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Debt (Tables)
 12 Months Ended
Dec. 31, 2021
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 thousands):
December 31,
20212020
Homes segment
Credit facilities:
Goldman Sachs Bank USA$548,345 $145,825 
Citibank, N.A.770,306 87,103 
Credit Suisse AG, Cayman Islands834,906 128,238 
Securitizations:
2021-1 variable funding line16,846 — 
2021-1 term loan471,975 — 
2021-2 variable funding line29,193 — 
2021-2 term loan736,778 — 
Total Homes segment debt3,408,349 361,166 
Mortgages segment
Repurchase agreements:
Credit Suisse AG, Cayman Islands76,392 149,913 
Citibank, N.A.16,912 90,227 
Warehouse line of credit:
Comerica Bank18,656 68,903 
Total Mortgages segment debt111,960 309,043 
Convertible senior notes
1.375% convertible senior notes due 2026
368,773 347,566 
2.75% convertible senior notes due 2025
443,505 414,888 
0.75% convertible senior notes due 2024
506,946 524,273 
1.50% convertible senior notes due 2023
— 326,796 
Total convertible senior notes1,319,224 1,613,523 
Total debt$4,839,533 $2,283,732 
Schedule of Revolving Credit Facilities and Lines of Credit The following table summarizes certain details related to our credit facilities as of December 31, 2021 (in thousands, except interest rates):
LenderFinal Maturity DateMaximum Borrowing CapacityWeighted Average Interest Rate
Goldman Sachs Bank USAApril 21, 2023$750,000 2.90 %
Citibank, N.A.May 2, 20221,000,000 2.84 %
Credit Suisse AG, Cayman IslandsDecember 31, 20221,500,000 2.92 %
Total$3,250,000 
The following table summarizes certain details related to our repurchase agreements and warehouse line of credit (in thousands, except interest rates):
LenderMaturity DateMaximum Borrowing CapacityWeighted Average Interest Rate
Credit Suisse AG, Cayman IslandsMarch 18, 2022$300,000 2.50 %
Citibank, N.A.June 10, 2022100,000 1.85 %
Comerica BankJune 25, 202260,000 2.50 %
Total$460,000 
Schedule of Long-term Debt Instruments The following table summarizes certain details related to our variable funding lines as of December 31, 2021 (in thousands, except interest rates):
SecuritizationMaturity DateCarrying ValueMaximum Borrowing CapacityWeighted Average Interest Rate
2021-1 variable funding lineFebruary 9, 2024$16,846 $65,000 2.84 %
2021-2 variable funding lineOctober 9, 202429,193 75,000 2.84 %
Total$46,039 $140,000 
The following tables summarize certain additional details related to our term loans as of the dates presented or for the periods ended (in thousands, except interest rates):
December 31, 2021
SecuritizationMaturity DateAggregate Principal AmountWeighted Average Effective Interest Rate (1)First Interest Payment DateReinvestment PeriodUnamortized Debt Discount and Debt Issuance CostsFair Value (2)
2021-1 term loan February 9, 2024$480,000 9.03 %September 9, 202124 months$8,025 $479,985 
2021-2 term loan October 9, 2024749,000 6.44 %November 9, 202130 months12,222 746,977 
Total$1,229,000 $20,247 $1,226,962 
(1) The weighted average effective interest rate is calculated using the outstanding principal amounts and effective interest rates for the two fixed rate components and the single principal-only component of each of the term loans. Debt discount and debt issuance costs have been allocated to the components of each term loan and will be amortized using the effective interest method with the amortization classified as a component of interest expense.
(2) The estimated fair value of each term loan is calculated using a discounted cash flow methodology. The fair value is classified as Level 3 due to reliance on significant unobservable valuation inputs.
Year Ended
December 31, 2021
SecuritizationContractual Coupon InterestAmortization of Debt DiscountAmortization of Debt Issuance CostsInterest Expense
2021-1 term loan$4,443 $1,816 $2,202 $8,461 
2021-2 term loan4,608 2,141 1,079 7,828 
Total$9,051 $3,957 $3,281 $16,289 
Schedule of Components 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 thousands, except interest rates):
December 31, 2021December 31, 2020
Maturity DateAggregate Principal AmountStated Interest RateEffective Interest RateFirst Interest Payment DateSemi-Annual Interest Payment DatesUnamortized Debt Discount and Debt Issuance CostsFair ValueUnamortized Debt Discount and Debt Issuance CostsFair Value
September 1, 2026$498,800 1.375 %8.10 %March 1, 2020March 1; September 1$130,027 $781,191 $152,434 $1,508,675 
May 15, 2025564,998 2.75 %10.32 %November 15, 2020May 15; November 15121,493 724,610 150,112 1,168,855 
September 1, 2024608,382 0.75 %7.68 %March 1, 2020March 1; September 1101,436 945,547 148,727 2,023,280 
July 1, 2023— 1.50 %6.99 %January 1, 2019January 1; July 1— — 46,954 633,039 
Total$1,672,180 $352,956 $2,451,348 $498,227 $5,333,849 
Year Ended
December 31, 2021		Year Ended
December 31, 2020		Year Ended
December 31, 2019
Maturity DateContractual Coupon InterestAmortization of Debt DiscountAmortization of Debt Issuance CostsInterest ExpenseContractual Coupon InterestAmortization of Debt DiscountAmortization of Debt Issuance CostsInterest ExpenseContractual Coupon InterestAmortization of Debt DiscountAmortization of Debt Issuance CostsInterest Expense
September 1, 2026$6,862 $21,523 $527 $28,912 $6,876 $19,893 $486 $27,255 $2,139 $5,869 $144 $8,152 
May 15, 202515,536 27,168 1,450 44,154 9,689 15,585 832 26,106 — — — — 
September 1, 20244,663 32,589 1,116 38,368 5,034 32,618 1,117 38,769 1,539 9,482 325 11,346 
July 1, 20232,819 7,958 778 11,555 5,606 15,142 1,479 22,227 5,606 14,047 1,374 21,027 
December 1, 2021— — — — 6,350 13,820 1,429 21,599 9,200 18,899 1,957 30,056 
December 15, 2020— — — — 234 — — 234 265 — — 265 
Total$29,880 $89,238 $3,871 $122,989 $33,789 $97,058 $5,343 $136,190 $18,749 $48,297 $3,800 $70,846 
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 tables summarizes the activity for our convertible senior notes for the periods presented (in thousands, except for share amounts):
Year Ended
December 31, 2021		Year Ended
December 31, 2020
2023 Notes2024 Notes2026 NotesTotal2021 Notes
Aggregate principal amount settled$373,750 $64,618 $1,200 $439,568 $460,000 
Cash paid1,297 — — 1,297 194,761 
Shares of Class C capital stock issued4,752,232 1,485,114 27,579 6,264,925 5,819,561 
Total fair value of consideration transferred (1)$571,897 $200,478 $4,204 $776,579 $782,506 
(Gain) loss on extinguishment of debt:
Consideration allocated to the liability component (2)$349,241 $53,115 $883 $403,239 $429,210 
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs334,245 51,032 843 386,120 430,658 
(Gain) loss on extinguishment of debt$14,996 $2,083 $40 $17,119 $(1,448)
Consideration allocated to the equity component$222,656 $147,363 $3,321 $373,340 $353,296 
(1) For convertible senior notes converted by note holders, the total fair value of consideration transferred includes the value of shares transferred to note holders using the daily volume weighted-average price of our Class C capital stock on the conversion date and an immaterial amount of cash paid in lieu of fractional shares. For convertible senior notes redeemed, the total fair value of consideration transferred comprises cash transferred to note holders to settle the related notes. For convertible senior notes repurchased in the year ended December 31, 2020, the total value of consideration transferred includes the value of shares transferred to note holders using the daily volume weighted-average price of our Class C capital stock on the date of transfer as well as cash transferred to note holders to settle the related notes.
(2) Consideration allocated to the liability component is based on the fair value of the liability component immediately prior to settlement, which was calculated using a discounted cash flow analysis with a market interest rate of a similar liability that does not have an associated convertible feature.
The following table summarizes certain details related to the capped call confirmations with respect to certain of the convertible senior notes:
Maturity DateInitial Cap PriceCap Price Premium
September 1, 2026$80.5750 150 %
September 1, 202472.5175 125 %
July 1, 2023105.45 85 %