SCHEDULE: Zillow Co-Founder Frink Boosts Stake to 6.7%

Zillow Group Co-founder Lloyd D. Frink has increased his beneficial ownership in the company's Class A Common Stock to 6.7%, reflecting recent acquisitions and company repurchases.

Summary

• Lloyd D. Frink, Co-founder, Co-Executive Chairman, and President of Zillow Group, Inc., filed an Amendment No. 3 to his Schedule 13D.
• The amendment reflects changes in his beneficial ownership of Class A Common Stock, including acquisitions and sales, and the Issuer's repurchases of Class A Common Stock.
• As of February 17, 2026, Mr. Frink beneficially owns an aggregate of 3,156,188 shares of Class A Common Stock.
• This represents 6.7% of the Class A Common Stock, assuming the conversion of all Class B Common Stock he beneficially owns.
• His sole voting power covers 2,454,304 shares, which includes 582 shares of Class A Common Stock and 2,453,722 shares of Class A Common Stock issuable upon conversion of Class B Common Stock.
• The shares under his sole voting power represent approximately 23.0% of the combined voting power of Zillow's outstanding shares as of February 17, 2026.
• He has shared dispositive power over 701,884 shares held by the Frink Descendants' Trust, Elliott Frink 2020 Trust, and Ethan Frink 2020 Trust, for which he is a co-trustee.
• Recent acquisitions include 35,000 shares on March 2, 2020, 43,750 shares on December 3, 2021, and 150,000 shares on August 9, 2024, all from stock option exercises.
• No transactions in Class A Common Stock were effected by the Reporting Person during the past 60 days.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as increased insider ownership by a key executive typically signals confidence in the company's prospects and aligns management's interests with shareholders.

Positives

• A significant insider, Lloyd D. Frink, has increased his beneficial ownership in Zillow Group, Inc., signaling continued confidence in the company's future.
• His aggregate beneficial ownership now stands at 6.7% of Class A Common Stock, and his voting power represents approximately 23.0% of the combined voting power, indicating a strong alignment of interests with long-term shareholders.
• The acquisitions of shares through stock option exercises demonstrate management's commitment and participation in the company's equity incentive plans.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding Zillow Group's future performance or strategic direction.

Industry Context

StockSavvy.ai notes that increased insider ownership, especially by a co-founder and executive chairman, can often be interpreted positively by the market, signaling strong confidence in the company's long-term strategy and execution within the competitive real estate technology sector. This move by Lloyd D. Frink reinforces the commitment of key leadership to Zillow's future amidst evolving market dynamics and competition from players like CoStar Group and Redfin.

Related Party Transactions

• Lloyd D. Frink is a co-trustee for the Frink Descendants' Trust, Elliott Frink 2020 Trust, and Ethan Frink 2020 Trust, which collectively own 701,884 shares of Class A Common Stock over which he has shared dispositive power.

Stakeholder Impact

• Shareholders may view the increased insider ownership as a positive signal of management's confidence in the company's future performance and alignment with shareholder interests.
• Employees may see this as a sign of stability and long-term commitment from leadership.

Key Dates

Recommendation

The filing indicates a significant insider, Lloyd D. Frink, has increased his stake in Zillow Group, demonstrating confidence. While this is a positive signal, the filing itself does not provide new operational or financial data to warrant a 'buy' recommendation. It primarily reflects an ownership adjustment. Therefore, a 'hold' recommendation is appropriate, suggesting investors maintain their current positions while monitoring future company performance and market conditions.

Keywords

Zillow Group, Z, Lloyd D. Frink, Schedule 13D, Beneficial Ownership, Insider Ownership, Class A Common Stock, Class B Common Stock, Voting Power, Stock Options, Real Estate Technology