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

Rhea-AI Filing Summary

Claire Cormier Thielke, a director of Zillow Group (Z/ZG), reported an option exercise and subsequent sale of Class C capital stock. She exercised a stock option to acquire 8,247 shares at an exercise price of $57.61, temporarily increasing her holdings to 8,972 shares. She then sold 8,247 shares at a weighted-average sale price of $79.8566, with sales in the range of $79.6901 to $80.14, and retained 725 shares after the transactions.

The filing shows the underlying option is fully vested and exercisable and lists the option exercise price as $57.61 with an expiration date of 03/01/2032. The report identifies the reporting person as a Director and documents these changes in beneficial ownership for Class C Capital Stock.

Insights

Securities Analyst

TL;DR: Exercise and immediate sale of 8,247 shares; transaction appears routine and is neutral for Zillow's equity value.

The reporting person exercised an option to acquire 8,247 shares at $57.61 and sold the same number of shares at a weighted-average $79.8566. The per-share differential is $22.2466, indicating the insider realized a gross spread on the transactions. Beneficial ownership after the activity is reported as 725 shares. Because the filings show an exercise followed by an immediate sale, this is a liquidity event for the insider rather than a change to company capital structure, and it does not by itself alter shareholder value materially.

Corporate Governance Expert

TL;DR: Routine exercise and sale by a director; governance disclosure appears complete and nondirectional.

The Form 4 discloses a director-level reporting person who exercised vested options and sold the resulting shares, leaving 725 shares beneficially owned. The derivative table notes the option is fully vested and exercisable and lists an expiration date of 03/01/2032. The filing includes an explanation that the sale price is a weighted average across multiple transactions. This is a standard disclosure of insider activity with no material governance exception disclosed.

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^*

Cormier Thielke Claire

(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
	Officer (give title below)		Other (specify below)

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		8,247	A	$57.61	8,972	D
Class C Capital Stock	08/11/2025		S		8,247	D	$79.8566(1)	725	D

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)	$57.61	08/11/2025		M			8,247	(2)	03/01/2032	Class C Capital Stock	8,247	$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 $79.6901 to $80.14. 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	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 Claire Cormier Thielke report for Zillow (ZG)?

She exercised a stock option to acquire 8,247 Class C shares at an exercise price of $57.61 and sold 8,247 Class C shares at a weighted-average price of $79.8566.

How many shares did the reporting person own after the transactions?

The filing reports the reporting person owned 725 shares of Class C capital stock following the reported transactions.

What was the range and weighted-average sale price reported?

Sales occurred at prices ranging from $79.6901 to $80.14, with a reported weighted-average sale price of $79.8566.

What are the option terms disclosed in the filing?

The option has an exercise/conversion price of $57.61, the option is reported as fully vested and exercisable, and the expiration date is listed as 03/01/2032.

What is the reporting person’s relationship to Zillow?

The report identifies Claire Cormier Thielke as a Director of Zillow Group.