Millrose Properties, Inc.
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About the company
Millrose Properties operates as a "Homesite Option Purchase Platform" (HOPP'R), representing an advanced evolution of residential land banking. This platform empowers homebuilders to expand their controlled land holdings more quickly and with greater capital efficiency. As a publicly traded entity, Millrose offers investors an exclusive chance to generate income, underpinned by residential real estate, a type of investment that was historically only available to institutional clients.
- CEO
- Darren L. Richman
- IPO
- 2025
- Employees
- 11
- HQ
- Miami, FL, US
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Similar companies
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- Market Cap
- $4.72B
- P/E
- 10.66
- Fwd P/E
- 9.84
- PEG
- 0.02
- P/S
- 6.20
- P/B
- 0.87
- EV/EBITDA
- 10.98
- Div Yield
- 9.84%
- Gross Margin
- 96.07%
- Op Margin
- 85.11%
- Net Margin
- 62.60%
- ROE
- 8.13%
- ROIC
- -574.19%
Latest fiscal year · YoY change
- Revenue
- $600.46M+0.0%
- Gross Profit
- $512.71M+0.0%
- Op Income
- $486.07M
- Net Income
- $379.86M+254.3%
- EPS
- $2.44+264.9%
- OCF Growth
- +500.4%
- FCF Growth
- +500.4%
- 52W High
- $36.00
- 52W Low
- $26.30
- 50D MA
- $29.06
- 200D MA
- $29.70
- Beta
- 0.30
- RSI (14)
- 64
- Avg Volume
- 1.46M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Millrose posted another strong quarter with higher invested capital, recurring AFFO growth, no option terminations, and continued expansion beyond its founding Lennar relationship.· August 4, 2026
- Invested capital reached $8.8 billion, with $1 billion recycled and $1.1 billion redeployed during the quarter.
- AFFO was $127 million, or $0.77 per diluted share; run-rate AFFO exited the quarter at $0.80 per share.
- No option terminations occurred, and management said there have been zero terminations since inception.
- The company added 2 new counterparties, including JPI/Sumitomo Forestry, its first multifamily land banking relationship.
- Management said pipeline demand remains strong and reiterated interest in additional structures, while keeping underwriting discipline unchanged.
Millrose reported net income of approximately $125.9 million, or $0.76 per diluted share. AFFO was approximately $127.6 million, or $0.77 per diluted share, driven mainly by $195.4 million of recurring option fee income and $1.5 million of development loan income. Book value per share was $35.24, management fee expense was $29.9 million, interest expense was approximately $40 million, and income tax expense was approximately $2.5 million. The company ended the quarter with $9.7 billion of total assets, $8.8 billion of invested capital, debt to capitalization of 30%, $485 million outstanding on the revolver, $34 million of cash, and about $1.4 billion of available liquidity. Management said run-rate AFFO exited the quarter at $0.80 per share, at the high end of prior exit guidance, and the quarterly dividend was raised to $0.77 per share for the 6th consecutive increase. No explicit next-quarter or full-year financial guidance was given beyond commentary that the pipeline remains active and management is thinking through leverage and deployment capacity.
Darren Richman framed the quarter as evidence that demand for Millrose’s permanent capital platform remains robust, especially as builders manage affordability pressure, elevated mortgage rates, and tighter land inventory. He argued that the business is benefiting from a structural shift in how builders allocate capital, not just a cyclical slowdown, and said the platform helps builders preserve balance sheet flexibility while maintaining future community pipelines. He also emphasized expansion into new use cases, including multifamily and capital-efficient M&A support, while repeatedly stressing that capital protection and underwriting discipline remain unchanged.
Garett Rosenblum highlighted the core financial drivers: $125.9 million of net income, $127.6 million of AFFO, and $195.4 million of recurring option fee income on a larger invested capital base. He noted the early repayment of $284 million of development loans on day one of the quarter, which reduced reported AFFO relative to run rate, and said run-rate AFFO exited at $0.80 per share. On the balance sheet, he cited $9.7 billion of total assets, $8.8 billion of invested capital, 30% debt-to-capitalization, $485 million drawn on the revolver, $34 million of cash, and roughly $1.4 billion of liquidity. He also pointed to a planned 25 basis point reduction in revolver borrowing cost and said income tax expense should normalize after a quarter affected by allocation changes.
Analysts focused heavily on the new multifamily/JPI relationship, asking whether yields, LTV, deposits, and credit enhancement were comparable to the company’s land banking business. Management said the structure is “totally consistent” with its other non-Lennar land banking deals, with deposits, fixed option rates, and downside protection still central, and added that they would consider similar opportunities selectively but do not view multifamily as a wholesale strategy shift. Questions also centered on leverage and whether Millrose would reserve capacity for the DreamFinders/Beazer situation; management said it is actively reconsidering an appropriate leverage target because the portfolio has behaved better than initially expected, but no change was announced. On terminations, management said it continuously plans for plan B/C/D scenarios, including bringing in another builder or merchant builder if needed, and reiterated that no option terminations have occurred to date.
The positive case is that Millrose appears to be scaling with strong execution: invested capital rose, cash recycling was fast, and AFFO continues to grow with run-rate earnings at the high end of guidance. Management sounded confident that builder demand for off-balance-sheet land capital remains strong, with no option terminations and expanding relationships beyond Lennar. The new JPI multifamily relationship and discussion of M&A support suggest additional avenues for growth and fee income.
The main risks discussed were the same housing-market pressures builders have been managing: elevated mortgage rates, affordability constraints, and a weaker first-time-buyer segment. Management also acknowledged that leverage remains an active debate internally, because the company is considering whether the current 33% debt cap is still the right target. Analysts pressed on termination risk and the possibility of a worse market environment, and management conceded that while terminations have not happened, it is still planning for that contingency.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 78.0%
- Shares Outstanding
- 154.23M
- Float Shares
- 120.34M
of shares held by institutions
490 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for MRP, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 22.24M | ▲ 1.63M |
| Vanguard Group Inc | 21.12M | ▲ 2.96M |
| Fmr LLC | 8.23M | ▲ 1.70M |
| Vanguard Capital Management LLC | 6.94M | ▲ 11.63K |
| State Street Corp | 6.82M | ▲ 1.54M |
| Brave Warrior Advisors, LLC | 6.03M | ▼ 2.49M |
| Manufacturers Life Insurance Company, The | 4.09M | ▼ 212.66K |
| Permian Investment Partners, LP | 3.98M | ▲ 98.00K |
| Norges Bank | 3.92M | ▲ 3.92M |
| Spears Abacus Advisors LLC | 3.70M | ▲ 25.74K |
| Geode Capital Management, LLC | 3.02M | ▲ 8.62K |
| Morgan Stanley | 2.69M | ▲ 65.71K |
Held by 369 ETFs
Biggest fund positions in MRP by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 7, 26 | MIGOYA CARLOS A. | buy | 1,000 |
| Aug 10, 26 | Gorson Matthew B. | buy | 3,000 |
| May 18, 26 | Gorson Matthew B. | buy | 4,500 |
| May 13, 26 | Presa Rachel | buy | 307 |
| May 11, 26 | Presa Rachel | buy | 725 |
| May 13, 26 | Mincey Mary Alison | other | 5,639 |
| May 13, 26 | Lynch Kathleen B. | other | 5,639 |
| May 13, 26 | Gorson Matthew B. | other | 5,639 |
| May 12, 26 | Nitkin Robert | buy | 1,840 |
| May 13, 26 | MIGOYA CARLOS A. | other | 5,639 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our MRP coverage
Recent articles, reports, and earnings notes.
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Generate MRP report →Dimensional Fund Advisors LP Sells 422,152 Shares of Millrose Properties, Inc. $MRP
defenseworld.net · Aug 13
Buy 9 August Dividend Power Dogs
seekingalpha.com · Aug 7
Millrose Properties to Provide Capital Support for Dream Finders Homes' Announced Acquisition of Beazer Homes with Up to $1.25 Billion Commitment
gurufocus.com · Aug 7
Millrose Properties to Provide Capital Support for Dream Finders Homes' Announced Acquisition of Beazer Homes with Up to $1.25 Billion Commitment
businesswire.com · Aug 7
Millrose Properties Q2 Earnings Call Highlights
marketbeat.com · Aug 5
Millrose Properties, Inc. (MRP) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 4
Millrose Properties: A Secure Dividend And Capital Appreciation Potential
seekingalpha.com · Aug 4
Millrose Properties Reports Second Quarter 2026 Financial Results
businesswire.com · Aug 4
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