v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Master Repurchase Agreements
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):
LenderMaturity Date
Maximum Borrowing Capacity(1)
Outstanding Borrowings at March 31, 2026
Outstanding Borrowings at December 31, 2025
Weighted-Average Interest Rate at March 31, 2026
JPMorgan Chase Bank, N.A.(2)
April 22, 2027$200 $119 $126 5.28 %
Bank of Montreal(3)
February 24, 2027200 98 88 5.22 %
UBS AG
September 4, 2026150 69 85 5.22 %
Bank of Nova Scotia
June 8, 2026100 49 65 5.18 %
Total$650 $335 $364 
(1) Available borrowing capacity under our master repurchase agreements is primarily uncommitted.
(2) Agreement was amended and renewed on April 23, 2026 to extend the maturity date to April 22, 2027.
(3) Agreement was amended and renewed on February 25, 2026 to increase the total maximum borrowing capacity from $150 million to $200 million and to extend the maturity date to February 24, 2027.
As of March 31, 2026 and December 31, 2025, $350 million and $381 million, respectively, in mortgage loans held for sale were pledged as collateral under the master repurchase agreements.
The master repurchase agreements include customary representations and warranties, covenants and provisions regarding events of default. As of March 31, 2026, 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 master repurchase agreements, see Note 8 in the Notes to the Consolidated Financial Statements in Part II, Item 8 included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Revolving Credit Facility
On January 30, 2026, Zillow Group entered into a $500 million Revolving Credit Facility by and among Zillow Group, MFTB Holdco, Inc., Zillow, Inc. (the “Borrower”), the lenders from time to time party thereto, Goldman Sachs Bank USA as administrative agent and as issuing bank, and other issuing banks from time to time party thereto. The Revolving Credit Facility may be increased by up to an additional $250 million subject to the terms of the credit agreement. Revolving loans on the Revolving Credit Facility bear interest at a floating rate based on either an alternative base rate, as defined in the credit agreement, or SOFR, in each case plus an applicable margin, depending on Zillow Group’s total net leverage ratio. Revolving loans may be borrowed, repaid and reborrowed under the Revolving Credit Facility until January 30, 2031, at which time all amounts borrowed must be repaid. Revolving loans may be prepaid, and revolving loan commitments may be permanently reduced by the Borrower in whole or in part, without penalty or premium.
The Revolving Credit Facility contains customary representations, warranties and affirmative and negative covenants, including a total net leverage ratio financial covenant. The negative covenants include restrictions on the incurrence of liens and indebtedness, certain investments and acquisitions, dividends, stock repurchases, transactions with affiliates and other matters, all subject to certain exceptions. The Borrower’s obligations under the Revolving Credit Facility are guaranteed by Zillow Group, MFTB Holdco, Inc. and certain of the Borrower’s subsidiaries. The Borrower’s obligations under the Revolving Credit Facility are secured by a first priority security interest in substantially all of the assets of the Borrower and such guarantors, subject to customary exclusions.
We have not drawn any amounts under the Revolving Credit Facility as of March 31, 2026. Borrowings on the Revolving Credit Facility will be classified within long-term liabilities in our condensed consolidated balance sheets.