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Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Carrying Value of Debt
The following table presents the carrying values of Zillow Group’s debt as of the dates presented (in millions):
September 30, 2023December 31, 2022
Credit facilities
Master repurchase agreements:
JPMorgan Chase Bank, N.A.(1)
$68 $— 
Atlas Securitized Products, L.P.(2)
22 23 
Citibank, N.A.(3)
— 3 
Warehouse line of credit:
Comerica Bank1 11 
Total credit facilities91 37 
Convertible senior notes
1.375% convertible senior notes due 2026
496 495 
2.75% convertible senior notes due 2025
561 560 
0.75% convertible senior notes due 2024
607 605 
Total convertible senior notes1,664 1,660 
Total debt$1,755 $1,697 
(1)Agreement commenced on June 1, 2023 and provides for a total maximum borrowing capacity of $100 million, $25 million of which is committed, until May 30, 2024.
(2)Agreement was reassigned from Credit Suisse AG, Cayman Islands (“Credit Suisse”) on May 25, 2023.
(3)Agreement expired on June 9, 2023 and was not renewed.
Schedule of Revolving Credit Facilities and Lines of Credit The following table summarizes certain details related to our outstanding master repurchase agreements and warehouse line of credit as of September 30, 2023 (in millions, except interest rates):
LenderMaturity DateMaximum Borrowing CapacityWeighted-Average Interest Rate
JPMorgan Chase Bank, N.A.May 30, 2024$100 7.03 %
Atlas Securitized Products, L.P.March 11, 202450 7.32 %
Comerica BankDecember 29, 202350 7.45 %
Total$200 
Schedule of Convertible Senior Notes
The following tables summarize certain details related to our outstanding convertible senior notes as of the dates presented or for the periods ended (in millions, except interest rates):
September 30, 2023December 31, 2022
Maturity DateAggregate Principal AmountStated Interest RateEffective Interest RateSemi-Annual Interest Payment DatesUnamortized Debt Issuance CostsFair ValueUnamortized Debt Issuance CostsFair Value
September 1, 2026$499 1.375 %1.57 %March 1; September 1$3 $598 $4 $504 
May 15, 2025565 2.75 %3.20 %May 15; November 154 571 5 531 
September 1, 2024608 0.75 %1.02 %March 1; September 11 706 3 629 
Total$1,672 $8 $1,875 $12 $1,664 
Three Months Ended
September 30, 2023		Three Months Ended
September 30, 2022
Maturity DateContractual Coupon InterestAmortization of Debt Issuance CostsInterest ExpenseContractual Coupon InterestAmortization of Debt Issuance CostsInterest Expense
September 1, 2026$2 $— $2 $2 $— $2 
May 15, 20254 — 4 4 1 5 
September 1, 20241 1 2 1 1 2 
Total$7 $1 $8 $7 $2 $9 
Nine Months Ended
September 30, 2023		Nine Months Ended
September 30, 2022
Maturity DateContractual Coupon InterestAmortization of Debt Issuance CostsInterest ExpenseContractual Coupon InterestAmortization of Debt Issuance CostsInterest Expense
September 1, 2026$6 $1 $7 $5 $— $5 
May 15, 202512 1 13 12 2 14 
September 1, 20243 2 5 4 1 5 
Total$21 $4 $25 $21 $3 $24 
The following table summarizes the conversion and redemption options with respect to the Notes:

Maturity DateEarly Conversion DateConversion RateConversion PriceOptional Redemption Date
September 1, 2026March 1, 202622.9830$43.51 September 5, 2023
May 15, 2025November 15, 202414.881067.20 May 22, 2023
September 1, 2024March 1, 202422.983043.51 September 5, 2022
The following table summarizes certain details related to the capped call confirmations with respect to the convertible senior notes:
Maturity DateInitial Cap PriceCap Price Premium
September 1, 2026$80.5750 150 %
September 1, 202472.5175 125 %