Exhibit 99.2

Reported Consolidated Results

ZILLOW GROUP, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

			June 30, 2020						December 31, 2019
Assets
Current assets:
Cash and cash equivalents			$	2,045,474					$	1,141,263
Short-term investments			1,491,167						1,280,989
Accounts receivable, net			66,878						67,005
Mortgage loans held for sale			75,021						36,507
Inventory			135,401						836,627
Prepaid expenses and other current assets			56,373						58,117
Restricted cash			33,620						89,646
Total current assets			3,903,934						3,510,154
Contract cost assets			47,747						45,209
Property and equipment, net			195,747						170,489
Right of use assets			199,422						212,153
Goodwill			1,984,907						1,984,907
Intangible assets, net			106,990						190,567
Other assets			11,041						18,494
Total assets			$	6,449,788					$	6,131,973
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable			$	14,307					$	8,343
Accrued expenses and other current liabilities			74,646						85,442
Accrued compensation and benefits			34,520						37,805
Borrowings under credit facilities			187,032						721,951
Deferred revenue			44,514						39,747
Lease liabilities, current portion			22,789						17,592
Convertible senior notes, current portion			9,637						9,637
Total current liabilities			387,445						920,517
Lease liabilities, net of current portion			214,752						220,445
Convertible senior notes, net of current portion			1,810,341						1,543,402
Deferred tax liabilities and other long-term liabilities			14,192						12,188
Total liabilities			2,426,730						2,696,552
Shareholders’ equity:
Class A common stock			6						6
Class B common stock			1						1
Class C capital stock			16						14
Additional paid-in capital			5,246,371						4,412,200
Accumulated other comprehensive income			1,525						340
Accumulated deficit			(1,224,861)						(977,140)
Total shareholders’ equity			4,023,058						3,435,421
Total liabilities and shareholders’ equity			$	6,449,788					$	6,131,973

ZILLOW GROUP, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

			Three Months Ended June 30,																		Six Months Ended June 30,
			2020						2019						2020						2019
Revenue:
Homes			$	454,252					$	248,924					$	1,224,125					$	377,396
IMT			280,339						323,669						611,005						621,941
Mortgages			33,761						26,985						59,043						54,345
Total revenue			768,352						599,578						1,894,173						1,053,682
Cost of revenue (exclusive of amortization) (1)(2):
Homes			431,788						240,732						1,163,987						363,151
IMT			23,387						26,059						47,705						50,310
Mortgages			5,896						4,430						11,051						9,108
Total cost of revenue			461,071						271,221						1,222,743						422,569
Sales and marketing (2)			155,598						187,433						360,246						349,020
Technology and development (2)			128,857						120,330						263,775						228,100
General and administrative (2)			85,511						82,839						177,796						178,613
Impairment costs			—						—						76,800						—
Integration costs			—						293						—						645
Total costs and expenses			831,037						662,116						2,101,360						1,178,947
Loss from operations			(62,685)						(62,538)						(207,187)						(125,265)
Gain on partial extinguishment of 2021 Notes			6,391						—						6,391						—
Other income			10,115						9,458						19,708						18,626
Interest expense			(37,590)						(18,897)						(75,182)						(35,363)
Loss before income taxes			(83,769)						(71,977)						(256,270)						(142,002)
Income tax benefit (expense)			(679)						—						8,549						2,500
Net loss			$	(84,448)					$	(71,977)					$	(247,721)					$	(139,502)
Net loss per share — basic and diluted			$	(0.38)					$	(0.35)					$	(1.15)					$	(0.68)
Weighted-average shares outstanding — basic and diluted			219,467						205,754						215,070						205,137
_________________ (1) Amortization of website development costs and intangible assets included in technology and development			$	18,857					$	14,656					$	36,041					$	29,056
(2) Includes share-based compensation expense as follows:
Cost of revenue			$	1,119					$	936					$	2,292					$	1,816
Sales and marketing			9,116						6,801						16,109						12,451
Technology and development			21,666						18,399						40,583						33,908
General and administrative			20,450						17,496						37,162						61,581
Total			$	52,351					$	43,632					$	96,146					$	109,756
Other Financial Data:
Segment income (loss) before income taxes:
Homes segment			$	(80,058)					$	(71,122)					$	(178,016)					$	(116,327)
IMT segment			19,166						13,238						(22,341)						1,786
Mortgages segment			(240)						(10,438)						(13,385)						(20,054)
Total segment loss before income taxes			$	(61,132)					$	(68,322)					$	(213,742)					$	(134,595)
Adjusted EBITDA (3):
Homes segment			$	(60,908)					$	(56,452)					$	(135,903)					$	(90,976)
IMT segment			71,862						64,055						157,579						125,102
Mortgages segment			4,885						(5,306)						(718)						(7,907)
Total Adjusted EBITDA			$	15,839					$	2,297					$	20,958					$	26,219
(3) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See Exhibit 99.1 for more information regarding our presentation of Adjusted EBITDA and for a reconciliation of Adjusted EBITDA to net loss on a consolidated basis and income (loss) before income taxes for each segment, the most directly comparable GAAP financial measures, for each of the periods presented.

ZILLOW GROUP, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

			Six Months Ended June 30,
			2020						2019
Operating activities
Net loss			$	(247,721)					$	(139,502)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			55,199						41,728
Share-based compensation expense			96,146						109,756
Amortization of right of use assets			12,731						10,572
Amortization of contract cost assets			17,070						17,880
Amortization of discount and issuance costs on convertible senior notes maturing in 2021, 2023, 2024, 2025 and 2026			47,746						17,799
Gain on partial extinguishment of 2021 Notes			(6,391)						—
Impairment costs			76,800						—
Deferred income taxes			(8,549)						(2,500)
(Gain) loss on disposal of property and equipment and other assets			(2,658)						3,878
Credit loss expense			1,614						706
Net loss on investment securities			372						—
Accretion of bond discount			(303)						(3,695)
Changes in operating assets and liabilities:
Accounts receivable			(1,487)						(16,884)
Mortgage loans held for sale			(38,514)						(3,244)
Inventory			701,145						(389,994)
Prepaid expenses and other assets			(771)						(2,015)
Lease liabilities			(495)						(11,946)
Contract cost assets			(19,608)						(18,332)
Accounts payable			7,504						1,256
Accrued expenses and other current liabilities			(8,741)						6,952
Accrued compensation and benefits			(3,285)						613
Deferred revenue			4,767						3,000
Other long-term liabilities			10,049						149
Net cash provided by (used in) operating activities			692,620						(373,823)
Investing activities
Proceeds from maturities of investments			701,266						539,312
Proceeds from sales of investments			116,394						—
Purchases of investments			(1,026,233)						(302,891)
Purchases of property and equipment			(54,653)						(29,672)
Purchases of intangible assets			(11,408)						(8,927)
Proceeds from sale of equity investment			10,000						—
Net cash provided by (used in) investing activities			(264,634)						197,822
Financing activities
Proceeds from issuance of 2025 Notes, net of issuance costs			553,282						—
Proceeds from issuance of Class C capital stock, net of issuance costs			411,522						—
Partial extinguishment of 2021 Notes			(194,670)						—
Proceeds from borrowings on credit facilities			43,200						293,099
Repayments of borrowings on credit facilities			(617,506)						—
Net borrowings (repayments) on warehouse lines of credit and repurchase agreement			39,387						(2,961)
Proceeds from exercise of stock options			184,984						32,997
Value of equity awards withheld for tax liability			—						3
Net cash provided by financing activities			420,199						323,138
Net increase in cash, cash equivalents and restricted cash during period			848,185						147,137
Cash, cash equivalents and restricted cash at beginning of period			1,230,909						663,443
Cash, cash equivalents and restricted cash at end of period			$	2,079,094					$	810,580
Supplemental disclosures of cash flow information
Cash paid for interest			$	29,201					$	16,616
Noncash transactions:
Capitalized share-based compensation			$	8,490					$	5,878
Write-off of fully depreciated property and equipment			$	6,942					$	9,867
Write-off of fully amortized intangible assets			$	—					$	3,311
Property and equipment purchased on account			$	5,305					$	2,408

Non-GAAP Net Loss per Share

Our presentation of non-GAAP net loss per share excludes the impact of share-based compensation expense, impairment costs, the gain on the partial extinguishment of the 2021 Notes and income taxes. This measure is not a key metric used by our management and board of directors to measure operating performance or otherwise manage the business. However, we provide non-GAAP net loss per share as supplemental information to investors, as we believe the exclusion of share-based compensation expense, impairment costs, the gain on the partial extinguishment of the 2021 Notes and income taxes facilitates investors’ operating performance comparisons on a period-to-period basis. You should not consider non-GAAP net loss per share in isolation or as a substitute for analysis of our results as reported under GAAP.

The following table sets forth a reconciliation of non-GAAP net loss, adjusted, to net loss, as reported on a GAAP basis, and the calculation of non-GAAP net loss per share - basic and diluted, for each of the periods presented (in thousands, except per share data, unaudited):

			Three Months Ended June 30,																		Six Months Ended June 30,
			2020						2019						2020						2019
Net loss, as reported			$	(84,448)					$	(71,977)					$	(247,721)					$	(139,502)
Share-based compensation expense			52,351						43,632						96,146						109,756
Impairment costs			—						—						76,800						—
Gain on partial extinguishment of 2021 Notes			(6,391)						—						(6,391)						—
Income tax expense (benefit)			679						—						(8,549)						(2,500)
Net loss, adjusted			$	(37,809)					$	(28,345)					$	(89,715)					$	(32,246)
Non-GAAP net loss per share — basic and diluted			$	(0.17)					$	(0.14)					$	(0.42)					$	(0.16)
Weighted-average shares outstanding — basic and diluted			219,467						205,754						215,070						205,137

Segment Results of Operations

The following tables present our segment results for the periods presented (in thousands, unaudited):

			Three Months Ended June 30, 2020																														Three Months Ended June 30, 2019
			Homes						IMT						Mortgages						Homes						IMT						Mortgages
Revenue			$	454,252					$	280,339					$	33,761					$	248,924					$	323,669					$	26,985
Costs and expenses:
Cost of revenue			431,788						23,387						5,896						240,732						26,059						4,430
Sales and marketing			47,877						96,026						11,695						37,409						135,440						14,584
Technology and development			28,918						93,176						6,763						18,198						94,261						7,871
General and administrative			21,902						53,884						9,725						17,808						54,671						10,360
Integration costs			—						—						—						—						—						293
Total costs and expenses			530,485						266,473						34,079						314,147						310,431						37,538
Income (loss) from operations			(76,233)						13,866						(318)						(65,223)						13,238						(10,553)
Segment other income			—						5,300						385						—						—						402
Segment interest expense			(3,825)						—						(307)						(5,899)						—						(287)
Income (loss) before income taxes (1)			$	(80,058)					$	19,166					$	(240)					$	(71,122)					$	13,238					$	(10,438)

			Six Months Ended June 30, 2020																														Six Months Ended June 30, 2019
			Homes						IMT						Mortgages						Homes						IMT						Mortgages
Revenue			$	1,224,125					$	611,005					$	59,043					$	377,396					$	621,941					$	54,345
Costs and expenses:
Cost of revenue			1,163,987						47,705						11,051						363,151						50,310						9,108
Sales and marketing			119,466						216,199						24,581						58,271						262,094						28,655
Technology and development			61,456						188,204						14,115						30,479						182,230						15,391
General and administrative			45,323						112,638						19,835						32,165						125,521						20,927
Impairment costs			—						73,900						2,900						—						—						—
Integration costs			—						—						—						—						—						645
Total costs and expenses			1,390,232						638,646						72,482						484,066						620,155						74,726
Income (loss) from operations			(166,107)						(27,641)						(13,439)						(106,670)						1,786						(20,381)
Segment other income			—						5,300						587						—						—						715
Segment interest expense			(11,909)						—						(533)						(9,657)						—						(388)
Income (loss) before income taxes (1)			$	(178,016)					$	(22,341)					$	(13,385)					$	(116,327)					$	1,786					$	(20,054)

(1) The following table presents the reconciliation of total segment loss before income taxes to consolidated loss before income taxes for the periods presented (in thousands):

			Three Months Ended June 30,																		Six Months Ended June 30,
			2020						2019						2020						2019
Total segment loss before income taxes			$	(61,132)					$	(68,322)					$	(213,742)					$	(134,595)
Corporate interest expense			(33,458)						(12,711)						(62,740)						(25,318)
Corporate other income			4,430						9,056						13,821						17,911
Gain on partial extinguishment of 2021 Notes			6,391						—						6,391						—
Consolidated loss before income taxes			$	(83,769)					$	(71,977)					$	(256,270)					$	(142,002)

Certain corporate items are not directly attributable to any of our segments, including the gain on the partial extinguishment of the 2021 Notes, interest income earned on our short-term investments included in Other income and interest costs on our convertible senior notes included in Interest expense.

Key Metrics

The following table sets forth our key metrics for each of the periods presented (in millions):

			Three Months Ended June 30,																		2019 to 2020 % Change
			2020						2019
Visits (1)			2,491.1						2,181.4						14		%
Average Monthly Unique Users (2)			218.1						194.3						12		%
Number of Homes Sold			1,437						786						83		%

(1)Visits includes visits to the Zillow, Trulia and StreetEasy mobile apps and websites. We measure Zillow and StreetEasy visits with Google Analytics and Trulia visits with Adobe Analytics.

(2)Zillow, StreetEasy, HotPads and Naked Apartments measure unique users with Google Analytics, and Trulia measures unique users with Adobe Analytics.

Non-GAAP Average Return on Homes Sold After Interest Expense

To provide investors with additional information regarding our Zillow Offers financial results, this Exhibit includes a calculation of Average Return on Homes Sold After Interest Expense, which is a non-GAAP financial measure. We have provided a reconciliation of Average Return on Homes Sold After Interest Expense to the most directly comparable GAAP financial measure, which is average gross profit per home for the Zillow Offers business.

We believe that Average Return on Homes Sold After Interest Expense is a useful financial measure to investors as it is one of the primary measures used by management in making investment decisions, measuring unit level economics and evaluating operating performance for the Zillow Offers business. The measure is intended to convey the unit level economics of homes sold during the period by presenting the average revenue and associated expenses directly attributed to the homes sold. We believe this average per unit measure facilitates meaningful period over period comparisons notwithstanding variability in the number of homes sold during a period and indicates ability to generate average returns on assets sold after considering home purchase costs, renovation costs, holding costs and selling costs.

We calculate the Average Return on Homes Sold After Interest Expense as revenue associated with homes sold during the period less direct costs attributable to those homes divided by the number of homes sold during the period. Specifically, direct costs include, with respect to each home sold during the period (1) home acquisition and renovation costs, which in turn include certain labor costs directly associated with these activities; (2) holding and selling costs; and (3) interest costs incurred.

Included in direct holding and interest expense amounts for the periods presented are holding and interest costs recorded as period expenses in prior periods associated with homes sold in the presented period, which are not calculated in accordance with, or as an alternative for, GAAP and should not be considered in isolation or as a substitute for results reported under GAAP. Excluded from certain of these direct cost amounts are costs recorded in the presented period related to homes that remain in inventory at the end of the period, as shown in the tables below. We make these period adjustments because we believe presenting Average Return on Homes Sold After Interest Expense in this manner provides a focused view on a subset of our assets - homes sold during the period - and reflecting costs associated with those homes sold from the time we acquire to the time we sell the home, which may be useful to investors.

Average Return on Homes Sold After Interest Expense is intended to illustrate the performance of homes sold during the period and is not intended to be a segment or company performance metric. Average Return on Homes Sold After Interest Expense is a supplemental measure of operating performance for a subset of assets and has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

•Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Average Return on Homes Sold After Interest Expense does not reflect capital expenditure requirements for such replacements or for new capital expenditure requirements;

•Average Return on Homes Sold After Interest Expense does not consider the potentially dilutive impact of share-based compensation;

•Average Return on Homes Sold After Interest Expense does not include period costs that were not eligible for inventory capitalization associated with homes held in inventory at the end of the period;

•Average Return on Homes Sold After Interest Expense does not reflect indirect expenses included in cost of revenue, sales and marketing, technology and development, or general and administrative expenses, some of which are recurring cash expenditures necessary to operate the business; and

•Average Return on Homes Sold After Interest Expense does not reflect income taxes.

On a GAAP basis, Zillow Offers average gross profit per home was $16,551 and $10,422, respectively, for the three months ended June 30, 2020 and 2019.

The following table presents the total return on homes sold after interest expense and the Average Return on Homes Sold After Interest Expense for the periods presented (unaudited):

			Three Months Ended June 30, 2020																		Three Months Ended June 30, 2019
			Total						Average Per Home						Total						Average Per Home
Homes sold			1,437												786
Zillow Offers revenue			$	453,816,000					$	315,808					$	248,924,000					$	316,697
Operating costs:
Home acquisition costs (1)			409,509,000						284,975						224,955,000						286,202
Renovation costs (1)			22,773,000						15,848						9,484,000						12,066
Holding costs (1)(2)			5,987,000						4,166						2,569,000						3,268
Selling costs			19,570,000						13,619						10,676,000						13,583
Total operating costs			457,839,000						318,608						247,684,000						315,119
Interest expense (1)(2)			5,948,000						4,139						3,532,000						4,494
Return on homes sold after interest expense			$	(9,971,000)					$	(6,939)					$	(2,292,000)					$	(2,916)
(1) Amount excludes expenses incurred during the period that are not related to homes sold during the period. (2) Holding costs and interest expense include $3.9 million and $3.8 million, respectively, of costs incurred in prior periods associated with homes sold in the second quarter of 2020 and $1.1 million and $1.6 million, respectively, of costs incurred in prior periods associated with homes sold in the second quarter of 2019.

The calculation of Average Return on Homes Sold After Interest Expense includes only those expenses directly attributed to the homes sold during the period. To arrive at return on homes sold after interest expense, the Company deducts from Zillow Offers gross profit (1) holding costs incurred in the presented period and prior periods for homes sold during the presented period that are included in sales and marketing expense, (2) selling costs incurred in the presented period for homes sold during the presented period that are included in sales and marketing expense and (3) interest expense incurred in the presented period and prior periods for homes sold during the presented period. The Company adds to Zillow Offers gross profit (1) inventory valuation adjustments recorded during the presented period associated with homes that remain in inventory at period end, net of inventory valuation adjustments recorded in prior periods related to homes sold in the presented period, and indirect expenses included in cost of revenue and (2) share-based compensation expense and depreciation and amortization expense included in cost of revenue. The following table presents the calculation of Zillow Offers average gross profit per home and Average Return on Homes Sold After Interest Expense and a reconciliation of return on homes sold after interest expense to Zillow Offers gross profit for the periods presented (unaudited):

			Three Months Ended June 30,
Calculation of Average Gross Profit per Home			2020						2019
Zillow Offers revenue			$	453,816,000					$	248,924,000
Zillow Offers cost of revenue			430,032,000						240,732,000
Zillow Offers gross profit			$	23,784,000					$	8,192,000
Homes sold			1,437						786
Average Zillow Offers gross profit per home			$	16,551					$	10,422
Reconciliation of Non-GAAP Measure to Nearest GAAP Measure
Zillow Offers gross profit			$	23,784,000					$	8,192,000
Holding costs included in sales and marketing (1)			(5,987,000)						(2,569,000)
Selling costs included in sales and marketing (2)			(19,570,000)						(10,676,000)
Interest expense (3)			(5,948,000)						(3,532,000)
Direct and indirect expenses included in cost of revenue (4)			(2,573,000)						6,101,000
Share-based compensation expense and depreciation and amortization expense included in cost of revenue			323,000						192,000
Return on homes sold after interest expense			$	(9,971,000)					$	(2,292,000)
Homes sold			1,437						786
Average return on homes sold after interest expense			$	(6,939)					$	(2,916)
(1) Amount represents holding costs incurred related to homes sold in the presented period that were not eligible for inventory capitalization and were therefore expensed as period costs in the presented period and prior periods. These costs primarily include homeowners association dues, property taxes, insurance, utilities, and cleaning and maintenance costs incurred during the time a home is held for sale after the renovation period is complete. On a GAAP basis, the Company incurred a total of $2.6 million and $4.4 million of holding costs included in sales and marketing expense for the three months ended June 30, 2020 and 2019, respectively. (2) Amount represents selling costs incurred related to homes sold in the presented period that were not eligible for inventory capitalization and were therefore expensed as period costs in the presented period. These costs primarily include agent commissions paid upon the sale of a home. (3) Amount represents interest expense incurred related to homes sold in the presented period that was not eligible for inventory capitalization and was therefore expensed as a period cost in the presented period and prior periods. (4) Amount includes inventory valuation adjustments recorded during the period associated with homes that remain in inventory at period end, net of inventory valuation adjustments recorded in prior periods related to homes sold in the presented period, as well as corporate costs allocated to Zillow Offers such as headcount expenses and hosting-related costs related to the operation of our website.

On a GAAP basis, Homes segment average gross profit per home was $16,277 and $11,871, respectively, for the six months ended June 30, 2020 and 2019.

The following table presents the total return on homes sold after interest expense and the Average Return on Homes Sold After Interest Expense for the periods presented (unaudited):

			Six Months Ended June 30, 2020																		Six Months Ended June 30, 2019
			Total						Average Per Home						Total						Average Per Home
Homes sold			3,831												1,200
Zillow Offers revenue			$	1,222,928,000					$	319,219					$	377,396,000					$	314,497
Operating costs:
Home acquisition costs (1)			1,099,163,000						286,913						341,664,000						284,720
Renovation costs (1)			59,364,000						15,496						14,165,000						11,804
Holding costs (1)(2)			15,605,000						4,073						3,807,000						3,173
Selling costs			52,483,000						13,699						16,218,000						13,515
Total operating costs			1,226,615,000						320,181						375,854,000						313,212
Interest expense (1)(2)			17,004,000						4,439						5,187,000						4,323
Return on homes sold after interest expense			$	(20,691,000)					$	(5,401)					$	(3,645,000)					$	(3,038)
(1) Amount excludes expenses incurred during the period that are not related to homes sold during the period. (2) Holding costs and interest expense include $6.4 million and $8.1 million, respectively, of costs incurred in prior periods associated with homes sold in the six months ended June 30, 2020 and $0.9 million and $0.9 million, respectively, of costs incurred in prior periods associated with homes sold in the six months ended June 30, 2019.

The following table presents the calculation of Homes segment average gross profit per home and Average Return on Homes Sold After Interest Expense and a reconciliation of return on homes sold after interest expense to Homes segment gross profit for the periods presented (unaudited):

			Six Months Ended June 30,
Calculation of Average Gross Profit per Home			2020						2019
Zillow Offers revenue			$	1,222,928,000					$	377,396,000
Zillow Offers cost of revenue			1,160,569,000						363,151,000
Zillow Offers gross profit			$	62,359,000					$	14,245,000
Homes sold			3,831						1,200
Average Zillow Offers gross profit per home			$	16,277					$	11,871
Reconciliation of Non-GAAP Measure to Nearest GAAP Measure
Zillow Offers gross profit			$	62,359,000					$	14,245,000
Holding costs included in sales and marketing (1)			(15,605,000)						(3,807,000)
Selling costs included in sales and marketing (2)			(52,483,000)						(16,218,000)
Interest expense (3)			(17,004,000)						(5,187,000)
Direct and indirect expenses included in cost of revenue (4)			1,257,000						7,021,000
Share-based compensation expense and depreciation and amortization expense included in cost of revenue			785,000						301,000
Return on homes sold after interest expense			$	(20,691,000)					$	(3,645,000)
Homes sold			3,831						1,200
Average return on homes sold after interest expense			$	(5,401)					$	(3,038)
(1) Amount represents holding costs incurred related to homes sold in the presented period that were not eligible for inventory capitalization and were therefore expensed as period costs in the presented period and prior periods. These costs primarily include homeowners association dues, property taxes, insurance, utilities, and cleaning and maintenance costs incurred during the time a home is held for sale after the renovation period is complete. On a GAAP basis, the Company incurred a total of $7.9 million and $6.7 million of holding costs included in sales and marketing expense for the six months ended June 30, 2020 and 2019, respectively. (2) Amount represents selling costs incurred related to homes sold in the presented period that were not eligible for inventory capitalization and were therefore expensed as period costs in the presented period. These costs primarily include agent commissions paid upon the sale of a home. (3) Amount represents interest expense incurred related to homes sold in the presented period that was not eligible for inventory capitalization and was therefore expensed as a period cost in the presented period and prior periods. (4) Amount includes inventory valuation adjustments recorded during the period associated with homes that remain in inventory at period end, net of inventory valuation adjustments recorded in prior periods related to homes sold in the presented period, as well as corporate costs allocated to Zillow Offers such as headcount expenses and hosting-related costs related to the operation of our website.