MILFAM LLC ANNOUNCES ELECTION OF NOMINEES TO BOARD OF DIRECTORS OF SCULLY ROYALTY LTD.

MILFAM LLC, a prominent shareholder of Scully Royalty Ltd. (NYSE:SRL), has successfully elected all its board nominees during the Annual General Meeting of Shareholders held on December 27, 2025. The chosen nominees, Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers, received a majority of votes, while the incumbent nominees failed to secure re-election.

MILFAM had previously announced its intentions to proceed with the election regardless of Scully Royalty's attempts to postpone the meeting, which they deemed invalid. When representatives from MILFAM arrived at the scheduled location for the meeting, they found the building locked, and no company representatives present. However, they adapted by holding the meeting just outside the allocated room, ensuring that all shareholder protocols were followed, as a quorum of at least 20% of common shares was established.

With the election of MILFAM's nominees, the newly formed board is set to implement a transition strategy aimed at enhancing shareholder representation and improving operational as well as capital efficiency for the company. This significant shift in management is expected to reinvigorate Scully Royalty's focus on shareholder interests and streamline its business strategy for future growth.

MILFAM LLC operates as a single-family office, managing the assets of the descendants of Lloyd I. Miller Jr. The firm expressed eagerness for the new board to usher in a fresh chapter marked by strategic emphasis on both operational and financial efficiencies. The development represents a notable change in governance for Scully Royalty Ltd., aligning with shareholder interests and potentially impacting future performance.

The election reshuffle at Scully Royalty Ltd. (NYSE: SRL) on December 27, 2025, marks a pivotal moment for the company and its stakeholders. MILFAM LLC, a significant shareholder, successfully instated its slate of nominees to the Board of Directors, indicating a shift in governance and strategy. This change signals an opportunity, presenting a nuanced outlook for potential investors.

The election of Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers introduces fresh perspectives into the Board, especially as they pursue a transition plan aimed at enhancing operational efficiency and capital management. Such expertise suggests that the company may pivot towards more sustainable practices that could bolster shareholder value, making SRL an intriguing option for investors looking for growth potential amid market volatility.

Moreover, MILFAM's commitment to fair representation for all shareholders indicates a more inclusive governance model that could foster investor confidence. This is particularly relevant as markets respond favorably to companies that align management strategies with shareholder interests. The rejection of the incumbent nominees and MILFAM's firm stance against procedural delays also reflect a decisive break from previous governance issues, which may enhance the company’s credibility moving forward.

However, investors should remain cautious. The company’s transition plan, while promising, needs to illustrate definitive results over time. Potential investors should monitor the execution of the new Board’s strategy closely, particularly the tangible impact on operational performance and profitability metrics in the upcoming quarters.

In conclusion, the recent election results present a compelling case for Scully Royalty's potential rebound. Investors should consider closely tracking the new Board's initiatives and any forthcoming financial disclosures that could support an affirmative investment decision in SRL as it seeks to chart a new path forward.