v3.25.0.1
Debt (Tables)
12 Months Ended
Dec. 31, 2024
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):
December 31,
20242023
   Master repurchase agreements:
UBS AG(1)
$73 $45 
JPMorgan Chase Bank, N.A.(2)
72 40 
Atlas Securitized Products, L.P.(3)
— 8 
Total borrowings under credit facilities
145 93 
Convertible senior notes
2026 Notes(4)
— 496 
2025 Notes
418 504 
2024 Notes(5)
— 607 
Total convertible senior notes418 1,607 
Total debt$563 $1,700 
(1) Agreement was amended and renewed on September 6, 2024, increasing the total maximum borrowing capacity from $100 million to $150 million.
(2) Agreement was amended and renewed on May 2, 2024, increasing the total maximum borrowing capacity from $100 million to $150 million.
(3) Agreement expired on March 11, 2024 and was not renewed.
(4) The 2026 Notes were settled on December 18, 2024 and are no longer outstanding.
(5) The 2024 Notes matured on September 1, 2024 and are no longer outstanding.
Schedule of Credit Facilities The following table summarizes certain details related to our master repurchase agreements as of December 31, 2024 (in millions, except interest rates):
LenderMaturity DateMaximum Borrowing Capacity
Borrowings Outstanding
Available
Borrowing Capacity
Weighted Average Interest Rate
UBS AGSeptember 5, 2025$150 $73 $77 6.07 %
JPMorgan Chase Bank, N.AMay 1, 2025150 72 78 6.14 %
Total$300 $145 $155 
The following table summarizes certain details related to our master repurchase agreements as of December 31, 2023 (in millions, except interest rates):
LenderMaturity DateMaximum Borrowing Capacity
Borrowings Outstanding
Available
Borrowing Capacity
Weighted Average Interest Rate
UBS AG
October 9, 2024$100 $45 $55 7.08 %
JPMorgan Chase Bank, N.A.
May 30, 2024100 40 60 7.05 %
Atlas Securitized Products, L.P.
March 11, 202450 8 42 7.37 %
Total$250 $93 $157 
Schedule of Convertible Senior Notes
The following tables summarize certain details related to our Notes as of the dates presented or for the periods ended (in millions, except interest rates):
December 31, 2024December 31, 2023
Maturity DateAggregate Principal AmountStated Interest RateEffective Interest RateFirst Interest Payment DateSemi-Annual Interest Payment DatesUnamortized Debt Issuance CostsFair ValueUnamortized Debt Issuance CostsFair Value
September 1, 2026$— 1.375 %1.57 %March 1, 2020March 1; September 1$— $— $3 $681 
May 15, 2025419 2.75 %3.20 %November 15, 2020May 15; November 151 486 3 560 
September 1, 2024— 0.75 %1.02 %March 1, 2020March 1; September 1— — 1 825 
Total$419 $1 $486 $7 $2,066 
Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
Contractual Coupon InterestAmortization of Debt Issuance CostsInterest ExpenseContractual Coupon InterestAmortization of Debt Issuance CostsInterest ExpenseContractual Coupon InterestAmortization of Debt Issuance CostsInterest Expense
2026 Notes$7 $1 $8 $7 $1 $8 $7 $— $7 
2025 Notes12 2 14 16 2 18 16 3 19 
2024 Notes3 1 4 5 2 7 4 2 6 
Total$22 $4 $26 $28 $5 $33 $27 $5 $32 
Maturity DateEarly Conversion DateConversion RateConversion PriceOptional Redemption Date
May 15, 2025November 15, 202414.8810$67.20 May 22, 2023
The following table summarizes certain details related to our outstanding capped call transactions as of December 31, 2024:
Maturity DateInitial Cap PriceCap Price Premium
September 1, 2026$80.5750 150 %