---
schema_version: "secwatch.filing_event.v1"
accession: "0001617640-25-000134"
form_type: "8-K"
ticker: "ZG"
cik: "0001617640"
company_name: "ZILLOW GROUP, INC."
filed_at: "2025-08-25T23:59:59+00:00"
generated_at: "2026-05-17T10:15:04.904582+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Zillow unwinds capped calls, receives 3.1M shares and $38.2M cash

## Summary
- Enters unwind agreements with Morgan Stanley, Citibank, Barclays, JPMorgan for capped calls tied to 2026 convertible notes (settled Dec 2024).
- Expects to receive 3.1M shares of Class C stock and $38.2M cash from Counterparties.
- Shares received will reduce outstanding Class C capital stock; no capped calls remaining.
- Counterparties may buy/sell Class C shares or unwind derivatives in secondary market.

## SEC filing metadata
- accession: 0001617640-25-000134
- form_type: 8-K
- ticker: ZG
- cik: 0001617640
- company_name: ZILLOW GROUP, INC.
- filed_at: 2025-08-25T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1617640/000161764025000134/0001617640-25-000134-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1617640/000161764025000134/z-20250825.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001617640-25-000134
- JSON: https://secwatch.observer/filing/0001617640-25-000134.json
- Plain text: https://secwatch.observer/filing/0001617640-25-000134.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.