# EDGAR Filing Document

**Accession Number:** 0000016859
**File Stem:** 0001213900-25-124042
**Filing Date:** 2025-12
**Character Count:** 57478
**Document Hash:** 56d0995a5237c3e5cd0994cdf9ae02b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-124042.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001213900-25-124042

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Scully Royalty Ltd.
- **CENTRAL INDEX KEY:** 0000016859
- **STANDARD INDUSTRIAL CLASSIFICATION:** MINERAL ROYALTY TRADERS [6795]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 131818111
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-54859
- **FILM NUMBER:** 251589035

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O ROOM 2302, 23/F, ORIENTAL CENTER
- **STREET 2:** 31 WUJIANG ROAD
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** (844) 331-3343

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O ROOM 2302, 23/F, ORIENTAL CENTER
- **STREET 2:** 31 WUJIANG ROAD
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFC BANCORP LTD.
- **DATE OF NAME CHANGE:** 20160216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFC Industrial Ltd.
- **DATE OF NAME CHANGE:** 20110930

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TERRA NOVA ROYALTY Corp
- **DATE OF NAME CHANGE:** 20100330
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SUBIN NEIL S
- **CENTRAL INDEX KEY:** 0001201333

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 2336 S.E. OCEAN BOULEVARD, #400
- **CITY:** STUART
- **STATE:** FL
- **ZIP:** 34996

## Exhibit 99.2

**Exhibit 2**

Digitally signed by Advance Performance Exponents Inc.<br> Date: 2025.12.19 14:18:07 -05:00<br> Reason: Apex Certified <br> Location: Apex

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|:---|:---|:---|
| **FSD2025-0359** | **Page 1 of 3** | **2025-12-19** |

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![](ex99-2_001.jpg)

**IN THE GRAND COURT OF THE CAYMAN ISLANDS**

**FINANCIAL SERVICES DIVISION**

**FSD CAUSE NO: 359 of 2025 (NSJ)**

**IN THE MATTER OF SCULLY ROYALTY LTD.**

**BETWEEN:**

**MILFAM LLC**

**PLAINTIFF**

**V** 

**SCULLY ROYALTY LTD.**

**DEFENDANT**

**ORDER**

**UPON** the Originating Summons dated 10 December 2025 (the **"Originating Summons")**

**UPON** reading the First Affidavit of Skyler Wichers sworn on 10 December 2025, the First Affidavit of Samuel Morrow signed but unsworn on 18 December 2025, the First Affirmation of Rod Talaifar affirmed on 17 December 2025, and the Second Affidavit of Skyler Wichers sworn on 18 December 2025, and their respective exhibits

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| | |
|:---|:---|
| **FSD2025-0359** | **2025-12-19** |

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|:---|:---|:---|
| **FSD2025-0359** | **Page 2 of 3** | **2025-12-19** |

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**AND UPON** heading Leading Counsel for the Plaintiff and the Defendant respectively in Chambers on 19 December 2025

**IT IS HEREBY DECLARED THAT:**

1. The Plaintiffs Notice of Director Nomination dated 25 November
2025 and served on the Defendant on equal date was validly delivered within the time period set out in, and in compliance with, the requirements
as to timing contained in Article 20.2 of the Amended and Restated Memorandum and Articles of Association of the Defendant adopted by
special resolution dated 12 July 2017.

**IT IS HEREBY ORDERED THAT:**

1. The Defendant shall pay the Plaintiffs costs of and occasioned
by the Originating Summons, to be taxed on the standard basis if not agreed.

2. Liberty to apply upon one business day's notice.

**DATED** the 19<sup>th</sup> day of December 2025

**FILED** the 19<sup>th</sup> day of December 2025

![](ex99-2_002.jpg)

**THE HONOURABLE JUSTICE SEGAL <br> JUDGE OF THE GRAND COURT**

**THIS ORDER** is filed by Walkers (Cayman) LLP, attorneys-at-law for the Plaintiff, whose address for service is 190 Elgin Avenue, George Town, Grand Cayman KY1-9001, Cayman Islands.

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| | |
|:---|:---|
| **FSD2025-0359** | **2025-12-19** |

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|:---|:---|:---|
| **FSD2025-0359** | **Page 3 of 3** | **2025-12-19** |

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| | |
|:---|:---|
| Agreed as to form and content. |  |
| /s/ Walkers (Cayman) LLP | /s/ AMRL (Cayman) Limited |
| Walkers (Cayman) LLP | AMRL (Cayman) Limited |
| Attorneys-at-law for the Plaintiff | Attorneys-at-law for the Defendant |

---

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| | |
|:---|:---|
| **FSD2025-0359** | **2025-12-19** |

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### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 5)**

**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,**<br>2336 SE Ocean Blvd.<br>Suite 400<br>Stuart FL 34996<br>(561) 287-5399

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

**12/19/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Neil S. Subin** | Name of reporting person<br>**Neil S. Subin** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1985952.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1985952.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1985952.00** | Aggregate amount beneficially owned by each reporting person<br>**1985952.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.0%** | Percent of class represented by amount in Row (11)<br>**13.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for 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. 5 to Schedule 13D (this "Amendment No. 5") 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).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MILFAM LLC** | Name of reporting person<br>**MILFAM LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1957597.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1957597.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1957597.00** | Aggregate amount beneficially owned by each reporting person<br>**1957597.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.9%** | Percent of class represented by amount in Row (11)<br>**12.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for 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. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Alimco Re Ltd.** | Name of reporting person<br>**Alimco Re Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D0** | Citizenship or place of organization<br>**D0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**166320.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**166320.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**166320.00** | Aggregate amount beneficially owned by each reporting person<br>**166320.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.1%** | Percent of class represented by amount in Row (11)<br>**1.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Catherine C. Miller Irrevocable Trust** | Name of reporting person<br>**Catherine C. Miller Irrevocable Trust** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**31033.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**31033.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**31033.00** | Aggregate amount beneficially owned by each reporting person<br>**31033.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.2%** | Percent of class represented by amount in Row (11)<br>**0.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Catherine C Miller Trust A-3** | Name of reporting person<br>**Catherine C Miller Trust A-3** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**22456.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**22456.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**22456.00** | Aggregate amount beneficially owned by each reporting person<br>**22456.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.1%** | Percent of class represented by amount in Row (11)<br>**0.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Catherine C Miller Revocable Trust** | Name of reporting person<br>**Catherine C Miller Revocable Trust** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**215042.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**215042.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**215042.00** | Aggregate amount beneficially owned by each reporting person<br>**215042.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.4%** | Percent of class represented by amount in Row (11)<br>**1.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Kimberley S. Miller GST Trust** | Name of reporting person<br>**Kimberley S. Miller GST Trust** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**20658.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**20658.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**20658.00** | Aggregate amount beneficially owned by each reporting person<br>**20658.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.1%** | Percent of class represented by amount in Row (11)<br>**0.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**LIMFAM LLC** | Name of reporting person<br>**LIMFAM LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**188687.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**188687.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**188687.00** | Aggregate amount beneficially owned by each reporting person<br>**188687.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.2%** | Percent of class represented by amount in Row (11)<br>**1.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**LIM III Estate LLC** | Name of reporting person<br>**LIM III Estate LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**163005.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**163005.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**163005.00** | Aggregate amount beneficially owned by each reporting person<br>**163005.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.1%** | Percent of class represented by amount in Row (11)<br>**1.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Lloyd I. Miller Trust A-1** | Name of reporting person<br>**Lloyd I. Miller Trust A-1** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**64715.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**64715.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**64715.00** | Aggregate amount beneficially owned by each reporting person<br>**64715.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.4%** | Percent of class represented by amount in Row (11)<br>**0.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Catherine C Miller Estate** | Name of reporting person<br>**Catherine C Miller Estate** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**28355.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**28355.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**28355.00** | Aggregate amount beneficially owned by each reporting person<br>**28355.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.2%** | Percent of class represented by amount in Row (11)<br>**0.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Lloyd I. Miller, III Irrevocable Trust** | Name of reporting person<br>**Lloyd I. Miller, III Irrevocable Trust** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5330.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5330.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5330.00** | Aggregate amount beneficially owned by each reporting person<br>**5330.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.0%** | Percent of class represented by amount in Row (11)<br>**0.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Miller Great Grandchildren Trust** | Name of reporting person<br>**Miller Great Grandchildren Trust** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**32693.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**32693.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**32693.00** | Aggregate amount beneficially owned by each reporting person<br>**32693.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.2%** | Percent of class represented by amount in Row (11)<br>**0.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Susan F. Miller Spousal Trust A-4** | Name of reporting person<br>**Susan F. Miller Spousal Trust A-4** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**176735.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**176735.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**176735.00** | Aggregate amount beneficially owned by each reporting person<br>**176735.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.2%** | Percent of class represented by amount in Row (11)<br>**1.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Miller Family Education and Medical Trust** | Name of reporting person<br>**Miller Family Education and Medical Trust** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**176734.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**176734.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**176734.00** | Aggregate amount beneficially owned by each reporting person<br>**176734.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.2%** | Percent of class represented by amount in Row (11)<br>**1.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MILFAM I L.P.** | Name of reporting person<br>**MILFAM I L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**150282.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**150282.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**150282.00** | Aggregate amount beneficially owned by each reporting person<br>**150282.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.0%** | Percent of class represented by amount in Row (11)<br>**1.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MILFAM II L.P.** | Name of reporting person<br>**MILFAM II L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**428563.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**428563.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**428563.00** | Aggregate amount beneficially owned by each reporting person<br>**428563.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.8%** | Percent of class represented by amount in Row (11)<br>**2.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MILFAM III LLC** | Name of reporting person<br>**MILFAM III LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**26611.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**26611.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26611.00** | Aggregate amount beneficially owned by each reporting person<br>**26611.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.2%** | Percent of class represented by amount in Row (11)<br>**0.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

| **CUSIP No.** | **G7T96K107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Susan F. Miller** | Name of reporting person<br>**Susan F. Miller** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**40250.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**40250.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**40250.00** | Aggregate amount beneficially owned by each reporting person<br>**40250.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.3%** | Percent of class represented by amount in Row (11)<br>**0.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K).

**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, F4, 200336

EXPLANATORY NOTE

This Amendment No. 5 to Schedule 13D ("Amendment No. 5") 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 and December 8, 2025 (collectively, the "Original Schedule 13D"), to provide an update on the December 19, 2025 hearing before the Honorable Justice Segal in the Grand Court of the Cayman Islands in Cause No: FSD 359 of 2025 (NSJ) named In the Matter of Scully Royalty Ltd. (the "Issuer") between MILFAM LLC ("Milfam") and the Issuer and to file as an exhibit the Order issued by Grand Court of the Cayman Islands in the proceeding. Except as modified in the cover pages and below, this Amendment No. 5 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 19, 2025, following a hearing before the Honorable Justice Segal in the Grand Court of the Cayman Islands in Cause No: FSD 359 of 2025 (NSJ) named In the Matter of Scully Royalty Ltd. between Milfam and the Issuer, the Grand Court of the Cayman Islands issued an Order declaring that the Milfam "...Notice of Director Nomination dated 25 November 2025 and served upon the [Issuer] on equal date was validly delivered within the time period set out in, and in compliance with, the requirements as to timing contained in Article 20.2 of the Issuer's Amended and Restated Memorandum and Articles of Association adopted by special resolution dated 12 July 2017."

### 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.

**Reporting Person:** Neil S. Subin

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin

**Date:** 12/19/2025

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.

**Reporting Person:** MILFAM LLC

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Manager

**Date:** 12/19/2025

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.

**Reporting Person:** Alimco Re Ltd.

**Signature:** /s/ Dylan Cariero

**Name/Title:** Dylan Cariero/Chief Executive Officer

**Date:** 12/19/2025

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.

**Reporting Person:** Catherine C. Miller Irrevocable Trust

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Trustee

**Date:** 12/19/2025

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.

**Reporting Person:** Catherine C Miller Trust A-3

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Manager

**Date:** 12/19/2025

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.

**Reporting Person:** Catherine C Miller Revocable Trust

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Manager

**Date:** 12/19/2025

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.

**Reporting Person:** Kimberley S. Miller GST Trust

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Trustee

**Date:** 12/19/2025

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.

**Reporting Person:** LIMFAM LLC

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Manager

**Date:** 12/19/2025

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.

**Reporting Person:** LIM III Estate LLC

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Manager

**Date:** 12/19/2025

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.

**Reporting Person:** Lloyd I. Miller Trust A-1

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Manager

**Date:** 12/19/2025

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.

**Reporting Person:** Catherine C Miller Estate

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Personal Representative

**Date:** 12/19/2025

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.

**Reporting Person:** Lloyd I. Miller, III Irrevocable Trust

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Trustee

**Date:** 12/19/2025

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.

**Reporting Person:** Miller Great Grandchildren Trust

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Trustee

**Date:** 12/19/2025

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.

**Reporting Person:** Susan F. Miller Spousal Trust A-4

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Trustee

**Date:** 12/19/2025

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.

**Reporting Person:** Miller Family Education and Medical Trust

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Trustee

**Date:** 12/19/2025

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.

**Reporting Person:** MILFAM I L.P.

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Manager

**Date:** 12/19/2025

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.

**Reporting Person:** MILFAM II L.P.

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Manager

**Date:** 12/19/2025

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.

**Reporting Person:** MILFAM III LLC

**Signature:** /s/ Neil S. Subin

**Name/Title:** Neil S. Subin/Manager

**Date:** 12/19/2025

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.

**Reporting Person:** Susan F. Miller

**Signature:** /s/ Susan F. Miller

**Name/Title:** Susan F. Miller

**Date:** 12/19/2025