Lifeway Foods, Inc. ownership disclosure: a group of related reporting persons led by Divisadero Street reports beneficial ownership of 2,101,540 shares of common stock, representing 13.8% of the class. The filing names Divisadero Street Capital Management, LP; Divisadero Street Partners, L.P.; Divisadero Street Partners GP, LLC; Divisadero Street Capital, LLC; and William Zolezzi as reporting persons and shows shared voting and dispositive power over the same 2,101,540 shares. Signatures are dated 05/18/2026 and the cover indicates an amendment.
Positive
None.
Negative
None.
Insights
Consolidated 13.8% position reported across affiliated entities.
The filing lists 2,101,540 shares (13.8%) as beneficially owned by affiliated investment vehicles and an individual, with shared voting and shared dispositive power reported for each entity. The signature block shows joint filing and standard disclaimers about beneficial ownership.
This structure signals a coordinated ownership stake held through advisory clients and affiliated entities; subsequent disclosures or Schedule 13D would be required if activism or changes in intent occur.
Amendment corrects or updates prior Schedule 13 filings with identical share counts.
The document is an amendment (Amendment No. 2) to a Schedule 13 filing and includes Exhibit A (Joint Filing Agreement) and Exhibit B (Control Person Identification). Each reporting person disclaims beneficial ownership except to the extent of pecuniary interest.
Filing mechanics and attribution are explicit; any change in ownership percentage or control would require future amended disclosures.
Key Figures
Reported shares beneficially owned:2,101,540 sharesPercent of class:13.8%Sole voting power:0+2 more
5 metrics
Reported shares beneficially owned2,101,540 sharesAmount reported for each affiliated reporting person
Percent of class13.8%Percent of class reported alongside the share count
Sole voting power0Sole voting power reported as zero for each reporting person
Shared voting/dispositive power2,101,540 sharesShared voting and shared dispositive power reported for each reporting person
Signature date05/18/2026Date appearing in the signature block of the filing
"Amount beneficially owned: Divisadero Street Capital Management, LP - 2,101,540"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerregulatory
"Shared Dispositive Power 2,101,540.00"
Schedule 13G/Aregulatory
"form_type: SCHEDULE 13G/A"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Joint Filing Agreementregulatory
"Exhibit A - Joint Filing Agreement Exhibit B - Control Person"
How many Lifeway Foods (LWAY) shares does Divisadero report owning?
Divisadero reports beneficial ownership of 2,101,540 shares (13.8%). The amount is reported for each affiliated reporting person and for William Zolezzi, with shared voting and dispositive power over those shares.
Which entities filed the Schedule 13G/A for LWAY?
The filing was made by Divisadero Street Capital Management, LP, Divisadero Street Partners, L.P., Divisadero Street Partners GP, LLC, Divisadero Street Capital, LLC, and William Zolezzi. Addresses are listed at 3480 Main Highway, Suite 204, Miami, FL.
Does the filing show sole voting or dispositive power over the reported shares?
No; the filing shows 0 sole voting and sole dispositive power and reports 2,101,540 shares of shared voting and shared dispositive power for each reporting person.
When was this Schedule 13G/A amendment signed?
The signature block is dated 05/18/2026 and the cover references 05/14/2026; the filing is labeled as Amendment No. 2 to the Schedule 13G/A submitted on behalf of the reporting persons.
Are the reported securities owned on behalf of other clients or persons?
Yes; the filing states the securities are directly owned by advisory clients of Divisadero Street Capital Management, LP, and that, except for Divisadero Street Partners, L.P., no single advisory client is reported as owning more than 5% of the class.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Lifeway Foods, Inc.
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
531914109
(CUSIP Number)
05/14/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
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
2,101,540.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,101,540.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,101,540.00
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)
13.8 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
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
2,101,540.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,101,540.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,101,540.00
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)
13.8 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
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
2,101,540.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,101,540.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,101,540.00
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)
13.8 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
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
2,101,540.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,101,540.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,101,540.00
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)
13.8 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP Number(s):
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
2,101,540.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,101,540.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,101,540.00
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)
13.8 %
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 - 2,101,540
William Zolezzi - 2,101,540
Divisadero Street Partners, L.P. - 2,101,540
Divisadero Street Partners GP, LLC - 2,101,540
Divisadero Street Capital, LLC - 2,101,540
(b)
Percent of class:
Divisadero Street Capital Management, LP - 13.8%
William Zolezzi - 13.8%
Divisadero Street Partners, L.P. - 13.8%
Divisadero Street Partners GP, LLC - 13.8%
Divisadero Street Capital, LLC - 13.8%
(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 - 2,101,540
William Zolezzi - 2,101,540
Divisadero Street Partners, L.P. - 2,101,540
Divisadero Street Partners GP, LLC - 2,101,540
Divisadero Street Capital, LLC - 2,101,540
(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 - 2,101,540
William Zolezzi - 2,101,540
Divisadero Street Partners, L.P. - 2,101,540
Divisadero Street Partners GP, LLC - 2,101,540
Divisadero Street Capital, LLC - 2,101,540
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:
05/18/2026
William Zolezzi
Signature:
By: /s/ William Zolezzi
Name/Title:
William Zolezzi
Date:
05/18/2026
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:
05/18/2026
Divisadero Street Partners GP, LLC
Signature:
By: /s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
05/18/2026
Divisadero Street Capital, LLC
Signature:
By: /s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
05/18/2026
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
