\nMillrose Properties, Inc. (NYSE: MRP, \u201cMillrose\u201d or the \u201cCompany\u201d), the homesite option platform for residential homebuilders, today announced its financial results for the first quarter ended March 31, 2026.<\/p>\n
\n\u201cWe began 2026 with solid first quarter results, reflecting consistent execution of our strategy,\u201d said Darren Richman, Chief Executive Officer and President of Millrose. \u201cAcross the homebuilding industry, builders are navigating competing priorities \u2014 sustaining community count growth while exercising balance sheet discipline in a margin-compressed environment. As builders seek to preserve margins while sustaining growth, demand for capital-light lot access is increasing, and our platform is positioned at the center of that structural shift.\u201d<\/p>\n
\nMr. Richman continued, \u201cAs margins compress across the industry, the carrying cost of land on the balance sheet weighs more heavily on builder returns \u2014 yet the multi-year nature of land investment means those commitments cannot be deferred without sacrificing future growth. That is the precise tension our platform is designed to resolve. During the quarter, we expanded our counterparty base to 17 homebuilders, including the addition of a top-10 national builder, and strengthened our capital foundation by converting to a fully unsecured credit facility \u2014 positioning Millrose to meet that growing demand at scale.\u201d<\/p>\n
Financial Highlights<\/span><\/p>\n \nMillrose produces recurring cash flow through contractual monthly cash options payments with continuous capital redeployment of homesite sale proceeds.<\/p>\n \nFor the first quarter of 2026, Millrose reported:<\/p>\n \nTotal portfolio weighted average annualized yield was 9.2% as of March 31, 2026, consistent with the prior quarter despite a decline in the base rate, SOFR. This stability reflects growth in homesite investments outside the Lennar Master Program Agreement, with option rate spreads remaining constant over the base rate.<\/p>\n \nFirst quarter results reflect a shorter calendar period of 90 days versus 92 days in the fourth quarter. This created a modest mechanical reduction in option fee income with no impact on the earnings trajectory of the business.<\/p>\n Dividend<\/span><\/p>\n \nOn March 23, 2026, Millrose declared a quarterly dividend of $126.2 million, or $0.76 per share of Class A and Class B common stock. The dividend was paid on April 15, 2026, to shareholders of record as of April 3, 2026.<\/p>\n Portfolio Highlights<\/span><\/p>\n Guidance<\/span><\/p>\n \nThe Company is reaffirming its previously issued guidance from its fourth quarter and full year 2025 earnings call. First quarter results and pipeline activity remain consistent with these expectations. The Company expects to deploy approximately $1 billion of additional invested capital by mid-2026 using existing debt capacity, targeting a second quarter exit quarterly AFFO run rate of $0.78\u2013$0.80 per share.1<\/sup> Based on current pipeline depth, total net new capital deployment of up to $2 billion is expected for full year 2026 \u2013 implying approximately 10% year-over-year AFFO per share growth.<\/p>\n Liquidity & Capitalization Update<\/span><\/p>\n \nMillrose maintains a conservative balance sheet and strong liquidity position to support continued growth.<\/p>\n \nAs of March 31, 2026, the Company reported total assets of $9.6 billion and total liquidity of $1.5 billion, including cash and availability under its revolving credit facility.<\/p>\n \nTotal debt was $2.4 billion, with a debt-to-capitalization ratio of approximately 29%. The Company remains committed to maintaining a conservative leverage profile, with a maximum debt-to-capitalization target of 33%. The Company\u2019s capital structure includes a $1.835 billion unsecured credit facility, including a $500 million delayed-draw term loan commitment.<\/p>\n \nDuring the quarter, Millrose converted its credit facility from a secured to an unsecured structure and added a new $500 million delayed draw term loan commitment, expanding total capacity to $1.835 billion and providing additional liquidity and flexibility to support continued capital deployment.<\/p>\n Conference Call and Webcast Information<\/b><\/p>\n \nMillrose will host a conference call today, May 6 at 10:00 AM Eastern Time to discuss its first 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\u2019s website: ir.millroseproperties.com<\/a>. A replay of the conference call will be available shortly after the broadcast.<\/p>\n About Millrose Properties, Inc.<\/b><\/p>\n \nMillrose is the premier homesite option platform for residential homebuilders, specializing in the acquisition and horizontal development of land to provide a predictable, just-in-time supply of finished homesites \u2013 the most scarce and mission-critical resource in homebuilding. Unlike traditional land bankers, Millrose uses a proprietary technology platform that provides real-time data analytics to drive acquisition decisions, with every transaction subject to rigorous independent due diligence. By enabling an asset-light model, Millrose provides its diverse roster of homebuilder partners with the strategic flexibility to maintain production volumes and optimize balance sheet efficiency across all market environments.<\/p>\n\n
\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20260506212516\/en\/2796457\/3\/Millrose_Logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n