ZG Form 144: 3,333 Class C Shares to Be Sold; Recent Large Insider Sales Reported

Rhea-AI Filing Summary

Zillow Group, Inc. (ZG) filed a Form 144 reporting a proposed sale of 3,333 Class C common shares on 09/11/2025 through Charles Schwab, with an aggregate market value of $294,924. The shares were acquired the same day by employee stock option exercise and will be sold via a cashless exercise through the broker. The filing also lists recent sales by Lloyd D. Frink totaling multiple transactions between July and September 2025, including a single large sale of 250,000 shares for $21,250,000 on 08/14/2025. The filer attests there is no undisclosed material adverse information.

Positive

• Proposed sale disclosed in compliance with Rule 144: 3,333 Class C shares listed for sale on 09/11/2025
• Securities were acquired by employee stock option exercise and the filing notes a cashless exercise, clarifying the payment method
• Broker identified (Charles Schwab & Co., Inc.) and target exchange (NASDAQ) are specified

Negative

• Significant prior insider sale: 250,000 shares sold for $21,250,000 on 08/14/2025, indicating substantial recent insider liquidity
• Multiple recent sell transactions by Lloyd D. Frink between 07/22/2025 and 09/10/2025, which may signal ongoing disposition of holdings

Insights

Financial Analyst

TL;DR: Routine insider sale following option exercise; modest single-day proposed sale relative to recent large dispositions.

The Form 144 documents a proposed sale of 3,333 Class C shares valued at $294,924, acquired and to be sold on 09/11/2025 via a cashless exercise. This is consistent with typical post-exercise dispositions to cover tax/option costs. Recent historical sales by Lloyd D. Frink show frequent liquidity events, including a sizable 250,000-share sale on 08/14/2025, which materially exceeds the current proposed transaction. For investors, the current notice is a factual disclosure of planned insider selling rather than an operational update.

Corporate Governance Expert

TL;DR: Multiple recent insider sales, including a large 250,000-share transaction, raise governance and signaling questions for shareholders.

The filing plainly shows a pattern of insider sales over July–September 2025. While the 3,333-share notice is small, the documented 250,000-share sale for $21,250,000 on 08/14/2025 is substantial and should be noted by governance stakeholders as a material insider liquidity event. The Form 144 includes the required attestation regarding undisclosed material information and specifies the cashless nature of the exercise, which is standard. This profile suggests active insider monetization rather than a single anomalous sale.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

Relationship to Issuer

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Class C	Charles Schwab & Co., Inc. 3000 Schwab Way Westlake TX 76262	3333	294924.00	185964745	09/11/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Class C	09/11/2025	Employee Stock Option Exercise	ZILLOW GROUP, INC.			3333	09/11/2025	Broker Payment for Cashless Exercise

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Lloyd D Frink 1301 SECOND AVENUE, FLOOR 36 SEATTLE WA 98101	ZILLOW GROUP, INC.	07/22/2025	52866	4242365.00
Lloyd D Frink 1301 SECOND AVENUE, FLOOR 36 SEATTLE WA 98101	ZILLOW GROUP, INC.	07/23/2025	27134	2194480.00
Lloyd D Frink 1301 SECOND AVENUE, FLOOR 36 SEATTLE CA 98101	ZILLOW GROUP, INC.	08/11/2025	671	54186.00
Lloyd D Frink 1301 SECOND AVENUE, FLOOR 36 SEATTLE WA 98101	ZILLOW GROUP, INC.	08/12/2025	5995	481791.00
Lloyd D Frink 1301 SECOND AVENUE, FLOOR 36 SEATTLE WA 98101	ZILLOW GROUP, INC.	08/13/2025	3334	275260.00
Lloyd D Frink 1301 SECOND AVENUE, FLOOR 36 SEATTLE WA 98101	ZILLOW GROUP, INC.	08/14/2025	250000	21250000.00
Lloyd D Frink 1301 SECOND AVENUE, FLOOR 36 SEATTLE WA 98101	ZILLOW GROUP, INC.	08/27/2025	3333	283498.00
Lloyd D Frink 1301 SECOND AVENUE, FLOOR 36 SEATTLE WA 98101	ZILLOW GROUP, INC.	08/28/2025	3333	281799.00
Lloyd D Frink 1301 SECOND AVENUE, FLOOR 36 SEATTLE WA 98101	ZILLOW GROUP, INC.	08/29/2025	3334	282208.00
Lloyd D Frink 1301 SECOND AVENUE, FLOOR 36 SEATTLE WA 98101	ZILLOW GROUP, INC.	09/10/2025	3333	288631.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does Zillow's (ZG) Form 144 report for 09/11/2025?

The notice reports a proposed sale of 3,333 Class C shares valued at $294,924, to be sold via Charles Schwab on 09/11/2025.

How were the shares to be sold on 09/11/2025 acquired?

They were acquired on 09/11/2025 by employee stock option exercise, with a cashless exercise used to cover payment.

Who has recently sold Zillow (ZG) shares according to the filing?

The filing lists multiple sales by Lloyd D. Frink between 07/22/2025 and 09/10/2025, including a 250,000-share sale on 08/14/2025 for $21,250,000.

Does the Form 144 include a broker and exchange for the proposed sale?

Yes. The broker is Charles Schwab & Co., Inc. and the exchange is NASDAQ.

Does the filer attest to possession of material non-public information?

Yes. By signing, the person represents they do not know any material adverse information about the issuer that has not been publicly disclosed.