Inferra AI / Company / MRP
Millrose Properties, Inc.
MRP · Real Estate
Last earnings Oct 27, 2026
Key results
Net incomequarter
$105.1 million
For the third quarter of 2025, Millrose reported: • Net income attributable to Millrose common shareholders of $105.1 million, or $0.63 per share.
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
Total revenuequarter
$179.3 million
• Total revenues of $179.3 million Total portfolio weighted average annualized yield was 9.1% as of quarter end, an increase of 20 basis points versus the second quarter of 2025, reflecting the addition of new homesite investments outside of the Lennar Master Program Agreement at accretive yields.
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
Basic EPSquarter
$ 0.63
Basic earnings per share of Class A and Class B Common Stock $ 0.63 $ - $ 1.70 $ -
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
EPSquarter
$ 0.63
Diluted earnings per share of Class A and Class B Common Stock $ 0.63 $ - $ 1.70 $ - Basic weighted average common shares outstanding of Class A and Class B Common Stock (1) 166,003,497 - 166,003,497 - Diluted weighted average common shares (2) 166,031,797 - 166,025,174 - (1) Basic weighted average common shares for th
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
earnings per share of Class A and Class B Common Stock $ 0.74 AFFO diluted
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
earnings per share of Class A and Class B Common Stock $ 0.74 Reconciliation of GAAP earnings per share to AFFO per share GAAP reported basic
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
earnings per share of Class A and Class B Common Stock - GAAP reported $ 0.63 Adjustments: Add: Amortization of deferred financing and issuance costs (1) 0.10 Add: Rating agency expenses (2) 0.01 Add: Stock-based compensation (3) 0.00 Add: Provision for credit losses (4) - AFFO basic
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
earnings per share of Class A and Class B Common Stock $ 0.74 GAAP reported diluted
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
Revenuequarter
$179,260 thousand
Total revenues 179,260 - 410,960
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
AI analysis
Q3 2025 · reported Oct 23, 2025
Based on: Earnings release + Q3 2025 deck + parent 8-K + 10-K — transcript not held
Headline figures
| Metric | Q3 2025 | Prior qtr | Year ago |
|---|---|---|---|
| Net income | $105.1 million | — | — |
| Total revenue | $179.3 million | — | — |
| Basic EPS | $ 0.63 | — | — |
| EPS | $ 0.63 | — | — |
| Revenue | $179,260 thousand | — | — |
Guidance · company-stated
Direction: Raised
“Guidance • Raising guidance for year-end Adjusted Funds from Operations (AFFO) quarterly run rate to a range of $0.74 to $0.76 per share [1] .”
Classified from the release's primary full-year outlook statement.
Capital allocation
“We are pleased to further strengthen our capital structure with the issuance of two tranches of senior notes totaling $2.0 billion, replacing short term bridge capital with longer term debt at favorable rates, making our balance sheet stronger than ever with substantial liquidity.
Event summary
“Our third quarter results showcase both disciplined execution and continued demand for our land capital solutions
Based on: Earnings release + Q3 2025 deck + parent 8-K + 10-K — transcript not held
Guidance & outlook
Direction: Raised
Company outlook: “Guidance • Raising guidance for year-end Adjusted Funds from Operations (AFFO) quarterly run rate to a range of $0.74 to $0.76 per share [1] .”
Company outlook — Raised (“Increased”)
“Increased Guidance for Year-End Invested Capital balance and Adjusted Funds from Operations Run Rate (AFFO).”
Company outlook — Raised (“raising”)
“As a result of our prudent approach to deploying capital amidst a continually growing investment pipeline, we are raising guidance while remaining laser focused on generating attractive returns for shareholders.”
Company outlook — Raised (“Raising”)
“Guidance • Raising guidance for year-end Adjusted Funds from Operations (AFFO) quarterly run rate to a range of $0.74 to $0.76 per share [1] .”
Classified from the release's primary full-year outlook statement.
Capital allocation
“We are pleased to further strengthen our capital structure with the issuance of two tranches of senior notes totaling $2.0 billion, replacing short term bridge capital with longer term debt at favorable rates, making our balance sheet stronger than ever with substantial liquidity.
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
Net income was impacted by non-recurring expenses associated with the accelerated payoff of the delayed draw term loan and other expenses related to recent debt issuance.
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
Dividend On September 22, 2025, Millrose declared a quarterly dividend of $121.2 million, or $0.73 per share of Class A and Class B common stock, representing an 8.2% dividend yield based on book value of equity.
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
The dividend was paid on October 15, 2025, to shareholders of record as of October 3, 2025.
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
Millrose targets cash dividends at 100% of AFFO.
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
As of September 30, 2025, the Company reported total assets of approximately $9.0 billion and liquidity of $1.6 billion, including cash and availability under its revolving credit facility.
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
Strategy & priorities
As a result of our prudent approach to deploying capital amidst a continually growing investment pipeline, we are raising guidance while remaining laser focused on generating attractive returns for shareholders.
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
This capital growth of approximately $680 million compared to the prior quarter reflects the organic expansion of Millrose's business model.
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
These accretive long-term financings, combined with the Company's existing $1.3 billion revolving credit facility, significantly strengthen Millrose's financial flexibility and provide enhanced capital capacity to support continued growth and strategic initiatives.
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
Millrose serves as a solution for homebuilders seeking to expand access to finished homesites while implementing an asset-light strategy.
SEC original ↗Millrose Properties, Inc. — Earnings release (8-K exhibit)EX-99Oct 23, 2025
Continuous Capital Redeployment Strategy in Action Millrose received $893M1 in total takedown proceeds ($852M2 net of deposit) for the quarter ended September 30, 2025.
SEC original ↗Millrose Properties, Inc. — Presentation / slide deck (8-K exhibit)EX-99Oct 23, 2025
Risks & headwinds
In light of the significant uncertainties inherent in these forward-looking statements, this information should not be regarded as a representation by Millrose or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.
SEC original ↗Millrose Properties, Inc. — Presentation / slide deck (8-K exhibit)EX-99Oct 23, 2025
Public Builders Maintain Historically High Margins Despite cyclical headwinds, builders have continued to maintain homesite takedowns and flex margins rather than seek option terminations Large Public Homebuilders Average Gross Margins DHI, KBH, LEN, MTH, NVR, PHM, TMHC, TOL Builders Tracked: DHI, KBH, LEN, MTH, NVR, PHM, TMHC, TOL Sources: Bloomberg; public homebuilder public filings; John Burns Research and Consulting, LLC (Data: Builders’ most recent quarter, Pub: Oct 2025) Structural Tailwinds Remain within Housing Industry Total Housing Inventory (New Plus Existing) remains historically low Homebuilder Gross & Net Leverage at record lows LT Avg.
SEC original ↗Millrose Properties, Inc. — Presentation / slide deck (8-K exhibit)EX-99Oct 23, 2025
Legal Proceedings 63 Item 4.
SEC original ↗Millrose Properties, Inc. — 10-K Annual report10-KMar 2, 2026
The forward-looking statements contained in this Form 10-K reflect our views as of the date of this Form 10-K about future events and are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause our actual results, performance, or achievements to differ significantly from those expressed or implied in any forward-looking statement.
SEC original ↗Millrose Properties, Inc. — 10-K Annual report10-KMar 2, 2026
In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.
SEC original ↗Millrose Properties, Inc. — 10-K Annual report10-KMar 2, 2026
The forward-looking statements in this Form 10-K involve risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements.
SEC original ↗Millrose Properties, Inc. — 10-K Annual report10-KMar 2, 2026
Earnings deck slides
0 decks with slide viewMillrose Properties, Inc. — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.
Competitors
Competitors & peers
Same GICS sector — classification peers, not declared competitors
Filings
37 documents- Q3 2026
- 8-KMRP
Oct 27, 2026
- 8-KMRP
- Q2 2026
- 8-KMRP
Sep 23, 2026
- 8-KMRP
Sep 23, 2026
- 8-KMRP
Sep 22, 2026
- 8-KMRP
Sep 21, 2026
- 8-KMRP
- 8-KMRP
- 10-QMRP
- 8-KMRP
- Q1 2026
- 8-KMRP
Jun 23, 2026
- 8-KMRP
May 19, 2026
- 10-QMRP
- 8-KMRP
- Q4 2025
- 8-KMRP
Mar 27, 2026
- 8-KMRP
Mar 23, 2026
- EX-99MRP
Mar 23, 2026
- 10-KMRP
- 8-KMRP
Feb 27, 2026
- 8-KMRP
Feb 26, 2026
- Q3 2025
- 8-KMRP
Dec 22, 2025
- 8-KMRP
Oct 23, 2025
- 10-QMRP
- 8-KMRP
- Q2 2025
- 8-KMRP
Sep 22, 2025
- EX-99MRP
Sep 22, 2025
- 8-KMRP
Sep 12, 2025
- 8-KMRP
- EX-99MRP
- 8-KMRP
- EX-99MRP
- 8-KMRP
- 8-KMRP
- EX-99MRP
- 8-KMRP
- EX-99MRP
- 10-QMRP
Earnings releases
17 documentsPresentations
1 document- Q3 2025
- MRPDeck
Transcripts
0 documentsNo transcripts for Millrose Properties, Inc. are held in this edition of the library.
Mentioned by
2 companiesOther tracked companies whose held documents mention Millrose Properties, Inc. by name or ticker. A mention is counted once per document, from the document text the library holds.
“nt quarter,… …compared to the prior period was primarily due to the Company's spin-off of Millrose Properties, Inc. Share Repurchases In the third quarter of 2026, the Company repurchased 3 million shares of its common stock for $256… …construction m”
“…stock for $703 million • Completed spin-off of Millrose Properties, Inc. on February 7 th • Completed acquisition of Rausch Coleman Homes' homebuilding operations on February 10 th (more) 2-2-2 Miami, March ”
See also the earnings calendar for every tracked company’s next earnings date.