SCHEDULE 13G/A: Norges Bank Discloses 4.9% Stake in Zillow Group

Norges Bank, Norway's central bank, has reported a 4.9% beneficial ownership stake in Zillow Group Inc.'s Class A Common Stock as of December 31, 2025.

Summary

• Norges Bank, the central bank of Norway, reported beneficial ownership of 2,415,055 shares of Zillow Group Inc. Class A Common Stock.
• This represents 4.9% of the total Class A Common Stock outstanding.
• The filing is an Amendment No. 2 to a Schedule 13G, indicating an update to a previously disclosed position.
• Norges Bank holds sole voting and dispositive power over 2,228,493 shares and shared dispositive power over 186,562 shares.
• The investment is certified as being acquired and held in the ordinary course of business, not for the purpose of changing or influencing control of Zillow Group Inc.
• Norges Bank functions as an investment adviser and a non-U.S. institution.
• Certain shares reported are invested on behalf of the Government of Norway.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of an institutional investor's passive ownership stake, providing factual information without inherently positive or negative implications for the issuer's operational performance or future prospects.

Positives

• Norges Bank's continued investment signals confidence in Zillow Group's long-term prospects.
• The investment is passive, indicating no intent to disrupt current management or strategy.

Negatives

• No direct negatives for Zillow Group are presented in this passive ownership disclosure.

Risks

• No specific risks related to Zillow Group's operations or financial health are disclosed in this filing, as it pertains to an investor's stake.

Future Outlook

Not applicable, as this filing is a disclosure of current ownership, not a forward-looking statement from the issuer.

Industry Context

Norges Bank, managing Norway's sovereign wealth fund, is one of the world's largest institutional investors. Its passive stake in Zillow Group Inc. reflects its broad investment strategy across global public equities, including technology and real estate sectors. Such investments are common for large funds seeking diversified exposure to market leaders.

Comparison to Industry Standards

• Norges Bank's investment strategy typically involves passive, long-term holdings in a wide range of global companies, aligning with standard practices for large sovereign wealth funds.
• A 4.9% stake is a significant but non-controlling position, consistent with the 'ordinary course of business' certification for institutional investors avoiding active influence.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, potentially reinforcing confidence in the stock due to Norges Bank's reputation.
• Management: Confirms a large, passive institutional investor, which typically implies stability without activist pressure.

Next Steps

• Norges Bank will continue to monitor its investment in Zillow Group Inc.
• Further Schedule 13G amendments would be filed if Norges Bank's beneficial ownership significantly changes (e.g., crosses a 5% threshold or drops below a reporting threshold).

Key Dates

Keywords

Zillow Group, ZG, Norges Bank, Norway, SEC filing, Schedule 13G, beneficial ownership, Class A Common Stock, institutional investor, real estate technology