ZILLOW GROUP, INC.

Previous wording

As of March 31, 2025, we had 6,819 employees, compared to 6,856 employees as of December 31, 2024.

Current wording

As of June 30, 2025, we had 6,944 employees, compared to 6,856 employees as of December 31, 2024.

Previous wording

Our financial performance is impacted by changes in the health of the housing market, which is impacted, in turn, by general economic conditions. Current market factors have been driven by low housing inventory, volatility in mortgage interest rates, changes in rental inventory and occupancy rates, as well as home price fluctuations and inflationary conditions. These factors may impact the number of transactions consumers complete using our products and services and demand for our advertising services. According to residential real estate data collected and estimated by Zillow Group as published monthly on our site, TTV increased 6% during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. We continue to invest in the growth of our business, which we believe has resulted in year over year total revenue results, described below, for the three months ended March 31, 2025 as compared to the same period in the prior year, that exceeded industry performance for the same period. The extent to which market factors impact our results and financial position will depend on future developments, which are uncertain and difficult to predict.

Current wording

Our financial performance is impacted by changes in the health of the housing market, which is impacted, in turn, by general economic conditions. Current market factors have been driven by low housing inventory, elevated and volatile mortgage interest rates, changes in rental inventory and occupancy rates, as well as home price fluctuations and inflationary conditions. These factors may impact the number of transactions consumers complete using our products and services and demand for our advertising services. According to residential real estate data collected and estimated by Zillow Group as published monthly on our site, TTV increased 2% during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 and increased 4% during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. We continue to invest in the growth of our business, which we believe has resulted in year over year total revenue results, described below, for the three and six month periods ended June 30, 2025 as compared to the same periods in the prior year, that exceeded industry performance for the same periods. The extent to which market factors impact our results and financial position will depend on future developments, which are uncertain and difficult to predict.

Previous wording

For the three months ended March 31, 2025 and 2024, we generated total revenue of $598 million and $529 million, respectively, an increase of 13%. The increase in total revenue was primarily attributable to the following:

Current wording

For the three months ended June 30, 2025 and 2024, we generated total revenue of $655 million and $572 million, respectively, an increase of 15%. The increase in total revenue was primarily attributable to the following:

Previous wording

•Rentals revenue increased by $32 million, or 33%, to $129 million, due to increases in quarterly revenue per average monthly rentals unique visitor and average monthly rentals unique visitors.

Current wording

•Rentals revenue increased by $42 million, or 36%, to $159 million, due to increases in quarterly revenue per average monthly rentals unique visitor and average monthly rentals unique visitors.

Previous wording

•Residential revenue increased by $24 million, or 6%, to $417 million, due to increases in Residential revenue per visit and the number of visits.

Current wording

•Residential revenue increased by $25 million, or 6%, to $434 million, due to increases in the number of visits and in Residential revenue per visit.

Previous wording

•Mortgages revenue increased by $10 million, or 32%, to $41 million, driven by an increase in mortgage originations revenue.

Current wording

•Mortgages revenue increased by $14 million, or 41%, to $48 million, driven by an increase in mortgage originations revenue as a result of increased total loan origination volume.

Previous wording

During the three months ended March 31, 2025 and 2024, we generated gross profit of $459 million and $406 million, respectively, an increase of 13%.

Current wording

During the three months ended June 30, 2025 and 2024, we generated gross profit of $489 million and $442 million, respectively, an increase of 11%.

Previous wording

During the three months ended March 31, 2025, total loan origination volume increased 32%, compared to the three months ended March 31, 2024. This increase was primarily driven by the continued growth in Zillow Home Loans purchase loan originations inline with our strategic priorities.

Current wording

During the three and six months ended June 30, 2025, total loan origination volume increased 48% and 41%, respectively, compared to the three and six months ended June 30, 2024. This increase was primarily driven by the continued growth in Zillow Home Loans purchase loan originations in line with our strategic priorities.

Previous wording

•Rentals revenue increased $32 million, or 33%. The increase in Rentals revenue was primarily due to a 20% increase in quarterly revenue per average monthly rentals unique visitor to $4.30 for the three months ended March 31, 2025 from $3.59 for the three months ended March 31, 2024, primarily driven by growth in multifamily property listings which drove a 47% increase in multifamily rentals revenue. We calculate quarterly revenue per average monthly rentals unique visitor by dividing total Rentals revenue for the period by the average monthly rentals unique visitors for the period and then dividing by the number of quarters in the period. The increase in Rentals revenue was also driven by growth in average monthly rentals unique visitors, which increased 11% to 30 million during the three months ended March 31, 2025, from 27 million during the three months ended March 31, 2024. We have estimated average monthly rentals unique visitors using Comscore data, which measures average monthly unique visitors on rental listings on Zillow, Trulia and HotPads mobile apps and websites. We expect Rentals revenue to increase in absolute dollars during the three months ending June 30, 2025, primarily driven by growth in multifamily revenue from the addition of new rental properties and higher spend per property, including our partnership with Redfin that went live at the end of April 2025.

Current wording

•Rentals revenue increased $42 million, or 36%. The increase in Rentals revenue was primarily due to a 21% increase in quarterly revenue per average monthly rentals unique visitor to $4.42 for the three months ended June 30, 2025 from $3.66 for the three months ended June 30, 2024, primarily driven by growth in multifamily property listings which drove a 56% increase in multifamily rentals revenue. We calculate quarterly revenue per average monthly rentals unique visitor by dividing total Rentals revenue for the period by the average monthly rentals unique visitors for the period and then dividing by the number of quarters in the period. The increase in Rentals revenue was also driven by growth in average monthly rentals unique visitors, which increased 13% to 36 million during the three months ended June 30, 2025 from 32 million during the three months ended June 30, 2024. We have estimated average monthly rentals unique visitors using Comscore data, which measures average monthly unique visitors on rental listings on Zillow, Trulia and HotPads mobile apps and websites, and on Realtor.com and Redfin and its sites, including Rent.com and ApartmentGuide.com. We expect Rentals revenue to increase in absolute dollars during the three months ending September 30, 2025, primarily driven by growth in multifamily revenue from the addition of new rental properties and in revenue per property as property managers upgrade their advertising spend.

Previous wording

•Residential revenue increased $24 million, or 6%. The increase in Residential revenue was partially driven by a 4% increase in Residential revenue per visit to $0.177 for the three months ended March 31, 2025 from $0.170 for the three months ended March 31, 2024, primarily due to an increase in ShowingTime+ revenue as we expanded software services available to sellers and listing agents, and continued growth in Premier Agent and new construction revenue. We calculate Residential revenue per visit by dividing the revenue generated by our Residential offerings by the number of visits in the period. Residential revenue was also positively impacted by a 2% increase in the number of visits for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.

Current wording

•Residential revenue increased $25 million, or 6%. The increase in Residential revenue was partially driven by a 4% increase in the number of visits to 2.6 billion for the three months ended June 30, 2025 from 2.5 billion for the three months ended June 30, 2024. Residential revenue was also positively impacted by an increase in Residential revenue per visit to $0.168 for the three months ended June 30, 2025 from $0.164 for the three months ended June 30, 2024, primarily due to an increase in ShowingTime+ revenue driven by increasing adoption of our software services by sellers and listing agents, and continued growth in Premier Agent and new construction revenue. We calculate Residential revenue per visit by dividing the revenue generated by our Residential offerings by the number of visits in the period.

Previous wording

•Mortgages revenue increased $10 million, or 32%, driven by a $10 million increase in mortgage originations revenue. The increase in mortgage originations revenue was primarily due to a 32% increase in total loan origination volume to $796 million for the three months ended March 31, 2025 from $605 million for the three months ended March 31, 2024, primarily driven by continued growth in Zillow Home Loans purchase loan origination volume. The increase in mortgage originations revenue was also attributable to a 13% increase in gain on sale margin. Gain on sale margin represents the net gain on sale of mortgage loans divided by total loan origination volume for the period. Net gain on sale of mortgage loans includes all components related to the origination and sale of mortgage loans, including the net gain on sale of loans into the secondary market, loan origination fees, unrealized gains and losses associated with changes in fair value of IRLCs and mortgage loans held for sale, realized and unrealized gains or losses from derivative financial instruments and the provision for losses relating to representations and warranties.

Current wording

•Mortgages revenue increased $14 million, or 41%, driven by a $14 million increase in mortgage originations revenue. The increase in mortgage originations revenue was primarily due to a 48% increase in total loan origination volume to $1.1 billion for the three months ended June 30, 2025 from $759 million for the three months ended June 30, 2024, primarily driven by continued growth in Zillow Home Loans purchase loan origination volume. The increase in mortgage originations revenue was also attributable to a 5% increase in gain on sale margin. Gain on sale margin represents the net gain on sale of mortgage loans divided by total loan origination volume for the period. Net gain on sale of mortgage loans includes all components related to the origination and sale of mortgage loans, including the net gain on sale of loans into the secondary market, loan origination fees, unrealized gains and losses associated with changes in fair value of IRLCs and mortgage loans held for sale, realized and unrealized gains or losses from derivative financial instruments and the provision for losses relating to representations and warranties.

Previous wording

The following table summarizes net income (loss) and Adjusted EBITDA (in millions, except percentages):

Current wording

The following tables summarize net income (loss) and Adjusted EBITDA for each of the periods presented (in millions, except percentages):

Previous wording

Cost of revenue increased $16 million, or 13%, primarily driven by increases of $8 million in depreciation and amortization expense primarily due to an increase in amortization of website development costs and $5 million in lead acquisition costs related to strategic partnerships. We expect our cost of revenue to increase in absolute dollars during the three months ending June 30, 2025, primarily due to higher direct product and service costs, including increased lead acquisition costs associated with our rentals partnership with Redfin that went live at the end of April 2025, as we continue to support growth in revenue.

Current wording

Cost of revenue increased $36 million, or 28%, primarily driven by increases of $20 million in lead acquisition costs, primarily associated with our rentals partnership with Redfin, $5 million in depreciation and amortization expense primarily due to an increase in amortization of website development costs, $5 million in ad serving costs, $2 million in headcount related expenses, including share-based compensation expense, and $2 million in software and hardware costs. We expect our cost of revenue to increase in absolute dollars during the three months ending September 30, 2025, primarily due to higher direct product and service costs, including increased lead acquisition costs associated with our rentals partnership with Redfin, as we continue to support growth in revenue.

Previous wording

Gross profit increased by $53 million, or 13%, primarily due to an increase in revenue, discussed above. Total gross margin remained consistent at 77%.

Current wording

Gross profit increased by $47 million, or 11%, primarily due to an increase in revenue, discussed above. Total gross margin decreased from 77% to 75%, primarily due to increased lead acquisition costs associated with our rentals partnership with Redfin.

Previous wording

Sales and marketing expenses increased $32 million, or 19%, due to increases of $16 million in headcount-related expenses, including share-based compensation expense, as we continue to invest in human capital to grow our business, and $12 million in marketing and advertising costs as we continue to invest in the growth of our rentals marketplace. We expect sales and marketing expenses to increase in absolute dollars during the three months ending June 30, 2025, as we increase our marketing and advertising costs to support the growth of our rentals marketplace.

Current wording

Sales and marketing expenses increased $21 million, or 10%, due to increases of $12 million in headcount-related expenses, including share-based compensation expense, as we continue to invest in human capital to grow our business, $6 million in marketing and advertising costs as we continue to invest in the growth of our rentals marketplace, and $2 million in depreciation and amortization expense.

Previous wording

General and administrative expenses decreased $11 million, or 8%, due to decreases of $6 million in headcount-related expenses, including share-based compensation expense, $4 million in third party professional service fees driven by active cost management, and $2 million in facility expenses driven by cost savings associated with changes in the use of certain office space in our lease portfolio.

Current wording

General and administrative expenses decreased $21 million, or 8%, primarily due to decreases of $13 million in headcount-related expenses, including share-based compensation expense, driven primarily by equity award actions that occurred in August 2022 and impacted the six months ended June 30, 2024, $6 million in third party professional service fees driven by active cost management, and $3 million in facility expenses driven by cost savings associated with changes in the use of certain office space in our lease portfolio. These decreases were partially offset by an increase of $2 million in software and hardware costs.

Previous wording

Other income, net decreased $11 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, and was primarily driven by lower interest income on investments due to a decrease in our investment balances as a result of the settlement of the 2024 Notes and 2026 Notes during the year ended December 31, 2024.

Current wording

Other income, net decreased $16 million and $27 million for the three and six months ended June 30, 2025, respectively, as compared to the three and six months ended June 30, 2024, primarily driven by lower interest income on investments due to a decrease in our investment balances as a result of the settlement of the 2024 Notes, 2025 Notes and 2026 Notes.

Previous wording

Income tax expense was not material for the three months ended March 31, 2025 and 2024.

Current wording

Income tax expense was not material for the three and six month periods ended June 30, 2025 or 2024.

Previous wording

Our primary sources of liquidity and capital resources are cash flows from operations, debt financing and equity offerings. Our cash requirements consist principally of working capital, general corporate needs and mortgage loan originations. We continue to invest in the development and expansion of our operations using available cash flows from operations. Ongoing investments include, but are not limited to, improvements in our technology platforms, investments in new products and services, and continued investments in sales and marketing. We also use cash flows from operations to service our debt obligations and to repurchase Class A common stock, Class C capital stock, outstanding convertible senior notes or a combination thereof through our Repurchase Authorizations or otherwise.

Current wording

Our primary sources of liquidity and capital resources are cash flows from operations, debt financing and equity offerings. Our cash requirements consist principally of working capital, general corporate needs and mortgage loan originations. We continue to invest in the development and expansion of our operations using available cash flows from operations. Ongoing investments include, but are not limited to, improvements in our technology platforms, investments in new products and services, and continued investments in sales and marketing. We also use cash flows from operations to service our debt obligations and to repurchase Class A common stock, Class C capital stock, or a combination thereof through our Repurchase Authorizations or otherwise.

Previous wording

As of March 31, 2025 and December 31, 2024, we had cash and cash equivalents, investments and restricted cash of $1.6 billion and $1.9 billion, respectively. Cash and cash equivalents balances consist of operating cash on deposit with financial institutions, money market funds, and, from time to time, U.S. government treasury securities and commercial paper. Investments consist of fixed income securities, which include U.S. government treasury securities, investment grade corporate securities, U.S. government agency securities, and commercial paper. Restricted cash primarily consists of amounts used to fund customer home purchases in our mortgage origination operations. Amounts on deposit with third-party financial institutions exceed the Federal Deposit Insurance Corporation and the Securities Investor Protection Corporation insurance limits, as applicable. As of March 31, 2025, Zillow Group and its subsidiaries were in compliance with all debt covenants specified in the facilities described below.

Current wording

As of June 30, 2025 and December 31, 2024, we had cash and cash equivalents, investments and restricted cash of $1.2 billion and $1.9 billion, respectively. Cash and cash equivalents balances consist of operating cash on deposit with financial institutions, money market funds, and, from time to time, U.S. government treasury securities and commercial paper. Investments consist of fixed income securities, which include U.S. government treasury securities, investment grade corporate securities, U.S. government agency securities, commercial paper and certificates of deposit. Restricted cash primarily consists of amounts used to fund customer home purchases in our mortgage origination operations. Amounts on deposit with third-party financial institutions exceed the Federal Deposit Insurance Corporation and the Securities Investor Protection Corporation insurance limits, as applicable. As of June 30, 2025, Zillow Group and its subsidiaries were in compliance with all debt covenants specified in the facilities described below.

Previous wording

For the three months ended March 31, 2025, net cash provided by operating activities was $104 million. This was driven by net income of $8 million, adjusted by share-based compensation of $97 million, depreciation and amortization of $65 million, amortization of contract cost assets of $5 million, accretion of bond discount of $3 million, $3 million in other adjustments to reconcile net income to cash provided by operating activities, and amortization of right of use assets of $2 million. Changes in operating assets and liabilities decreased cash provided by operating activities by $68 million. The changes in operating assets and liabilities are primarily related to a $38 million increase in prepaid expenses and other current assets primarily due to an increase in accrued revenue, a $26 million increase in mortgage loans held for sale due to an increase in purchase loan origination volume, an $11 million increase in accounts receivable primarily due to an increase in revenue from products and services billed in arrears, a $7 million increase in contract costs assets primarily due to an increase in capitalized sales commissions, a $5 million decrease in accrued compensation and benefits driven by the timing of payments, and a $2 million decrease in lease liabilities due to contractual lease payments. These changes were partially offset by a $9 million increase in accrued expenses and other current liabilities primarily driven by the timing of payments, an $8 million increase in deferred revenue attributable to the timing of revenue recognition, and a $5 million increase in accounts payable driven by the timing of payments.

Current wording

For the six months ended June 30, 2025, net cash provided by operating activities was $191 million. This was driven by net income of $10 million, adjusted by share-based compensation of $196 million, depreciation and amortization of $132 million, amortization of contract cost assets of $10 million, accretion of bond discount of $5 million, amortization of right of use assets of $4 million, and $5 million in other adjustments to reconcile net income to net cash provided by operating activities. Changes in operating assets and liabilities decreased net cash provided by operating activities by $152 million. The changes in operating assets and liabilities are primarily related to a $91 million increase in mortgage loans held for sale due to an increase in purchase loan origination volume, a $47 million increase in accounts receivable primarily due to an increase in revenue from products and services billed in arrears, a $46 million increase in prepaid expenses and other current assets primarily due to an increase in accrued revenue, a $13 million increase in contract costs assets primarily due to an increase in capitalized sales commissions, and a $6 million increase in lease liabilities due to contractual lease payments. These changes were partially offset by a $26 million increase in accounts payable and an $18 million increase in accrued expenses and other current liabilities, both primarily driven by the timing of payments, and an $8 million increase in deferred revenue attributable to the timing of revenue recognition.

Previous wording

For the three months ended March 31, 2024, net cash provided by operating activities was $80 million. This was driven by a net loss of $23 million, adjusted by share-based compensation of $108 million, depreciation and amortization of $56 million, accretion of bond discount of $8 million, impairment costs of $6 million, amortization of contract cost assets of $5 million, amortization of right of use assets of $3 million, and amortization of debt issuance costs of $2 million. Changes in operating assets and liabilities decreased cash provided by operating activities by $70 million. The changes in operating assets and liabilities are primarily related to a $32 million increase in mortgage loans held for sale due to an increase in purchase loan origination volume, a $30 million increase in prepaid expenses and other current assets primarily due to an increase in accrued revenue, a $13 million decrease in lease liabilities due to contractual lease payments, a $5 million increase in contract cost assets primarily due to capitalized sales commissions, and a $4 million increase in accounts receivable primarily due to an increase in revenue from products and services billed in arrears. These changes were partially offset by a $6 million increase in accounts payable driven by the timing of payments, a $6 million increase in deferred revenue and a $2 million increase in other long-term liabilities.

Current wording

For the six months ended June 30, 2024, net cash provided by operating activities was $135 million. This was driven by a net loss of $40 million, adjusted by share-based compensation of $221 million, depreciation and amortization of $115 million, accretion of bond discount of $17 million, amortization of contract cost assets of $9 million, impairment costs of $6 million, amortization of right of use assets of $6 million, amortization of debt issuance costs of $3 million, and $8 million in other adjustments to reconcile net loss to net cash provided by operating activities. Changes in operating assets and liabilities decreased net cash provided by operating activities by $176 million. The changes in operating assets and liabilities are primarily related to a $95 million increase in mortgage loans held for sale due to an increase in purchase loan origination volume, a $49 million increase in prepaid expenses and other current assets primarily due to an increase in accrued revenue, a $27 million decrease in lease liabilities due to contractual lease payments, a $19 million increase in accounts receivable primarily due to an increase in revenue from products and services billed in arrears, and a $9 million increase in contract cost assets primarily due to capitalized sales commissions. These changes were partially offset by an $11 million increase in accounts payable driven by the timing of payments, a $7 million increase in deferred revenue attributable to the timing of revenue recognition, and a $6 million increase in accrued expenses and other current liabilities primarily driven by the timing of payments.

Previous wording

Cash Flows Provided By (Used In) Financing Activities

Current wording

Cash Flows Provided By (Used In) Investing Activities

Previous wording

For the three months ended March 31, 2025, net cash used in by investing activities was $52 million. This was primarily related to $144 million of purchases of property and equipment and intangible assets, including a $100 million payment in connection with the partnership we entered into with Redfin in February 2025. These outflows were partially offset by $92 million of net proceeds from maturities and sales of investments.

Current wording

For the six months ended June 30, 2025, net cash provided by investing activities was $25 million. This was primarily related to $213 million of net proceeds from maturities and sales of investments. These inflows were partially offset by $188 million of purchases of property and equipment and intangible assets, including a $100 million payment in connection with the partnership we entered into with Redfin in February 2025.

Previous wording

For the three months ended March 31, 2024, net cash used in investing activities was $204 million. This was the result of $158 million of net purchases of investments and $46 million of purchases of property and equipment and intangible assets.

Current wording

For the six months ended June 30, 2024, net cash used in investing activities was $207 million. This was the result of $117 million of net purchases of investments and $90 million of purchases of property and equipment and intangible assets.

Previous wording

Cash Flows Used In Investing Activities

Current wording

Cash Flows Used In Financing Activities

Previous wording

Our primary financing activities include repurchases of Class A common stock and Class C capital stock, the exercise of employee option awards, repayments of borrowings on our master repurchase agreements related to Zillow Home Loans and the payment of contingent consideration up to its acquisition-date fair value.

Current wording

Our primary financing activities include repurchases of Class A common stock and Class C capital stock, the exercise of employee option awards, repayments of borrowings on our master repurchase agreements related to Zillow Home Loans, settlements of long-term debt, and the payment of contingent consideration up to its acquisition-date fair value.

Previous wording

For the three months ended March 31, 2025, net cash used in financing activities was $219 million, which primarily related to $250 million of cash paid for share repurchases and $30 million related to the settlement of the acquisition date fair value of the first Follow Up Boss contingent consideration earn out payment. The cash outflows were partially offset by $33 million of proceeds from the exercise of option awards and $28 million of net borrowings on our master repurchase agreements related to Zillow Home Loans.

Current wording

For the six months ended June 30, 2025, net cash used in financing activities was $709 million, which primarily related to $419 million of cash paid for the settlement of the 2025 Notes, $400 million of cash paid for share repurchases, and $30 million related to the settlement of the acquisition date fair value of the first Follow Up Boss contingent consideration earn out payment. The cash outflows were partially offset by $55 million of proceeds from the exercise of option awards and $85 million of net borrowings on our master repurchase agreements related to Zillow Home Loans.

Previous wording

For the three months ended March 31, 2024, net cash provided by financing activities was $71 million, which primarily related to $50 million of proceeds from the exercise of option awards and $30 million of net borrowings on our master repurchase agreements related to Zillow Home Loans, partially offset by $9 million of cash paid for share repurchases.

Current wording

For the six months ended June 30, 2024, net cash used in financing activities was $240 million, which primarily related to $301 million of cash paid for share repurchases and $89 million of cash paid for the partial repurchase of the 2025 Notes. The cash outflows were partially offset by $89 million of net borrowings on our master repurchase agreements related to Zillow Home Loans and $61 million of proceeds from the exercise of option awards.

Previous wording

Refer to Note 6 of our Notes to Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional information regarding our 2025 Notes, including conversion rate and conversion and redemption dates.

Current wording

Refer to Note 6 of our Notes to Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional information regarding our 2025 Notes.

Previous wording

As of March 31, 2025, the Board had authorized the repurchase of up to $2.5 billion of our Class A common stock, Class C capital stock, outstanding convertible senior notes or a combination thereof. During the three months ended March 31, 2025, we repurchased 2.5 million shares of Class A common stock and 0.9 million shares of Class C capital stock at an average price of $73.75 and $78.03 per share, respectively, for an aggregate purchase price of $181 million and $69 million, respectively. As of March 31, 2025, $131 million remained available for future repurchases pursuant to the Repurchase Authorizations, which repurchases decrease our liquidity and capital resources when effected. On May 2, 2025, the Board authorized the repurchase of up to an additional $1 billion of our Class A common stock, Class C capital stock, or a combination thereof, which increased our total cumulative Repurchase Authorizations to $3.5 billion.

Current wording

On May 2, 2025, the Board authorized the repurchase of up to an additional $1 billion of our Class A common stock, Class C capital stock, or a combination thereof, which increased our total cumulative Repurchase Authorizations to $3.5 billion as of June 30, 2025. During the six months ended June 30, 2025, we repurchased 4.2 million shares of Class A common stock and 1.4 million shares of Class C capital stock at an average price of $70.09 and $73.19 per share, respectively, for an aggregate purchase price of $297 million and $103 million, respectively. As of June 30, 2025, $981 million remained available for future repurchases of our stock pursuant to the Repurchase Authorizations, which repurchases decrease our liquidity and capital resources when effected. For additional information on these authorizations, see Notes 10 and 12 of our Notes to Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Previous wording

Credit Facilities - Includes principal amounts due for amounts borrowed under the master repurchase agreements to finance mortgages originated through Zillow Home Loans. Principal amounts under the master repurchase agreements are due when the related mortgage loan is sold to an investor or directly to an agency. As of March 31, 2025, we have outstanding principal amounts of $173 million. Amounts exclude an immaterial amount of estimated interest payments.

Current wording

Credit Facilities - Includes principal amounts due for amounts borrowed under the master repurchase agreements to finance mortgages originated through Zillow Home Loans. Principal amounts under the master repurchase agreements are due when the related mortgage loan is sold to an investor or directly to an agency. As of June 30, 2025, we have outstanding principal amounts of $230 million. Amounts exclude an immaterial amount of estimated interest payments.

Previous wording

Operating Lease Obligations - Our lease portfolio comprises operating leases for our office space. During the three months ended March 31, 2025, there were no material changes to our operating lease obligations disclosed in Note 9 of the Notes to the Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Additionally, as of March 31, 2025, we had outstanding letters of credit of approximately $9 million, which secure our lease obligations in connection with certain of the operating leases of our office spaces.

Current wording

Operating Lease Obligations - Our lease portfolio comprises operating leases for our office space. During the three months ended June 30, 2025, there were no material changes to our operating lease obligations disclosed in Note 9 of the Notes to the Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.