Millrose Properties, Inc. · NYSE:MRP
Millrose Properties — Q1 2026 Earnings Presentation
27 slides from Millrose Properties's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation May 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: First Quarter 2026 Results
First Quarter 2026 Results ➢ Net income of $122.9M, or $0.74 per share ➢ Increase of 0.5%, or $0.6M, compared to prior quarter Financial ➢ Adjusted Funds From Operations (AFFO)1 of $125.9M, or $0.76 per share ➢ Quarterly dividend of $126.2M, or $0.76 per share ➢ Q1 earnings and dividend include the
Slide 5: First Quarter 2026 Financial Overview
First Quarter 2026 Financial Overview ➢ $194.9M revenue from Option Fees and Development Loan Income ➢ $28.2M Management Fee Expense, equal to 1.25% of gross tangible assets ➢ Q1 GAAP net income of $122.9M, and AFFO1 of $125.9M, or $0.76 per share March 31, 2026 Option Fee Revenues $185.3m Developme
Slide 6: Book Value Per Share Roll-Forward
Book Value Per Share Roll-Forward ➢ Quarterly dividend of $126.2M, or $0.76 per share ➢ Annualized dividend yield increased ~30bps compared to prior quarter ➢ MRP intends to distribute AFFO1 back to shareholders in the form of dividends Book Value Per Share +$0.74 -$0.76 Net Income per share Represe
Slide 7: Conservative Leverage Profile
Conservative Leverage Profile CAPITALIZATION ✓ Millrose is currently ($B) Total Assets Corporate capitalized with $2.0B Senior $9.3 Debt Notes and $0.4B outstanding on unsecured As of 12/31 revolver, on $9.6B $9.6B $2.4B of total assets $2.1 $1.3 Assets Liquidity 1 Debt ✓ Ample liquidity of $9.6 ~$1
Slide 8: Continuous Capital Redeployment Strategy in Action
Continuous Capital Redeployment Strategy in Action Millrose received $761M 1 in total takedown proceeds ($726M 2 net of deposit) for the quarter ended March 31, 2026. These proceeds, coupled with an additional $315M drawdown on the revolving credit facility, have been redeployed into new acquisition
Slide 9: Invested Capital by Customer Category – Q1 2026
Invested Capital by Customer Category – Q1 2026 ➢ Strong demand for the platform, resulting in $1.0B in land acquisition and development funding in Q1 ➢ Outside of the Lennar Master Program Agreement, Invested Capital increased $365M to $2,733M compared to prior quarter ➢ Implied Quarterly Income Ru
Slide 10: Impact of Base Rates on Asset Yields
Impact of Base Rates on Asset Yields ➢ Outside of the Lennar Master Program Agreement, weighted average yield moved in correlation to the ~30bps decline in base rate (SOFR) since the prior quarter; option rate spread over base rate remained constant. ➢ Base rate impact on option yields is largely of
Slide 11: Invested Capital Growth
Invested Capital Growth ➢ Continued diversification outside of Lennar Master Program Agreement evidenced by $2.7bn growth in Invested Capital1 with 17 distinct counterparties by March 31, 2026 Net Funding 17 In millions 15 2,733 12 2,368 11 1,818 1,134 3 1 0 350 Spin-Off Q1 2025 Q2 2025 Q3 2025 Q4 2
Slide 12: Millrose at a Glance
Millrose at a Glance TOP 10 STATES BY ESTIM ATED PLATFORM SNAPSHO T (as of 3/31/2026) TAKEDOWN PROCEEDS Takedown % of Total State Homesites Proceeds ($B) Proceeds 143,347 904 30 1 California 13,074 $ 3.4 21.0 % Current Homesites1 Total Properties2 Total States 2 Texas 38,936 2.9 18.1 3 Florida 20,62
Slide 13: 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 14: 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 2012 to 2016 Avg. Source: John Burns Research and Consulting, LLC (Data: Published Jan 2026) Calculated monthly mortga
Slide 15: 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 16: 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% 18% 500 10% 8% - 0% 1
Slide 17: Appendix
MILLROSE PROPERTIES Appendix =
Slide 18: Consolidated Balance Sheet
Consolidated Balance Sheet March 31, December 31, 2026 2025 Assets Homesites under option contracts $ 9,177,273 $ 8,872,695 Development loan receivables, net 323,229 328,999 Cash 49,276 35,046 Other assets 20,271 21,367 Total assets 9,570,049 9,258,107 Liabilities and stockholders' equity Builder de
Slide 19: Consolidated Statements of Operations
Consolidated Statements of Operations Three months ended March 31, 2026 2025 Revenues: Option fee revenues $ 185,300 $ 80,081 Development loan income 9,629 2,617 Total revenues 194,929 82,698 Operating expenses: Management Fee expense 28,153 12,104 Stock-based compensation expense 692 — Provision fo
Slide 20: Adjusted Funds From Operations - Reconciliation
Adjusted Funds From Operations - Reconciliation Three Months Ended (in thousands, except share amounts) March 31, 2026 March 31, 2025 Net income attributable to Millrose Properties, Inc. common stockholders $ 122,884 $ 64,766 Adjustments: Add: Amortization of deferred financing and issuance costs (1
Slide 21: Asset Cross-Termination Pooling
Asset Cross-Termination Pooling Total Number of Homesites (1) 143,347 Lennar 112,862 Other Agreements 30,485 Invested Capital ($ in billions) (2) 8.7 Lennar 6.0 Other Agreements 2.7 Number of Counterparties 17 Number of Pools 69 Portfolio Pooled % (3) 95 % Homesites Delivered 7,883 Number of Termina
Slide 22: Asset List – By State
Asset List – By State Number of Number of Underlying Properties Homesites Total Takedown State Location (1) (2) Prices Alabama 46 4,905 $ 331,278,344 Arizona 32 4,277 500,894,610 Arkansas 43 4,577 331,167,255 California 64 13,074 3,396,846,774 Colorado 26 3,920 604,250,255 Delaware 9 1,002 173,077,0
Slide 23: 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 24: 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 25: 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 26: 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 27: 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