Zillow (Z) director entity exercises 16,835 options in Class C
Rhea-AI Filing Summary
Zillow Group director Jay C. Hoag reported an option exercise linked to entities he is associated with. On February 13, 2026, a stock option for 16,835 shares was exercised, delivering 16,835 shares of Class C Capital Stock at $21.46 per share. After this transaction, 23,125 Class C shares are held directly. Footnotes state that TCV VIII Management, L.L.C. has the right to 100% of the pecuniary interest in these options and resulting shares, and that Hoag disclaims beneficial ownership except to the extent of his pecuniary interest. Multiple TCV investment entities and the Hoag Family Trust also hold Class C shares indirectly, with Hoag again disclaiming beneficial ownership beyond his economic interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 16,835 shares
Net Buy
18 txns
Insider
Hoag Jay C
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option (right to buy) | 16,835 | $0.00 | $0.00 |
| Exercise | Class C Capital Stock | 16,835 | $21.46 | $361K |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
| holding | Class C Capital Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option (right to buy) — 0 shares (Direct);
Class C Capital Stock — 23,125 shares (Direct);
Class C Capital Stock — 1,946,114 shares (Indirect, TCV VIII, L.P.);
Class C Capital Stock — 524,804 shares (Indirect, TCV VIII (A) Mariner, L.P.);
Class C Capital Stock — 120,869 shares (Indirect, TCV VIII (B), L.P.);
Class C Capital Stock — 758 shares (Indirect, TCV VIII Management, L.L.C.);
Class C Capital Stock — 309,792 shares (Indirect, TCV Member Fund, L.P.);
Class C Capital Stock — 2,157,155 shares (Indirect, TCV IX, L.P.);
Class C Capital Stock — 608,672 shares (Indirect, TCV IX (A) Opportunities, L.P.);
Class C Capital Stock — 115,208 shares (Indirect, TCV IX (B), L.P.);
Class C Capital Stock — 1,349 shares (Indirect, TCV IX Management, L.L.C.);
Class C Capital Stock — 1,525,612 shares (Indirect, TCV XI, L.P.);
Class C Capital Stock — 484,217 shares (Indirect, TCV XI (A), L.P.);
Class C Capital Stock — 107,930 shares (Indirect, TCV XI (B), L.P.);
Class C Capital Stock — 114,536 shares (Indirect, TCV XI (Lux), SCSp);
Class C Capital Stock — 719 shares (Indirect, TCV XI Management, L.L.C.);
Class C Capital Stock — 105,741 shares (Indirect, TCV XI Member Fund, L.P.);
Class C Capital Stock — 58,098 shares (Indirect, Hoag Family Trust, U/A DTD 08/02/1994)
Footnotes (16)
- F1. Jay C. Hoag has sole dispositive power over 6,290 of these shares. However, although he holds an additional 16,835 shares, TCV VIII Management, L.L.C. has a right to 100% of the pecuniary interest in these 16,835 shares. Mr. Hoag is a member of TCV VIII Management, L.L.C. Mr. Hoag disclaims beneficial ownership of such 16,835 shares except to the extent of his pecuniary interest therein.
- F2. These shares are directly held by TCV VIII, L.P. ("TCV VIII"). Jay C. Hoag is a Class A Member and Class A Director of Technology Crossover Management VIII, Ltd. ("Management VIII") and a limited partner of Technology Crossover Management VIII, L.P. ("TCM VIII"). Management VIII is the sole general partner of TCM VIII, which in turn is the sole general partner of TCV VIII. Mr. Hoag may be deemed to beneficially own the shares held by TCV VIII but disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- F3. These shares are directly held by TCV VIII (A) Mariner, L.P. ("TCV Mariner A"). Jay C. Hoag is a Class A Member and Class A Director of Management VIII and a limited partner of TCM VIII. Management VIII is the sole general partner of TCM VIII, which in turn is the sole general partner of TCV VIII (A), L.P., which in turn is sole shareholder of TCV VIII (A) Mariner, Ltd., which in turn is the sole limited partner of TCV Mariner A. Mr. Hoag may be deemed to beneficially own the shares held by TCV Mariner A but disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- F4. These shares are directly held by TCV VIII (B), L.P. ("TCV VIII (B)"). Jay C. Hoag is a Class A Member and Class A Director of Management VIII and a limited partner of TCM VIII. Management VIII is the sole general partner of TCM VIII, which in turn is the sole general partner of TCV VIII (B). Mr. Hoag may be deemed to beneficially own the shares held by TCV VIII (B) but disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- F5. Jay C. Hoag is a Member of TCV VIII Management, L.L.C., TCV IX Management, L.L.C and TCV XI Management, L.L.C. Mr. Hoag disclaims beneficial ownership of the shares held by each entity except to the extent of his pecuniary interest therein.
- F6. These shares are directly held by TCV Member Fund, L.P. ("Member Fund"). Jay C. Hoag is a limited partner of Member Fund and a Class A Member and Class A Director of Management VIII and Technology Crossover Management IX, Ltd. ("Management IX"). Each of Management VIII and Management IX is a general partner of Member Fund. Mr. Hoag may be deemed to beneficially own the shares held by Member Fund but disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- F7. These shares are directly held by TCV IX, L.P. ("TCV IX"). Jay C. Hoag is a Class A Member and Class A Director of Management IX and a limited partner of Technology Crossover Management IX, L.P. ("TCM IX"). Management IX is the sole general partner of TCM IX, which in turn is the sole general partner of TCV IX. Mr. Hoag may be deemed to beneficially own the shares held by TCV IX, but disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- F8. These shares are directly held by TCV IX (A) Opportunities, L.P. ("TCV IX A Opportunities"). Jay C. Hoag is a Class A Member and Class A Director of Management IX and a limited partner of TCM IX. Management IX is the sole general partner of TCM IX, which in turn is the sole general partner of TCV IX, which in turn is sole shareholder of TCV IX (A) Opportunities, Ltd., which in turn is the sole limited partner of TCV IX A Opportunities. Mr. Hoag may be deemed to beneficially own the shares held by TCV IX A Opportunities but disclaims beneficial ownership of such shares except to the except of his pecuniary interest therein.
- F9. These shares are directly held by TCV IX (B), L.P. ("TCV IX (B)"). Jay C. Hoag is a Class A Member and Class A Director of Management IX and a limited partner of TCM IX. Management IX is the sole general partner of TCM IX, which in turn is the sole general partner of TCV IX (B). Mr. Hoag may be deemed to beneficially own the shares held by TCV IX (B) but disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- F10. These shares are directly held by TCV XI, L.P. ("TCV XI"). Jay C. Hoag is a Class A Member and Class A Director of Technology Crossover Management XI, Ltd. ("Management XI") and a limited partner of Technology Crossover Management XI, L.P. ("TCM XI"). Management XI is the sole general partner of TCM XI, which in turn is the sole general partner of TCV XI. Mr. Hoag may be deemed to beneficially own the shares held by TCV XI but disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- F11. These shares are directly held by TCV XI (A), L.P. ("TCV XI (A)"). Jay C. Hoag is a Class A Member and Class A Director of Management XI and a limited partner of TCM XI. Management XI is the sole general partner of TCM XI, which in turn is the sole general partner of TCV XI (A). Mr. Hoag may be deemed to beneficially own the shares held by TCV XI (A) but disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- F12. These shares are directly held by TCV XI (B), L.P. ("TCV XI (B)"). Jay C. Hoag is a Class A Member and Class A Director of Management XI and a limited partner of TCM XI. Management XI is the sole general partner of TCM XI, which in turn is the sole general partner of TCV XI (B). Mr. Hoag may be deemed to beneficially own the shares held by TCV XI (B) but disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein
- F13. These shares are directly held by TCV XI (Lux), SCSp ("TCV XI Lux"). Jay C. Hoag is a Class A Member and Class A Director of Management XI. Management XI is the sole shareholder of Technology Crossover Management XI, S.a r.l. ("TCM XI Sarl"), which is in turn the managing general partner of TCV XI Lux. Mr. Hoag disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- F14. These shares are directly held by TCV XI Member Fund, L.P. ("TCV XI Member Fund"). Mr. Hoag is a Class A Member and Class A Director of Management XI and a limited partner of TCV XI Member Fund. Management XI is the sole general partner of TCV XI Member Fund. Mr. Hoag disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- F15. These shares are directly held by The Hoag Family Trust U/A DTD 08/02/1994. Jay C. Hoag is a trustee of The Hoag Family Trust U/A DTD 08/02/1994. Mr. Hoag disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
- F16. Jay C. Hoag has sole voting and dispositive power over the options he holds directly. However, TCV VIII Management, L.L.C. has a right to 100% of the pecuniary interest in such options. Mr. Hoag is a Member of TCV VIII Management, L.L.C. Mr. Hoag disclaims beneficial ownership of such options and the shares to be received upon the exercise of such options except to the extent of his pecuniary interest therein.
FAQ
What insider transaction did Jay C. Hoag report at Zillow (Z)?
Jay C. Hoag reported exercising a stock option for 16,835 shares of Zillow Class C Capital Stock at $21.46 per share. The transaction is recorded as an exercise of a derivative security rather than an open-market purchase or sale, updating his reported holdings.
Are there indirect Zillow Class C holdings associated with Jay C. Hoag and TCV funds?
Yes. The filing lists Class C shares held by multiple TCV VIII, TCV IX, and TCV XI funds and related entities. Hoag is a member or limited partner in these entities and may be deemed to beneficially own shares, but he disclaims ownership except for his pecuniary interest.
Was this Zillow insider Form 4 a buy or sell in the open market?
The Form 4 reports an exercise of a stock option (transaction code M), not an open-market buy or sell. Shares were acquired through conversion of a derivative security, with economic rights allocated to TCV VIII Management, L.L.C. under the disclosed arrangements.
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