Millrose Properties, Inc.
Business
Millrose Properties, Inc. is a real estate operating company that purchases and develops residential land, selling finished homesites to homebuilders through option contracts with predetermined costs and takedown schedules. The company generates revenue from recurring monthly option fees paid by homebuilders, takedown proceeds, and development loans secured by residential property. Operating across 30 states with a portfolio serving homebuilders of all sizes, Millrose enables asset-light strategies by recycling capital from homesite sales into new land acquisitions.
Summary from 10-K filed 2026-03-02
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Option fee revenues | 571 | — | — | |
| Development loan income | 30 | 0 | 0 | |
| Total revenues | 600 | — | — | |
| Management fee expense | 88 | — | — | |
| Stock-based compensation expense | 677,000 | — | — | |
| Provision for credit loss expense | 1 | — | — | |
| Sales, general, and administrative expenses from pre-spin periods | 25 | 246 | 210 | |
| Total operating expenses | 114 | 246 | 210 | |
| Income (loss) from operations | 486 | −246 | −210 | |
| Interest income | 8 | — | — | |
| Interest expense | −92 | — | — | |
| Other expenses | −2 | — | — | |
| Total other income (expense) | −86 | — | — | |
| Net income (loss) before income taxes | 400 | −246 | −210 | |
| Income tax expense | 21 | — | — | |
| Net income (loss) | 380 | −246 | −210 | |
| Adjustment for expenses from pre-spin periods | 25 | — | — | |
| Net income attributable to Millrose Properties, Inc. Common stockholders | 405 | −246 | −210 | |
| Basic earnings per share | 2.44 | — | — | |
| Diluted earnings per share | 2.44 | — | — | |
| Basic weighted average common shares outstanding | 166 | — | — | |
| Diluted weighted average common shares outstanding | 166 | — | — |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Land and land under development | — | 2,979 | — | — | |
| Finished homesites | — | 2,486 | — | — | |
| Total inventories | — | 5,465 | — | — | |
| Homesites under option contracts | 8,873 | — | — | — | |
| Development loan receivables, net | 329 | — | — | — | |
| Cash | 35 | 0 | — | — | |
| Other assets | 21 | — | — | — | |
| Total assets | 9,258 | 5,465 | — | — | |
| Accounts payable and accrued expenses | — | 283 | — | — | |
| Builder deposits | 927 | — | — | — | |
| Debt obligations, net | 2,112 | 24 | — | — | |
| Development guarantee holdback liability | 100 | — | — | — | |
| Deferred tax liabilities | 77 | — | — | — | |
| Other liabilities | 185 | — | — | — | |
| Total liabilities | 3,402 | 307 | — | — | |
| Commitments and contingencies (See Note 9) | — | — | — | — | |
| Preferred stock, $0.01 par value, 50,000,000 shares authorized, 0 shares issued at December 31, 2025 | — | — | — | — | |
| Predecessor equity | — | 5,158 | — | — | |
| Additional paid-in capital | 5,900 | — | — | — | |
| Distribution in excess of net income | −18 | — | — | — | |
| Total stockholders' equity | 5,856 | 5,158 | 4,459 | 3,775 | |
| Total liabilities and stockholders' equity | 9,258 | 5,465 | — | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Net income (loss) | 380 | −246 | −210 | |
| Sales, general, and administrative expenses from pre-spin periods | 25 | — | — | |
| Interest paid-in-kind | −30 | — | — | |
| Stock-based compensation expense | 677,000 | 15 | 10 | |
| Amortization of discount | — | −13,000 | — | |
| Amortization of debt issuance and financing costs | 20 | — | — | |
| Land inventory | — | −716 | −642 | |
| Other assets | −9 | — | — | |
| Accounts payable and accrued expenses | — | 30 | −24 | |
| Other liabilities | 48 | — | — | |
| Deferred tax liabilities | 21 | — | — | |
| Takedowns of homesites under option contracts, net of builder deposit credits | 3,216 | — | — | |
| Net cash flows from (used in) operating activities | 3,673 | −917 | −865 | |
| Option deposits from Lennar, Spin-Off | 585 | — | — | |
| Acquisition of Rausch land assets, net of builder deposits | −859 | — | — | |
| Investments in homesites under option contracts, net of builder deposits | −5,149 | — | — | |
| Other deposits | 2 | — | — | |
| Investments in development loans | −354 | — | — | |
| Paydowns of development loans | 53 | — | — | |
| Net cash used in investing activities | −5,722 | — | — | |
| Cash contribution from Lennar, Spin-Off | 415 | — | — | |
| Principal payments on debt | — | −14 | −19 | |
| Net transfers from pre-spin periods | — | 931 | 884 | |
| Payments for Spin-Off deal costs | −78 | — | — | |
| Financing and issuance cost payments for debt obligations | −58 | — | — | |
| Proceeds from revolving credit facility and delayed draw term loan facility borrowings | 2,835 | — | — | |
| Repayments of revolving credit facility and delayed draw term loan facility borrowings | −2,725 | — | — | |
| Proceeds from senior notes | 2,000 | — | — | |
| Dividends paid to stockholders | −299 | — | — | |
| Payment of seller notes | −6 | — | — | |
| Cash flows from (used in) financing activities | 2,084 | 917 | 865 | |
| Net increase in cash | 35 | — | — | |
| Homesites under option contracts contributed by Lennar, net of option deposits | 4,911 | — | — | |
| Decrease in deferred tax liabilities | 60 | — | — | |
| Liabilities for transaction deal costs and seller notes | −97 | — | — | |
| Common stock issued, Spin-Off | −2 | — | — | |
| Non-cash increase in additional paid-in-capital, Spin-Off | −4,873 | — | — | |
| Reversal of pre-spin equity at Spin-Off | 5,158 | — | — | |
| Option deposits | −90 | — | — | |
| Development guarantee holdback liability | −100 | — | — | |
| Increase in deferred tax liabilities | −117 | — | — | |
| Builder deposits for investments in homesites under option contract | −417 | — | — | |
| Reduction of debt for inventories financed by sellers | — | −14 | — | |
| Homesites under option contracts acquired through purchase money mortgages | 33 | — | — | |
| Purchase money mortgages | −33 | — | — | |
| Dividend accrual rights accrued but not paid | 96,000 | — | — | |
| Dividends declared but not paid | 125 | — | — | |
| Purchases of inventory financed by sellers | — | 19 | 14 | |
| Cash paid for interest | 24 | — | — | |
| Cash paid for income taxes | 9 | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Millrose Properties, Inc.'s CIK number?
Millrose Properties, Inc.'s SEC CIK number is 0002017206 (2017206). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Millrose Properties, Inc.'s SEC filings?
All of Millrose Properties, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Millrose Properties, Inc. last report earnings?
Millrose Properties, Inc. (MRP) most recently filed an earnings 8-K with the SEC on May 6, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-207650). This is Millrose Properties, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Millrose Properties, Inc.'s most recent earnings 8-K?
Millrose Properties, Inc.'s latest earnings 8-K (Item 2.02) was filed May 6, 2026 under accession 0001193125-26-207650. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Millrose Properties, Inc.'s latest earnings 8-K →
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