RUN Ownership Update: 1,043,650 Shares Reported by Trailblazer II and Scott Shleifer

Rhea-AI Filing Summary

Schedule 13G/A summary: This filing reports that Trailblazer II LLC and individual Scott L. Shleifer beneficially own 1,043,650 shares of Sunrun Inc. common stock, representing 0.5% of the class. The filing states the percentage is calculated on 230,732,572 shares outstanding as reported in the issuer's 10-Q for the period ended June 30, 2025. Both reporting persons are shown with sole voting and sole dispositive power over the reported shares.

The cover information lists Trailblazer II LLC as organized in Delaware and Scott L. Shleifer as a United States citizen. The principal business address for the reporting persons is provided as c/o Vinitas Partners, 1100 Peachtree St, NE, Suite 250, Atlanta, GA 30309. The filing indicates ownership is 5% or less of the class and items regarding group status, parent/ subsidiary acquisition, and dissolution are marked not applicable.

Positive

• Filing provides clear disclosure of beneficial ownership: 1,043,650 shares representing 0.5% of Sunrun
• Reporting persons have sole voting and sole dispositive power over the reported shares, clarifying control over the position

Negative

• None.

Insights

Financial Analyst

TL;DR Small, passive ownership disclosed: 1.04M shares (0.5%), no control intent stated.

The reported stake of 1,043,650 shares represents a minor economic position in Sunrun (RUN) and falls well below the 5% reporting threshold that typically draws heightened market attention. Sole voting and dispositive power is noted, which clarifies control over the shares held, but Item 10 certification states the holdings were not acquired to influence control. For investors and analysts this is a routine disclosure that increases transparency about ownership without indicating a change in corporate control or a material shift in the shareholder base.

Corporate Governance Expert

TL;DR Governance impact is negligible; disclosure aligns with passive ownership compliance.

The filing shows standard Schedule 13G/A disclosure practices: identification of reporting persons, citizenship/organization, address of principal business, and exact voting/dispositive powers. The statement that the position is held for purposes other than influencing control (Item 10) reduces governance risk signals. Because the stake is 0.5% and the filing explicitly notes ownership of 5% or less, there is no immediate implication for board composition, control contests, or governance changes based solely on this disclosure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Sunrun Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

86771W105

(CUSIP Number)

06/30/2025

(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 13G

CUSIP No. 86771W105

1

Names of Reporting Persons

Trailblazer II LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,043,650.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,043,650.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,043,650.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.5 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 86771W105

1

Names of Reporting Persons

Scott L. Shleifer

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,043,650.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,043,650.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,043,650.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.5 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Sunrun Inc.
(b)	Address of issuer's principal executive offices: 600 California Street, Suite 1800, San Francisco, CA 94108
Item 2.
(a)	Name of person filing: This statement is being filed on behalf of each of the following Reporting Persons: (i) Trailblazer II LLC; and (ii) Scott L. Shleifer.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each Reporting Person is c/o Vinitas Partners, 1100 Peachtree St, NE, Suite 250, Atlanta, GA 30309.
(c)	Citizenship: See Row (4) of each Reporting Person's cover page.
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 86771W105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Row (9) of the Reporting Person's cover page. Percentage ownership is based on 230,732,572 shares of Common Stock outstanding as of August 1, 2025, as reported in the Issuer's 10-Q for the period ended June 30, 2025.
(b)	Percent of class: See Row (11) of each Reporting Person's cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Row (5) of each Reporting Person's cover page.
	(ii) Shared power to vote or to direct the vote: See Row (6) of each Reporting Person's cover page.
	(iii) Sole power to dispose or to direct the disposition of: See Row (7) of each Reporting Person's cover page.
	(iv) Shared power to dispose or to direct the disposition of: See Row (8) of each Reporting Person's cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

Trailblazer II LLC

Signature:	/s/ Jonathan Cramer
Name/Title:	Jonathan Cramer, Manager
Date:	08/12/2025

Scott L. Shleifer

Signature:	/s/ Scott L. Shleifer
Name/Title:	Scott L. Shleifer
Date:	08/12/2025

FAQ

Who filed the Schedule 13G/A for Sunrun (RUN)?

The statement is filed on behalf of Trailblazer II LLC and Scott L. Shleifer as the reporting persons.

How many Sunrun (RUN) shares are reported and what percentage of the class do they represent?

The reporting persons beneficially own 1,043,650 shares, representing 0.5% of the class based on 230,732,572 shares outstanding as reported in the issuer's 10-Q for the period ended June 30, 2025.

Do the reporting persons have voting or dispositive power over the RUN shares?

Yes. The filing shows sole voting power and sole dispositive power over the 1,043,650 shares.

Does this filing indicate an intent to influence control of Sunrun (RUN)?

No. Item 10 includes a certification stating the securities were not acquired and are not held to change or influence control of the issuer.

Is the reported ownership more than 5% of Sunrun (RUN)?

No. The filing specifically notes ownership of 5 percent or less of a class and reports the stake as 0.5%.