[Form 4] ZILLOW GROUP INC CLASS A Insider Trading Activity

Rhea-AI Filing Summary

Lloyd D. Frink, Zillow Group director, co-executive chairman and president, reported a series of option exercises and offsetting sales of Class C capital stock executed 08/11/2025–08/13/2025. He exercised stock options to acquire 671, 5,995 and 3,334 shares at an exercise price of $22.41 per share and sold matching lots totaling 10,000 Class C shares. The sales were reported at weighted-average prices in a range roughly $80.20 to $84.86 and were effected pursuant to a Rule 10b5-1 trading plan adopted on December 11, 2024.

Following these transactions Frink's reported direct beneficial ownership is 2,383,189 Class C shares, with an additional 797,765 shares held indirectly through the Frink Descendants' Trust.

Positive

• Transactions executed under a documented Rule 10b5-1 plan, indicating prearranged trading instructions
• Substantial retained ownership: 2,383,189 direct shares and 797,765 indirect shares via Frink Descendants' Trust

Negative

• Insider disposed of 10,000 Class C shares through sales executed 08/11–08/13/2025
• Share sales realized weighted-average prices roughly $80.20–$84.86, representing a liquidity event by the reporting person

Insights

Securities Analyst

TL;DR: Frink exercised 10,000 options at $22.41 and sold 10,000 Class C shares under a prearranged 10b5-1 plan; ownership largely retained.

The filing shows matched option exercises and sales across 08/11–08/13/2025: exercises acquired 10,000 shares at $22.41 per option and sales disposed of 10,000 Class C shares at weighted-average prices roughly $80.20–$84.86. The transactions were executed pursuant to a Rule 10b5-1 plan adopted 12/11/2024, indicating preplanned disposition rather than ad hoc selling. Material ownership remains substantial: 2,383,189 direct shares plus 797,765 indirect.

Corporate Governance Expert

TL;DR: Insider activity appears planned and compliant; exercises funded sales under a 10b5-1 program, leaving significant residual ownership.

From a governance perspective, the report discloses option exercises followed by contemporaneous sales equal to the exercised amounts, and the filing explicitly references a 10b5-1 trading plan. The presence of an indirect holding via a descendants' trust (797,765 shares) and a large direct stake (2,383,189) suggests continued alignment with long-term shareholders despite the near-term sales.

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).

X

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)
08/11/2025

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
Class C Capital Stock	08/11/2025		M		671	A	$22.41	2,383,860	D
Class C Capital Stock	08/11/2025		S		623(1)	D	$80.7177(2)	2,383,237	D
Class C Capital Stock	08/11/2025		S		48(1)	D	$81.23	2,383,189	D
Class C Capital Stock	08/12/2025		M		5,995	A	$22.41	2,389,184	D
Class C Capital Stock	08/12/2025		S		5,483(1)	D	$80.2998(3)	2,383,701	D
Class C Capital Stock	08/12/2025		S		512(1)	D	$81.0693(4)	2,383,189	D
Class C Capital Stock	08/13/2025		M		3,334	A	$22.41	2,386,523	D
Class C Capital Stock	08/13/2025		S		1,016(1)	D	$80.8908(5)	2,385,507	D
Class C Capital Stock	08/13/2025		S		928(1)	D	$82.0374(6)	2,384,579	D
Class C Capital Stock	08/13/2025		S		257(1)	D	$83.3611(7)	2,384,322	D
Class C Capital Stock	08/13/2025		S		1,121(1)	D	$84.3016(8)	2,383,201	D
Class C Capital Stock	08/13/2025		S		12(1)	D	$84.86	2,383,189	D
Class C Capital Stock								797,765	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	08/11/2025		M			671	(9)	03/28/2026	Class C Capital Stock	671	$0	119,329	D
Stock Option (right to buy)	$22.41	08/12/2025		M			5,995	(9)	03/28/2026	Class C Capital Stock	5,995	$0	113,334	D
Stock Option (right to buy)	$22.41	08/13/2025		M			3,334	(9)	03/28/2026	Class C Capital Stock	3,334	$0	110,000	D

Explanation of Responses:

1. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 11, 2024.

2. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $80.20 to $81.06. 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.

3. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $80.00 to $80.72. 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.

4. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $81.00 to $81.12. 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.

5. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $80.485 to $81.42. 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.

6. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $81.60 to $82.58. 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.

7. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $82.85 to $83.75. 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.

8. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $83.85 to $84.84. 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.

9. Option is fully vested and exercisable.

Remarks:

	/s/ Shannon Cartales Attorney-in-Fact	08/13/2025
	** 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

What transactions did Lloyd D. Frink report for Zillow (ZG)?

He exercised stock options totaling 10,000 shares (671, 5,995, 3,334) at $22.41 and sold 10,000 Class C shares on 08/11–08/13/2025.

Were the sales conducted under a Rule 10b5-1 plan for ZG?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on December 11, 2024.

How many Zillow (ZG) shares does Frink own after these transactions?

Reported direct beneficial ownership after the transactions is 2,383,189 Class C shares; indirect ownership via trust is 797,765 shares.

At what prices were the Zillow (ZG) shares sold?

The filing reports weighted-average sale prices across multiple transactions approximately in the range $80.20 to $84.86, with specific weighted averages noted in the form.

Were the options exercised by Frink vested and exercisable?

Yes. The filing includes a footnote stating the option is fully vested and exercisable.