Millrose Properties（MRP）Q3 财报：AFFO 六连增、上调 Q4 指引并首授权 2.5 亿美元回购——与 4 分钟前已处理的同一事件重复

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 26, 2026
Millrose Properties, Inc.
(Exact name of Registrant as Specified in Its Charter)
Maryland
001-42476
99-2056892
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
600 Brickell Avenue, Suite 1400
Miami
,
Florida
33131
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s Telephone Number, Including Area Code:
212
782-3841
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Class A common stock, par value $0.01 per share
MRP
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02 Results of Operations and Financial Condition.
On October 27, 2026, Millrose Properties, Inc. (the "Company") issued a press release announcing its results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act.
Item 7.01 Regulation FD Disclosure.
On October 27, 2026, the Company posted the Third Quarter 2026 Earnings Presentation (the "Presentation") to the "Investor Relations" section of its website at www.millroseproperties.com. A copy of the Presentation is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.
The information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed "filed" for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.
The Company announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, and on the Company's investor relations website (https://ir.millroseproperties.com) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Item 8.01 Other Events
On October 26, 2026, the Company's Board of Directors authorized a new $250 million share repurchase program of the Company’s Class A common stock, par value $0.01 per share. Repurchases may be made from time to time in the open market or through privately negotiated transactions, subject to market conditions and other considerations. The program does not obligate the Company to repurchase any specific number of shares and may be suspended or discontinued at any time.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number
Description of Exhibit
99.1
Press Release issued October 27, 2026
99.2
Third Quarter 2026 Earnings Presentation
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MILLROSE PROPERTIES, INC.
Date: October 27, 2026
By:
/s/ Garett Rosenblum
Name:
Garett Rosenblum
Title:
Chief Financial Officer and Treasurer

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EX-99.1
2
ck0002017206-ex99_1.htm
EX-99.1
EX-99.1
Exhibit 99.1
Millrose Properties Reports Third Quarter 2026 Financial Results
Record Third Quarter Net Income of $130 Million, or $0.78 Per Share
Third Quarter AFFO of $0.80 Per Share, the Sixth Consecutive Quarterly AFFO Increase; Raises Fourth Quarter AFFO Outlook to $0.82 to $0.84 Per Share
Board of Directors Authorized a New $250 Million Share Repurchase Program
Expanded Counterparty Base to 22 Homebuilder and Developer Relationships and Redeployed
$1.3 Billion in Land Acquisitions and Development Funding Across the Portfolio
Subsequent to Quarter End, Completed $1.1 Billion of Capital Support in Connection with Dream Finders Homes’ Acquisition of Beazer Homes
Generated $0.8 Billion in Net Cash Proceeds from Homesite Sales
MIAMI – October 27, 2026 –
Millrose Properties, Inc. (NYSE: MRP, “Millrose” or the “Company”), the homesite option platform for residential homebuilders and developers, today announced its financial results for the third quarter ended September 30, 2026.
“Millrose delivered a record third quarter, driven by disciplined underwriting and the resilience and adaptability of our platform in a challenging housing market,” said Darren Richman, Chief Executive Officer and President of Millrose. “We have raised our outlook for the remainder of the year and authorized our first share repurchase program, reflecting our confidence in the durability of our cash flows and our commitment to disciplined capital allocation. With the completion of the Dream Finders financing, approximately 42% of our asset base is now invested outside the Lennar Master Program Agreement, reflecting what Millrose has always been: a comprehensive capital solutions platform for the homebuilding industry. We remain focused on expanding our counterparty relationships, developing innovative financing solutions for homebuilders and creating long-term value for our shareholders.”
Financial Highlights
Millrose produces recurring cash flow through contractual monthly cash option payments with continuous capital redeployment of homesite sale proceeds.
For the third quarter of 2026, Millrose reported:
•
Net income attributable to Millrose common shareholders of $130.0 million, or $0.78 per share.
•
Total revenues: $211.0 million from option fees and development loan income.
•
Adjusted Funds From Operations (AFFO): $133.5 million, or $0.80 per share.
Total portfolio weighted average annualized yield was 9.3% as of September 30, 2026.
1
Dividend
On September 23, 2026, Millrose declared a quarterly dividend of $131.2 million, or $0.79 per share of Class A and Class B common stock. The dividend was paid on October 15, 2026, to shareholders of record as of October 5, 2026.
Share Repurchases
In October 2026, the Company’s Board of Directors authorized a new $250 million share repurchase program, reflecting its confidence in the Company’s strong financial performance and long-term prospects, while providing flexibility to opportunistically repurchase shares. Repurchases may be made from time to time in the open market or through privately negotiated transactions, subject to market conditions and other considerations. The program does not obligate the Company to repurchase any specific number of shares and may be suspended or discontinued at any time.
Portfolio Highlights
•
Lennar Master Program Agreement:
The Lennar relationship remains foundational to the Millrose platform, providing a stable base of recurring cash flow. For the third quarter of 2026, Millrose received $596 million in net cash proceeds from homesite sales to Lennar and redeployed $546 million into new land acquisitions and development funding. As of September 30, 2026, the Lennar homesites under option contracts were $6.3 billion and the Lennar Invested Capital balance was approximately $5.9 billion with a weighted average yield of 8.5%.
•
Other Agreements:
Millrose funded an additional $714 million under Other Agreements at a weighted average yield of 10.8%, bringing homesites under option contracts and other related assets to $3.8 billion and Invested Capital net of realized homesite sales of $3.4 billion as of September 30, 2026. This capital growth of approximately $521 million compared to the prior quarter reflects the organic expansion of Millrose's business model, including the continued diversification of its builder base to 21 counterparties outside of Lennar.
•
Portfolio Composition:
Millrose ended the quarter with 156,729 homesites across 834 communities in 30 states as of September 30, 2026.
•
Industry Consolidation Support
: Millrose finalized approximately $1.1 billion capital support in connection with Dream Finders Homes' acquisition of Beazer Homes, effective October 20, 2026, with the acquisition having closed on that date. The arrangement is structured as approximately $580 million (net of option deposits received) in land banking capital across approximately 7,000 homesites, more than half of which are finished, with a weighted average life of approximately 2.5 years, and approximately $488 million (net of original issue discount) in preferred equity in Dream Finders carrying a 12% dividend, of which $171 million was funded on September 14, 2026 and $317 million at closing. Pro forma for the transaction, approximately 42% of Millrose’s asset base is now invested outside the Lennar Master Program Agreement, underscoring the growing role Millrose's platform plays in enabling capital-efficient consolidation across the homebuilding industry.
•
Single-Family Rental Pilot:
Millrose acquired an initial portfolio of 1,233 completed single-family homes from Lennar across 18 states for an aggregate cost basis of approximately $333 million, funded with approximately $120 million of balance sheet capital, net of $213 million of limited-recourse secured financing. The acquisition was underwritten as a standalone rental investment,
2
independent of any future path-to-homeownership initiative. The portfolio also provides an opportunity to evaluate rental operating performance, consumer behavior and financing structures that could inform broader housing affordability solutions.
Guidance
Raising guidance for year-end 2026 Adjusted Funds from Operations (AFFO) quarterly run rate to a range of $0.82 to $0.84 per share.
1
Liquidity & Capitalization Update
Millrose maintains a conservative balance sheet and strong liquidity position to support continued growth.
As of September 30, 2026, Millrose had total assets of $10.6 billion, and total liquidity of $0.8 billion, including cash and availability under its revolving credit facility.
Total corporate debt was $3.1 billion, with a debt-to-capitalization ratio of 36%.
In September 2026, the Company priced $1.0 billion aggregate principal amount of senior notes in two tranches: $500 million aggregate principal amount of 6.500% senior notes due 2029 and $500 million aggregate principal amount of 6.750% senior notes due 2031.
Conference Call and Webcast Information
Millrose will host a conference call today, October 27 at 10:00 AM Eastern Time to discuss its third quarter results, recent developments and outlook. The call webcast, as well as relevant earnings materials, will be available through the investor relations section of the Company’s website: ir.millroseproperties.com. A replay of the conference call will be available shortly after the broadcast.
About Millrose Properties, Inc.
Millrose (NYSE: MRP) is the premier homesite option platform for residential homebuilders. The company specializes in the acquisition and horizontal development of land to provide a predictable, just-in-time supply of finished homesites — the most scarce and mission-critical resource in the homebuilding industry. Unlike traditional land bankers, Millrose utilizes a proprietary technology platform that provides real-time feedback and data analytics to drive acquisition decisions. Every transaction in the Millrose portfolio undergoes rigorous independent due diligence to ensure attractive yields and long-term viability. By enabling an asset-light model, Millrose provides its diverse roster of homebuilder and developer partners with the strategic flexibility to maintain production volumes and optimize balance sheet efficiency across all market environments. For more information about Millrose, please visit
millroseproperties.com
.
1
The Company is unable to provide a reconciliation to the most directly comparable GAAP measure without unreasonable efforts due to the inherent difficulty in forecasting the timing of items that have not yet occurred, as well as quantifying certain amounts that are necessary for such reconciliation.
3
Forward-Looking Statements
Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about Millrose’s plans, strategies and objectives, future earnings, expected transactions and guidance, as well as statements about Millrose’s business (including MPH Parent, LLC (“MPH Parent”), Millrose Properties Holdings, LLC (“Millrose Holdings”), Millrose Properties SPE LLC, MRP Liberty, LLC and any of the other Millrose subsidiaries), and Millrose’s future plans, strategies and objectives. You can generally identify forward-looking statements by our use of forward-looking terminology such as “may”, “can”, “shall”, “will”, “expect”, “intend”, “anticipate”, “estimate”, “believe”, “continue” or other similar words or the negatives thereof intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. Specific forward-looking statements in this release include statements regarding: Millrose’s plans and objectives for future operations, including plans and objectives relating to the future growth of our business and our homesite option platform; the availability of capital at any given time to finance the various endeavors, projects and acquisitions that are expected or planned for Millrose, as well as the availability of capital that needs to be reserved for specified uses (whether contractually or by law); expectations about the quality and value of our homesites and the existence of any liabilities attached to the homesites, and the adequacy of the protection, including our counterparties’ indemnification of Millrose in connection with the land assets acquired under the counterparty agreements; expectations and assumptions regarding our ongoing relationships with counterparties, including expectations that counterparties will fully perform their obligations under existing agreements, and timely exercise their purchase option; our expected business, operations and financial position; expectations and assumptions regarding our industry, the real estate markets or the economy, including statements regarding the competitive landscape; the possibility of providing our homesite option platform and continuing our expansion to new counterparties, and the nature of any such future arrangements; any expected use, development, rental or sale of land and real estate assets that we have acquired or may acquire in the future; expectations and assumptions around our relationship with our external manager, Kennedy Lewis Land and Residential Advisors LLC, an affiliate and wholly-owned subsidiary of Kennedy Lewis Investment Management LLC; our status as a real estate investment trust (“REIT”) and MPH Parent’s, RCH Holdings, Inc.’s, and Millrose Holdings’ status as taxable REIT subsidiaries; expectations around ownership limits of our common stock; expectations and assumptions around our source of revenues, expected income, ability to secure financing or incur and repay indebtedness, and ability to comply with restrictions contained in our debt covenants; and other forward-looking statements, are all based on currently known or available information, which may not be indicative of future results (particularly as we are a recently formed company and have had limited historical operations as a standalone company), as well as assumptions and expectations that involve numerous risks and uncertainties. All forward-looking statements included in this release are qualified in their entirety by, and should be read in the context of, the risk factors and other factors disclosed in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov.
4
Non-GAAP Financial Measures
Invested Capital
is a non-GAAP financial measure that represents the balance on which monthly cash option fees are paid by counterparties. Invested Capital includes certain components of our condensed consolidated financial statements related to (i) homesites under option contracts, (ii) development loans receivable, (iii) preferred instruments and (iv) liabilities. The most directly comparable GAAP financial measure is homesites under option contracts as presented in the Company’s condensed consolidated balance sheets. Management uses Invested Capital as a measure of the capital deployed and believes that the figure is useful to investors because it serves as the basis for generating option fees and other related income. This non-GAAP measure is presented solely to permit investors to understand how our management assesses underlying performance and is not, and should not be viewed as, a substitute for GAAP measures, and should be viewed in conjunction with our GAAP financial measures.
AFFO
means the Adjusted Funds From Operations, which are calculated as the net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate depreciation, adjusted to eliminate the impact of non-recurring items that are not reflective of operations and certain non-cash items that reduce or increase net income (loss) in accordance with GAAP.
The Company is unable to provide a reconciliation of quarterly AFFO run rate to the most directly comparable GAAP measure without unreasonable efforts due to the inherent difficulty in forecasting the timing of items that have not yet occurred, as well as quantifying certain amounts that are necessary for such reconciliation.
5
Millrose Properties, Inc.
Co
ndensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except share amounts)
September 30,
December 31,
2026
2025
Assets
Homesites under option contracts
$
9,902,361
$
8,872,695
Development loan receivables, net
53,014
328,999
Single-family residential properties
332,651
—
Preferred instruments, net
170,670
—
Cash
64,535
35,046
Other assets
32,664
21,367
Total assets
10,555,895
9,258,107
Liabilities and stockholders' equity
Builder deposits
1,003,209
927,004
Debt obligations, net
3,127,456
2,112,062
Single-family residential secured credit facility
210,596
—
Development guarantee holdback liability
100,000
100,000
Deferred tax liabilities
89,710
77,333
Other liabilities
174,009
185,446
Total liabilities
4,704,980
3,401,845
Commitments and contingencies (See Note 12)
Stockholders' equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 0 shares issued at September 30, 2026
—
—
Class A common stock, $0.01 par value, 275,000,000 shares authorized, 154,228,116 shares issued at September 30, 2026
1,542
1,542
Class B common stock, $0.01 par value, 175,000,000 shares authorized, 11,819,811 shares issued at September 30, 2026
118
118
Additional paid-in capital
5,874,170
5,873,087
Distribution in excess of net income
(24,915
)
(18,485
)
Total stockholders' equity
5,850,915
5,856,262
Total liabilities and stockholders' equity
$
10,555,895
$
9,258,107
6
Millrose Properties, Inc.
Co
ndensed Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except share amounts)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Revenues:
Option fee revenues
$
209,480
$
170,326
$
590,180
$
391,491
Development loan income
1,524
8,934
12,605
19,469
Total revenues
211,004
179,260
602,785
410,960
Operating expenses:
Management Fee expense
30,264
25,895
88,325
59,959
Stock-based compensation expense
289
189
1,198
370
Provision for (benefit from) credit loss expense
—
340
(907
)
340
Sales, general, and administrative expenses from pre-spin periods
—
—
—
24,960
Total operating expenses
30,553
26,424
88,616
85,629
Income from operations
180,451
152,836
514,169
325,331
Other income (expense):
Interest income
1,045
2,450
3,282
5,356
Income from preferred instruments
996
—
996
—
Interest expense
(47,093
)
(43,748
)
(126,319
)
(56,569
)
Other expenses
(513
)
(616
)
(984
)
(1,483
)
Total other income (expense)
(45,565
)
(41,914
)
(123,025
)
(52,696
)
Net income before income taxes
134,886
110,922
391,144
272,635
Income tax expense
4,884
5,862
12,377
15,009
Net income
$
130,002
$
105,060
$
378,767
$
257,626
Adjustment for expenses from pre-spin periods
—
—
—
24,960
Net income attributable to Millrose Properties, Inc. common stockholders
$
130,002
$
105,060
$
378,767
$
282,586
Basic earnings per share of Class A and Class B common stock
$
0.78
$
0.63
$
2.28
$
1.70
Diluted earnings per share of Class A and Class B common stock
$
0.78
$
0.63
$
2.28
$
1.70
Basic weighted average common shares of outstanding Class A and Class B common stock
166,047,927
166,003,497
166,032,954
166,003,497
Diluted weighted average common shares of outstanding Class A and Class B common stock
166,064,538
166,031,797
166,054,887
166,025,174
7
A reconciliation of Invested Capital to homesite inventory and other related assets, the most directly comparable GAAP measure, for the three months ended September 30, 2026 is as follows:
Three Months Ended September 30, 2026
(in thousands)
Master
Program
Agreement
Other
Agreements
Total
Invested Capital Reconciliation of GAAP to Non-GAAP
GAAP reported homesites under option contracts as of September 30, 2026
$
6,314,994
$
3,587,367
$
9,902,361
Add: Development loan receivables (gross)
—
53,112
53,112
Add: Preferred instruments (gross)
—
175,000
175,000
Remove: Interest receivable on development loans
—
(319
)
(319
)
Remove: Due from counterparties (1)
(34,265
)
(36,012
)
(70,277
)
Remove: Net deferred tax assets and deferred tax liabilities from homesite inventories
(56,824
)
—
(56,824
)
Remove: Earnest deposits from homesites under option contracts
7,560
—
7,560
Remove: Homesites under option contracts acquired through purchase money mortgages
(33,000
)
—
(33,000
)
Add: Development holdback liability
(100,000
)
—
(100,000
)
Add: Builder deposit liabilities
(224,236
)
(407,977
)
(632,213
)
Total Invested Capital as of September 30, 2026
$
5,874,229
$
3,371,171
$
9,245,400
Invested Capital
Invested Capital as of June 30, 2026 (2)
$
5,949,365
$
2,849,634
$
8,798,999
Takedown Proceeds (3)
(620,867
)
(192,814
)
(813,681
)
Land Acquisition and Development Funding (4)
545,731
714,351
1,260,082
Invested Capital as of September 30, 2026
$
5,874,229
$
3,371,171
$
9,245,400
(in millions)
Weighted Average Yield as of September 30, 2026 (5)
8.5
%
10.8
%
9.3
%
Implied Quarterly Income Run Rate as of September 30, 2026 (6)
$
128
93
$
221
Weighted Average Remaining Life as of September 30, 2026 (7)
3.8 years
2.4 years
3.3 years
Weighted Average Maturity as of September 30, 2026 (8)
62 months
35 months
53 months
1. Includes option fees received from counterparties in the subsequent month. 2. Includes (a) homesite under option contracts contributed by Lennar at Spin-Off and acquired from Rausch, less option earning deposits and other holdbacks, and (b) takedown, land acquisition and development funding activity through June 30, 2026. 3. Reduction in investment balance for the three months ended September 30, 2026 from (a) homesite takedowns pursuant to option agreements, net of deposit credits adjusted for non -option earning deposits, and (b) repayment of development loans. 4. Includes acquisitions of homesites under option contracts, net of option earnings deposits, preferred instruments and development loan funding for the three months ended September 30, 2026.5. Based on average option rate and/or loan interest rate weighted by investment balance, assumes SOFR rate as of June 26, 2026. 6. Calculated by multiplying Invested Capital balance at end of period by weighted average yield as of September 30, 2026, adjusted for the number of days in the third quarter 202 6. 7. Calculated by taking weighted average life per each community weighted by investment balance. 8. Calculated by taking months until the final scheduled homesite sale per each community weighted by investment balance.
8
A reconciliation of Adjusted Funds From Operations to Net Income attributable to Millrose common shareholders, the most directly comparable GAAP measure, for the three months ended September 30, 2026 is as follows:
Three Months Ended
(in thousands, except share amounts)
September 30, 2026
September 30, 2025
Net income attributable to Millrose Properties, Inc. common stockholders
$
130,002
$
105,060
Adjustments:
Add: Amortization of deferred financing and issuance costs (1)
2,781
16,359
Add: Stock-based compensation expense (2)
289
189
Add: Provision for (benefit from) credit loss expense (3)
—
340
Add: Rating agency expenses (4)
447
550
Total adjustments
3,517
17,438
AFFO attributable to Millrose Properties, Inc. common stockholders
$
133,519
$
122,498
AFFO basic earnings per share of Class A and Class B common stock
$
0.80
$
0.74
AFFO diluted earnings per share of Class A and Class B common stock
$
0.80
$
0.74
Reconciliation of GAAP earnings per share to AFFO per share
GAAP reported basic and diluted earnings per share of Class A and Class B common stock
$
0.78
$
0.63
Adjustments:
Add: Amortization of deferred financing and issuance costs (1)
0.02
0.10
Add: Stock-based compensation (2)
0.00
0.00
Add: Provision for (benefit from) credit loss expense (3)
-
0.00
Add: Rating agency expenses (4)
0.00
0.01
AFFO basic and diluted earnings per share of Class A and Class B common stock
$
0.80
$
0.74
Basic weighted average common shares outstanding of Class A and Class B common stock
166,047,927
166,003,497
Diluted weighted average common shares outstanding of Class A and Class B common stock
166,064,538
166,031,797
1. Reflected in interest expense in the consolidated statements of operations. See Note 11. Debt in the condensed consolidated financial statements included elsewhere in Form 10-Q for the quarter ended September 30, 2026 (the “Form 10-Q”). 2. RSUs granted to each member of the Board under the Millrose Properties, Inc. 2024 Omnibus Incentive Plan. See Note 15. Stock- Based Compensation Expense in the condensed consolidated financial statements included elsewhere in Form 10 -Q. 3. Provision for credit losses for development loan receivables. See Note 2. Basis of Presentation and Significant Accounting Policies, Development Loan Receivables, net in the condensed consolidated financial statements included in Form 10-Q. 4. Reflected in other expenses in the consolidated statements of operations. See Note 2. Basis of Presentation and Significant Accounting Policies, Other Income (Expenses) net in the condensed consolidated financial statements included in Form 10-Q.
9
A reconciliation of Adjusted Funds From Operations to Net Income attributable to Millrose common shareholders, the most directly comparable GAAP measure, for the nine months ended September 30, 2026 is as follows:
Nine Months Ended
(in thousands, except share amounts)
September 30, 2026
September 30, 2025
Net income attributable to Millrose Properties, Inc. common stockholders
$
378,767
$
282,586
Adjustments:
Add: Amortization of deferred financing and issuance costs (1)
7,491
17,879
Add: Stock-based compensation expense (2)
1,198
370
Add: Provision for (benefit from) credit loss expense (3)
(907
)
340
Add: Rating agency expenses (4)
447
1,117
Total adjustments
8,229
19,706
AFFO attributable to Millrose Properties, Inc. common stockholders
$
386,996
$
302,292
AFFO basic earnings per share of Class A and Class B common stock
$
2.33
$
1.82
AFFO diluted earnings per share of Class A and Class B common stock
$
2.33
$
1.82
Reconciliation of GAAP earnings per share to AFFO per share
GAAP reported basic and diluted earnings per share of Class A and Class B common stock
$
2.28
$
1.70
Adjustments:
Add: Amortization of deferred financing and issuance costs (1)
0.05
0.11
Add: Stock-based compensation (2)
0.01
0.00
Add: Provision for (benefit from) credit loss expense (3)
(0.01
)
0.00
Add: Rating agency expenses (4)
0.00
0.01
AFFO basic and diluted earnings per share of Class A and Class B common stock
$
2.33
$
1.82
Basic weighted average common shares outstanding of Class A and Class B common stock
166,032,954
166,003,497
Diluted weighted average common shares outstanding of Class A and Class B common stock
166,054,887
166,025,174
1. Reflected in interest expense in the consolidated statements of operations. See Note 11. Debt in the condensed consolidated financial statements included elsewhere in Form 10-Q for the quarter ended September 30, 2026 (the “Form 10-Q”). 2. RSUs granted to each member of the Board under the Millrose Properties, Inc. 2024 Omnibus Incentive Plan. See Note 15. Stock- Based Compensation Expense in the condensed consolidated financial statements included elsewhere in Form 10 -Q. 3. Provision for credit losses for development loan receivables. See Note 2. Basis of Presentation and Significant Accounting Policies, Development Loan Receivables, net in the condensed consolidated financial statements included in Form 10-Q. 4. Reflected in other expenses in the consolidated statements of operations. See Note 2. Basis of Presentation and Significant Accounting Policies, Other Income (Expenses) net in the condensed consolidated financial statements included in Form 10-Q.
Media
Stephen Pettibone / Louise Fitzgerald
FGS Global
MillroseProperties@fgsglobal.com
10

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EX-99.2
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ck0002017206-ex99_2.htm
EX-99.2
Third Quarter 2026 Earnings Presentation Exhibit 99.2
Disclaimer   This disclaimer applies to this document and the verbal comments of any person presenting it. This presentation, together with any such oral or written comments, is referred to herein as the “Presentation.” Forward-Looking Statements This Presentation relating to Millrose Properties, Inc. (“Millrose,” “we,” “our,” “us,” “MRP,” or the “Company”) contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about Millrose’s plans, strategies and objectives, as well as statements about Millrose’s business (including MPH Parent, LLC (“MPH Parent”), Millrose Properties Holdings, LLC (“Millrose Holdings”), Millrose Properties SPE LLC, MRP Liberty, LLC and any of the other Millrose subsidiaries), and Millrose’s future plans, strategies and objectives. You can generally identify forward-looking statements by our use of forward-looking terminology such as “may”, “can”, “shall”, “will”, “expect”, “intend”, “anticipate”, “estimate”, “believe”, “continue” or other similar words or the negatives thereof intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. Specific forward-looking statements in this Presentation include statements regarding: Millrose’s plans and objectives for future operations, including plans and objectives relating to the future growth of our business and our homesite option platform; the availability of capital at any given time to finance the various endeavors, projects and acquisitions that are expected or planned for Millrose, as well as the availability of capital that needs to be reserved for specified uses (whether contractually or by law); expectations about the quality and value of our homesites and the existence of any liabilities attached to the homesites, and the adequacy of the protection, including our counterparties’ indemnification of Millrose in connection with the land assets acquired under the counterparty agreements; expectations and assumptions regarding our ongoing relationships with counterparties, including expectations that counterparties will fully perform their obligations under existing agreements, and timely exercise their purchase option; our expected business, operations and financial position; expectations and assumptions regarding our industry, the real estate markets or the economy, including statements regarding the competitive landscape; the possibility of providing our homesite option platform and continuing our expansion to new counterparties, and the nature of any such future arrangements; any expected use, development, rental or sale of land and real estate assets that we have acquired or may acquire in the future; expectations and assumptions around our relationship with our external manager, Kennedy Lewis Land and Residential Advisors LLC, an affiliate and wholly-owned subsidiary of Kennedy Lewis Investment Management LLC; our status as a real estate investment trust (“REIT”) and MPH Parent’s, RCH Holdings, Inc.’s, and Millrose Holdings’ status as taxable REIT subsidiaries (“TRSs”); expectations around ownership limits of our common stock; expectations and assumptions around our source of revenues, expected income, ability to secure financing or incur and repay indebtedness, and ability to comply with restrictions contained in our debt covenants; and other forward-looking statements, are all based on currently known or available information, which may not be indicative of future results (particularly as we are a recently formed company and have had limited historical operations as a standalone company), as well as assumptions and expectations that involve numerous risks and uncertainties. All forward-looking statements included in this Presentation are qualified in their entirety by, and should be read in the context of, the risk factors and other factors disclosed in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov. Assumptions relating to these statements involve judgments with respect to, among other things, future macroeconomic, competitive and market conditions, future land values, future business decisions, future environmental conditions and relationships with our counterparties, all of which are difficult or impossible to accurately predict and many of which are beyond our control. All forward-looking statements included herein are based on information available to us as of the date hereof and speak only as of such date. The forward-looking statements contained in this Presentation reflect our views as of the date of this Presentation 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. Although we believe the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate, and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. 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 Millrose or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.
Disclaimer (Cont’d) Industry and Market Information This Presentation includes market and industry data and forecasts that the Company has derived from independent consultant reports, publicly available information, various industry publications, other published industry sources, and its internal data and estimates. Independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable. Although the Company believes that these third-party sources are reliable, it does not guarantee the accuracy or completeness of this information, and the Company has not independently verified this information. The Company’s internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which the Company operates and management's understanding of industry conditions. Although the Company believes that such information is reliable, it has not had this information verified by any independent sources. In addition, the information contained in this Presentation is as of the date hereof (except where otherwise indicated), and the Company has no obligation to update such information, including in the event that such information becomes inaccurate or if estimates change. Subsequent materials may be provided by or on behalf of the Company in its discretion and such information may supplement, modify or supersede the information in these materials. Neither the Company, nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage howsoever arising from any use of these materials or their contents or otherwise arising in connection with these materials. Basis of Presentation The financial information presented herein (i) for the periods prior to the February 7, 2025 spin-off from Lennar (the “Spin-Off”) is that of the business assets that were spun off to Millrose (the “Predecessor Millrose Business”) and is derived from the consolidated financial statements and accounting records of Lennar, and (ii) for the periods after the February 7, 2025 Spin-Off is that of Millrose and its subsidiaries. Millrose was formed on March 19, 2024 and has operated as an independent company since the Spin-Off on February 7, 2025. The Predecessor Millrose Business financial statements reflect the expenses directly attributable to the Predecessor Millrose Business, and, land inventory assets and liabilities included in the Spin-Off, at Lennar’s historical basis. The financial statements of the Predecessor Millrose Business may not be indicative of Millrose’s future performance as an independent, publicly traded company following the Spin-Off and do not necessarily reflect what the financial position, results of operations, and cash flows would have been had Millrose operated as a separate, publicly traded company during the periods presented. The financial information of the Predecessor Millrose Business prior to the Spin-Off also presents a combination of entities under common control that have been “carved out” from Lennar’s consolidated financial statements. Historically, financial statements of the Predecessor Millrose Business have not been prepared as it was not operated separately from Lennar. This financial information reflects the expenses of the Predecessor Millrose Business and includes certain assets and liabilities that have been included in the Spin-Off, which have been reflected at Lennar’s historical basis. Non-GAAP Measures This Presentation contains both financial measures prepared and presented in accordance with generally accepted accounting principles (“GAAP”) and non-GAAP financial measures, such as Invested Capital and Adjusted Funds from Operations (“AFFO”), which are measurements of financial performance that are not prepared and presented in accordance with GAAP. Accordingly, these measures should not be considered as substitutes for data prepared and presented in accordance with GAAP. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures. Although we use or have used these non-GAAP financial measures to assess the performance of our business and for the other purposes, the use of these non-GAAP financial measures as an analytical tool has limitations, and you should not consider them in isolation, or as a substitute for analysis of our results of operations as reported in accordance with GAAP. In addition, because not all companies use identical calculations, the non-GAAP financial measures included in this Presentation may not be comparable to similarly titled measures disclosed by other companies, including our peers or other companies in our industry. Please see “Appendix” within the Presentation for reconciliation of the non-GAAP financial measures included in this Presentation to our most directly comparable financial measure calculated and presented in accordance with GAAP.
Third Quarter 2026 Results Financial Portfolio Liquidity
&
Capitalization Net income of $130.0M, or $0.78 per share Increase of 3%, or $4.1M, compared to Q2 2026 Increase of 24%, or $24.9M, compared to Q3 2025 Adjusted Funds From Operations (AFFO)1 of $133.5M, or $0.80 per share Quarterly dividend of $131.2M, or $0.79 per share Funded $1.3B for land acquisition and development and received net takedown proceeds of $0.8B, bringing net investment balance to $9.2B4 (net of non-option earning deposits & other reductions) on total assets of $10.6B Increased invested capital outside of Lennar MPA by $521M, including $175M funding of preferred instruments, resulting in $3.4B4 with a weighted average yield of 10.8%3 as of September 30, 2026 Purchased 1,233 single-family rentals with approximate purchase price of $270K per home, efficiently financed with $213M of asset-backed, limited recourse financing at S + 120bps As of September 30, 2026: Total liquidity of $0.8B comprised of cash on hand and revolving credit facility capacity Increased revolving credit facility capacity by $50M to $1,385M $635M outstanding on revolving credit facility and $497M outstanding on term loan Board of Directors authorized $250M Share Repurchase Program after quarter-end 1. Non-GAAP metric; please reference reconciliation table in the Appendix. Defined as Adjusted Funds From Operations, which are calculated as the net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate depreciation, adjusted to eliminate the impact of non-recurring items that are not reflective of ongoing operations and certain non-cash items that reduce or increase net income (loss) in accordance with GAAP, and also adjusted for income tax expense (other than income tax expenses of our TRSs) that will not be incurred following our election and qualification to be subject to tax as a REIT for U.S. federal income tax purposes. 2. GAAP reported gross takedowns included in Homesites under option contracts less associated deposit liability on the Company’s balance sheet 3. Based on average of option rate and/or loan interest rate weighted by investment balance, assumes three-month term SOFR rate as of 6/26/2026. 4. Represents Invested Capital, which is a non-GAAP metric. Please reference reconciliation table in the Appendix.
Third Quarter 2026 Financial Overview September 30, 2026 Option Fee Revenues $209.5m Development Loan Income $1.5m Management Fee Expense ($30.3m) Stock-Based Compensation Expense ($0.3m) Income From Operations $180.5m Interest Income $1.0m Income from preferred instruments and other $1.0m Interest Expense ($47.1m) Other Expenses ($0.5m) Income Tax Expense ($4.9m) Net Income
Per Share $130.0m
$0.78 Adjusted Funds From Operations (AFFO)1
Per Share $133.5m $0.80 Dividend
Per Share $131.2m $0.79 $211.0M revenue from Option Fees and Development Loan Income $30.3M Management Fee Expense, equal to 1.25% of gross tangible assets Q3 GAAP net income of $130.0M, and AFFO1 of $133.5M, or $0.80 per share 1. Non-GAAP metric; please reference reconciliation table in the Appendix. Defined as Adjusted Funds From Operations, which are calculated as the net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate depreciation, adjusted to eliminate the impact of non-recurring items that are not reflective of ongoing operations and certain non-cash items that reduce or increase net income (loss) in accordance with GAAP, and also adjusted for income tax expense (other than income tax expenses of our TRSs) that will not be incurred following our election and qualification to be subject to tax as a REIT for U.S. federal income tax purposes. 2. Represents annualized AFFO divided by quarter-end shareholder’s equity of $5.9B. Represents 9.1% AFFO yield on equity2 (annualized basis)
Book Value Per Share Roll-Forward Quarterly dividend of $131.2M, or $0.79 per share Increase of 8% compared to Q3 2025 Board of Directors authorized $250M Share Repurchase Program $35.24 +$0.78 -$0.79 $35.24 Represents 8.9% dividend yield on equity2 1. Non-GAAP metric; please reference reconciliation table in the Appendix. Defined as Adjusted Funds From Operations, which are calculated as the net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate depreciation, adjusted to eliminate the impact of non-recurring items that are not reflective of ongoing operations and certain non-cash items that reduce or increase net income (loss) in accordance with GAAP, and also adjusted for income tax expense (other than income tax expenses of our TRSs) that will not be incurred following our election and qualification to be subject to tax as a REIT for U.S. federal income tax purposes. 2. Represents annualized dividend divided by the average shareholder’s equity for the current and prior quarter. Net Income per share
7 Millrose is capitalized with $2.0B Senior Notes, $1.1B outstanding on unsecured credit facility, including term loan4, on $10.6B of total assets Ample liquidity of ~$0.8B revolving credit facility capacity and cash Conservative leverage profile of 36% Debt to Capitalization CAPITALIZATION Significant asset base with a
flexible capital structure as of 9/30 ($B) Note: Data as of September 30, 2026 1. Liquidity as of 6/30/2026 includes $34M in cash and $1.4B remaining revolving credit facility capacity, including term loan commitment. 2. Liquidity as of 9/30/2026 includes $65M in cash and $0.8B remaining revolving credit facility capacity, including term loan commitment. 3. Does not include $1B senior notes offering which was consummated after 9/30/2026. 4. Corporate debt excludes $213M limited recourse asset level financing. 5. Calculated as total debt divided by total debt and equity. As of
9/30 2 Conservative Leverage Profile Total Assets Corporate Debt4 Total Liquidity2 Debt to Capitalization5 $3.1B 36% $10.6B $0.8B As of
6/30 1 As of 9/30/20263
Invested Capital by Customer Category – Q3 2026 Key Portfolio Metrics In millions Lennar Master Program Agreement Other Agreements Total Invested Capital as of 6/30/20261,4 $5,949 $2,850 $8,799 Takedown Proceeds2 ($621) ($193) ($814) Land Acquisition and Development Funding3 $546 $714 $1,260 Invested Capital as of 9/30/20264 $5,874 $3,371 $9,245 Wtd. Avg Yield as of 9/30/20265 8.5% 10.8% 9.3% Implied Quarterly Income Run Rate as of 9/30/20266 $128 $93 $221 Wtd. Avg Remaining Life as of 9/30/20267 3.8 Years 2.4 Years 3.3 Years Wtd. Avg Maturity as of 9/30/20268 62 Months 35 Months 53 Months Strong demand for the platform, resulting in $1.3B in land acquisition and development funding in Q3 Excluding the Lennar Master Program Agreement, Invested Capital grew $521M to $3,371M, lifting Implied Quarterly Income Run Rate by $17M, or 8%, compared to prior quarter 1. Homesite inventory and related assets less non-option earning deposits, net deferred tax liability and other holdbacks. 2. Reduction in investment balance from development loan repayments and homesite sales pursuant to the option agreements associated with the applicable category shown; takedowns are net of deposit credits adjusted for non-option earning deposits. 3. Land acquisition shown net of deposits received. Other Agreements includes preferred instruments and excludes single-family rental assets. 4. Non-GAAP metric, please reference reconciliation table in the Appendix. Totals may not foot due to rounding. 5. Based on average of option rate and/or loan interest rate weighted by investment balance, assumes three-month term SOFR rate as of 6/26/2026. 6. Calculated by taking Invested Capital balance at end of period multiplied by weighted average yield as of quarter end, adjusted for number of days in Q3 2026. 7. Calculated by taking weighted average life per each community weighted by investment balance. 8. Calculated by taking months until the final scheduled homesite sale per each community weighted by investment balance.
Invested Capital Growth With Additional Counterparties Continued diversification outside of Lennar Master Program Agreement evidenced by $3.4B growth in invested capital1 since inception with 22 distinct counterparties by September 30, 2026 1. Non-GAAP metric; please reference reconciliation table in Appendix 2. Invested capital outside of Lennar Master Program Agreement 3. Total counterparties includes Lennar Net Funding In millions 2 3 Since inception, no counterparty has exercised its option to terminate
156,729 Current Homesites1 834 Total Properties2 30 Total States ~$10.6B Total Assets ~$5.9B Shareholders’ Equity 9.3% Weighted Average
Yield ~$16.5B Takedown Proceeds 36% Debt to Capitalization3 ~$0.8B Liquidity4 1. Total homesites under option contracts as of 9/30/2026 excluding homesites associated with investments in development loans. 2. Communities owned as of 9/30/2026, including communities associated with future purchases and excluding homesites associated with investments in development loans and single-family rentals. 3. Calculated as total debt divided by total debt and equity. 4. Liquidity as of 9/30/2026 includes $65M in cash and $0.8B remaining revolving credit facility capacity. PLATFORM SNAPSHOT (as of 9/30/2026) Millrose at a Glance State Homesites Takedown Proceeds ($B) % of Total Proceeds 1 California 12,735 $ 3.4 20.5 % 2 Texas 46,113 3.1 18.9 3 Florida 23,480 2.1 12.6 4 South Carolina 9,715 1.0 5.9 5 North Carolina 5,987 0.9 5.2 6 Colorado 5,483 0.7 4.1 7 Oklahoma 10,620 0.6 3.8 8 Maryland 4,672 0.6 3.6 9 Georgia 5,718 0.6 3.5 10 Arizona 4,034 0.5 3.0 Top 10 Subtotal 128,557 $ 13.4 81.1 % Remaining 28,172 3.1 18.9 % Total 156,729 $ 16.5 100.0 % TOP 10 STATES BY ESTIMATED TAKEDOWN PROCEEDS
Robust Cash Conversion Cycle Millrose’s recurring capital-recycling model generated $3.5B of TTM net takedown proceeds through Q3 2026 (up from $3.3B at year-end 2025), equivalent to ~38%1 of period-end invested capital2 — an internal funding source for new land purchases, development or debt repayment that reduces reliance on external financing Rolling 4-Quarter (TTM) Net Takedown Proceeds3
In millions Calculated by taking Q3 2026 total TTM net takedown proceeds referenced above divided by Q3 2026 ending period invested capital. 2. Non-GAAP metric; please reference reconciliation table in Appendix. 3. Takedown proceeds shown net of deposits, calculated as GAAP-reported gross takedowns from inventory less the associated builder deposit liability on the balance sheet 4. Calculated as weighted average life per community, weighted by investment balance Portfolio weighted average life of 3 years4
$580M Land Banking Funding Based on CY2025A revenue within U.S. headquartered home builders 2. Net of cash deposits received from Dream Finders pursuant to the option agreements 3. Preferred instrument funding amounts net of OID. 4. Pro-forma calculation using 9/30/2026 invested capital plus transaction amounts funded in Q4 2026. On October 20th, Dream Finders Homes (“Dream Finders”) announced the closing of its previously announced acquisition of Beazer Homes USA, Inc. (“Beazer”) Millrose provided approximately $1.1 billion of acquisition funding towards the transaction across two complementary instruments that together delivered a comprehensive capital solution: $580 million² land banking funding via acquisition of homesites from Beazer and execution of option agreements with Dream Finders, funded simultaneously with transaction closing. $488 million3 preferred instrument funding across two closings: Initial $171 million funding on September 14, 2026 at the time of Millrose’s execution of the subscription agreement, with $317 million balance funded on October 20th. The transaction represents a use case for Millrose’s unique capability as an industry capital solution and further diversifies invested capital outside the Lennar MPA, while generating contractual income at an attractive yield. $1.1B
Transaction Funding Dream Finders Homes Transaction Closing ~2.5 Years
Weighted Avg. Life >50% Finished Lots Pro Forma4 Asset Base as of 10/20/2026 Lennar MPA Asset Base Other Agreements Asset Base Dream Finders Transaction Summary Structure Funding ($M) Returns Land Banking Proceeds $580 Option Maintenance Fees + $8.0 million commitment fee to MRP Preferred Instrument $488 12% rate on $500 million balance + $5.25 million commitment fee to MRP Total $1,068 ~7,000
Lots Acquired ~2.5 Years
Weighted Average Life >50% Finished Lots ~7,000
Millrose Lots Acquired $488M Preferred Instrument Funding Fixed income return profile, consistent with existing Development Loan business line Strong inventory / asset coverage Inclusive of $171m3 initial funding on 9/14
Power of the Platform in Action Millrose provided capital to support three closed homebuilder M&A acquisitions: (i) the acquisition of Rausch Coleman by Lennar, (ii) the take-private of Landsea by New Home, and (iii) the acquisition of Beazer Homes by Dream Finders Homes Millrose has utilized its existing relationships with the acquiring homebuilders and will continue to leverage its longstanding relationships to support homebuilder M&A and accretively deploy capital THREE STRATEGIC HOMEBUILDER M&A DEALS Txn. date: 5/12/25 M&A: New Home acquired Landsea’s operating business Homesites MRP acquired: 4,186 MRP txn size: $700M in land assets acquired from Landsea Txn. date: 2/10/25,
3 days after MRP spin-off M&A: Lennar acquired Rausch Coleman operating business Homesites MRP acquired: 25,000 MRP txn size: $900M in land assets acquired from Rausch Txn. date: 10/20/26 M&A: Dream Finders acquired Beazer Homes MRP txn size: $580M in land assets and $488M1 in preferred instruments 1. Preferred instrument funding amounts net of OID.
Single-Family Rental Portfolio
Single-Family Rental Transaction Summary Millrose acquired 1,233 Single-Family Rental homes from Lennar Corporation (NYSE:LEN) in well-located
MSAs with strong rental growth and an attractive economic profile (the “Pilot SFR Portfolio”) for
approximately $333 million. The transaction represents another use case for the critical role that Millrose
can play in the broader homebuilder ecosystem. 1,233 newly constructed single-family rental assets primarily located in the Sun Belt (TX, FL, NC, SC) Pilot SFR Portfolio represents asset base with sufficient scale to enable institutional property management and financing, while limiting use of Millrose balance sheet to approximately $120 million net of limited-recourse asset-level financing Entered into additional community build-to-rent contracts with expected net investment of approximately $50 million based on $100 million of expected asset level limited recourse financing and $150 million gross purchase price Pilot SFR Portfolio will be property managed by Evergreen Residential, a nationally scaled rental housing platform with over 30,000 homes managed across 28 states Pilot SFR Portfolio Strategic Rationale Financial Impact Pilot program that complements and augments Millrose’s core land banking platform by broadening value-add offering to counterparties in an evolving market Unlocks stronger land banking sourcing and economics from core homebuilder customers while adding strategic revenue diversification through recurring rental income using limited amount of Millrose capital Provides initial platform to evaluate go-forward affordability-driven programs including “path-to-homeownership” lease structure; approximate $270k purchase price per home enables accretive economics while seeking to address affordability Efficiently financed; $120 million of balance sheet cash and $213 million of asset-backed, limited-recourse financing at S + 120bps Underwritten return comprised of stabilized initial yield on attractive portfolio pricing and forward rent growth in current mortgage rate environment, relative to cost of asset level financing
Pilot SFR Portfolio Was Efficiently Financed and Had Complementary Geographic Overlap Gross Assets $333M $213M (S+120) New build, single family homes Secured financing on rental homes Less: Asset-Backed Financing Net SFR Investment $120M Millrose equity exposure to portfolio Land Banking and Other Related Assets
vs SFR Net Investment Land Banking / Other1 Single-Family Rental   State # of Homes Gross Assets ($M) Avg. Cost
per Home Millrose
Existing
Presence 1 TX 386 $ 82 $ 213  2 FL 142 41 285  3 SC 129 35 268  4 OK 115 26 228  5 NC 114 39 340  6 AR 84 19 231  7 GA 71 23 331  8 AL 71 19 261  9 IN 28 10 347  10 TN 27 10 369  Top 10 Subtotal 1,167 $ 304  $ 287   - Remaining2 66 29 439  Total  1,233 $ 333 $ 270 - 1. Land Banking and Other Related Assets includes Homesites Under Options Contracts, Development Loans Receivable, and Preferred Instruments and Other. 2. Millrose has existing land banking presence in all remaining markets.
Attractive and Accretive to Core Land Banking Business Pilot SFR Portfolio anticipated to generate recurring cash flow with NOI growth, supporting attractive long-term return potential 1. Net of Single-Family Rental asset-level limited recourse financing of $213 million. 2. Assumes 3.92% term SOFR as of 9/30/2026 Core Land Banking Business $10.2B Net Assets Bond-like cash coupons from option payments Downside protection from non-refundable deposits and other risk mitigation measures Low return volatility Debt: 6.50–6.75% (Newly issued bonds) Pilot Single-Family Rental Transaction ~$0.1B Net Assets1 Initial yield from rental income relative to bulk purchase pricing Income growth from rent increases Potential gain on sale Attractive limited-recourse financing Single-family rental properties were excluded from Kennedy Lewis management fee calculation under Management Agreement Debt: ~5.12%2 (S + 120bps) +
Appendix
Consolidated Balance Sheet
Consolidated Statements of Operations     Three months ended September 30,     Nine months ended September 30,       2026     2025     2026     2025   Revenues:                   Option fee revenues   $   209,480     $   170,326     $   590,180     $   391,491   Development loan income       1,524         8,934         12,605         19,469   Total revenues       211,004         179,260         602,785         410,960   Operating expenses:                                 Management Fee expense       30,264         25,895         88,325         59,959   Stock-based compensation expense       289         189         1,198         370   Provision for (benefit from) credit loss expense       —         340         (907 )       340   Sales, general, and administrative expenses from pre-spin periods       —         —         —         24,960   Total operating expenses       30,553         26,424         88,616         85,629   Income from operations       180,451         152,836         514,169         325,331   Other income (expense):                                 Interest income       1,045         2,450         3,282         5,356   Income from preferred instruments       996         —         996         —   Interest expense       (47,093 )       (43,748 )       (126,319 )       (56,569 ) Other expenses       (513 )       (616 )       (984 )       (1,483 ) Total other income (expense)       (45,565 )       (41,914 )       (123,025 )       (52,696 ) Net income before income taxes       134,886         110,922         391,144         272,635   Income tax expense       4,884         5,862         12,377         15,009   Net income   $   130,002     $   105,060     $   378,767     $   257,626   Adjustment for expenses from pre-spin periods       —         —         —         24,960   Net income attributable to Millrose Properties, Inc. common stockholders   $   130,002     $   105,060     $   378,767     $   282,586   Basic earnings per share of Class A and Class B common stock   $   0.78     $   0.63     $   2.28     $   1.70   Diluted earnings per share of Class A and Class B common stock   $   0.78     $   0.63     $   2.28     $   1.70   Basic weighted average common shares of outstanding Class A and Class B common stock       166,047,927         166,003,497         166,032,954         166,003,497   Diluted weighted average common shares of outstanding Class A and Class B common stock       166,064,538         166,031,797         166,054,887         166,025,174
Adjusted Funds From Operations - Reconciliation 1. Reflected in interest expense in the consolidated statements of operations. See Note 11. Debt in the condensed consolidated financial statements included elsewhere in Form 10-Q for the quarter ended September 30, 2026 (the “Form 10 -Q”). 2. RSUs granted to each member of the Board under the Millrose Properties, Inc. 2024 Omnibus Incentive Plan. See Note 15. Stock-Based Compensation Expense in the condensed consolidated financial statements included elsewhere in Form 10-Q. 3. Provision for credit losses for development loan receivables. See Note 2. Basis of Presentation and Significant Accounting Policies, Development Loan Receivables, net in the condensed consolidated financial statements included in Form 10-Q. 4. Reflected in other expenses in the consolidated statements of operations. See Note 2. Basis of Presentation and Significant Accounting Policies, Other Income (Expenses) net in the condensed consolidated financial statements included in Form 10-Q.
Adjusted Funds From Operations - Reconciliation 1. Reflected in interest expense in the consolidated statements of operations. See Note 11. Debt in the condensed consolidated financial statements included elsewhere in Form 10-Q for the quarter ended September 30, 2026 (the “Form 10 -Q”). 2. RSUs granted to each member of the Board under the Millrose Properties, Inc. 2024 Omnibus Incentive Plan. See Note 15. Stock-Based Compensation Expense in the condensed consolidated financial statements included elsewhere in Form 10-Q. 3. Provision for credit losses for development loan receivables. See Note 2. Basis of Presentation and Significant Accounting Policies, Development Loan Receivables, net in the condensed consolidated financial statements included in Form 10-Q. 4. Reflected in other expenses in the consolidated statements of operations. See Note 2. Basis of Presentation and Significant Accounting Policies, Other Income (Expenses) net in the condensed consolidated financial statements included in Form 10-Q.
Asset Cross-Termination Pooling 1. Number of Homesites exclude investments associated with development loans 2. Homesites under option contracts and gross development loans receivables, less deposits, deferred tax liability, interest receivable on development loans, homesites under option contracts acquired through purchase money mortgages, and other holdbacks on post-spin acquired assets. 3. Calculated as total amount of invested capital within a pool.
Asset List – By State 1. Communities owned as of September 30, 2026, including communities associated with future purchases; and excluding homesites associated with investments in development loans. 2. Or prospective Homesites if fully entitled, as applicable. 3. Excludes properties, homesites, and takedown prices for investments associated with development loans.
Invested Capital Reconciliation – Q3 2026 1. Includes option fees received from counterparties in the subsequent month. 2. Includes (a) homesite under option contracts contributed by Lennar at Spin-Off and acquired from Rausch, less option earning deposits and other holdbacks, and (b) takedown, land acquisition and development funding activity through June 30, 2026. 3. Reduction in investment balance for the three months ended September 30, 2026 from (a) homesite takedowns pursuant to option agreements, net of deposit credits adjusted for non-option earning deposits, and (b) repayment of development loans. 4. Includes acquisitions of homesites under option contracts, net of option earnings deposits, preferred instruments and development loan funding for the three months ended September 30, 2026. Excludes investments in single-family rentals. 5. Based on average option rate and/or loan interest rate weighted by investment balance, assumes SOFR rate as of June 26, 2026. 6. Calculated by multiplying Invested Capital balance at end of period by weighted average yield as of September 30, 2026, adjusted for the number of days in the third quarter 2026. 7. Calculated by taking weighted average life per each community weighted by investment balance. 8. Calculated by taking months until the final scheduled homesite sale per each community weighted by investment balance.
Invested Capital Reconciliation – Q2 2026 1. Includes option fees received from counterparties in the subsequent month. 2. Includes (a) homesite under option contracts contributed by Lennar at Spin-Off and acquired from Rausch, less option earning deposits and other holdbacks, and (b) takedown, land acquisition and development funding activity through March 31, 2026. 3. Reduction in investment balance for the three months ended June 30, 2026 from (a) homesite takedowns pursuant to option agreements, net of deposit credits adjusted for non-option earning deposits, and (b) repayment of development loans. 4. Includes acquisitions of homesites under option contracts, net of option earnings deposits, and development loan funding for the three months ended June 30, 2026. 5. Based on average option rate and/or loan interest rate weighted by investment balance, assumes SOFR rate as of March 27, 2026. 6. Calculated by multiplying Invested Capital balance at end of period by weighted average yield as of June 30, 2026, adjusted for the number of days in the second quarter 2026. 7. Calculated by taking weighted average life per each community weighted by investment balance. 8. Calculated by taking months until the final scheduled homesite sale per each community weighted by investment balance.
Invested Capital Reconciliation – Q1 2026 1. Includes option fees received from counterparties in the subsequent month. 2. Includes (a) homesite under option contracts contributed by Lennar at Spin-Off and acquired from Rausch, less option earning deposits and other holdbacks, and (b) takedown, land acquisition and development funding activity through December 31, 2025. 3. Reduction in investment balance for the three months ended March 31, 2026 from (a) homesite takedowns pursuant to option agreements, net of deposit credits adjusted for non-option earning deposits, and (b) repayment of development loans. 4. Includes acquisitions of homesites under option contracts, net of option earnings deposits, and development loan funding for the three months ended March 31, 2026. 5. Based on average option rate and/or loan interest rate weighted by investment balance, assumes SOFR rate as of December 29, 2025. 6. Calculated by multiplying Invested Capital balance at end of period by weighted average yield as of March 31, 2026, adjusted for the number of days in the first quarter 2026. 7. Calculated by taking weighted average life per each community weighted by investment balance. 8. Calculated by taking months until the final scheduled homesite sale per each community weighted by investment balance.
Invested Capital Reconciliation – Q4 2025 1. Includes option fees received from counterparties in the subsequent month. 2. Includes (a) homesite inventory contributed by Lennar at Spin-Off and acquired from Rausch, less option earning deposits and other holdbacks, and (b) takedown and land acquisition and development funding activity for the year ended December 31, 2025 3. Reduction in investment balance for the year ended December 31, 2025 from (a) homesite takedowns pursuant to option agreements, net of deposit credits adjusted for non-option earning deposits, and (b) repayment of development loans 4. Includes acquisitions of homesites under option contracts, net of option earnings deposits, and development loan funding for the year ended December 31, 2025 5. Based on average option rate and/or loan interest rate weighted by investment balance, assumes SOFR rate as of September 26, 2025 6. Calculated by multiplying Invested Capital balance at end of period by weighted average yield as of quarter end, adjusted for the number of days in the quarter. In millions 7. Calculated by taking weighted average life per each community weighted by investment balance 8. Calculated by taking months until the final scheduled homesite sale per each community weighted by investment balance.
Invested Capital Reconciliation – Q3 2025 1. Includes (a) Homesite inventory contributed by Lennar at Spin-Off and acquired from Rausch, less option earning deposits and other holdbacks, and (b) takedown and land acquisition and development funding activity during the first and second quarters of 2025. 2. Reduction in investment balance during the third quarter of 2025 from homesite sales pursuant to option agreements associated with the applicable category shown; takedowns are net of deposit credits adjusted for non-option earning deposits. 3. Includes land acquisitions during the third quarter 2025, net of option earning deposits. 4. Based on average option rate and/or loan interest rate weighted by investment balance, assumes SOFR rate as of June 26, 2025. 5. Calculated by taking Invested Capital balance at end of period multiplied by weighted average yield as of quarter end, adjusted for the number of days in the quarter. In Millions.
Invested Capital Reconciliation – Q2 2025 1. Includes (a) Homesite inventory contributed by Lennar at Spin-Off and acquired from Rausch, less option earning deposits and other holdbacks, and (b) takedown and land acquisition and development funding activity during the first quarter 2025. 2. Reduction in investment balance from homesite sales pursuant to the option agreements associated with the applicable category shown; takedowns are net of deposit credits adjusted for non-option earning deposits. 3. Includes land acquisitions during the second quarter 2025, net of option earning deposits. 4. Based on average option rate and/or loan interest rate weighted by investment balance, assumes SOFR rate as of March 27, 2025. 5. Calculated by taking invested capital balance at end of period multiplied by weighted average yield as of quarter end, adjusted for number of days in Q2.
Invested Capital Reconciliation – Q1 2025 1. Includes Homesite inventory contributed by Lennar at Spin-Off and acquired from Rausch, less option earning deposits and other holdbacks 2. Reduction in investment balance from homesite sales pursuant to option agreements associated with the applicable category shown 3. Includes land acquisition after February 10, 2025, net of option earning deposits 4. Based on average option rate and/or loan interest rate weighted by investment balance, assumes SOFR rate as of March 31, 2025