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

Rhea-AI Filing Summary

Erik C. Blachford, a director of Zillow Group, reported a discretionary sale of Class C capital stock on 09/03/2025. The Form 4 shows 966 shares were sold at $81.91 per share, leaving the reporting person with 34,508 shares beneficially owned. The sale was executed pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 7, 2025.

The filing was submitted and signed on behalf of the reporting person by an attorney-in-fact on 09/04/2025. The form indicates this is a routine disclosure of an insider sale and provides no additional details about other transactions or motivations.

Positive

• Sale executed under a Rule 10b5-1 plan, providing an affirmative defense and indicating preplanned trading
• Disclosure of post-sale ownership: reporting person retains 34,508 shares, increasing transparency

Negative

• Insider reduced position by 966 Class C shares through the sale
• Form provides no contextual details about holdings across other security classes or reasons beyond the 10b5-1 plan

Insights

Securities Analyst

TL;DR: Routine insider sale under a 10b5-1 plan; modest reduction in holdings, no new material information for valuation.

The Form 4 documents a small, preplanned disposition of 966 Class C shares at $81.91 each, executed under a Rule 10b5-1 plan adopted March 7, 2025. Such plans are commonly used to create an affirmative defense to insider trading claims by scheduling trades in advance. The remaining beneficial ownership of 34,508 shares is disclosed, but the filing contains no indications of additional material events or changes to executive roles or company strategy.

Corporate Governance Expert

TL;DR: Disclosure aligns with best practices; use of 10b5-1 plan reduces appearance-of-insider-trading risk.

The report shows the director used a documented 10b5-1 trading plan to effect the sale, which supports governance transparency by pre-specifying transactions. The filing was properly executed by an attorney-in-fact and reports the post-transaction ownership level. No governance concerns, leadership changes, or regulatory flags are evident from this single-form disclosure.

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^*

BLACHFORD ERIK C

(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)
09/03/2025

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	09/03/2025		S		966(1)	D	$81.91	34,508	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

Explanation of Responses:

1. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 7, 2025.

Remarks:

	/s/ Shannon Cartales Attorney-in-Fact	09/04/2025
	** 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 did Erik C. Blachford sell in the Form 4 for ZG?

The Form 4 reports the sale of 966 shares of Class C capital stock of Zillow Group.

When was the transaction reported on the Form 4 for ZG?

The transaction date is 09/03/2025 and the Form 4 was signed on 09/04/2025.

At what price were the ZG shares sold in this Form 4?

The reported sale price was $81.91 per share.

How many ZG shares does the reporting person own after the sale?

The Form 4 shows 34,508 shares beneficially owned following the reported transaction.

Was the sale made under a 10b5-1 trading plan for ZG?

Yes. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted on March 7, 2025.