Scully Royalty (SRL) investor group reports 13% stake and board changes

Rhea-AI Filing Summary

Scully Royalty Ltd. received an updated ownership and governance disclosure from the Miller/Subin group through Amendment No. 6 to a Schedule 13D. Neil S. Subin reports beneficial ownership of 1,985,952 common shares, representing 13.0% of Scully Royalty’s common shares, based on 15,226,351 shares outstanding as of November 24, 2025. MILFAM LLC separately reports beneficial ownership of 1,957,597 shares, or 12.9%, with multiple Miller family trusts and related entities listed as record owners.

The amendment mainly updates the results of the annual general meeting held on December 27, 2025, where shareholders elected Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers to the board. The filing notes that Wichers is Vice President of MILFAM LLC and a director of Alimco Financial Corporation, and that Alan Howe is also an Alimco director. Both Wichers and Howe disclaim beneficial ownership of Scully Royalty common shares held by MILFAM and Alimco Re.

Insights

Governance and activism analyst

Large holder discloses 13% stake and reports a refreshed Scully Royalty board.

The Miller/Subin group, led by Neil S. Subin and MILFAM LLC, reports beneficial ownership of significant positions in Scully Royalty Ltd.: Subin at 1,985,952 common shares, or 13.0%, and MILFAM LLC at 1,957,597 shares, or 12.9%, based on 15,226,351 common shares outstanding as of November 24, 2025. These stakes are spread across numerous Miller family trusts and affiliated entities, indicating a coordinated, long-standing shareholder bloc.

The amendment centers on governance, updating that at the December 27, 2025 annual meeting shareholders elected Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers to the board. The text highlights that Wichers is Vice President of MILFAM LLC and a director of Alimco Financial Corporation, and that Howe is also an Alimco director, while both expressly disclaim beneficial ownership of Scully Royalty common shares held by MILFAM and Alimco Re. This links key board members to entities associated with the reporting group, but the amendment does not describe strategic plans or transactions; it primarily formalizes ownership and board composition information.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

Scully Royalty Ltd.

(Name of Issuer)

Common Shares, par value $0.001 per share

(Title of Class of Securities)

G7T96K107

(CUSIP Number)

Neil S. Subin
2336 SE Ocean Blvd, Suite 400,
Stuart, FL, 34996
(561) 287-539

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

12/27/2025

(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).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

Neil S. Subin

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)

AF, PF, 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 0.00
8	Shared Voting Power 1,985,952.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,985,952.00

11

Aggregate amount beneficially owned by each reporting person

1,985,952.00

12

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

13

Percent of class represented by amount in Row (11)

13.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note to Rows 8, 9, 10 and 11: Represents (i) 48,483 common shares owned of record by MILFAM LLC; (ii) 31,033 common shares, par value $0.001 per share ("common shares"), of Scully Royalty Ltd. (the "Issuer") owned of record by Catherine C. Miller Irrevocable Trust; (iii) 22,456 common shares owned of record by Catherine C Miller Trust A-3; (iv) 215,042 common shares owned of record by Catherine C Miller Revocable Trust; (v) 20,658 common shares owned of record by Kimberley S. Miller GST Trust; (vi) 188,687 common shares owned of record by LIMFAM LLC; (vii) 163,005 common shares owned of record by LIM III Estate LLC; (viii) 64,715 common shares owned of record by Lloyd I. Miller Trust A-1; (ix) 28,355 common shares owned of record by Catherine C Miller Estate; (x) 5,330 common shares owned of record by Lloyd I. Miller, III Irrevocable Trust; (xi) 32,693 common shares owned of record by Miller Great Grandchildren Trust; (xii) 176,735 common shares owned of record by Susan F. Miller Spousal Trust A-4; (xiii) 176,734 common shares owned of record by Miller Family Education and Medical Trust; (xiv) 150,282 common shares owned of record by MILFAM I L.P.; (xv) 428,563 common shares owned of record by MILFAM II L.P.; (xvi) 26,611 common shares owned of record by MILFAM III LLC; (xvii) 40,250 common shares owned of record by Susan F. Miller; and (xviii) 166,320 common shares owned of record by Alimco Re Ltd. Mr. Subin is the President and Manager of MILFAM LLC, which serves as manager, general partner, or advisor of a number of the foregoing entities formerly managed or advised by the late Lloyd I. Miller, III, and he also serves as trustee of a number of the foregoing trusts for the benefit of the family of the late Mr. Lloyd I. Miller, III, consequently, he may be deemed the beneficial owner of the shares specified in clauses (i) through (xviii) of the preceding sentence. Mr. Subin disclaims beneficial ownership of any shares other than to the extent he may have a pecuniary interest therein. Note to Row 13: The percentage reported in this Amendment No. 6 to Schedule 13D (this "Amendment No. 6") is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Issuer's Current Report on Form 6-K ("Form 6-K") as filed with the U.S. Securities and Exchange Commission on December 5, 2025).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

MILFAM LLC

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)

AF, PF, OO

5

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

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,957,597.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,957,597.00

11

Aggregate amount beneficially owned by each reporting person

1,957,597.00

12

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

13

Percent of class represented by amount in Row (11)

12.9 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Rows 8, 10 and 11: Represents (i) 22,456 common shares owned of record by Catherine C Miller Trust A-3; (ii) 215,042 common shares owned of record by Catherine C Miller Revocable Trust; (iii) 188,687 common shares owned of record by LIMFAM LLC; (iv) 163,005 common shares owned of record by LIM III Estate LLC; (v) 64,715 common shares owned of record by Lloyd I. Miller Trust A-1; (vi) 176,735 common shares owned of record by Susan F. Miller Spousal Trust A-4; (vii) 176,734 common shares owned of record by Miller Family Education and Medical Trust; (viii) 150,282 common shares owned of record by MILFAM I L.P.; (ix) 428,563 common shares owned of record by MILFAM II L.P.; (x) 26,611 common shares owned of record by MILFAM III LLC; (xi) 48,483 common shares owned of record by MILFAM LLC; (xii) 166,320 common shares owned of record by Alimco Re Ltd.; (xiii) 31,033 common shares owned of record by Catherine C. Miller Irrevocable Trust; (xiv) 20,658 common shares owned of record by Kimberley S. Miller GST Trust; (xv) 32,693 common shares owned of record by Miller Great Grandchildren Trust; (xvi) 5,330 common shares owned of record by Lloyd I. Miller, III Irrevocable Trust; and (xvii) 40,250 common shares owned of record by Susan F. Miller. MILFAM LLC serves as manager, general partner, or advisor of the foregoing entities formerly managed or advised by the late Lloyd I. Miller, III, consequently, it may be deemed the beneficial owner of the shares specified in clauses (i) through (xvii) of the preceding sentence. MILFAM LLC disclaims beneficial ownership of any shares other than to the extent it may have a pecuniary interest therein. Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

Alimco Re Ltd.

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)

WC

5

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

6

Citizenship or place of organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 166,320.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 166,320.00

11

Aggregate amount beneficially owned by each reporting person

166,320.00

12

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

13

Percent of class represented by amount in Row (11)

1.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

Catherine C. Miller Irrevocable Trust

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)

PF

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 0.00
8	Shared Voting Power 31,033.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 31,033.00

11

Aggregate amount beneficially owned by each reporting person

31,033.00

12

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

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

Catherine C Miller Trust A-3

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)

PF

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 0.00
8	Shared Voting Power 22,456.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,456.00

11

Aggregate amount beneficially owned by each reporting person

22,456.00

12

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

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

Catherine C Miller Revocable Trust

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)

PF

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 0.00
8	Shared Voting Power 215,042.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 215,042.00

11

Aggregate amount beneficially owned by each reporting person

215,042.00

12

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

13

Percent of class represented by amount in Row (11)

1.4 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

Kimberley S. Miller GST Trust

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)

PF

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 0.00
8	Shared Voting Power 20,658.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 20,658.00

11

Aggregate amount beneficially owned by each reporting person

20,658.00

12

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

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

LIMFAM LLC

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)

WC

5

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

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 188,687.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 188,687.00

11

Aggregate amount beneficially owned by each reporting person

188,687.00

12

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

13

Percent of class represented by amount in Row (11)

1.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

LIM III Estate LLC

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)

PF

5

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

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 163,005.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 163,005.00

11

Aggregate amount beneficially owned by each reporting person

163,005.00

12

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

13

Percent of class represented by amount in Row (11)

1.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

Lloyd I. Miller Trust A-1

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)

PF

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 0.00
8	Shared Voting Power 64,715.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 64,715.00

11

Aggregate amount beneficially owned by each reporting person

64,715.00

12

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

13

Percent of class represented by amount in Row (11)

0.4 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

Catherine C Miller Estate

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)

PF

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 0.00
8	Shared Voting Power 28,355.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 28,355.00

11

Aggregate amount beneficially owned by each reporting person

28,355.00

12

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

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

Lloyd I. Miller, III Irrevocable Trust

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)

PF

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 0.00
8	Shared Voting Power 5,330.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,330.00

11

Aggregate amount beneficially owned by each reporting person

5,330.00

12

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

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

Miller Great Grandchildren Trust

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)

PF

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 0.00
8	Shared Voting Power 32,693.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 32,693.00

11

Aggregate amount beneficially owned by each reporting person

32,693.00

12

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

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

Susan F. Miller Spousal Trust A-4

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)

PF

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 0.00
8	Shared Voting Power 176,735.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 176,735.00

11

Aggregate amount beneficially owned by each reporting person

176,735.00

12

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

13

Percent of class represented by amount in Row (11)

1.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

Miller Family Education and Medical Trust

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)

PF

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 0.00
8	Shared Voting Power 176,734.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 176,734.00

11

Aggregate amount beneficially owned by each reporting person

176,734.00

12

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

13

Percent of class represented by amount in Row (11)

1.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

MILFAM I L.P.

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)

WC

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 0.00
8	Shared Voting Power 150,282.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 150,282.00

11

Aggregate amount beneficially owned by each reporting person

150,282.00

12

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

13

Percent of class represented by amount in Row (11)

1.0 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

MILFAM II L.P.

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)

WC

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 0.00
8	Shared Voting Power 428,563.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 428,563.00

11

Aggregate amount beneficially owned by each reporting person

428,563.00

12

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

13

Percent of class represented by amount in Row (11)

2.8 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

MILFAM III LLC

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)

WC

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 0.00
8	Shared Voting Power 26,611.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 26,611.00

11

Aggregate amount beneficially owned by each reporting person

26,611.00

12

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

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

CUSIP No. G7T96K107

1

Name of reporting person

Susan F. Miller

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)

PF

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 0.00
8	Shared Voting Power 40,250.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 40,250.00

11

Aggregate amount beneficially owned by each reporting person

40,250.00

12

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

13

Percent of class represented by amount in Row (11)

0.3 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note to Row 13: The percentage reported in this Amendment No. 6 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, par value $0.001 per share
(b)	Name of Issuer: Scully Royalty Ltd.
(c)	Address of Issuer's Principal Executive Offices: ROOM 2103 SHANGHAI MART TOWER, 2299 YAN AN ROAD WEST, CHANGNING DISTRICT, SHANGHAI, CHINA , 200336.
Item 1 Comment: EXPLANATORY NOTE This Amendment No. 6 to Schedule 13D ("Amendment No. 6") amends and supplements the Schedule 13D filed by the Reporting Persons on December 11, 2023, as amended on October 8, 2024, November 26, 2025, December 8, 2025, December 8, 2025 and December 19, 2025 (collectively, the "Original Schedule 13D"), to provide an update on the annual general meeting of shareholders of Scully Royalty Ltd. (the "Issuer") held on Saturday, December 27, 2025 at 8:00 a.m. (Hong Kong time) (the "Annual Meeting") and to file as an exhibit a press release issued by MILFAM LLC ("Milfam") on December 29, 2025 regarding the Annual Meeting. At the Annual Meeting, the shareholders of the Issuer elected each of Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers to the board of directors of the Issuer (the "Board"). Except as modified in the cover pages and below, this Amendment No. 6 does not modify any of the information previously reported on the Original Schedule 13D, which remains unchanged.
Item 4.	Purpose of Transaction
	Item 4 of the Original Schedule 13D is amended as follows: On December 27, 2025, the shareholders of the Issuer elected each of Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers to the Board of the Issuer. Skyler Wichers currently serves as Vice President of Milfam and as a member of the board of directors of Alimco Financial Corporation ("Alimco"), the parent company of Alimco Re Ltd., a Bermuda reinsurance company ("Alimco Re"). Mr. Wichers disclaims beneficial ownership of any Common Shares, par value $0.0001 (the "Common Shares"), of the Issuer held by Milfam and Alimco Re. Alan Howe serves as a member of the board of directors of Alimco and disclaims beneficial ownership of the Common Shares of the Issuer held by Alimco Re.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended and supplemented by adding the following: Exhibit 5 Press Release issued by MILFAM LLC, dated December 29, 2025

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.

Neil S. Subin

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin
Date:	12/29/2025

MILFAM LLC

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin / Manager
Date:	12/29/2025

Alimco Re Ltd.

Signature:	/s/ Dylan Cariero
Name/Title:	Dylan Cariero / Chief Executive Officer
Date:	12/29/2025

Catherine C. Miller Irrevocable Trust

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Manager
Date:	12/29/2025

Catherine C Miller Trust A-3

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Manager
Date:	12/29/2025

Catherine C Miller Revocable Trust

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Manager
Date:	12/29/2025

Kimberley S. Miller GST Trust

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Trustee
Date:	12/29/2025

LIMFAM LLC

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Manager
Date:	12/29/2025

LIM III Estate LLC

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Manager
Date:	12/29/2025

Lloyd I. Miller Trust A-1

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Manager
Date:	12/29/2025

Catherine C Miller Estate

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Personal Representative
Date:	12/29/2025

Lloyd I. Miller, III Irrevocable Trust

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Trustee
Date:	12/29/2025

Miller Great Grandchildren Trust

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Trustee
Date:	12/29/2025

Susan F. Miller Spousal Trust A-4

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Trustee
Date:	12/29/2025

Miller Family Education and Medical Trust

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Trustee
Date:	12/29/2025

MILFAM I L.P.

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Manager
Date:	12/29/2025

MILFAM II L.P.

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Manager
Date:	12/29/2025

MILFAM III LLC

Signature:	/s/ Neil S. Subin
Name/Title:	Neil S. Subin/Manager
Date:	12/29/2025

Susan F. Miller

Signature:	/s/ Susan F. Miller
Name/Title:	Susan F. Miller
Date:	12/29/2025

FAQ

What stake in Scully Royalty Ltd. does Neil S. Subin report in this Schedule 13D/A?

Neil S. Subin reports beneficial ownership of 1,985,952 common shares of Scully Royalty Ltd., representing 13.0% of the common shares outstanding, based on 15,226,351 shares outstanding as of November 24, 2025.

How many Scully Royalty Ltd. shares does MILFAM LLC report owning in this filing for SRL?

MILFAM LLC reports beneficial ownership of 1,957,597 common shares of Scully Royalty Ltd., which is 12.9% of the common shares, using 15,226,351 shares outstanding as of November 24, 2025 as the reference.

What changes to Scully Royalty Ltd.’s board are disclosed in this Schedule 13D/A amendment for SRL?

The amendment reports that at the December 27, 2025 annual general meeting, shareholders elected Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers to Scully Royalty Ltd.’s board of directors.

How is the Miller/Subin group’s ownership of Scully Royalty Ltd. structured across entities?

The filing explains that the reported holdings are spread across multiple Miller family trusts and entities, including MILFAM LLC, various MILFAM limited partnerships, Alimco Re Ltd., and a range of Miller family trusts and estates, with Subin and MILFAM potentially deemed beneficial owners through management and trustee roles.

What role do Alimco-related entities play in the Scully Royalty Ltd. ownership disclosed here?

Alimco Re Ltd. is listed as owning 166,320 common shares, or 1.1% of Scully Royalty Ltd. The filing notes that Skyler Wichers and Alan Howe serve on the board of Alimco Financial Corporation, Alimco Re’s parent, and both disclaim beneficial ownership of Scully Royalty common shares held by MILFAM and Alimco Re.

What reference share count does this Scully Royalty Ltd. Schedule 13D/A use to calculate ownership percentages?

All reported ownership percentages are calculated using 15,226,351 common shares outstanding as of November 24, 2025, as stated in Scully Royalty Ltd.’s Form 6-K filed on December 5, 2025.