Zillow co-founder sells 39,663 Class C shares

Zillow Group co-founder Lloyd D. Frink exercised stock options and sold shares of Class C capital stock.

Rhea-AI Filing Summary

Zillow Group co-founder Lloyd D. Frink exercised stock options and sold shares of Class C capital stock. He converted options into 56,394 Class C shares at an exercise price of $22.4100 per share, then sold 39,663 Class C shares in open-market transactions at a weighted average price of $45.2863 per share, with prices ranging from $45.02 to $45.6050. After these transactions, he directly owned 2,249,920 Class C shares and indirectly held 697,765 Class C shares through the Frink Descendants' Trust 12/30/04.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Frink Lloyd D

Role Co -Exec. Chairman & President

Sold 39,663 shs ($1.80M)

Approx. gross sale proceeds $1.80M

Approx. exercise cost $1.26M

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	56,394	$0.00	$0.00
Exercise	Class C Capital Stock	56,394	$22.41	$1.26M
Sale	Class C Capital Stock	39,663	$45.2863	$1.80M
holding	Class C Capital Stock	--	--	--

Holdings After Transaction: Stock Option (right to buy) — 0 contracts (Direct); Class C Capital Stock — 2,249,920 shares (Direct); Class C Capital Stock — 697,765 shares (Indirect, Frink Descendants' Trust 12/30/04)

Footnotes (2)

1. F1. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $45.02 to $45.6050. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range.
2. F2. Option is fully vested and exercisable.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Zillow Group (Z) insider Lloyd D. Frink do in this Form 4?

Lloyd D. Frink exercised stock options and sold Zillow Group Class C shares. He converted 56,394 options into shares, then sold 39,663 shares in open-market trades, while retaining a substantial direct and indirect ownership position afterward.

How many Zillow Group (Z) shares did Lloyd D. Frink sell and at what price?

He sold 39,663 Class C shares in open-market transactions at a weighted average price of $45.2863 per share. Individual sale prices ranged from $45.02 to $45.6050, as disclosed, with full trade details available upon request from the reporting person.

What stock options did Lloyd D. Frink exercise in Zillow Group (Z)?

Frink exercised stock options covering 56,394 shares of Zillow Group Class C capital stock. The options were fully vested and exercisable, and the exercise price reported for the resulting Class C shares was $22.4100 per share, converting derivative holdings into common equity.

What is Lloyd D. Frink’s Zillow Group (Z) share ownership after these transactions?

After the reported transactions, Frink directly owned 2,249,920 shares of Zillow Group Class C stock. He also indirectly held 697,765 additional Class C shares through the Frink Descendants' Trust dated 12/30/04, reflecting both personal and trust-based ownership.

How are Frink’s indirect Zillow Group (Z) holdings structured?

Frink’s indirect holdings consist of 697,765 Zillow Group Class C shares held through the Frink Descendants' Trust 12/30/04. These shares are reported as indirect ownership, indicating they are owned via the trust rather than directly in his personal brokerage account.

Does the Form 4 show net buying or selling by Lloyd D. Frink in Zillow Group (Z)?

The filing shows option exercises and share sales, resulting in net selling of 39,663 shares on the open market. While he acquired shares through the option exercise, the recorded open-market transactions reduced his overall position by that net share amount.

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

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Accepted by SEC EDGAR 02/23/2026 - 05:25 PM Learn about SEC filing dates

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^*

Frink Lloyd D

(Last) (First) (Middle)

C/O ZILLOW GROUP, INC.

1301 SECOND AVENUE, FLOOR 36

(Street)

SEATTLE WA 98101

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ZILLOW GROUP, INC. [ Z AND ZG ]

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

X	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	Co -Exec. Chairman & President		Co-Founder

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

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
Class C Capital Stock	02/20/2026		M		56,394	A	$22.41	2,289,583	D
Class C Capital Stock	02/20/2026		S		39,663	D	$45.2863(1)	2,249,920	D
Class C Capital Stock								697,765	I	Frink Descendants' Trust 12/30/04

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
Stock Option (right to buy)	$22.41	02/20/2026		M			56,394	(2)	03/28/2026	Class C Capital Stock	56,394	$0	0	D

Explanation of Responses:

1. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $45.02 to $45.6050. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range.

2. Option is fully vested and exercisable.

Remarks:

	/s/ Shannon Cartales Attorney-in-Fact	02/23/2026
	** 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.