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

Rhea-AI Filing Summary

Lloyd D. Frink, Co‑Executive Chairman & President of Zillow Group, reported open‑market sales of Class C capital stock on 08/14/2025. The filing shows two disposals: 150,000 shares and 100,000 shares sold at $85 per share. After these transactions, Frink beneficially owns 2,233,189 shares directly and 697,765 shares indirectly through the Frink Descendants' Trust. No derivative transactions were reported. The form is signed by an Attorney‑in‑Fact on 08/18/2025.

Positive

• Timely, compliant disclosure of insider transactions filed on Form 4 with signature from an Attorney‑in‑Fact
• Significant retained ownership shown after sales: 2,233,189 shares direct and 697,765 shares indirect, indicating ongoing alignment with shareholders

Negative

• Insider sold 250,000 Class C shares (150,000 and 100,000) at $85 per share on 08/14/2025, a material disposition of insider stock

Insights

Corporate Governance Expert

TL;DR: Insider sales recorded; executive retains large ownership stake, indicating continued alignment with shareholders.

The Form 4 discloses scheduled open‑market disposals totaling 250,000 Class C shares executed at $85 on 08/14/2025. The reporter remains a significant holder with both direct and indirect ownership reported, which is relevant for governance and voting control. The filing is routine, clearly itemized, and includes an Attorney‑in‑Fact signature, satisfying Section 16 reporting requirements.

Securities Analyst

TL;DR: Material insider sale disclosed but no derivatives or unusual transactions; continued substantial ownership noted.

The disclosure lists two Class C share dispositions and explicitly shows post‑transaction beneficial ownership levels: 2,233,189 direct and 697,765 indirect. There are no derivative positions reported. For market impact, the filing provides clear quantities and price per share, enabling investors to quantify the sale amount without additional assumptions.

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
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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)
08/14/2025

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	08/14/2025		S		150,000	D	$85	2,233,189	D
Class C Capital Stock	08/14/2025		S		100,000	D	$85	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

Explanation of Responses:

Remarks:

	/s/ Shannon Cartales Attorney-in-Fact	08/18/2025
	** 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 on Form 4 for ZG?

The filing reports two open‑market disposals of Class C capital stock on 08/14/2025: 150,000 and 100,000 shares sold at $85 per share.

How many Zillow (ZG) shares does Frink own after the reported sales?

After the transactions, Frink beneficially owns 2,233,189 shares directly and 697,765 shares indirectly (via the Frink Descendants' Trust).

Were any derivative securities reported in this Form 4 for ZG?

No derivative securities were reported; Table II contains no entries and only non‑derivative Class C share dispositions are listed.

Who signed the Form 4 and when was it signed?

The form is signed by /s/ Shannon Cartales, Attorney‑in‑Fact and dated 08/18/2025.

What is Lloyd D. Frink's role at Zillow as listed on the form?

The form lists Frink as Co‑Executive Chairman & President, a Director, and Co‑Founder of Zillow Group.