# EDGAR Filing Document

**Accession Number:** 0000016859
**File Stem:** 0001213900-25-119205
**Filing Date:** 2025-12
**Character Count:** 61370
**Document Hash:** cb7de19ab9412619db1c64e06da8068a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-119205.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001213900-25-119205

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

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**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:** 251555987

**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 99.3

**Exhibit 3**

![](image_001.jpg)

7 December 2025

Our Ref: RB/196523

Sangra Moller LLP

Suite 2200, 1021 Hastings Street

Vancouver BC

Canada V6E 0C3

**Attention: Rod Talaifar**

Dear Sir/Madam

**ANNUAL GENERAL MEETING CONVENED FOR 27 DECEMBER 2025 (THE "MEETING")**

1. We act on behalf of MILFAM LLC, a registered shareholder of Scully Royalty Ltd. (the "**Company** ")
who beneficially holds 1,985,952 shares in the Company (which equates to 13% of all shares in issue by the Company). We refer to your
letter to our client dated 5 December 2025 (received after close of business by our client).

2. Our client's notice nominating directors for election at the Meeting dated 25 November 2025 (the "**Notice** ")
was delivered in accordance with the timing prescribed by Article 20 of the Company's Amended and Restated Articles of Association (the
" **Articles** "). Regrettably, the analysis contained in your letter does not consider the entirety of Article 20.2 of the
Articles which is as follows:

"*A Nominating Shareholder must provide notice to the president of the Company:*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) in the case of an annual general meeting of Members, not less than thirty (30) nor more than sixty-five (65) days prior to the date of such annual general meeting of Members; provided, however, that in the event that the annual general meeting of Members is to be held on a date that is less than fifty (50) days after the notice date on which the first public announcement of the date of such annual general meeting was made, notice by the Member may be given not later than the close of business on the tenth (10th) day following the notice date … .*"

3. It is plainly obvious that there are two courses by which a "*Nominating Shareholder* "
may proceed when nominating directors for election at an annual general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the usual course, notice must be provided between 30 and 65 days prior to the date of an annual general
meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the annual general meeting is held less than 50 days from the first public announcement of the annual
general meeting, notice <u>may</u> be provided not later than 10 days following notice.

**Walkers**

190 Elgin Avenue, George Town

Grand Cayman KY1-9001, Cayman Islands

**T** +1 345 949 0100 **F** +1 345 949 7886 www.walkersglobal.com

Bermuda \| British Virgin Islands \| Cayman Islands \| Dubai \| Guernsey \| Hong Kong \| Ireland \| Jersey \| London \| Singapore

The second course is simply an option open to a "*Nominating Shareholder*" only if the prescribed timing of 50 days from the first public announcement of the annual general meeting is engaged by the Company – this is logical from, *inter alia*, the use of the word "*may*". The "*Nominating Shareholder*" can, in any event, utilise the first course no matter the timing of the annual general meeting.

4. Having hand delivered the Notice to the registered office of the Company and by email to the President
of the Company on 25 November 2025 (and noting that the Company/President has accepted service of the Notice), the Notice was delivered
within the time prescribed by paragraph 3(a) above and is therefore valid and effective.

5. The Form 6-K filed by the Company with the U.S. Securities and Exchange Commission on 5 December 2025
(the "**Form 6-K**") states as follows:

"*Pursuant to the amended and restated memorandum and articles of association of the Company, any additional director nominations for the Meeting must be received by the Company in compliance with any advance notice policy of the Company approved by the Board from time to time. As at the date hereof, no such nominations have been received by the Company.*"

6. This is a false statement in the Company's proxy statement included within the Form 6-K. As you
should know, the Company is liable for any such false or misleading statements under the securities laws of the United States and Canada.
Our client hereby demands that the Company file an amendment to the Form 6-K, disclosing that our client nominated directors for election
at the Meeting, and mail a corrected proxy statement to all affected shareholders reflecting the same.

7. If the Company fails to take corrective action by close of business on 9 December 2025, our client shall,
without further notice to you, take such steps as it considers appropriate in order to protect its position and ensure that the directors
nominated in the Notice are put forward for election at the Meeting.

8. Our client also wishes to observe that the purported attempt by the Company (at the instruction of the
current directors) to declare the Notice invalid is a clearly cynical step by the directors to attempt to further entrench and enrich
themselves as directors of the Company. The directors should be taking steps to encourage participation and debate at the Meeting rather
than attempting to disenfranchise members (particularly members with significant shareholdings) from making proposals for consideration
by the members by making unmeritorious technical arguments. In addition, the proposals to convene the Meeting on a weekend (Saturday)
in Central, Hong Kong between the Christmas and New Year period and to not allow attendance by members at the Meeting by telephone or
other electronic means (which the directors are able to approve pursuant to Article 18.3 of the Articles) are also obviously designed
to discourage members from attending at the Meeting. Our client has serious concerns as to the motivations of the current directors and
whether they are acting in the best interests of the Company in behaving in such a manner.

9. All of our client's rights are reserved.

Yours faithfully

/s/ Walkers (Cayman) LLP

**WALKERS (CAYMAN) LLP** 

CC: K&L Gates LLP

Bennett Jones LLP

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**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)*

**12/07/2025**

*(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. 4 to Schedule 13D (this "Amendment No. 4") 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. 4 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. 4 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. 4 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. 4 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. 4 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. 4 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. 4 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. 4 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. 4 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. 4 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. 4 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. 4 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. 4 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. 4 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. 4 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. 4 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. 4 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. 4 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. 4 to Schedule 13D ("Amendment No. 4") amends and supplements the Schedule 13D filed by the Reporting Persons on December 11, 2023, as amended on October 8, 2024, November 26, 2025 and December 8, 2025 (collectively, the "Original Schedule 13D"), to file as an exhibit the letter sent by Walkers (Cayman) LLP ("Walkers"), counsel to MILFAM LLC ("Milfam"), to Sangra Moller LLP ("Sangra Moller"), counsel to Scully Royalty Ltd. (the "Issuer") on December 7, 2025 regarding the annual general meeting of shareholders of the Issuer to be held on Saturday, December 27, 2025 at 8:00 a.m. (Hong Kong time), and at any adjourned, postponed, continued, or rescheduled meeting thereof (the "Annual Meeting"). Except as modified in the cover pages and below, this Amendment No. 4 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 7, 2025, Walkers sent a letter to Sangra Moller regarding the Annual Meeting and the notice provided by Milfam to the Issuer regarding the nomination of each of Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers to the board of directors of the Issuer. The letter sent by Walkers is filed as Exhibit 3 hereto and is incorporated herein by reference. The Reporting Persons have also engaged in preliminary discussions with other shareholders of the Issuer regarding its proposal to remove the existing members of Board and to elect the Nominees to the Board at the Annual Meeting. The Reporting Persons plan to continue communicating with the Issuer and with other shareholders regarding these and similar matters. Depending upon, among other things, the outcome of these communications, the financial condition, results of operations and prospects of the Issuer, conditions in the securities markets, general economic conditions and other factors that the Reporting Persons deem relevant, the Reporting Persons may take other steps seeking to bring about changes to the Board and/or the Issuer that it believes would increase shareholder value as well as pursue other plans or proposals that relate to or would result in any of the matters set forth in Item 4 of Schedule 13D.

### 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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025

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:** 12/08/2025