Schedule 13G/A: Dodge & Cox Reports 14.2M SUI Shares (11.1%)

Rhea-AI Filing Summary

Dodge & Cox reports beneficial ownership of 14,198,760 shares of Sun Communities, Inc. (SUI), representing 11.1% of the company's common stock. Of those shares, Dodge & Cox has sole voting power over 13,635,560 shares and sole dispositive power over all 14,198,760 shares, with no shared voting or dispositive power reported. The filing identifies Dodge & Cox as an investment adviser (Type: IA).

The Dodge & Cox Stock Fund, an investment company, is disclosed as holding 10,679,800 shares (reported as 8.4% of the class). The statement certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the issuer's control.

Positive

• Material disclosed stake: Dodge & Cox beneficially owns 14,198,760 shares (11.1%) of SUI
• Clear control metrics: Reporting shows sole voting power on 13,635,560 shares and sole dispositive power on 14,198,760 shares

Negative

• None.

Insights

Financial Analyst

TL;DR: A major institutional holder reports an 11.1% passive stake in Sun Communities, concentrated through sole dispositive ownership.

Dodge & Cox's reported 14,198,760 shares (11.1%) is a material position that merits attention for ownership concentration and potential voting influence because the filer reports sole voting power on 13,635,560 shares. The Schedule 13G classification and Item 10 certification indicate this holding is reported as passive and "held in the ordinary course of business," not intended to effect control. The separate disclosure that the Dodge & Cox Stock Fund holds 10,679,800 shares (8.4%) clarifies internal allocation within managed vehicles.

Corporate Governance Expert

TL;DR: This filing shows concentrated ownership but is presented as non-control, so governance implications are limited unless the position changes.

The report documents a significant ownership stake—over 10%—which can affect governance dynamics if the holder changes intentions. However, the filing's use of Schedule 13G and the explicit certification that the stake was not acquired to change control suggest current intent is passive. For governance assessment, key facts are the sole voting power of 13.6M shares and the absence of shared voting power, which indicate potential unilateral voting ability if the holder chooses to act differently in the future.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

SUN COMMUNITIES, INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

866674104

(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. 866674104

1

Names of Reporting Persons

Dodge & Cox

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

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 13,635,560.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 14,198,760.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,198,760.00

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)

11.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SUN COMMUNITIES, INC
(b)	Address of issuer's principal executive offices: 27777 Franklin Rd, Suite 300, Southfield, Michigan 48034
Item 2.
(a)	Name of person filing: Dodge & Cox
(b)	Address or principal business office or, if none, residence: 555 California Street 40th Floor, San Francisco, CA 94104
(c)	Citizenship: California, USA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 866674104
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: 14,198,760
(b)	Percent of class: 11.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 13,635,560
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 14,198,760
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The clients of Dodge & Cox, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or power to direct the receipt of dividends from, and the proceeds from the sale of, SUN COMMUNITIES, INC. Dodge & Cox Stock Fund, an investment company registered under the Investment Company Act of 1940, has an interest of 10,679,800 or 8.4%, of the class of securities reported herein.
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.

Dodge & Cox

Signature:	/S/ Katherine M. Primas
Name/Title:	Chief Compliance Officer
Date:	08/13/2025

FAQ

How many Sun Communities (SUI) shares does Dodge & Cox beneficially own?

Dodge & Cox reports beneficial ownership of 14,198,760 shares of SUI, representing 11.1% of the class.

What voting and dispositive powers does Dodge & Cox report for SUI?

The filing reports sole voting power for 13,635,560 shares and sole dispositive power for 14,198,760 shares, with zero shared voting or dispositive power.

Does Dodge & Cox report the stake as passive or active in SUI?

The statement is filed as a Schedule 13G by an investment adviser (Type: IA) and includes a certification that the securities are held in the ordinary course of business and not to influence control.

How much does the Dodge & Cox Stock Fund own of SUI?

The Dodge & Cox Stock Fund is disclosed as holding 10,679,800 shares, equal to 8.4% of the class.

Does the filing indicate any group or subsidiary arrangements for this stake?

No. The filing states Not Applicable for group members and for any subsidiary that acquired the securities.