SUI Group Holdings Ltd.
For the period ended Mar 31, 2025. Filed May 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 13, 2025
SUIG$0.99+6.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0001654954-24-014099
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-13.
0001654954-25-005448
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 40 previous paragraphs and 43 current paragraphs.
26 unchanged; 11 reworded; 6 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Table of Contents
Current report
For the three months ended March 31, 2025 and 2024, we had $142,656 and $138,371 of professional fees expense, respectively.
Current report
For the three months ended March 31, 2025 and 2024, we had $163,269 and $151,066 of payroll expense, respectively. In addition, director fees were $30,000 and $30,000 for the three months ended March 31, 2025 and 2024, respectively.
Current report
For the three months ended March 31, 2025, we had $4,099 of proceeds from sale of investments, resulting in $236 of realized gains. For the three months ended March 31, 2024, we had $308,797 of proceeds from sale of investments, resulting in $24,495 of realized gains.
Current report
Table of Contents
Current report
Table of Contents
Removed paragraphs (3)
Previous report
For the three and nine months ended September 30, 2024, we had $190,369 and $502,838 professional fees expense, respectively. For the three and nine months ended September 30, 2023, we had $184,008 and $601,184 professional fees expense, respectively. The decrease is due to the decrease in loan activity during the current year.
Previous report
For the three and nine months ended September 30, 2024, we had $148,072 and $444,997 of payroll expense, respectively, and we had $30,000 and $90,000 of directors fees, respectively. For the three and nine months ended September 30, 2023, we had $141,040 and $1,418,640 of payroll expense, respectively, and we had $30,000 and $592,968 of directors fees, respectively. The increase in 2023 over 2024 is due to a stock option issuance recognized in January 2023.
Previous report
For the three and nine months ended September 30, 2024, we had $5,152,682 and $6,614,573, respectively, of sales of investments resulting in $232,585 of realized losses and $138,655 of realized gains, respectively. For the three and nine months ended September 30, 2023, we had $0 and $94,569, respectively, of sales of investments resulting in $0 and $558,629 of realized losses, respectively.
Reworded paragraphs (11)
Previous wording
During the nine months ended September 30, 2024, we made $5,106,503 of investment purchases and had $6,614,573 of redemptions and repayments, resulting in net investments at amortized cost of $17,208,066 at the end of the period.
Current wording
During the three months ended March 31, 2025, we made $3,366,196 of investment purchases and had $4,099 of redemptions and repayments, resulting in net investments at amortized cost of $17,079,421 as of March 31, 2025.
Previous wording
During the nine months ended September 30, 2023, we made $11,900,500 of investment purchases and had $11,124,193 of redemptions and repayments, resulting in net investments at amortized cost of $17,577,481 at the end of that period.
Current wording
During the three months ended March 31, 2024, we made $73,438 of investment purchases and had $308,797 of redemptions and repayments, resulting in net investments at amortized cost of $18,366,616 as of March 31, 2024.
Previous wording
Our operating results for the three and nine months ended September 30, 2024 and September 30, 2023 were as follows:
Current wording
Our operating results for the three months ended March 31, 2025 and March 31, 2024 were as follows:
Previous wording
For the three and nine months ended September 30, 2024, our total investment income was 711,022 and $2,432,318, respectively. For the three and nine months ended September 30, 2023 our total investment income was $725,158 and $2,496,688, respectively. Our loan portfolio generates interest income, with an average rate on the loans of 16.2%.
Current wording
For the three months ended March 31, 2025 and 2024, our total investment income was $778,027 and $832,667, respectively. Our loan portfolio generates interest income, with an average rate on the loans of 20.25%.
Previous wording
For the three and nine months ended September 30, 2024, we had $0 and $320 of interest expense, respectively. For the three and nine months ended September 30, 2023, we had $0 and $78,000 of interest expense, respectively. The decrease is due to the termination of the line of credit agreement in January 2024.
Current wording
For the three months ended March 31, 2025 and 2024, we had $0 and $320 of interest expense, respectively. The decrease is due to the termination of the line of credit agreement in January 2024.
Previous wording
For the three and nine months ended September 30, 2024, our investments had $530,693 and $292,803 of unrealized appreciation, respectively. For the three and nine months ended September 30, 2023, our investments had $2,175 and $629,491 of unrealized appreciation, respectively.
Current wording
For the three months ended March 31, 2025, our investments included $162,266 of unrealized appreciation. For the three months ended March 31, 2024, our investments included $51,751 of unrealized appreciation.
Previous wording
For the three and nine months ended September 30, 2024, we recorded a net increase in net assets from operations of $463,783 and $1,258,822, respectively. Based on the weighted-average number of shares of common stock outstanding for the three and nine months ended September 30, 2024, our per-share net increase in net assets from operations was $0.07 and $0.20, respectively, before dilution, and $0.07 and $0.19, respectively, after dilution. For the three and nine months ended September 30, 2023, we recorded a net increase in net assets from operations of $369,560 and a net decrease in net assets from operations of $277,763, respectively. Based on the weighted-average number of shares of common stock outstanding for the three and nine months ended September 30, 2023, our per-share net increase in net assets from operations was $0.06 and our per share net decrease in net assets from operations was $0.04, respectively.
Current wording
For the three months ended March 31, 2025, we recorded a net increase in net assets from operations of $451,746. Based on the weighted-average number of shares of common stock outstanding for the three months ended March 31, 2025, our per-share net increase in net assets from operations was $0.07. For the three months ended March 31, 2024, we recorded a net increase in net assets from operations of $382,103. Based on the weighted-average number of shares of common stock outstanding for the three months ended March 31, 2024, our per-share net increase in net assets from operations was $0.06.
Previous wording
Cash Flows for the Nine Months Ended September 30, 2024 and 2023
Current wording
Cash Flows for the Three Months Ended March 31, 2025 and 2024
Previous wording
The level of cash flows used in or provided by operating activities is affected primarily by our provision of short-term loans, purchases of other investments, redemptions and repayments of our loans or investments, and other related factors. For the nine months ended September 30, 2024, net cash provided in operating activities was $2,756,853. Cash flows provided in operating activities for the nine months ended September 30, 2024 were primarily related to the funding of our short-term loans and purchases of investments aggregating $5,106,503, offset mostly by redemptions and repayments of short-term loans and investments totaling $6,614,573. For the nine months ended September 30, 2023, net cash used in operating activities was $550,781. Cash flows used in operating activities for the nine months ended September 30, 2023 were primarily related to the funding of our short-term loans and purchases of investments aggregating $11,900,500, offset mostly by redemptions and repayments of short-term loans and investments totaling $11,124,193.
Current wording
The level of cash flows used in or provided by operating activities is affected by the timing of purchases, redemptions and repayments of portfolio investments, among other factors. For the three months ended March 31, 2025, net cash used in operating activities was $3,646,585. Cash flows used in operating activities for the three months ended March 31, 2025 were primarily related to purchasing of investments totaling $3,366,196. For the three months ended March 31, 2024, net cash provided in operating activities was $128,701. Cash flows provided in operating activities for the three months ended March 31, 2024 were primarily related to redemptions and repayments of investments totaling $308,797. Cash flows used in our financing activities during the current period were due to the repurchase and retirement of 322,482 of our common shares for $630,436.
Previous wording
As of September 30, 2024, we had cash and cash equivalents of $3,132,877, an increase of $2,756,853 from December 31, 2023. The primary use of our existing funds and any funds raised in the future is expected to be for our investments in portfolio companies or for other general corporate purposes, including paying for operating expenses or debt service to the extent we borrow or issue senior securities. Pending investment in portfolio companies, our investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which we refer to collectively as “temporary investments.”
Current wording
As of March 31, 2025, we had cash of $1,749,089, a decrease of $4,277,021 from December 31, 2024. The primary use of our existing funds and any funds raised in the future is expected to be for our investments in portfolio companies or for other general corporate purposes, including paying for operating expenses or debt service to the extent we borrow or issue senior securities. Pending investment in portfolio companies, our investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which we refer to collectively as “temporary investments.”
Previous wording
During the nine months ended September 30, 2024, we did not engage in any off-balance sheet arrangements as described in Item 303(a)(4) of Regulation S-K.
Current wording
During the three months ended March 31, 2025, we did not engage in any off-balance sheet arrangements as described in Item 303(a)(4) of Regulation S-K.