Redfin Form 4: Bradley Singer Converts RSUs, Boosts Stake to 75k Shares

Rhea-AI Filing Summary

The Form 4 shows that Redfin Corporation (RDFN) director Bradley E. Singer acquired a total of 33,899 common shares on 06/26/2025 through the mandatory settlement of previously granted equity awards triggered by the company’s pending merger with Rocket Companies. Two transactions were reported under code “M” (derivative conversion): (i) 17,080 shares converted from vested RSUs and (ii) 16,819 shares converted from deferred RSUs/phantom stock units. No shares were sold. Following the transactions, Singer directly owns 75,477 shares and indirectly holds 50,000 shares via a revocable trust. The RSUs convert on a one-for-one basis and carry no exercise price, so the acquisitions were executed at $0 cost. RSUs do not expire; they vest or are cancelled according to Redfin’s Equity Incentive Plan. These settlements occurred in connection with the Agreement and Plan of Merger dated 03/09/2025. The filing does not reveal any open-market buying or selling, indicating that the ownership change is administrative rather than an active investment decision.

Positive

• Director increased direct ownership by 33,899 shares, improving alignment with shareholders ahead of the merger.
• No shares were sold, so there is no indication of insider concern about valuation.

Negative

• None.

Insights

Financial Analyst

TL;DR: Shares added via RSU settlement; neutral cash impact.

Because the transaction is an automatic settlement of vested RSUs at $0, it does not signal fresh capital deployment or market sentiment. However, it increases the director’s economic stake just before an expected change-of-control, nominally aligning interests with shareholders. There is no dilution beyond what was already accounted for when the RSUs were granted. From a trading-signal perspective the filing is neutral; it neither introduces selling pressure nor demonstrates voluntary purchasing.

Corporate Governance Expert

TL;DR: Routine Section 16 filing tied to merger; little investor impact.

The conversion complies with Redfin’s director deferral program and reflects standard acceleration terms in the merger agreement. No red flags arise regarding insider intent or governance. The absence of dispositions suggests directors are not exiting exposure ahead of the acquisition closing, but this is mandated by the plan rather than discretionary. Overall governance impact is minimal.

Insider Trade Summary

Net Buyer: 33,899 shares

Net Buy 5 txns

Insider SINGER BRADLEY E

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit	17,080	$0.00	$0.00
Exercise	Phantom Stock	16,819	$0.00	$0.00
Exercise	Common Stock	17,080	$0.00	$0.00
Exercise	Common Stock	16,819	$0.00	$0.00
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Unit — 0 shares (Direct); Phantom Stock — 0 shares (Direct); Common Stock — 75,477 shares (Direct); Common Stock — 50,000 shares (Indirect, By Trust)

Footnotes (5)

1. F1. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis upon settlement.
2. F2. Represents 16,819 shares of Redfin Corporation's ("the Company") common stock in respect of RSUs that previously vested, for which settlement was deferred pursuant to the Company's director deferral program until the earlier of (i) the reporting person's termination of service with the Company and (ii) a change in control of the Company. In connection with the pending merger contemplated by the Merger Agreement (as defined below), these previously deferred RSUs were settled on June 26, 2025.
3. F3. Held by a revocable trust for which the reporting person is the settlor. The reporting person disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein.
4. F4. These RSUs vested on June 26, 2025 pursuant to the terms of the Company's 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.
5. F5. RSUs do not expire; they either vest or are canceled prior to the vesting date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 06/30/2025 - 09:28 PM Learn about SEC filing dates

FAQ

How many Redfin (RDFN) shares did Bradley E. Singer acquire?

He acquired 33,899 common shares on 06/26/2025 through RSU and phantom stock settlements.

Did the Form 4 show any insider sales of Redfin stock?

No. All reported transactions were conversions coded “M”; no shares were sold.

What is the director’s total ownership after the transactions?

Singer now directly owns 75,477 shares and indirectly owns 50,000 shares through a trust.

Why were the RSUs settled on June 26 2025?

Settlement was triggered by vesting and the pending merger with Rocket Companies under the 03/09/2025 Merger Agreement.

Does this filing impact Redfin’s share count or earnings?

The shares were already included in Redfin’s diluted share calculations when the RSUs were granted, so no incremental dilution or earnings impact occurs now.

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^*

SINGER BRADLEY E

(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)	58,658	D
Common Stock	06/26/2025		M		16,819(2)	A	(1)	75,477	D
Common Stock								50,000	I	By Trust(3)

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	(4)	(5)	Common Stock	17,080	$0	0	D
Phantom Stock	(1)	06/26/2025		M			16,819	(2)	(5)	Common Stock	16,819	$0	0	D

Explanation of Responses:

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

2. Represents 16,819 shares of Redfin Corporation's ("the Company") common stock in respect of RSUs that previously vested, for which settlement was deferred pursuant to the Company's director deferral program until the earlier of (i) the reporting person's termination of service with the Company and (ii) a change in control of the Company. In connection with the pending merger contemplated by the Merger Agreement (as defined below), these previously deferred RSUs were settled on June 26, 2025.

3. Held by a revocable trust for which the reporting person is the settlor. The reporting person disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein.

4. These RSUs vested on June 26, 2025 pursuant to the terms of the Company's 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.

5. 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.
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