Divisadero reports 8.9% stake in Lifeway Foods (LWAY)

Rhea-AI Filing Summary

Divisadero Street Capital Management and related entities filed an amended Schedule 13G reporting passive ownership of Lifeway Foods, Inc. common stock. They report beneficial ownership of 1,347,635 shares, equal to 8.9% of Lifeway’s common stock as of 12/31/2025, with shared voting and dispositive power over all reported shares.

The filing explains that all securities are directly owned by advisory clients of Divisadero Street Capital Management, including Divisadero Street Partners, L.P., and that the reporting persons disclaim beneficial ownership beyond their pecuniary interests. They also certify the position is not held for the purpose of influencing control of Lifeway Foods.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Lifeway Foods, Inc.

(Name of Issuer)

Common Stock, no par value

(Title of Class of Securities)

531914109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 531914109

1

Names of Reporting Persons

Divisadero Street Capital Management, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,347,635.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,347,635.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,347,635.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.9 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 531914109

1

Names of Reporting Persons

William Zolezzi

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,347,635.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,347,635.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,347,635.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 531914109

1

Names of Reporting Persons

Divisadero Street Partners, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,347,635.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,347,635.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,347,635.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 531914109

1

Names of Reporting Persons

Divisadero Street Partners GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,347,635.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,347,635.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,347,635.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.9 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 531914109

1

Names of Reporting Persons

Divisadero Street Capital, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,347,635.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,347,635.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,347,635.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.9 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Lifeway Foods, Inc.
(b)	Address of issuer's principal executive offices: 6431 West Oakton, Morton Grove, Illinois 60053
Item 2.
(a)	Name of person filing: Divisadero Street Capital Management, LP William Zolezzi Divisadero Street Partners, L.P. Divisadero Street Partners GP, LLC Divisadero Street Capital, LLC
(b)	Address or principal business office or, if none, residence: Divisadero Street Capital Management, LP 3480 Main Highway, Suite 204 Miami, FL 33133 William Zolezzi c/o Divisadero Street Capital Management, LP 3480 Main Highway, Suite 204 Miami, FL 33133 Divisadero Street Partners, L.P. 3480 Main Highway, Suite 204 Miami, FL 33133 Divisadero Street Partners GP, LLC 3480 Main Highway, Suite 204 Miami, FL 33133 Divisadero Street Capital, LLC 3480 Main Highway, Suite 204 Miami, FL 33133
(c)	Citizenship: Divisadero Street Capital Management, LP - Delaware William Zolezzi - United States Divisadero Street Partners, L.P. - Delaware Divisadero Street Partners GP, LLC - Delaware Divisadero Street Capital, LLC - Delaware
(d)	Title of class of securities: Common Stock, no par value
(e)	CUSIP No.: 531914109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Divisadero Street Capital Management, LP - 1,347,635 William Zolezzi - 1,347,635 Divisadero Street Partners, L.P. - 1,347,635 Divisadero Street Partners GP, LLC - 1,347,635 Divisadero Street Capital, LLC - 1,347,635
(b)	Percent of class: Divisadero Street Capital Management, LP - 8.9% William Zolezzi - 8.9% Divisadero Street Partners, L.P. - 8.9% Divisadero Street Partners GP, LLC - 8.9% Divisadero Street Capital, LLC - 8.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Divisadero Street Capital Management, LP - 0 William Zolezzi - 0 Divisadero Street Partners, L.P. - 0 Divisadero Street Partners GP, LLC - 0 Divisadero Street Capital, LLC - 0
	(ii) Shared power to vote or to direct the vote: Divisadero Street Capital Management, LP - 1,347,635 William Zolezzi - 1,347,635 Divisadero Street Partners, L.P. - 1,347,635 Divisadero Street Partners GP, LLC - 1,347,635 Divisadero Street Capital, LLC - 1,347,635
	(iii) Sole power to dispose or to direct the disposition of: Divisadero Street Capital Management, LP - 0 William Zolezzi - 0 Divisadero Street Partners, L.P. - 0 Divisadero Street Partners GP, LLC - 0 Divisadero Street Capital, LLC - 0
	(iv) Shared power to dispose or to direct the disposition of: Divisadero Street Capital Management, LP - 1,347,635 William Zolezzi - 1,347,635 Divisadero Street Partners, L.P. - 1,347,635 Divisadero Street Partners GP, LLC - 1,347,635 Divisadero Street Capital, LLC - 1,347,635
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. All of the securities reported in this Schedule 13G are directly owned by advisory clients of Divisadero Street Capital Management, LP. None of those advisory clients, other than Divisadero Street Partners, L.P., may be deemed to beneficially own more than 5% of the Common Stock, no par value.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Please see Exhibit B attached hereto.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

Divisadero Street Capital Management, LP

Signature:	By: Divisadero Street Capital LLC, its general partner, By: /s/ William Zolezzi
Name/Title:	William Zolezzi, Manager
Date:	02/13/2026

William Zolezzi

Signature:	/s/ William Zolezzi
Name/Title:	William Zolezzi
Date:	02/13/2026

Divisadero Street Partners, L.P.

Signature:	By: Divisadero Street Partners GP, LLC, its general partner, By: /s/ William Zolezzi
Name/Title:	William Zolezzi, Manager
Date:	02/13/2026

Divisadero Street Partners GP, LLC

Signature:	/s/ William Zolezzi
Name/Title:	William Zolezzi, Manager
Date:	02/13/2026

Divisadero Street Capital, LLC

Signature:	/s/ William Zolezzi
Name/Title:	William Zolezzi, Manager
Date:	02/13/2026

Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.

Exhibit Information

Exhibit A - Joint Filing Agreement Exhibit B - Control Person Identification

FAQ

What stake in Lifeway Foods (LWAY) is reported in this Schedule 13G/A?

The filing reports beneficial ownership of 1,347,635 shares of Lifeway Foods common stock, representing 8.9% of the class as of December 31, 2025. This gives the reporting group a meaningful but minority position in the company.

Who are the reporting persons in the Lifeway Foods (LWAY) Schedule 13G/A?

The reporting persons are Divisadero Street Capital Management, LP, William Zolezzi, Divisadero Street Partners, L.P., Divisadero Street Partners GP, LLC, and Divisadero Street Capital, LLC. They collectively report shared voting and dispositive power over the same block of Lifeway shares.

Is the 8.9% Lifeway Foods (LWAY) position held for control purposes?

The reporting group certifies the Lifeway Foods shares were not acquired and are not held to change or influence control of the company. They state the holdings are not part of any control-related transaction, other than activities tied to certain nomination rules.

Who directly owns the Lifeway Foods (LWAY) shares reported in this 13G/A?

All securities reported are directly owned by advisory clients of Divisadero Street Capital Management, LP, including Divisadero Street Partners, L.P. The reporting persons note that, apart from Divisadero Street Partners, no advisory client may beneficially own more than 5% of Lifeway’s common stock.

What voting and dispositive powers are disclosed over Lifeway Foods (LWAY) shares?

Each reporting person reports zero sole voting or dispositive power and shared voting and shared dispositive power over 1,347,635 Lifeway Foods shares. This means decisions to vote or sell the stock are made jointly under shared authority for the reported block.

How does the Lifeway Foods (LWAY) filing address beneficial ownership status?

Each reporting person disclaims beneficial ownership of the securities beyond their pecuniary interest. They emphasize the report should not be deemed an admission of beneficial ownership for Section 16 or any other legal purpose, limiting how their interest is interpreted.