SCHEDULE 13G: BlackRock Discloses 5.1% Stake in Zillow Class C Stock

BlackRock, Inc. has reported a 5.1% beneficial ownership of Zillow Group, Inc.'s Class C Stock as of September 30, 2025.

Summary

• BlackRock, Inc. has filed a Schedule 13G, indicating beneficial ownership of 9,391,128 shares of Zillow Group, Inc.'s Class C Stock.
• This ownership represents 5.1% of the total outstanding Class C Stock.
• BlackRock holds sole voting power over 8,318,413 shares and sole dispositive power over all 9,391,128 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Zillow Group, Inc.
• BlackRock, Inc. is classified as a parent holding company (HC) for this filing.
• Several BlackRock subsidiaries are identified as having beneficial ownership, with BlackRock Fund Managers Ltd. specifically noted as owning 5% or greater of the outstanding shares of this security class.

Sentiment

Score: 7

Explanation: The filing indicates a significant passive investment by a major institutional investor, BlackRock, in Zillow Group, Inc., suggesting confidence in the company's long-term prospects without implying active management influence.

Positives

• A significant passive investment by a major institutional investor like BlackRock can signal confidence in Zillow Group, Inc.'s long-term value and stability.
• The disclosure of a 5.1% stake by BlackRock may attract further institutional interest in Zillow Group, Inc.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Zillow Group, Inc.'s future performance or BlackRock's investment strategy beyond the passive nature of the stake.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

BlackRock's investment in Zillow Group, Inc. reflects continued institutional interest in the real estate technology sector, which is undergoing significant digital transformation. As a leading asset manager, BlackRock's passive stake suggests a belief in the long-term growth potential of companies like Zillow within this evolving industry.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by BlackRock may positively influence investor sentiment and potentially the share price.
• Management: Awareness of a major passive institutional investor may influence long-term strategic decisions, though BlackRock's stated intent is not to influence control.

Key Dates

Recommendation

BlackRock's disclosure of a 5.1% passive stake in Zillow Group, Inc. suggests a long-term, non-activist investment perspective. While not an endorsement for immediate action, it indicates institutional confidence in the company's underlying value, warranting a 'hold' recommendation for existing investors.

Keywords

Zillow, BlackRock, Class C Stock, SEC filing, 13G, beneficial ownership, institutional investment, real estate technology