Millrose Properties, Inc. · NYSE:MRP
Millrose Properties — Q2 2026 Earnings Presentation
28 slides from Millrose Properties's earnings presentation, Aug 4, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation Augus t 2026
Slide 2: Disclaimer
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.
Slide 3: Disclaimer (Cont'd)
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 da
Slide 4: Second Quarter 2026 Results
Second Quarter 2026 Results ➢ Net income of $125.9M, or $0.76 per share ➢ Increase of 2%, or $3.0M, compared to prior quarter Financial ➢ Adjusted Funds From Operations (AFFO)1 of $127.6M, or $0.77 per share ➢ Quarterly dividend of $127.9M, or $0.77 per share ➢ Q2 earnings and dividend include the i
Slide 5: Second Quarter 2026 Financial Overview
Second Quarter 2026 Financial Overview ➢ $196.9M revenue from Option Fees and Development Loan Income ➢ $29.9M Management Fee Expense, equal to 1.25% of gross tangible assets ➢ Q2 GAAP net income of $125.9M, and AFFO1 of $127.6M, or $0.77 per share June 30, 2026 Option Fee Revenues $195.4m Developme
Slide 6: Book Value Per Share Roll-Forward
Book Value Per Share Roll-Forward ➢ Quarterly dividend of $127.9M, or $0.77 per share ➢ Growth in annualized dividend yield compared to prior quarter despite development loan payoff in April ➢ MRP intends to distribute AFFO1 back to shareholders in the form of dividends Book Value Per Share +$0.76 -
Slide 7: Conservative Leverage Profile
Conservative Leverage Profile CAPITALIZATION ✓ Millrose is currently ($B) $9.6 Total Assets Corporate capitalized with $2.0B Senior Debt Notes and $0.5B outstanding on unsecured As of 3/31 revolver, on $9.7B $9.7B $2.5B $2.4 of total assets $1.5 1 Assets Liquidity Debt ✓ Ample liquidity of $9.7 ~$1.
Slide 8: Continuous Capital Redeployment Strategy in Action
Continuous Capital Redeployment Strategy in Action Millrose received $1,042M 1 in total takedown proceeds ($1,005M 2 net of deposit) for the quarter ended June 30, 2026. These proceeds, coupled with an additional $60M drawdown on the revolving credit facility, have been redeployed into new acquisiti
Slide 9: Invested Capital by Customer Category – Q2 2026
Invested Capital by Customer Category – Q2 2026 ➢ Strong demand for the platform, resulting in $1.1B in land acquisition and development funding in Q2 ➢ Excluding the Lennar Master Program Agreement, Invested Capital grew $117M to $2,850M, lifting Implied Quarterly Income Run Rate by $4M Key Portfol
Slide 10: Invested Capital Growth
Invested Capital Growth ➢ Continued diversification outside of Lennar Master Program Agreement evidenced by $2.8bn growth in Invested Capital1 since inception with 19 distinct counterparties by June 30, 2026 Net Funding 19 In millions 17 15 12 11 2,733 2,850 2,368 1,818 3 1,134 1 0 350 Spin-Off Q1 2
Slide 11: Millrose at a Glance
Millrose at a Glance TOP 10 STATES BY ESTIM ATED PLATFORM SNAPSHO T (as of 6/30/2026) TAKEDOWN PROCEEDS Takedown % of Total State Homesites Proceeds ($B) Proceeds 143,771 877 30 1 California 12,787 $ 3.4 20.8 % Current Homesites1 Total Properties2 Total States 2 Texas 39,337 3.0 18.4 3 Florida 20,90
Slide 12: New Home Inventory is Beginning to Recalibrate as Builders Exhibit Production Discipline
New Home Inventory is Beginning to Recalibrate as Builders Exhibit Production Discipline Builders are adjusting to market conditions with Single family housing starts have moderated units under construction falling In thousands In thousands 1,400 425 1,300 400 1,200 375 1,100 350 1,000 325 900 300 8
Slide 13: Affordability Improvement
Affordability Improvement Monthly Mortgage Payment as a % of Income 40% 35% 30% 25% 20% 15% 10% 5% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2012 to 2016 Avg. Source: John Burns Research and Consulting, LLC (Data: Published July 2026) Calculated monthly
Slide 14: Public Builders Maintain Historically High Margins
Public Builders Maintain Historically High Margins Despite cyclical headwinds, builders have continued to maintain homesite takedowns and flex margins rather than seek option terminations Large Public Homebuilders Average Gross Margins DHI, KBH, LEN, MTH, NVR, PHM, TMHC, TOL Gross Margin Gross Margi
Slide 15: Structural Tailwinds Remain within Housing Industry
Structural Tailwinds Remain within Housing Industry Total Housing Inventory (New Plus Existing) Homebuilder Gross & Net Leverage remains historically low at record lows In thousands Forecast 4,500 90% 4,000 80% 3,500 70% 3,000 60% LT Avg. 2,500 50% 2,000 40% 1,500 30% 1,000 20% 19% 500 10% 9% - 0% 1
Slide 16: Appendix
MILLROSE PROPERTIES Appendix =
Slide 17: Consolidated Balance Sheet
Consolidated Balance Sheet June 30, December 31, 2026 2025 Assets Homesites under option contracts $ 9,603,735 $ 8,872,695 Development loan receivables, net 49,812 328,999 Cash 34,171 35,046 Other assets 19,584 21,367 Total assets 9,707,302 9,258,107 Liabilities and stockholders' equity Builder depo
Slide 18: Consolidated Statements of Operations
Consolidated Statements of Operations Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenues: Option fee revenues $ 195,400 $ 141,084 $ 380,700 $ 221,165 Development loan income 1,453 7,918 11,081 10,535 Total revenues 196,853 149,002 391,781 231,700 Operating expenses: M
Slide 19: Adjusted Funds From Operations - Reconciliation
Adjusted Funds From Operations - Reconciliation Three Months Ended (in thousands, except share amounts) June 30, 2026 June 30, 2025 Net income attributable to Millrose Properties, Inc. common stockholders $ 125,881 $ 112,760 Adjustments: Add: Amortization of deferred financing and issuance costs (1)
Slide 20: Adjusted Funds From Operations - Reconciliation
Adjusted Funds From Operations - Reconciliation Six Months Ended (in thousands, except share amounts) June 30, 2026 June 30, 2025 Net income attributable to Millrose Properties, Inc. common stockholders $ 248,765 $ 177,526 Adjustments: Add: Amortization of deferred financing and issuance costs (1) 4
Slide 21: Asset Cross-Termination Pooling
Asset Cross-Termination Pooling Total Number of Homesites (1) 143,771 Lennar 110,729 Other Agreements 33,042 Invested Capital ($ in billions) (2) 8.8 Lennar 5.9 Other Agreements 2.9 Number of Counterparties 19 Number of Pools 73 Portfolio Pooled % (3) 95 % Quarterly Homesites Delivered 8,867 Number
Slide 22: Asset List – By State
Asset List – By State Number of Number of Underlying State Location Properties (1) Homesites (2) Total Takedown Prices Alabama 39 4,513 $ 304,257,396 Arizona 36 4,393 530,328,243 Arkansas 38 4,467 319,042,898 California 66 12,787 3,378,308,472 Colorado 24 3,791 586,079,228 Delaware 9 990 169,943,213
Slide 23: Invested Capital Reconciliation – Q2 2026
Invested Capital Reconciliation – Q2 2026 Three Months Ended June 30, 2026 Master Program Other (in thousands) Agreement Agreements Total Invested Capital Reconciliation of GAAP to Non-GAAP GAAP reported homesites under option contracts as of June 30, 2026 $ 6,371,716 $ 3,232,019 $ 9,603,735 Add: De
Slide 24: Invested Capital Reconciliation – Q1 2026
Invested Capital Reconciliation – Q1 2026 Three Months Ended March 31, 2026 Master Program Other (in thousands) Agreement Agreements Total Invested Capital Reconciliation of GAAP to Non-GAAP GAAP reported homesites under option contracts as of March 31, 2026 $ 6,392,353 $ 2,784,920 $ 9,177,273 Add:
Slide 25: Invested Capital Reconciliation – Q4 2025
Invested Capital Reconciliation – Q4 2025 Three Months Ended December 31, 2025 Master Program Other (in thousands) Agreement Agreements Total Invested Capital Reconciliation of GAAP to Non-GAAP GAAP reported homesites under option contracts as of December 31, 2025 $ 6,530,760 $ 2,341,935 $ 8,872,695
Slide 26: Invested Capital Reconciliation – Q3 2025
Invested Capital Reconciliation – Q3 2025 Three months ended September 30, 2025 Master Program (in thousands) Agreement Other Agreements Total Invested Capital Reconciliation of GAAP to Non-GAAP GAAP reported homesite inventory as of September 30, 2025 $ 6,656,117 $ 1,704,314 $ 8,360,431 Adjustments
Slide 27: Invested Capital Reconciliation – Q2 2025
Invested Capital Reconciliation – Q2 2025 Three months ended June 30, 2025 Master Program (in thousands) Agreement Other Agreements Total Invested Capital Reconciliation of GAAP to Non-GAAP GAAP reported homesite inventory and other related assets as of June 30, 2025 $ 6,591,299 $ 1,253,879 $ 7,845,
Slide 28: Invested Capital Reconciliation – Q1 2025
Invested Capital Reconciliation – Q1 2025 Three months ended March 31, 2025 Lennar Master Other (in thousands) Agreement Agreements Total Invested Capital Reconciliation of GAAP to Non-GAAP GAAP reported Homesite inventory and other related assets $ 6,611,624 $ 387,300 $ 6,998,924 Adjustments: Remov