RSUs scheduled to vest on December 30, 2026, and 2,710 RSUs that are scheduled to vest in tranches on July 1, 2026 and July 1, 2027, subject to continued service. He also holds 6,586 shares of phantom stock, each representing a right to receive one share of common stock in the future.

Lifeway Foods director Jason Scott Scher reported equity award activity and a deferral election. On January 10, 2026, previously granted restricted stock units (RSUs) that had vested earlier were settled, with 1,600 RSUs and 1,551 RSUs converted in connection with prior vesting dates. Instead of receiving common stock, Scher deferred the settlement under the company’s 2022 Non-Employee Director Equity and Deferred Compensation Plan and received 3,151 shares of phantom stock, each linked to one share of common stock and payable when he no longer serves as a director. He continues to hold RSUs scheduled to vest in 2026 and 2027, as well as phantom stock and a small direct common share position.

Ludmila Smolyansky, trustee and related-party to Lifeway Foods (LWAY), reported share sales totaling $396,600 across two days in October 2025. On 10/07/2025 she sold 5,000 shares at a weighted average price of $26.32 and on 10/08/2025 she sold 10,000 shares at a weighted average price of $26.44. After these dispositions she reports beneficial ownership of 832,823 shares indirectly through a trust, plus additional holdings of 17,343 and 75,000 shares held by two foundations where she is trustee or director.

The filings state the sales were multiple transactions at prices ranging between $25.83 and $26.88 and identify the reporting relationship as an officer and trustee. The form is signed and dated 10/09/2025.

Juan Carlos Dalto, a director of Lifeway Foods, Inc. (LWAY), reported changes in his holdings tied to director compensation and previously granted awards. The filing shows a disposition of 4,751 shares of common stock and the acquisition (by vesting or deferral) of derivative awards that translate to 2,815 shares of common stock: 1,600, 3,101, and 2,710 RSU tranches (with portions deferred or contingent on continued service) and 541 shares of phantom stock acquired via deferral of cash board fees. Many RSUs are vested but settlement has been deferred under the company’s Non-Employee Director Equity and Deferred Compensation Plan; deferred awards become payable when the reporting person ceases to serve as a director. Some RSU tranches remain time‑vesting and are contingent on continued board service.

Edward Smolyansky, a director of Lifeway Foods, Inc. (LWAY), reported open-market sales of common stock on 09/23/2025 and 09/24/2025. He sold 6,357 shares on 09/23/2025 at a weighted average price of $26.53 and 10,000 shares on 09/24/2025 at a weighted average price of $26.69, reducing his direct holdings to 1,235,285 shares. The filing also discloses multiple indirect holdings: 75,000 shares held by a family foundation, 1,233,333 shares in a trust for which he is trustee, 100,000 shares owned by his son (disclaimed), and 500,000 shares held by Smolyansky Holding LLC (partially disclaimed). The form is signed and dated 09/25/2025.