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

Rhea-AI Filing Summary

Insider option exercise and sale at Zillow Group — Choo Jun, Zillow Group Chief Operating Officer, exercised 25,575 fully vested stock options with an exercise price of $38.78 on 09/08/2025 and immediately sold 25,575 Class C shares the same day at a weighted average sale price of approximately $91.0612 (individual trade prices ranged $90.74–$91.36). After these transactions, Mr. Choo beneficially owned 114,129 Class C shares, down from 139,704. The Form 4 was signed by an attorney-in-fact on 09/10/2025. The filing notes the option was fully vested and exercisable and that sale prices reflect multiple transactions.

Positive

• Exercise of fully vested options indicates compensation-related liquidity rather than opportunistic secondary sale
• Sale price disclosure includes weighted average and price range ($90.74–$91.36), providing transparent execution details

Negative

• Reduction in beneficial ownership from 139,704 to 114,129 Class C shares following the transaction
• Insider sold all shares acquired on exercise, which could be viewed as monetizing exposure rather than adding to holdings

Insights

Financial Analyst

TL;DR: Insider exercised vested options and sold all newly acquired shares, reducing holdings while monetizing gains at roughly $91 per share.

From a capital-markets perspective, the COO exercised options with a low strike of $38.78 and sold the resulting 25,575 shares at a weighted average of ~$91.06, crystallizing a material spread per share. The filing shows a net decline in beneficial ownership to 114,129 Class C shares. This is a routine liquidity event consistent with option vesting and does not by itself indicate corporate performance changes. Investors should note timing and magnitude relative to total insider holdings when assessing insider confidence signals.

Corporate Governance Expert

TL;DR: Disclosure appears complete for the reported transactions; signatures and explanatory notes meet Form 4 requirements.

The Form 4 discloses the exercise and immediate sale, provides a weighted average sale price range, and states the option was fully vested and exercisable, which addresses material reporting elements. The form was signed by an attorney-in-fact, as permitted. There is no indication in the filing of any 10b5-1 plan or coordinated trading arrangement; no amendments or additional restrictions are reported. As submitted, the disclosure fulfills Section 16 reporting obligations for these transactions.

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^*

Choo Jun

(Last) (First) (Middle)

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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

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	09/08/2025		M		25,575	A	$38.78	139,704	D
Class C Capital Stock	09/08/2025		S		25,575	D	$91.0612(1)	114,129	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)	$38.78	09/08/2025		M			25,575	(2)	03/05/2031	Class C Capital Stock	25,575	$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 $90.74 to $91.36. 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	09/10/2025
	** 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 Zillow insider Choo Jun report on Form 4 (ZG)?

The filing reports exercise of 25,575 stock options at an exercise price of $38.78 on 09/08/2025 and the sale of 25,575 Class C shares the same day at a weighted average of ~$91.0612.

How did the transactions affect Choo Jun's holdings in ZG?

Beneficial ownership decreased from 139,704 to 114,129 Class C shares after the exercise and sale.

Were the exercised options vested and exercisable?

Yes; the filing explicitly states the option is fully vested and exercisable.

What sale price range is disclosed for the shares sold by Choo Jun?

The sale occurred across multiple trades with prices ranging from $90.74 to $91.36, producing a weighted average sale price of ~$91.0612.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by Shannon Cartales, Attorney-in-Fact on 09/10/2025.