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Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt 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 the dates presented (in millions, except interest rates):
Lender |  | Maturity Date |  | Maximum Borrowing Capacity(1) |  | Outstanding Borrowings at September 30, 2025 |  | Outstanding Borrowings at December 31, 2024 |  | Weighted-Average Interest Rate at September 30, 2025
JPMorgan Chase Bank, N.A.(2) |  | April 28, 2026 |  | $ | 200 |  |  | $ | 120 |  |  | $ | 72 |  |  | 5.87 | %
UBS AG(3) |  | September 4, 2026 |  | 150 |  |  | 78 |  |  | 73 |  |  | 5.88 | %
Bank of Montreal(4) |  | February 26, 2026 |  | 150 |  |  | 74 |  |  | — |  |  | 5.85 | %
Bank of Nova Scotia(5) |  | June 8, 2026 |  | 100 |  |  | — |  |  | — |  |  | — | %
|  | Total |  | $ | 600 |  |  | $ | 272 |  |  | $ | 145 |  |  |
(1) Available borrowing capacity under our master repurchase agreements is primarily uncommitted. (2) Agreement was amended and renewed on April 29, 2025 to increase the total maximum borrowing capacity from $150 million to $200 million and to extend the maturity date to April 28, 2026. (3) Agreement was amended and renewed on September 5, 2025 to extend the maturity date to September 4, 2026. (4) Agreement was entered into on February 27, 2025. (5) Agreement was entered into on June 9, 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 September 30, 2025 and December 31, 2024, $284 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 September 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 nine months ended September 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, and 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. Interest expense associated with our convertible senior notes was not material for the three months ended September 30, 2024 and the nine months ended September 30, 2025. The following table summarizes the interest expense related to our convertible senior notes for the nine months ended September 30, 2024 (in millions):
|  | Contractual Coupon Interest |  | Amortization of Debt Issuance Costs |  | Interest Expense
2026 Notes |  | $ | 5 |  |  | $ | 1 |  |  | $ | 6 |
2025 Notes |  | 9 |  |  | 2 |  |  | 11 |
2024 Notes |  | 3 |  |  | 1 |  |  | 4 |
Total |  | $ | 17 |  |  | $ | 4 |  |  | $ | 21 |
Settlement of Capped Call Transactions In August 2025, we settled the capped call transactions we entered into in connection with the issuance of the 2026 Notes, resulting in the receipt of approximately 3.1 million shares of Class C capital stock and $38 million in cash. Under applicable Washington State law, the acquisition of a corporation’s own shares is not disclosed separately as treasury stock in the financial statements and such shares are treated as authorized but unissued shares. We record acquisitions of our shares of capital stock as a reduction to capital stock at the par value of the shares reacquired, then to additional paid-in capital until it is depleted to a nominal amount, with any further excess recorded to retained earnings. We recorded an offsetting increase to additional paid-in capital for the settlement of the capped call transactions. 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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