[Form 4] Redfin Corporation Insider Trading Activity

Rhea-AI Filing Summary

Redfin Corporation (ticker RDFN) filed a Form 4 disclosing two equity-compensation events involving director Julie Bornstein. On June 9 2025, Bornstein settled 25,423 restricted stock units (RSUs), converting them one-for-one into common shares (transaction code M). Because this is a routine equity-award settlement rather than an open-market trade, no price was reported.

The settlement lifted Bornstein’s direct share count to 68,642 and no shares were sold, increasing her economic exposure to Redfin.

A second line item shows the award of 17,080 new RSUs on June 17 2025 (code A). These units vest on June 6 2026 and, once vested, will convert into an equal number of common shares. After these transactions, Bornstein holds 17,080 unvested RSUs and no remaining derivative securities from the original grant.

Investor implications

• The director’s share ownership rose by about 59% compared with her pre-transaction total, strengthening alignment with shareholders.
• The activity represents scheduled compensation events, not discretionary buying, so the informational value is limited.
• The new RSU grant introduces minimal future dilution (≈0.1% of shares outstanding, assuming ~17 million RDFN shares), standard for board compensation.

Positive

• Director increased direct ownership by 25,423 shares through RSU settlement, with no shares sold.
• 17,080 new RSUs granted further aligns board incentives with shareholder value.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine RSU conversion and grant; director ownership up, but no open-market buying—overall neutral signal.

The Form 4 shows Julie Bornstein converting 25,423 RSUs into common stock and receiving 17,080 additional RSUs. Because the transaction is compensation-related (code M and code A) with no share sales or purchases on the open market, I view the market signal as neutral. Her direct holdings now total 68,642 shares, which modestly tightens the linkage between board and shareholder interests. However, the lack of cash outlay limits the insight into her valuation view. The incremental dilution from the new RSU grant is immaterial at the company’s current share count. Overall rating: neutral impact.

Corporate Governance Expert

TL;DR: Standard board compensation; increased ownership improves alignment, but governance impact immaterial.

This filing reflects typical director compensation mechanics: vesting of a prior RSU grant and issuance of a new annual equity grant. Importantly, the director retained all shares and did not dispose of any, reinforcing long-term commitment. The award size (17,080 RSUs) is consistent with peer board packages and should not materially affect dilution or voting power. From a governance standpoint, the absence of sales and the accumulation of stock enhance alignment, albeit incrementally. No red flags or exceptional positives observed.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Bornstein Julie

(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)
06/09/2025

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	06/09/2025		M		25,423	A	(1)	68,642	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)	06/09/2025		M			25,423	(2)	06/06/2034	Common Stock	25,423	$0	0	D
Restricted Stock Unit	(1)	06/17/2025		A		17,080		(3)	06/17/2035	Common Stock	17,080	$0	17,080	D

Explanation of Responses:

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

2. The restricted stock units will vest on June 09, 2025.

3. The restricted stock units will vest on June 06, 2026.

Remarks:

	/s/ Anthony Kappus, attorney-in-fact	06/23/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Redfin (RDFN) shares did Julie Bornstein acquire in this Form 4?

25,423 common shares were acquired via RSU conversion on June 9 2025.

Did the Redfin director sell any shares in this transaction?

No. No shares were sold; the filing only reports an RSU conversion and a new RSU grant.

What is the size and vesting schedule of the new RSU grant to Julie Bornstein?

The grant totals 17,080 RSUs and will vest on June 6 2026.

What is Julie Bornstein's total direct ownership after the reported transactions?

She now directly owns 68,642 Redfin common shares.

Does this Form 4 suggest insider confidence in RDFN stock?

The increased holdings may indicate confidence, but the activity is routine compensation-related, not a discretionary market purchase.