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

Insider Trade Summary

Exercise and Sale: 80,000 shares ($4.64M approx. pre-tax spread)

Exercise and Sale 8 txns

Insider Frink Lloyd D

Role Co -Exec. Chairman & President

Sold 80,000 shs ($6.44M)

Approx. gross sale proceeds $6.44M

Approx. exercise cost $1.79M

Approx. pre-tax spread $4.64M

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	27,134	$0.00	$0.00
Exercise	Class C Capital Stock	27,134	$22.41	$608K
Sale	Class C Capital Stock	15,475	$80.6032	$1.25M
Sale	Class C Capital Stock	11,659	$81.2373	$947K
Exercise	Stock Option (right to buy)	52,866	$0.00	$0.00
Exercise	Class C Capital Stock	52,866	$22.41	$1.18M
Sale	Class C Capital Stock	52,866	$80.2475	$4.24M
holding	Class C Capital Stock	--	--	--

Holdings After Transaction: Stock Option (right to buy) — 120,000 contracts (Direct); Class C Capital Stock — 2,383,189 shares (Direct); Class C Capital Stock — 797,765 shares (Indirect, Frink Descendants' Trust 12/30/04)

Footnotes (5)

1. F1. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 11, 2024.
2. F2. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $80.00 to $80.52. 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. F3. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $80.03 to $81.025. 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. F4. The reported price is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $81.03 to $81.525. 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. F5. Date at which first vesting occurs is indicated. 1/16th of the total number of shares subject to the option become exercisable at the first vesting date and an additional 1/16th become exercisable on each issuer quarterly vesting date occurring thereafter until the option is fully vested.

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Accepted by SEC EDGAR 07/24/2025 - 04:53 PM Learn about SEC filing dates

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).

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)
07/22/2025

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	07/22/2025		M		52,866	A	$22.41	2,436,055	D
Class C Capital Stock	07/22/2025		S		52,866(1)	D	$80.2475(2)	2,383,189	D
Class C Capital Stock	07/23/2025		M		27,134	A	$22.41	2,410,323	D
Class C Capital Stock	07/23/2025		S		15,475(1)	D	$80.6032(3)	2,394,848	D
Class C Capital Stock	07/23/2025		S		11,659(1)	D	$81.2373(4)	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	07/22/2025		M			52,866	05/18/2016(5)	03/28/2026	Class C Capital Stock	52,866	$0	147,134	D
Stock Option (right to buy)	$22.41	07/23/2025		M			27,134	05/18/2016(5)	03/28/2026	Class C Capital Stock	27,134	$0	120,000	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 $80.00 to $80.52. 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 $80.03 to $81.025. 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 $81.03 to $81.525. 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. Date at which first vesting occurs is indicated. 1/16th of the total number of shares subject to the option become exercisable at the first vesting date and an additional 1/16th become exercisable on each issuer quarterly vesting date occurring thereafter until the option is fully vested.

Remarks:

	/s/ Shannon Cartales Attorney-in-Fact	07/24/2025
	** 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.