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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13D/A 0001201333 XXXXXXXX LIVE 5 Common Shares, par value $0.001 per share 12/19/2025 false 0000016859 G7T96K107 Scully Royalty Ltd. ROOM 2103 SHANGHAI MART TOWER 2299 YAN AN ROAD WEST CHANGNING DISTRICT, SHANGHAI F4 200336 Neil S. Subin, (561) 287-5399 2336 SE Ocean Blvd. Suite 400 Stuart FL 34996 0001201333 N Neil S. Subin AF PF OO N X1 0.00 1985952.00 0.00 1985952.00 1985952.00 N 13.0 IN Note to Rows 8, 9, 10 and 11: Represents (i) 48,483 common shares owned of record by MILFAM LLC; (ii) 31,033 common shares, par value $0.001 per share ("common shares"), of Scully Royalty Ltd. (the "Issuer") owned of record by Catherine C. Miller Irrevocable Trust; (iii) 22,456 common shares owned of record by Catherine C Miller Trust A-3; (iv) 215,042 common shares owned of record by Catherine C Miller Revocable Trust; (v) 20,658 common shares owned of record by Kimberley S. Miller GST Trust; (vi) 188,687 common shares owned of record by LIMFAM LLC; (vii) 163,005 common shares owned of record by LIM III Estate LLC; (viii) 64,715 common shares owned of record by Lloyd I. Miller Trust A-1; (ix) 28,355 common shares owned of record by Catherine C Miller Estate; (x) 5,330 common shares owned of record by Lloyd I. Miller, III Irrevocable Trust; (xi) 32,693 common shares owned of record by Miller Great Grandchildren Trust; (xii) 176,735 common shares owned of record by Susan F. Miller Spousal Trust A-4; (xiii) 176,734 common shares owned of record by Miller Family Education and Medical Trust; (xiv) 150,282 common shares owned of record by MILFAM I L.P.; (xv) 428,563 common shares owned of record by MILFAM II L.P.; (xvi) 26,611 common shares owned of record by MILFAM III LLC; (xvii) 40,250 common shares owned of record by Susan F. Miller; and (xviii) 166,320 common shares owned of record by Alimco Re Ltd. Mr. Subin is the President and Manager of MILFAM LLC, which serves as manager, general partner, or advisor of a number of the foregoing entities formerly managed or advised by the late Lloyd I. Miller, III, and he also serves as trustee of a number of the foregoing trusts for the benefit of the family of the late Mr. Lloyd I. Miller, III, consequently, he may be deemed the beneficial owner of the shares specified in clauses (i) through (xviii) of the preceding sentence. Mr. Subin disclaims beneficial ownership of any shares other than to the extent he may have a pecuniary interest therein. Note to Row 13: The percentage reported in this Amendment No. 5 to Schedule 13D (this "Amendment No. 5") is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Issuer's Current Report on Form 6-K ("Form 6-K") as filed with the U.S. Securities and Exchange Commission on December 5, 2025). Y MILFAM LLC AF PF OO N DE 0.00 1957597.00 0.00 1957597.00 1957597.00 N 12.9 OO Note to Rows 8, 10 and 11: Represents (i) 22,456 common shares owned of record by Catherine C Miller Trust A-3; (ii) 215,042 common shares owned of record by Catherine C Miller Revocable Trust; (iii) 188,687 common shares owned of record by LIMFAM LLC; (iv) 163,005 common shares owned of record by LIM III Estate LLC; (v) 64,715 common shares owned of record by Lloyd I. Miller Trust A-1; (vi) 176,735 common shares owned of record by Susan F. Miller Spousal Trust A-4; (vii) 176,734 common shares owned of record by Miller Family Education and Medical Trust; (viii) 150,282 common shares owned of record by MILFAM I L.P.; (ix) 428,563 common shares owned of record by MILFAM II L.P.; (x) 26,611 common shares owned of record by MILFAM III LLC; (xi) 48,483 common shares owned of record by MILFAM LLC; (xii) 166,320 common shares owned of record by Alimco Re Ltd.; (xiii) 31,033 common shares owned of record by Catherine C. Miller Irrevocable Trust; (xiv) 20,658 common shares owned of record by Kimberley S. Miller GST Trust; (xv) 32,693 common shares owned of record by Miller Great Grandchildren Trust; (xvi) 5,330 common shares owned of record by Lloyd I. Miller, III Irrevocable Trust; and (xvii) 40,250 common shares owned of record by Susan F. Miller. MILFAM LLC serves as manager, general partner, or advisor of the foregoing entities formerly managed or advised by the late Lloyd I. Miller, III, consequently, it may be deemed the beneficial owner of the shares specified in clauses (i) through (xvii) of the preceding sentence. MILFAM LLC disclaims beneficial ownership of any shares other than to the extent it may have a pecuniary interest therein. Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y Alimco Re Ltd. WC N D0 0.00 166320.00 0.00 166320.00 166320.00 N 1.1 OO Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y Catherine C. Miller Irrevocable Trust PF N X1 0.00 31033.00 0.00 31033.00 31033.00 N 0.2 OO Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y Catherine C Miller Trust A-3 PF N X1 0.00 22456.00 0.00 22456.00 22456.00 N 0.1 OO Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y Catherine C Miller Revocable Trust PF N X1 0.00 215042.00 0.00 215042.00 215042.00 N 1.4 OO Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y Kimberley S. Miller GST Trust PF N X1 0.00 20658.00 0.00 20658.00 20658.00 N 0.1 OO Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y LIMFAM LLC WC N DE 0.00 188687.00 0.00 188687.00 188687.00 N 1.2 OO Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y LIM III Estate LLC PF N DE 0.00 163005.00 0.00 163005.00 163005.00 N 1.1 OO Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y Lloyd I. Miller Trust A-1 PF N X1 0.00 64715.00 0.00 64715.00 64715.00 N 0.4 OO Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y Catherine C Miller Estate PF N X1 0.00 28355.00 0.00 28355.00 28355.00 N 0.2 OO Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y Lloyd I. Miller, III Irrevocable Trust PF N X1 0.00 5330.00 0.00 5330.00 5330.00 N 0.0 OO Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y Miller Great Grandchildren Trust PF N X1 0.00 32693.00 0.00 32693.00 32693.00 N 0.2 OO Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y Susan F. Miller Spousal Trust A-4 PF N X1 0.00 176735.00 0.00 176735.00 176735.00 N 1.2 OO Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y Miller Family Education and Medical Trust PF N X1 0.00 176734.00 0.00 176734.00 176734.00 N 1.2 OO Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y MILFAM I L.P. WC N X1 0.00 150282.00 0.00 150282.00 150282.00 N 1.0 PN Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y MILFAM II L.P. WC N X1 0.00 428563.00 0.00 428563.00 428563.00 N 2.8 PN Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y MILFAM III LLC WC N X1 0.00 26611.00 0.00 26611.00 26611.00 N 0.2 OO Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Y Susan F. Miller a PF N X1 0.00 40250.00 0.00 40250.00 40250.00 N 0.3 IN Note to Row 13: The percentage reported in this Amendment No. 5 is based upon 15,226,351 common shares outstanding as of November 24, 2025 (according to the Form 6-K). Common Shares, par value $0.001 per share Scully Royalty Ltd. ROOM 2103 SHANGHAI MART TOWER 2299 YAN AN ROAD WEST CHANGNING DISTRICT, SHANGHAI F4 200336 EXPLANATORY NOTE This Amendment No. 5 to Schedule 13D ("Amendment No. 5") amends and supplements the Schedule 13D filed by the Reporting Persons on December 11, 2023, as amended on October 8, 2024, November 26, 2025, December 8, 2025 and December 8, 2025 (collectively, the "Original Schedule 13D"), to provide an update on the December 19, 2025 hearing before the Honorable Justice Segal in the Grand Court of the Cayman Islands in Cause No: FSD 359 of 2025 (NSJ) named In the Matter of Scully Royalty Ltd. (the "Issuer") between MILFAM LLC ("Milfam") and the Issuer and to file as an exhibit the Order issued by Grand Court of the Cayman Islands in the proceeding. Except as modified in the cover pages and below, this Amendment No. 5 does not modify any of the information previously reported on the Original Schedule 13D, which remains unchanged. Item 4 of the Original Schedule 13D is amended as follows: On December 19, 2025, following a hearing before the Honorable Justice Segal in the Grand Court of the Cayman Islands in Cause No: FSD 359 of 2025 (NSJ) named In the Matter of Scully Royalty Ltd. between Milfam and the Issuer, the Grand Court of the Cayman Islands issued an Order declaring that the Milfam "...Notice of Director Nomination dated 25 November 2025 and served upon the [Issuer] on equal date was validly delivered within the time period set out in, and in compliance with, the requirements as to timing contained in Article 20.2 of the Issuer's Amended and Restated Memorandum and Articles of Association adopted by special resolution dated 12 July 2017." Item 7 is hereby amended and supplemented by adding the following: Exhibit 2 Order of the Grand Court of the Cayman Islands dated December 19, 2025 Neil S. Subin /s/ Neil S. Subin Neil S. Subin 12/19/2025 MILFAM LLC /s/ Neil S. Subin Neil S. Subin/Manager 12/19/2025 Alimco Re Ltd. /s/ Dylan Cariero Dylan Cariero/Chief Executive Officer 12/19/2025 Catherine C. Miller Irrevocable Trust /s/ Neil S. Subin Neil S. Subin/Trustee 12/19/2025 Catherine C Miller Trust A-3 /s/ Neil S. Subin Neil S. Subin/Manager 12/19/2025 Catherine C Miller Revocable Trust /s/ Neil S. Subin Neil S. Subin/Manager 12/19/2025 Kimberley S. Miller GST Trust /s/ Neil S. Subin Neil S. Subin/Trustee 12/19/2025 LIMFAM LLC /s/ Neil S. Subin Neil S. Subin/Manager 12/19/2025 LIM III Estate LLC /s/ Neil S. Subin Neil S. Subin/Manager 12/19/2025 Lloyd I. Miller Trust A-1 /s/ Neil S. Subin Neil S. Subin/Manager 12/19/2025 Catherine C Miller Estate /s/ Neil S. Subin Neil S. Subin/Personal Representative 12/19/2025 Lloyd I. Miller, III Irrevocable Trust /s/ Neil S. Subin Neil S. Subin/Trustee 12/19/2025 Miller Great Grandchildren Trust /s/ Neil S. Subin Neil S. Subin/Trustee 12/19/2025 Susan F. Miller Spousal Trust A-4 /s/ Neil S. Subin Neil S. Subin/Trustee 12/19/2025 Miller Family Education and Medical Trust /s/ Neil S. Subin Neil S. Subin/Trustee 12/19/2025 MILFAM I L.P. /s/ Neil S. Subin Neil S. Subin/Manager 12/19/2025 MILFAM II L.P. /s/ Neil S. Subin Neil S. Subin/Manager 12/19/2025 MILFAM III LLC /s/ Neil S. Subin Neil S. Subin/Manager 12/19/2025 Susan F. Miller /s/ Susan F. Miller Susan F. Miller 12/19/2025