[Form 4] Redfin Corporation Insider Trading Activity

Rhea-AI Filing Summary

Redfin Corporation (ticker: RDFN) has filed a Form 4 disclosing that director Robert J. Bass settled 17,080 restricted stock units (RSUs) into an equal number of common shares on 26 June 2025. The conversion, reported with transaction code “M,” was executed at a stated price of $0 because RSUs convert one-for-one upon vesting. The RSUs vested under the company’s Equity Incentive Plan in connection with the pending acquisition of Redfin by Rocket Companies, Inc., as outlined in the 9 March 2025 merger agreement. After the settlement, Bass now directly owns 84,238 common shares; no derivative securities remain outstanding in his name.

The filing shows no open-market purchases or sales, so the change is a non-cash, non-dilutive administrative conversion that adds less than 0.1 % to the company’s total shares outstanding. Nonetheless, it affirms continued progress toward the merger close and keeps the director’s economic interests aligned with those of public shareholders.

Positive

• Vesting of 17,080 RSUs confirms contractual milestones toward the Rocket Companies acquisition.
• Director now holds 84,238 shares, demonstrating continued alignment with shareholder interests.

Negative

• None.

Insights

Financial Analyst

TL;DR — Routine RSU conversion tied to Rocket merger; negligible dilution, limited valuation impact.

The Form 4 records a standard equity incentive event rather than a discretionary trade. Because the RSUs were already part of the share count on a fully diluted basis, their settlement does not meaningfully alter Redfin’s capital structure. The transaction does, however, confirm that the vesting conditions linked to the Rocket Companies acquisition have been met, suggesting the deal timeline remains intact. From a valuation perspective, the director’s post-conversion holding of 84,238 shares is too small to influence control or float. Overall impact on shareholder value: neutral.

M&A Specialist

TL;DR — Insider equity settles as merger milestones hit; signals procedural progress, not a new deal term.

Equity that vests upon change-of-control is typical in merger agreements. The settlement indicates that internal conditions related to the Redfin–Rocket merger are being satisfied on schedule, reducing execution risk marginally. Because the conversion involves previously granted RSUs, cash consideration and deal economics for other shareholders remain unchanged. I classify the event as confirmatory rather than materially additive.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bass Robert J

(Last) (First) (Middle)

C/O REDFIN CORPORATION

1099 STEWART STREET, SUITE 600

(Street)

SEATTLE WA 98101

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Redfin Corp [ RDFN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/26/2025		M		17,080	A	(1)	84,238	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	06/26/2025		M			17,080	(2)	(3)	Common Stock	17,080	$0	0	D

Explanation of Responses:

1. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis upon settlement.

2. These RSUs vested on June 26, 2025 pursuant to the terms of Redfin Corporation's ("the Company") Equity Incentive Plan in connection with the pending acquisition of the Company by Rocket Companies, Inc. ("Parent") pursuant to the Agreement and Plan of Merger, dated March 9, 2025, by and among the Company, Parent and Neptune Merger Sub, Inc., a wholly owned subsidiary of Parent.

3. RSUs do not expire; they either vest or are canceled prior to the vesting date.

Remarks:

	/s/ Anthony Kappus, attorney-in-fact	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many Redfin (RDFN) shares did Robert J. Bass acquire in this Form 4?

17,080 common shares were acquired through RSU conversion.

What triggered the vesting of Bass’s RSUs?

The RSUs vested in connection with the pending Rocket Companies acquisition of Redfin.

What is Robert J. Bass’s total beneficial ownership after the transaction?

He now directly owns 84,238 Redfin common shares.

What does transaction code "M" mean on a Form 4?

Code M signifies a conversion of derivative securities, such as RSUs, into common stock.

Did the filing report any open-market sales or purchases?

No. The transaction was a non-cash RSU settlement; no market trades occurred.

When did the RSUs vest and settle?

The RSUs vested and converted on June 26, 2025.