Multiple Susquehanna-related entities filed a joint Schedule 13G reporting beneficial ownership of 12,491,987 shares of Sunrun Inc. (RUN), representing 5.4% of the outstanding common stock based on 230,321,000 shares outstanding disclosed in the filing. The filing breaks out voting and dispositive power by reporting person, including G1 Execution Services showing 10 sole voting/dispositive power and shared power over the group total, and Susquehanna Securities, LLC reporting 11,407,355 shares of sole voting/dispositive power. The statement notes option positions included in certain totals: SIG Brokerage includes options to buy 218,800 shares, Susquehanna Investment Group includes options to buy 321,800 shares, and Susquehanna Securities includes options to buy 10,237,500 shares. The filers state they are affiliated broker-dealers that may be deemed a group and disclaim ownership of shares held directly by another reporting person, and certify the shares were acquired and are held in the ordinary course of business and not to influence control.
Positive
Transparent disclosure of a collective 12,491,987-share position (5.4% of the class) by affiliated reporting persons
Detailed breakdown of sole and shared voting and dispositive power plus explicit option counts enhances investor clarity
Negative
None.
Insights
TL;DR: A 5.4% disclosed stake by Susquehanna affiliates is material enough for market notice; option exposure is concentrated in one filing entity.
The filing reports a collective 12,491,987 share position (5.4% of the class) across affiliated broker-dealers, with a substantial portion of option exposure disclosed under Susquehanna Securities, LLC (10,237,500 options). That concentration of option-based positions can affect reported beneficial ownership depending on exercise and settlement, and the detailed allocation of sole versus shared voting and dispositive power helps clarify which entities hold direct control versus group-level influence. The filing also includes explicit disclaimers that each reporting person disclaims beneficial ownership of shares held directly by other reporting persons and a certification that the holdings are in the ordinary course of business.
TL;DR: Joint Schedule 13G shows transparent group reporting and formal disclaimers; no expressed intent to change or influence issuer control.
The joint filing identifies six affiliated reporting persons and provides per-entity voting and dispositive power figures, aiding governance transparency. The joint filing agreement and repeated disclaimers reduce ambiguity about overlapping ownership claims among affiliated broker-dealers. Importantly, the filers certify the holdings are not held to influence control, consistent with passive Schedule 13G reporting, which limits immediate governance implications absent further disclosure or action.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
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
G1 Execution Services, 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
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
10.00
6
Shared Voting Power
12,491,987.00
7
Sole Dispositive Power
10.00
8
Shared Dispositive Power
12,491,987.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,491,987.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
BD, OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
86771W105
1
Names of Reporting Persons
SIG Brokerage, LP
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
251,851.00
6
Shared Voting Power
12,491,987.00
7
Sole Dispositive Power
251,851.00
8
Shared Dispositive Power
12,491,987.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,491,987.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
BD, PN
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
86771W105
1
Names of Reporting Persons
Susquehanna Fundamental Investments, 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
255,389.00
6
Shared Voting Power
12,491,987.00
7
Sole Dispositive Power
255,389.00
8
Shared Dispositive Power
12,491,987.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,491,987.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
86771W105
1
Names of Reporting Persons
Susquehanna Investment Group
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
PENNSYLVANIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
515,724.00
6
Shared Voting Power
12,491,987.00
7
Sole Dispositive Power
515,724.00
8
Shared Dispositive Power
12,491,987.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,491,987.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
BD, PN
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
86771W105
1
Names of Reporting Persons
Susquehanna Portfolio Strategies, 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
61,658.00
6
Shared Voting Power
12,491,987.00
7
Sole Dispositive Power
61,658.00
8
Shared Dispositive Power
12,491,987.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,491,987.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
86771W105
1
Names of Reporting Persons
Susquehanna Securities, 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
11,407,355.00
6
Shared Voting Power
12,491,987.00
7
Sole Dispositive Power
11,407,355.00
8
Shared Dispositive Power
12,491,987.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,491,987.00
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)
5.4 %
12
Type of Reporting Person (See Instructions)
BD, OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
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, California 94108
Item 2.
(a)
Name of person filing:
This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to the shares of Common Stock, $0.0001 par value per share (the "Shares"), of Sunrun Inc. (the "Company").
(i) G1 Execution Services, LLC
(ii) SIG Brokerage, LP
(iii) Susquehanna Fundamental Investments, LLC
(iv) Susquehanna Investment Group
(v) Susquehanna Portfolio Strategies, LLC
(vi) Susquehanna Securities, LLC
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of G1 Execution Services, LLC is:
175 W. Jackson Blvd.
Suite 1700
Chicago, IL 60604
The address of the principal business office of each of SIG Brokerage, LP, Susquehanna Fundamental Investments, LLC, Susquehanna Investment Group, Susquehanna Portfolio Strategies, LLC and Susquehanna Securities, LLC is:
401 E. City Avenue
Suite 220
Bala Cynwyd, PA 19004
(c)
Citizenship:
Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(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:
The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
The number of Shares reported as beneficially owned by SIG Brokerage, LP includes options to buy 218,800 Shares. The number of Shares reported as beneficially owned by Susquehanna Investment Group includes options to buy 321,800 Shares. The number of Shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 10,237,500 Shares.
The Company's Quarterly Report on Form 10-Q, filed on August 6, 2025, indicates that there were 230,321,000 Shares outstanding as of June 30, 2025.
(b)
Percent of class:
5.4 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(ii) Shared power to vote or to direct the vote:
The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Item 5.
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 acquired and are held in the ordinary course of business and 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.
G1 Execution Services, LLC
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Secretary
Date:
08/13/2025
SIG Brokerage, LP
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Assistant Secretary
Date:
08/13/2025
Susquehanna Fundamental Investments, LLC
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Assistant Secretary
Date:
08/13/2025
Susquehanna Investment Group
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, General Counsel
Date:
08/13/2025
Susquehanna Portfolio Strategies, LLC
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Assistant Secretary
Date:
08/13/2025
Susquehanna Securities, LLC
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Secretary
Date:
08/13/2025
Exhibit Information
EXHIBIT INDEX
EXHIBIT DESCRIPTION
________ ________
99 Joint Filing Agreement
What stake did Susquehanna-related reporting persons disclose in Sunrun (RUN)?
They disclosed beneficial ownership of 12,491,987 shares, representing 5.4% of the common stock.
How many Sunrun shares outstanding does the filing reference for RUN?
The filing references 230,321,000 shares outstanding for the calculation of the percentage ownership.
Do the filings include options in their reported holdings for RUN?
Yes; the filing states SIG Brokerage includes options to buy 218,800 shares, Susquehanna Investment Group includes options to buy 321,800, and Susquehanna Securities includes options to buy 10,237,500 shares.
Which reporting person holds the largest sole voting/dispositive power in the RUN filing?
Susquehanna Securities, LLC reports sole voting and dispositive power for 11,407,355 shares.
Do the reporting persons claim the holdings are intended to influence Sunrun's control?
No; the filers certify the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.
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