SC 13D/A 1 ea0217099-13da1subin_scully.htm AMENDMENT NO. 1 TO SCHEDULE 13D

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

Scully Royalty Ltd.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

	G7T96K107
	(CUSIP Number)

Neil S. Subin, 2336 SE Ocean Blvd., Suite 400, Stuart, Florida 34996 (Tel.) (561) 287-5399

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

	September 30, 2024
	(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. ☐

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.

See Rule 13d-7 for other parties to whom copies are to be sent.

*	The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

(Continued on following pages)

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON Neil S. Subin
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF-AF-OO
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

2,008,407⁽¹⁾

SOLE DISPOSITIVE POWER

0⁽¹⁾

SHARED DISPOSITIVE POWER

2,008,407⁽¹⁾

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,008,407⁽¹⁾
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.6%⁽²⁾
14	TYPE OF REPORTING PERSON IN

(1)

Represents (i) 48,483 shares of common stock owned of record by MILFAM LLC; (ii) 31,033 shares of common stock owned of record by Catherine C. Miller Irrevocable Trust dtd 3/26/91; (iii) 44,911 shares of common stock owned of record by Catherine C Miller Trust A-3; (iv) 215,042 shares of common stock owned of record by Catherine C Miller Revocable Trust; (v) 20,658 shares of common stock owned of record by Kimberley S. Miller GST Trust dtd 12/17/1992; (vi) 188,687 shares of common stock owned of record by LIMFAM LLC; (vii) 163,005 shares of common stock owned of record by LIM III Estate LLC; (viii) 64,715 shares of common stock owned of record by Lloyd I. Miller Trust A-1; (ix) 28,355 shares of common stock owned of record by Catherine C Miller Estate; (x) 5,330 shares of common stock owned of record by Lloyd I. Miller, III Irrevocable Trust dtd 12/31/91; (xi) 32,693 shares of common stock owned of record by Miller Great Grandchildren Trust; (xii) 176,735 shares of common stock owned of record by Susan F. Miller Spousal Trust A-4; (xiii) 176,734 shares of common stock owned of record by Miller Family Education and Medical Trust; (xiv) 150,282 shares of common stock owned of record by MILFAM I L.P.; (xv) 428,563 shares of common stock owned of record by MILFAM II L.P.; (xvi) 26,611 shares of common stock owned of record by MILFAM III LLC; (xvii) 40,250 shares of common stock owned of record by Susan F. Miller; and (xviii) 166,320 shares of common stock 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.

(2)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON MILFAM LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF-AF-OO
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

2,008,407⁽¹⁾

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

2,008,407⁽¹⁾

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,008,407⁽¹⁾
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.6%⁽²⁾
14	TYPE OF REPORTING PERSON OO

(1)

Represents (i) 44,911 shares of common stock owned of record by Catherine C Miller Trust A-3; (ii) 215,042 shares of common stock owned of record by Catherine C Miller Revocable Trust; (iii) 188,687 shares of common stock owned of record by LIMFAM LLC; (iv) 163,005 shares of common stock owned of record by LIM III Estate LLC; (v) 64,715 shares of common stock owned of record by Lloyd I. Miller Trust A-1; (vi) 176,735 shares of common stock owned of record by Susan F. Miller Spousal Trust A-4; (vii) 176,734 shares of common stock owned of record by Miller Family Education and Medical Trust; (viii) 150,282 shares of common stock owned of record by MILFAM I L.P.; (ix) 428,563 shares of common stock owned of record by MILFAM II L.P.; (x) 26,611 shares of common stock owned of record by MILFAM III LLC; (xi) 48,483 shares of common stock owned of record by MILFAM LLC; (xii) 166,320 shares of common stock owned of record by Alimco Re Ltd.; (xiii) 28,355 shares of common stock owned of record by Catherine C Miller Estate; (xiv) 31,033 shares of common stock owned of record by Catherine C. Miller Irrevocable Trust dtd 3/26/91; (xv) 20,658 shares of common stock owned of record by Kimberley S. Miller GST Trust dtd 12/17/1992; (xvi) 32,693 shares of common stock owned of record by Miller Great Grandchildren Trust; (xvii) 5,330 shares of common stock owned of record by Lloyd I. Miller, III Irrevocable Trust dtd 12/31/91; and (xviii) 40,250 shares of common stock 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 (xviii) of the preceding sentence. MILFAM LLC disclaims beneficial ownership of any shares other than to the extent it may have a pecuniary interest therein.

(2)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON Alimco Re Ltd.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS WC
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Islands of Bermuda

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

166,320

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

166,320

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 166,320
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.1%⁽¹⁾
14	TYPE OF REPORTING PERSON OO

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON Catherine C. Miller Irrevocable Trust dtd 3/26/91
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

31,033

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

31,033

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 31,033
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.2%⁽¹⁾
14	TYPE OF REPORTING PERSON OO

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON Catherine C Miller Trust A-3
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

44,911

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

44,911

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 44,911
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.3%⁽¹⁾
14	TYPE OF REPORTING PERSON OO

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON Catherine C Miller Revocable Trust
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

215,042

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

215,042

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 215,042
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.5%⁽¹⁾
14	TYPE OF REPORTING PERSON OO

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON Kimberley S. Miller GST Trust dtd 12/17/1992
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

20,658

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

20,658

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 20,658
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.1%⁽¹⁾
14	TYPE OF REPORTING PERSON OO

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON LIMFAM LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS WC
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

188,687

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

188,687

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 188,687
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.3%⁽¹⁾
14	TYPE OF REPORTING PERSON OO

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON LIM III Estate LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

163,005

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

163,005

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 163,005
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.1%⁽¹⁾
14	TYPE OF REPORTING PERSON OO

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON Lloyd I. Miller Trust A-1
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 0
	8	SHARED VOTING POWER 64,715
	9	SOLE DISPOSITIVE POWER 0
	10	SHARED DISPOSITIVE POWER 64,715

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 64,715
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.4%⁽¹⁾
14	TYPE OF REPORTING PERSON OO

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON Catherine C Miller Estate
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 0
	8	SHARED VOTING POWER 28,355
	9	SOLE DISPOSITIVE POWER 0
	10	SHARED DISPOSITIVE POWER 28,355

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 28,355
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.2%⁽¹⁾
14	TYPE OF REPORTING PERSON OO

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON Lloyd I. Miller, III Irrevocable Trust dtd 12/31/91
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 0
	8	SHARED VOTING POWER 5,330
	9	SOLE DISPOSITIVE POWER 0
	10	SHARED DISPOSITIVE POWER 5,330

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,330
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0%⁽¹⁾
14	TYPE OF REPORTING PERSON OO

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON Miller Great Grandchildren Trust
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 0
	8	SHARED VOTING POWER 32,693
	9	SOLE DISPOSITIVE POWER 0
	10	SHARED DISPOSITIVE POWER 32,693

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 32,693
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.2%⁽¹⁾
14	TYPE OF REPORTING PERSON OO

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON Susan F. Miller Spousal Trust A-4
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 0
	8	SHARED VOTING POWER 176,735
	9	SOLE DISPOSITIVE POWER 0
	10	SHARED DISPOSITIVE POWER 176,735

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 176,735
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.2%⁽¹⁾
14	TYPE OF REPORTING PERSON OO

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON Miller Family Education and Medical Trust
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 0
	8	SHARED VOTING POWER 176,734
	9	SOLE DISPOSITIVE POWER 0
	10	SHARED DISPOSITIVE POWER 176,734

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 176,734
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.2%⁽¹⁾
14	TYPE OF REPORTING PERSON OO

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON MILFAM I L.P.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS WC
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 0
	8	SHARED VOTING POWER 150,282
	9	SOLE DISPOSITIVE POWER 0
	10	SHARED DISPOSITIVE POWER 150,282

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 150,282
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.0%⁽¹⁾
14	TYPE OF REPORTING PERSON PN

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON MILFAM II L.P.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS WC
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 0
	8	SHARED VOTING POWER 428,563
	9	SOLE DISPOSITIVE POWER 0
	10	SHARED DISPOSITIVE POWER 428,563

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 428,563
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.3%⁽¹⁾
14	TYPE OF REPORTING PERSON PN

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON MILFAM III LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS WC
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 0
	8	SHARED VOTING POWER 26,611
	9	SOLE DISPOSITIVE POWER 0
	10	SHARED DISPOSITIVE POWER 26,611

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 26,611
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.2%⁽¹⁾
14	TYPE OF REPORTING PERSON OO

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

CUSIP No.

G7T96K107

1	NAME OF REPORTING PERSON Susan F. Miller
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☒ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 0
	8	SHARED VOTING POWER 40,250
	9	SOLE DISPOSITIVE POWER 0
	10	SHARED DISPOSITIVE POWER 40,250

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 40,250
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.3%⁽¹⁾
14	TYPE OF REPORTING PERSON IN

(1)	The percentage reported in this Schedule 13D is based upon 14,822,251 shares of the Issuer common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024).

EXPLANATORY NOTE

This Amendment No.1 to Schedule 13D (“Amendment No.1”) amends and supplements the Schedule 13D filed by the Reporting Persons on December 11, 2023 (the “Original Schedule 13D”), to update the amount and percentage of common stock beneficially owned by Neil S. Subin and MILFAM LLC. On September 30, 2024, MILFAM LLC entered into a Services Agreement with Alimco Re Ltd. (“Alimco”), pursuant to which MILFAM will serve as the investment advisor to Alimco, and have investment power over the common stock held by Alimco, as reported on the Original Schedule 13D. As a result, the common stock held by Alimco are now aggregated with and into the total amount of common stock held by (1) MILFAM LLC, as the entity that has investment power, and (2) Neil S. Subin, as the President and Manager of MILFAM LLC. As a result of the passing of Catherine C Miller and certain services agreements between Neil S. Subin and entities formerly managed or advised by the late Lloyd I. Miller, III, certain disclosures regarding the entities whose common stock are beneficially owned by Neil S. Subin and MILFAM LLC have also changed.

Rows (8), (10), (11), (13), and footnote (1) of the cover pages of Neil S. Subin and MILFAM LLC, respectively, to this Amendment No.1 are amended and updated to reflect the aforementioned changes. The relevant footnote to each Reporting Person has also been updated to reflect that the percentage reported in this Amendment No.1 is based upon 14,822,251 shares of Scully Royalty Ltd. (the “Issuer”) common stock outstanding as of December 31, 2023 (according to the Issuer’s Form 20-F as filed with the Securities and Exchange Commission on April 29, 2024). Except as modified in the cover pages and below, this Amendment No. 1 does not modify any of the information previously reported on the Original Schedule 13D, which remains unchanged.

Introduction

Introduction of the Original Schedule 13D is amended as follows:

This Schedule 13D is filed with the SEC on behalf of (i) Neil S. Subin; (ii) MILFAM LLC; (iii) Alimco Re Ltd., (“Alimco Re”); (iv) Catherine C. Miller Irrevocable Trust dtd 3/26/91; (v) Catherine C Miller Trust A-3; (vi) Catherine C Miller Revocable Trust; (vii) Kimberley S. Miller GST Trust dtd 12/17/1992; (viii) LIMFAM LLC; (ix) LIM III Estate LLC; (x) Lloyd I. Miller Trust A-1; (xi) Catherine C Miller Estate; (xii) Lloyd I. Miller, III Irrevocable Trust dtd 12/31/91; (xiii) Miller Great Grandchildren Trust; (xiv) Susan F. Miller Spousal Trust A-4; (xv) Miller Family Education and Medical Trust (xvi) MILFAM I L.P.; (xvii) MILFAM II L.P.; (xviii) MILFAM III LLC; and (xix) Susan F. Miller (each person and entity named in items (i) through (xix), collectively, the “Reporting Persons”, the entities named in items (iv) through (xviii) together, the “Miller Entities”) relating to the common stock of the Issuer.

Item 2. Identity and Background

(a), (b), (c) and (f) of Item 2 of the Original Schedule 13D are amended as follows:

(a), (b), (c) and (f). This statement is filed by:

(i) Mr. Subin, whose principal business address is 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. Mr. Subin’s principal occupation is investing assets held, among others, by or on behalf of or for the benefit of the Miller Entities and other entities. Mr. Subin is a United States citizen.

(ii) MILFAM LLC, whose principal executive offices are located at 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. The principal business of MILFAM LLC is managing and investing assets held, among others, by or on behalf of or for the benefit of, and advising, certain of the Miller Entities and other entities. MILFAM LLC is a limited liability company formed under the laws of Delaware. Mr. Subin is the manager of MILFAM LLC.

(iii) Alimco Re Ltd, whose principal executive offices are located at c/o Compass Administration Services Ltd, Crawford House, 50 Cedar Avenue,, Hamilton HM 11, Bermuda. The principal business of Alimco Re Ltd is reinsurance. Alimco Re Ltd is a corporation formed under the laws of the Islands of Bermuda.

(iv) Catherine C. Miller Irrevocable Trust dtd 3/26/91, whose principal address is 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. Catherine C. Miller Irrevocable Trust dtd 3/26/91 is a trust for the benefit of the Miller Family. To the extent such concept is applicable, the trust is a United States citizen. Mr. Subin is the trustee of Catherine C. Miller Irrevocable Trust dtd 3/26/91.

(v) Catherine C Miller Trust A-3, whose principal address is 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. Catherine C Miller Trust A-3 is a trust for the benefit of the Miller Family. To the extent such concept is applicable, the trust is a United States citizen. MILFAM LLC is the Investment Advisor of Catherine C Miller Trust A-3.

(vi) Catherine C Miller Revocable Trust, whose principal address is 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. Catherine C Miller Revocable Trust is a trust for the benefit of the Miller Family. To the extent such concept is applicable, the trust is a United States citizen. Mr. Subin is the co-Trustee of the Catherine C Miller Revocable Trust.

(vii) Kimberley S. Miller GST Trust dtd 12/17/1992, whose principal address is 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. Kimberley S. Miller GST Trust dtd 12/17/1992 is a trust for the benefit of the Miller Family. To the extent such concept is applicable, the trust is a United States citizen. Mr. Subin is the trustee of Kimberley S. Miller GST Trust dtd 12/17/1992.

(viii) LIMFAM LLC, whose principal address is 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. The principal business of LIMFAM LLC is to hold investments. LIMFAM LLC is a limited liability company formed under the laws of Delaware. MILFAM LLC is the manager of LIMFAM LLC.

(ix) LIM III Estate LLC, whose principal address is 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. The principal business of LIM III Estate LLC is to hold investments. LIM III Estate LLC is a limited liability company formed under the laws of Delaware. MILFAM LLC is the manager of LIM III Estate LLC.

(x) Lloyd I. Miller Trust A-1, whose principal address is 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. Lloyd I. Miller Trust A-1 is a trust for the benefit of the Miller Family. To the extent such concept is applicable, the trust is a United States citizen. MILFAM LLC is the Investment Advisor of Lloyd I. Miller Trust A-1.

(xi) Catherine C Miller Estate, whose principal address is 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. To the extent such concept is applicable, Catherine C Miller Estate is a United States citizen.

(xii) Lloyd I. Miller, III Irrevocable Trust dtd 12/31/91, whose principal address is 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. Lloyd I. Miller, III Irrevocable Trust dtd 12/31/91 is a trust for the benefit of the Miller Family. To the extent such concept is applicable, the trust is a United States citizen. Mr. Subin is the trustee of Lloyd I. Miller, III Irrevocable Trust dtd 12/31/91.

(xiii) Miller Great Grandchildren Trust, whose principal address is 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. Miller Great Grandchildren Trust is a trust for the benefit of the Miller Family. To the extent such concept is applicable, the trust is a United States citizen. Mr. Subin is the trustee of Miller Great Grandchildren Trust.

(xiv) Susan F. Miller Spousal Trust A-4, whose principal address is 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. Susan F. Miller Spousal Trust A-4 is a trust for the benefit of the Miller Family. To the extent such concept is applicable, the trust is a United States citizen. Mr. Subin is the trustee of Susan F. Miller Spousal Trust A-4.

(xv) Miller Family Education and Medical Trust, whose principal address is 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. Miller Family Education and Medical Trust is a trust for the benefit of the Miller Family. To the extent such concept is applicable, the trust is a United States citizen. Mr. Subin is the trustee of Miller Family Education and Medical Trust.

(xvi) MILFAM I L.P, whose principal executive offices are located at 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. The principal business of MILFAM I L.P. is as an investment fund. MILFAM I L.P. is a limited partnership formed under the laws of Delaware. MILFAM LLC is the general partner of MILFAM I L.P.

(xvii) MILFAM II L.P., whose principal executive offices are located at 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. The principal business of MILFAM II L.P. is as an investment fund. MILFAM II L.P. is a limited partnership formed under the laws of Delaware. MILFAM LLC is the general partner of MILFAM II L.P.

(xviii) MILFAM III LLC, whose principal executive offices are located at 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. The principal business of MILFAM III LLC is as an investment fund. MILFAM III LLC is a limited liability company formed under the laws of Delaware. MILFAM LLC is the manager of MILFAM III LLC.

(xix) Susan F. Miller, whose principal business address is 2336 SE Ocean Blvd, Suite 400, Stuart, Florida 34996. Ms. Miller’s principal occupation is homemaker. Ms. Miller is a United States citizen.

Additional Information

The names, addresses and principal occupations of each of Alimco Re’s executive officers and board of directors and any other persons ultimately in control of those entities are set forth below.

Alimco Re Ltd

John Christopher Dougherty, Chief Executive Officer, whose principal business address is c/o Compass Administration Services Ltd, Crawford House, 50 Cedar Avenue, Hamilton HM 11, Bermuda. Mr. Dougherty’s principal occupation is management of Alimco and its subsidiaries. Mr. Dougherty, is a United States citizen.

Jonathan Marcus, Director, whose principal business address is c/o Compass Administration Services Ltd, Crawford House, 50 Cedar Avenue, Hamilton HM 11, Bermuda.. Mr. Marcus’ principal occupation is the management of Alimco and its subsidiaries. Mr. Marcus is a United States citizen.

Gregory Tyers, Director, whose principal business address is Cumberland House, 6th Floor, 1 Victoria Street, Hamilton, HM11, Bermuda. Mr. Tyers’ principal occupation is as Director of Strategic Risk Solutions (Bermuda) Limited , an Insurance Management firm headquartered in Bermuda. Mr. Tyers is a UK citizen.

Dennis Johnson, Director, whose principal business address is c/o Compass Administration Services Ltd, Crawford House, 50 Cedar Avenue, Hamilton HM 11, Bermuda.. Mr. Johnson’s principal occupation is as an advisor to the insurance industry. Mr. Johnson is a United States citizen.

Item 7. Materials to be Filed as Exhibits:

Item 7 of the Original Schedule 13D is amended as follows:

Exhibit 1

Joint Filing Agreement, dated October 8, 2024.

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.

Dated: October 8, 2024

	/s/ Neil S. Subin
	Neil S. Subin

	MILFAM LLC

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Manager

	ALIMCO RE LTD.

	By:	/s/ J Christopher Dougherty
	Name:	J Christopher Dougherty
	Title:	CEO

	CATHERINE C. MILLER IRREVOCABLE TRUST DTD 3/26/91

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Trustee

	CATHERINE C. MILLER TRUST A-3

	By:	MILFAM LLC
	Its:	Investment Advisor

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Manager

	Catherine C Miller Revocable Trust

	By:	MILFAM LLC
	Its:	Investment Advisor

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Manager

	KIMBERLEY S. MILLER GST TRUST DTD 12/17/1992

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Trustee

	LIMFAM LLC

	By:	MILFAM LLC
	Its:	Manager

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Manager

	LIM III ESTATE LLC

	By:	MILFAM LLC
	Its:	Manager

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Manager

	LLOYD I. MILLER TRUST A-1

	By:	MILFAM LLC
	Its:	Investment Advisor

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Manager

	CATHERINE C MILLER ESTATE

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Trustee

	Lloyd I. Miller, III Irrevocable Trust dtd 12/31/91

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Trustee

	Miller Great Grandchildren Trust

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Trustee

	SUSAN F. MILLER SPOUSAL TRUST

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Trustee

	MILLER FAMILY EDUCATION AND MEDICAL TRUST

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Trustee

	MILFAM I L.P.

	By:	MILFAM LLC
	Its:	General Partner

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Manager

	MILFAM II L.P.

	By:	MILFAM LLC
	Its:	General Partner

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Manager

	MILFAM III LLC

	By:	MILFAM LLC
	Its:	Manager

	By:	/s/ Neil S. Subin
	Name:	Neil S. Subin
	Title:	Manager

	/s/ Susan F. Miller
	Susan F. Miller

Amendment: SEC Form SC 13D/A filed by Scully Royalty Ltd.