Highlights

  • Third quarter 2026 net income to common shareholders was $130.0 million, or $0.78 per share, on revenues of $211.0 million.
  • AFFO was $133.5 million, or $0.80 per share, and the fourth quarter AFFO outlook is $0.82 to $0.84 per share.
  • The Board authorized a new $250 million share repurchase program in October 2026, with no obligation to repurchase specific amounts.
  • Millrose finalized approximately $1.1 billion of capital support for Dream Finders Homes' acquisition of Beazer Homes, effective October 20, 2026.

Millrose Properties, Inc. (NYSE: MRP) shares were trading at USD 24.43 on October 27, 2026, up 2.17%, with a relative volume at time of 2.59. The homesite option platform for residential homebuilders and developers priced $1.0 billion of senior notes in September, authorized a $250 million share repurchase program in October, and reported third quarter 2026 results with a raised fourth quarter AFFO outlook on October 27.

Millrose Properties, Inc. is a Maryland corporation with principal executive offices at 600 Brickell Avenue in Miami, Florida. It describes itself as a homesite option platform that acquires and develops land to supply finished homesites to residential homebuilders and developers. Counterparties pay monthly cash option fees on Invested Capital. The company has a Master Program Agreement with Lennar and Other Agreements with additional homebuilders and developers. At September 30, 2026, the portfolio held 156,729 homesites across 834 communities in 30 states.

Third Quarter 2026 Results

Millrose reported unaudited results for the quarter ended September 30, 2026. Total revenues were $211,004 thousand, made up of option fee revenues of $209,480 thousand and development loan income of $1,524 thousand.

Income from operations was $180,451 thousand. Management Fee expense was $30,264 thousand, and interest expense was $47,093 thousand. Net income was $130,002 thousand, compared with $105,060 thousand a year earlier, and basic and diluted earnings per share of Class A and Class B common stock were $0.78, compared with $0.63.

For the nine months ended September 30, 2026, net income was $378,767 thousand and diluted earnings per share was $2.28. AFFO, a non-GAAP measure, was $133.5 million, or $0.80 per share, for the quarter. The total portfolio weighted average annualized yield was 9.3% as of September 30, 2026.

Portfolio, Liquidity and Capital

Under the Lennar Master Program Agreement, Millrose received $596 million in net cash proceeds from homesite sales to Lennar and redeployed $546 million into new land acquisitions and development funding. Lennar homesites under option contracts were $6.3 billion, and the Lennar Invested Capital balance was approximately $5.9 billion at a weighted average yield of 8.5%. Under Other Agreements, Millrose funded an additional $714 million at a weighted average yield of 10.8%.

Millrose said approximately 42% of its asset base is now invested outside the Lennar Master Program Agreement. Its Dream Finders arrangement includes approximately $580 million in land banking capital across approximately 7,000 homesites and approximately $488 million in preferred equity carrying a 12% dividend, of which $171 million was funded on September 14, 2026 and $317 million at closing. It also acquired 1,233 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 and $213 million of limited-recourse secured financing.

At September 30, 2026, total assets were $10.6 billion and total liquidity was $0.8 billion. Total corporate debt was $3.1 billion, with a debt-to-capitalization ratio of 36%. Debt obligations, net, were $3,127,456 thousand, compared with $2,112,062 thousand at December 31, 2025. In September 2026, the company priced $500 million of 6.500% senior notes due 2029 and $500 million of 6.750% senior notes due 2031.

Dividend, Repurchase Program and Outlook

On September 23, 2026, Millrose declared a quarterly dividend of $131.2 million, or $0.79 per share, paid on October 15, 2026 to shareholders as of October 5, 2026. The new $250 million repurchase program allows purchases from time to time in the open market or through privately negotiated transactions, subject to market conditions, and may be suspended or discontinued at any time.

Millrose raised its year-end 2026 AFFO quarterly run rate guidance to a range of $0.82 to $0.84 per share. On the call, management said it expected the Other Agreements yield to increase to 11% in the fourth quarter.