SCHEDULE 13G/A: Caledonia Funds Reaffirm Significant 24.91% Stake in Zillow Group Class A Common Stock

Caledonia (Private) Investments Pty Limited and Caledonia US, LP have filed an updated Schedule 13G, confirming their beneficial ownership of 24.91% of Zillow Group, Inc.'s Class A Common Stock as of March 31, 2025.

Summary

• Caledonia (Private) Investments Pty Limited and Caledonia US, LP (collectively, 'Caledonia') filed Amendment No. 7 to their Schedule 13G.
• The filing reports their beneficial ownership in Zillow Group, Inc.'s Class A Common Stock, par value $0.0001 per share.
• As of March 31, 2025, Caledonia beneficially owns an aggregate of 12,921,635 shares of Zillow Group, Inc. Class A Common Stock.
• This ownership represents 24.91% of the total outstanding Class A Common Stock.
• Caledonia holds shared voting power and shared dispositive power over all 12,921,635 beneficially owned shares.
• The reporting persons are classified as Investment Advisers (IA).
• Caledonia certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing the control of Zillow Group, Inc.

Sentiment

Score: 7

Explanation: The filing indicates a significant and stable long-term investment by a major institutional investor, suggesting confidence in the company. While it doesn't provide operational details, the large, passive stake is generally a positive signal for the issuer.

Positives

• The continued significant stake of 24.91% by Caledonia, a prominent investment adviser, signals strong institutional confidence in Zillow Group, Inc.'s long-term prospects.
• Caledonia's certification that the shares are held in the ordinary course of business and not for control purposes suggests a stable, passive investment, which can be reassuring to other shareholders.

Future Outlook

The document is a beneficial ownership filing and does not provide forward-looking statements or guidance regarding Zillow Group, Inc.'s future performance or Caledonia's specific investment strategy beyond the certification of passive holding.

Management Comments

• Matthew Moses, General Counsel for both Caledonia (Private) Investments Pty Limited and Caledonia US, LP, certified that the securities 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.

Industry Context

This filing highlights a significant, continued investment by Caledonia, a prominent investment adviser, in Zillow Group, Inc., a leading online real estate marketplace. Such a substantial and stable stake by an institutional investor can signal long-term confidence in the real estate technology sector, particularly in established players like Zillow, amidst evolving market dynamics and technological advancements in property transactions.

Comparison to Industry Standards

• This document is a beneficial ownership report (Schedule 13G) and does not contain financial or operational results for Zillow Group, Inc. that would allow for a direct comparison to industry standards or specific comparable companies/projects. It solely reports the ownership stake of Caledonia in Zillow.

Stakeholder Impact

• Shareholders: The continued significant stake by Caledonia may be viewed positively, signaling institutional confidence and potentially reducing volatility.
• Management: The passive nature of Caledonia's investment (not seeking control) suggests stability and less immediate pressure from this large shareholder.

Next Steps

• The document does not specify any future actions or milestones for Zillow Group, Inc. or Caledonia beyond the ongoing beneficial ownership.

Key Dates

Keywords

Zillow Group Inc., Zillow, ZG, Class A Common Stock, Caledonia, Caledonia Private Investments, Caledonia US LP, Schedule 13G, Beneficial Ownership, Investment Adviser, Real Estate Technology