Smolyansky family group reports 24.5% Lifeway Foods (LWAY) ownership in amended 13D

Rhea-AI Filing Summary

Lifeway Foods, Inc. investors received an update on major shareholder holdings through this amended Schedule 13D. As of May 19, 2026, Ludmila Smolyansky is reported as beneficial owner of 787,823 shares of common stock, or about 5.2% of the company. Edward Smolyansky is reported as beneficial owner of 2,960,975 shares, or about 19.7%, while the Edward Smolyansky Trust holds 1,233,333 shares, or about 8.2%. Collectively, the filing persons report beneficial ownership of 3,673,798 shares, representing approximately 24.5% of Lifeway’s outstanding common stock, based on 15,025,478 shares outstanding as of that date. The filing also lists several recent open-market sales of shares by an affiliated trust and by Edward Smolyansky in ordinary broker transactions at prices in the mid‑$20 range per share.

Insights

Equity ownership analyst

Amended 13D clarifies a large family stake and recent stock sales.

The filing shows the Smolyansky family and related entities collectively reporting beneficial ownership of about 24.5% of Lifeway Foods common stock as of May 19, 2026. This confirms a substantial insider and family-associated presence in the shareholder base.

The document breaks out individual positions: Ludmila at 787,823 shares, Edward at 2,960,975 shares, and the Edward Smolyansky Trust at 1,233,333 shares. It also details their sole and shared voting and dispositive powers over different blocks of stock and entities.

Recent activity includes several ordinary broker sales in April 2026 and May 2026 by the LS Trust and by Edward Smolyansky at prices around $24–$26.50 per share. The scale of these sales appears modest relative to the reported aggregate holdings, suggesting routine portfolio moves rather than a transformational ownership change.

Key Figures

Ludmila beneficial ownership: 787,823 shares (5.2%) Edward beneficial ownership: 2,960,975 shares (19.7%) Trust beneficial ownership: 1,233,333 shares (8.2%) +5 more

8 metrics

Ludmila beneficial ownership 787,823 shares (5.2%) Lifeway common stock as of May 19, 2026

Edward beneficial ownership 2,960,975 shares (19.7%) Lifeway common stock as of May 19, 2026

Trust beneficial ownership 1,233,333 shares (8.2%) Edward Smolyansky Trust holdings as of May 19, 2026

Group beneficial ownership 3,673,798 shares (24.5%) Total filing persons’ stake in Lifeway

Shares outstanding basis 15,025,478 shares Lifeway shares outstanding as of May 19, 2026

LS Trust sale 1 15,000 shares at $26.50 Ordinary broker transaction on April 20, 2026

LS Trust sale 2 20,000 shares at $24.64 Ordinary broker transaction on May 15, 2026

Edward sale example 22,818 shares at $25.25 Ordinary broker transaction on May 14, 2026

Key Terms

beneficial owner, Rule 13d-3, Schedule 13D, sole voting power, +2 more

6 terms

beneficial owner financial

"may be deemed to be the beneficial owner of 787,823 shares of Common Stock"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Rule 13d-3 regulatory

"As of May 19, 2026, for purposes of Rule 13d-3 under the Exchange Act"

Rule 13d-3 defines who is treated as the beneficial owner of a company’s shares for U.S. securities disclosure rules — essentially anyone who has the power to vote or direct how shares are voted, or the power to buy or sell them, even if they don’t hold the certificates. For investors this matters because crossing certain ownership thresholds triggers public filing and disclosure obligations and signals potential control or influence, much like having the keys to a car implies you can drive it even if it’s registered to someone else.

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

sole voting power financial

"Ludmila Smolyansky has sole power to vote or direct the vote of, and sole power to dispose"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

shared dispositive power financial

"shared power to vote or direct the vote of, and shared power to dispose or direct the disposition of, 500,000 shares"

ordinary broker transactions financial

"in each case in ordinary broker transactions entered into on the dates shown"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 27)

Lifeway Foods, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

531914109

(CUSIP Number)

Edward Smolyansky
1219 N Wells St,
Chicago, IL, 60610
847-967-1010

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/18/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 531914109

1

Name of reporting person

Ludmila Smolyansky

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 712,823.00
8	Shared Voting Power 75,000.00
9	Sole Dispositive Power 712,823.00
10	Shared Dispositive Power 75,000.00

11

Aggregate amount beneficially owned by each reporting person

787,823.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.2 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 531914109

1

Name of reporting person

Edward Smolyansky

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 2,385,975.00
8	Shared Voting Power 575,000.00
9	Sole Dispositive Power 2,385,975.00
10	Shared Dispositive Power 575,000.00

11

Aggregate amount beneficially owned by each reporting person

2,960,975.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.7 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 531914109

1

Name of reporting person

The Edward Smolyansky Trust 2/2/16

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,233,333.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,233,333.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,233,333.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.2 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: Lifeway Foods, Inc.
(c)	Address of Issuer's Principal Executive Offices: 6431 W Oakton, Morton Grove, ILLINOIS , 60053.
Item 5.	Interest in Securities of the Issuer
(a)	As of May 19, 2026, for purposes of Rule 13d-3 under the Exchange Act, (i) Ludmila Smolyansky may be deemed to be the beneficial owner of 787,823 shares of Common Stock, no par value, of the issuer ("Common Stock"), representing approximately 5.2% of the outstanding shares of Common Stock, (ii) Edward Smolyansky may be deemed to be the beneficial owner of 2,960,975 shares of Common Stock, representing approximately 19.7% of the outstanding shares of Common Stock, (iii) the Edward Smolyansky Trust may be deemed to be the beneficial owner of 1,233,333 shares of Common Stock, representing approximately 8.2% of the outstanding shares of Common Stock, and (iv) the Filing Persons together may be deemed to be the beneficial owners of an aggregate of 3,673,798 shares of Common Stock, representing approximately 24.5% of the outstanding shares of Common Stock. In accordance with Rule 13d-101 under the Exchange Act, the foregoing percentage calculations were based on 15,025,478 shares outstanding as of May 19, 2026, which is based on 15,281,888 shares reported by the Company to be outstanding as of May 14, 2026 in the Company's prospectus supplement dated May 14, 2026 and filed with the Securities and Exchange Commission on May 18, 2026, adjusted to reflect the repurchase by the Company of an estimated 256,410 shares on or about May 19, 2026, as referenced in the prospectus supplement. The reporting persons do not hereby concede that all such reported outstanding shares are validly issued and outstanding, including, without limitation, any shares purported to have been issued to Julie Smolyansky or her spouse without the consent of Danone USA Public Benefit Corporation, and the reporting persons reserve all rights.
(b)	Ludmila Smolyansky has sole power to vote or direct the vote of, and sole power to dispose or direct the disposition of, 712,823 shares of Common Stock, and shared power to vote or direct the vote of, and shared power to dispose or direct the disposition of, 75,000 shares of Common Stock held by the Ludmila and Edward Smolyansky Family Foundation, of which Ludmila Smolyansky is a director. Edward Smolyansky has sole power to vote or direct the vote of, and sole power to dispose or direct the disposition of, 2,385,975 shares of Common Stock, which includes the 1,233,333 shares beneficially owned by the Edward Smolyansky Trust and 100,000 shares held by his son, and shared power to vote or direct the vote of, and shared power to dispose or direct the disposition of, 500,000 shares of Common Stock held by Smolyansky Family Holdings LLC, over which Edward Smolyansky and Julie Smolyansky share voting power and dispositive power, 75,000 shares of Common Stock held by the Ludmila and Edward Smolyansky Family Foundation, of which Edward Smolyansky is a director. Each of Ludmila Smolyansky and Edward Smolyansky disclaims beneficial ownership of the 75,000 shares held by the Ludmila and Edward Smolyansky Family Foundation. Edward Smolyansky disclaims beneficial ownership of shares held by Smolyansky Family Holdings LLC, except to the extent of any pecuniary interest therein, and disclaims beneficial ownership of the shares held by his son. The Edward Smolyansky Trust has sole power to vote or direct the vote of, and sole power to dispose or direct the disposition of, 1,233,333 shares of Common Stock. The Filing Persons together have sole power to vote or direct the vote of, and sole power to dispose or direct the disposition of, 3,173,798 shares of Common Stock, and shared power to vote or direct the vote of, and shared power to dispose or direct the disposition of, 500,000 shares of Common Stock.
(c)	(c) There have been no transactions in the shares of Common Stock by any of the filing persons during the past sixty days, other than the following sales of Common Stock by the Ludmila Smolyansky Trust 2/1/05 (the "LS Trust"), of which Ludmila Smolyansky is the trustee, and by Edward Smolyansky, in each case in ordinary broker transactions entered into on the dates shown: Seller: LS Trust Date: April 20, 2026 Number of Shares: 15,000 Price: $26.50 LS Trust Date: May 15, 2026 Number of Shares: 20,000 Price: $24.64 Edward Smolyansky Date: May 14, 2026 Number of Shares: 22,818 Price: $25.25 Edward Smolyansky Date: May 14, 2026 Number of Shares: 2,182 Price: $26.28 Edward Smolyansky Date: May 15, 2026 Number of Shares: 11,388 Price: $24.21 Edward Smolyansky Date: May 15, 2026 Number of Shares: 12,612 Price: $25.46

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ludmila Smolyansky

Signature:	/s/ Ludmila Smolyansky
Name/Title:	Ludmila Smolyansky
Date:	05/20/2026

Edward Smolyansky

Signature:	/s/ Edward Smolyansky
Name/Title:	Edward Smolyansky
Date:	05/20/2026

The Edward Smolyansky Trust 2/2/16

Signature:	/s/ Edward Smolyansky
Name/Title:	Edward Smolyansky, Trustee
Date:	05/20/2026

FAQ

How much of Lifeway Foods (LWAY) stock do the filing persons report owning?

The filing persons together report beneficial ownership of 3,673,798 Lifeway Foods common shares, representing about 24.5% of the company. This figure is based on 15,025,478 shares outstanding as of May 19, 2026, as calculated under Rule 13d-3.

What are Ludmila Smolyansky’s reported holdings in Lifeway Foods (LWAY)?

Ludmila Smolyansky is reported as beneficial owner of 787,823 Lifeway Foods common shares, representing approximately 5.2% of the outstanding stock. She has sole voting and dispositive power over 712,823 shares and shared power over 75,000 shares held by a family foundation.

How many Lifeway Foods (LWAY) shares does Edward Smolyansky report beneficially owning?

Edward Smolyansky is reported as beneficial owner of 2,960,975 Lifeway Foods common shares, or about 19.7% of the company. This includes shares held directly, by the Edward Smolyansky Trust, and by his son, plus shared power over additional shares through related entities.

What does the Edward Smolyansky Trust hold in Lifeway Foods (LWAY)?

The Edward Smolyansky Trust is reported to beneficially own 1,233,333 Lifeway Foods common shares, representing about 8.2% of the outstanding stock. The trust has sole voting and sole dispositive power over these shares, with no reported shared voting or dispositive authority.

What recent Lifeway Foods (LWAY) share sales are disclosed in this Schedule 13D/A?

The filing lists ordinary broker sales during April and May 2026. The LS Trust sold 15,000 shares at $26.50 and 20,000 shares at $24.64, while Edward Smolyansky sold several blocks including 22,818 shares at $25.25 and 12,612 shares at $25.46 per share.

What share count does the filing use to calculate Lifeway Foods (LWAY) ownership percentages?

Ownership percentages are calculated using 15,025,478 Lifeway Foods common shares outstanding as of May 19, 2026. This figure is derived from a prospectus supplement and adjusted for an estimated share repurchase referenced in that document, consistent with Rule 13d-3 requirements.