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Debt | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt The following table presents the carrying values of Zillow Group’s debt as of the dates presented (in millions):
| June 30, 2025 |  | December 31, 2024
Master repurchase agreements: |  |  |
JPMorgan Chase Bank, N.A. | $ | 92 |  |  | $ | 72 |
UBS AG | 74 |  |  | 73 |
Bank of Montreal(1) | 64 |  |  | — |
Total master repurchase agreements | 230 |  |  | 145 |
2025 Notes | — |  |  | 418 |
Total debt | $ | 230 |  |  | $ | 563 |
(1)Agreement was entered into on February 27, 2025.
Credit Facilities We utilize master repurchase agreements to provide capital for Zillow Home Loans. The following table summarizes certain details related to our outstanding master repurchase agreements as of June 30, 2025 (in millions, except interest rates):
Lender |  | Maturity Date |  | Maximum Borrowing Capacity |  | Borrowings Outstanding |  | Available Borrowing Capacity(1) |  | Weighted-Average Interest Rate
JPMorgan Chase Bank, N.A. |  | April 28, 2026 |  | $ | 200 |  |  | $ | 92 |  |  | $ | 108 |  |  | 6.05 | %
UBS AG |  | September 5, 2025 |  | 150 |  |  | 74 |  |  | 76 |  |  | 6.05 | %
Bank of Montreal |  | February 26, 2026 |  | 150 |  |  | 64 |  |  | 86 |  |  | 6.02 | %
Bank of Nova Scotia |  | June 8, 2026 |  | 100 |  | — |  |  | 100 |  |  | — | %
|  | Total |  | $ | 600 |  |  | $ | 230 |  |  | $ | 370 |  |  |
(1) Available borrowing capacity under our master repurchase agreements is primarily uncommitted. On April 29, 2025, Zillow Home Loans amended its JPMorgan Chase Bank, N.A. master repurchase agreement to increase the total maximum borrowing capacity from $150 million to $200 million and to extend the maturity date to April 28, 2026. On June 9, 2025, Zillow Home Loans entered into a master repurchase agreement with Bank of Nova Scotia which provides a total maximum borrowing capacity of $100 million. Zillow Home Loans did not draw on this master repurchase agreement during the three months ended June 30, 2025. In accordance with the master repurchase agreements, the Lenders have agreed to pay Zillow Home Loans a negotiated purchase price for eligible loans, and Zillow Home Loans has simultaneously agreed to repurchase such loans from the Lenders under a specified timeframe at an agreed upon price that includes interest. The master repurchase agreements contain margin call provisions that provide the Lenders with certain rights in the event of a decline in the market value of the assets purchased under the master repurchase agreements. As of June 30, 2025 and December 31, 2024, $242 million and $151 million, respectively, in mortgage loans held for sale were pledged as collateral under the master repurchase agreements. Borrowings on the master repurchase agreements bear interest at a floating rate based on SOFR plus an applicable margin, as defined by the governing agreements. The master repurchase agreements include customary representations and warranties, covenants and provisions regarding events of default. As of June 30, 2025, Zillow Home Loans was in compliance with all financial covenants and no event of default had occurred. The master repurchase agreements are recourse to Zillow Home Loans and have no recourse to Zillow Group or any of its other subsidiaries. For additional details related to our repurchase agreements, see Note 10 in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Convertible Senior Notes During the three months ended June 30, 2024 and in accordance with our Repurchase Authorizations, we repurchased $88 million aggregate principal amount of the 2025 Notes through open market transactions for $89 million in cash, including accrued interest, resulting in a loss on extinguishment of debt of $1 million recognized in our condensed consolidated statements of operations. See Note 8 for additional information on the Repurchase Authorizations. The 2025 Notes matured on May 15, 2025. We settled the remaining $419 million in aggregate principal amount of the 2025 Notes with cash payments totaling $425 million, which included $419 million in principal repayments, $6 million for accrued interest, and a nominal cash payment in lieu of fractional shares, and the issuance of a nominal number of shares of Class C capital stock. The following tables summarize the interest expense related to our convertible senior notes for the periods ended (in millions, except interest rates):
|  | Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024
|  | Contractual Coupon Interest |  | Amortization of Debt Issuance Costs |  | Interest Expense |  | Contractual Coupon Interest |  | Amortization of Debt Issuance Costs |  | Interest Expense
2026 Notes |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |
2025 Notes |  | 1 |  |  | — |  |  | 1 |  |  | 3 |  |  | — |  |  | 3 |
2024 Notes |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Total |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 6 |  |  | $ | 1 |  |  | $ | 7 |
|  | Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
|  | Contractual Coupon Interest |  | Amortization of Debt Issuance Costs |  | Interest Expense |  | Contractual Coupon Interest |  | Amortization of Debt Issuance Costs |  | Interest Expense
2026 Notes |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 4 |
2025 Notes |  | 4 |  |  | 1 |  |  | 5 |  |  | 6 |  |  | 1 |  |  | 7 |
2024 Notes |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 1 |  |  | 4 |
Total |  | $ | 4 |  |  | $ | 1 |  |  | $ | 5 |  |  | $ | 12 |  |  | $ | 3 |  |  | $ | 15 |
For additional details related to our convertible senior notes and capped call transactions, see Note 10 in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

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