X0609 4 2026-05-14 0 0000814586 Lifeway Foods, Inc. LWAY 0001901865 Divisadero Street Capital Management, LP false 3480 MAIN HIGHWAY SUITE 204 MIAMI FL 33133 0 0 1 0 0001886714 Divisadero Street Partners, L.P. false 3480 MAIN HIGHWAY SUITE 204 MIAMI FL 33133 0 0 1 0 0 Common Stock, No Par Value 2026-05-14 4 P 0 95371 25.2365 A 2031866 I See Footnote Common Stock, No Par Value 2026-05-14 4 P 0 1500 22.9794 A 2033366 I See Footnote Common Stock, No Par Value 2026-05-14 4 P 0 35000 26.3251 A 2068366 I See Footnote Common Stock, No Par Value 2026-05-15 4 P 0 33174 25.2695 A 2101540 I See Footnote The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.1592 - $25.4584. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in footnote (1) to this Form 4. The reported securities are owned directly by Divisadero Street Partners, L.P. (the "Fund"), which is a private investment fund managed by Divisadero Street Capital Management, LP (the "Adviser"), and may be deemed to be indirectly beneficially owned by (i) the Adviser, (ii) Divisadero Street Capital, LLC (the "Adviser GP"), the general partner of the Adviser, (iii) Divisadero Street Partners GP, LLC (the "Fund GP"), the general partner of the Fund, and (iv) William Zolezzi, the manager of both the Adviser GP and the Fund GP. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.1845 - $25.3121. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in footnote (3) to this Form 4. The Adviser GP, Fund GP, and William Zolezzi will be reported as Reporting Persons on a subsequent Form 4 once CIK codes are received. Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its or his pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Divisadero Street Capital Management, LP, By: Divisadero Street Capital, LLC, its general partner, By: /s/ William Zolezzi, Manager 2026-05-18 Divisadero Street Partners, L.P., By: Divisadero Street Partners GP, LLC, its general partner, By: /s/ William Zolezzi, Manager 2026-05-18