Millrose Properties, Inc. · NYSE:MRP
Millrose Properties — Q4 2025 Earnings Presentation
30 slides from Millrose Properties's earnings presentation, February 2026
Slide 1: Fourth Quarter 2025 & Full Year 2025 Earnings Presentation
Fourth Quarter 2025 & Full Year 2025 Earnings Presentation February 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: Full Year 2025 Highlights
Full Year 2025 Highlights Investment Activity Financing Activity $2.4bn1 $1.335bn Executed revolving credit facility with bank Invested Capital outside of Master Program Agreement (MPA) Revolving Credit group prior to Spin-Off, providing flexible Facility liquidity for invested capital growth $5.5bn
Slide 5: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results Net income of $122.2m, or $0.74 per share Adjusted Funds From Operations (AFFO)1 of $125.6m, or $0.76 per share Financial Increase of $0.02 per share, or 3%, compared to prior quarter driven by an increase in Invested Capital outside of the Lennar Master Program Agr
Slide 6: Q4 2025 Financial Overview
Q4 2025 Financial Overview $179m revenue from Option Fees and Development Loan Income $27.8m Management Fee Expense, equal to 1.25% of gross tangible assets Q4 GAAP net income of $122.2m, and AFFO1 of $125.6m, or $0.76 per share December 31, 2025 Option Fee Revenues $179.5m Development Loan In
Slide 7: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward Quarterly dividend of $124.5m, or $0.75 per share Annualized dividend yield increased ~20bps compared to prior quarter MRP intends to distribute 100% of AFFO1 back to shareholders in the form of dividends Book Value per Share +$0.74 -$0.75 Net Income per share
Slide 8: Conservative Leverage Profile
Conservative Leverage Profile CAPITALIZATION Millrose is currently ($B) Total Assets Corporate capitalized with $2.0B Senior $9.0 Debt Notes and $0.1B outstanding on revolver, on $9.3B of total assets As of 9/30 $1.6 $2.0 $9.3B $2.1B Ample liquidity of Assets Liquidity 1 Debt ~$1.3B revolving cr
Slide 9: Continuous Capital Redeployment Strategy in Action
Continuous Capital Redeployment Strategy in Action Millrose received $1,035M 1 in total takedown proceeds ($990M 2 net of deposit) for the quarter ended December 31, 2025. These proceeds, coupled with $110m drawdown on the revolving credit facility, have been redeployed into new acquisitions with Le
Slide 10: Invested Capital by Customer Category – Q4 2025
Invested Capital by Customer Category – Q4 2025 Strong demand for the platform, resulting in $1.3B in land acquisition and development funding in Q4 Outside of the Lennar Master Program Agreement, Invested Capital increased $550m to $2,368m Total weighted average yield increased 10bps compared
Slide 11: Invested Capital by Customer Category - Full Year 2025
Invested Capital by Customer Category - Full Year 2025 Strong demand for the platform, resulting in $5.5B in land acquisition and development funding in 2025 Outside of the Lennar Master Program Agreement, Invested Capital increased $2.4bn driven by $2.6bn in land acquisition and development fun
Slide 12: Invested Capital Growth
Invested Capital Growth Continued diversification outside of Lennar Master Program Agreement evidenced by $2.4bn growth in invested capital1 with 14 distinct counterparties outside of Lennar by 12/31/25 Net Funding 15 In millions 2,368 12 11 1,818 1,134 3 1 350 0 Spin-Off Q1 2025 Q2 2025 Q3 2025 Q
Slide 13: Millrose at a Glance
Millrose at a Glance TOP 10 STATES BY ESTIM ATED PLATFORM SNAPSHO T (as of 12/31/2025) TAKEDOWN PROCEEDS Takedown % of Total State Homesites Proceeds ($B) Proceeds 142,139 933 30 1 California 13,345 $ 3.4 21.1 % Current Homesites1 Total Communities1 Total States 2 Texas 37,548 2.9 18.2 3 Florida 20,
Slide 14: Illustrative Pathway to Continued AFFO Growth
Illustrative Pathway to Continued AFFO1 Growth MRP increased invested capital by $2.1B2 in 2025, driven by $2.6B2 of net acquisition and development funding outside of the Lennar Master Program Agreement. Similar deployment volumes are expected in 2026, which should lead to meaningful AFFO1 growth P
Slide 15: 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 16: 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 17: 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 18: 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% 9% - 0% 1
Slide 19: Appendix
MILLROSE PROPERTIES Appendix = sat)
Slide 20: Consolidated Balance Sheet
Consolidated Balance Sheet December 31, December 31, 2025 2024 Assets Inventories Land and land under development $ — $ 2,978,807 Finished homesites — 2,486,483 Total inventories — 5,465,290 Homesites under option contracts 8,872,695 — Development loan receivables, net 328,999 — Cash 35,046 — Other
Slide 21: Consolidated Statements of Operations
Consolidated Statements of Operations Years ended December 31, 2025 2024 2023 Revenues: Option fee revenues $ 570,957 $ — $ — Development loan income 29,504 — — Total revenues 600,461 — — Operating expenses: Management fee expense 87,751 — — Stock-based compensation expense 677 — — Provision for cre
Slide 22: Adjusted Funds From Operations - Reconciliation
Adjusted Funds From Operations - Reconciliation Three Months Ended (in thousands, except share amounts) December 31, 2025 Net income attributable to Millrose Properties, Inc. common stockholders $ 122,238 Adjustments: Add: Amortization of deferred financing and issuance costs (1) 2,394 Add: Rating a
Slide 23: Adjusted Funds From Operations - Reconciliation
Adjusted Funds From Operations - Reconciliation Year Ended (in thousands, except share amounts) December 31, 2025 Net income attributable to Millrose Properties, Inc. common stockholders $ 404,824 Adjustments: Add: Amortization of deferred financing and issuance costs (1) 20,273 Add: Rating agency e
Slide 24: Asset Cross-Termination Pooling
Asset Cross-Termination Pooling Total Number of Homesites (1) 142,139 Lennar 116,516 Other Agreements 25,623 Invested Capital ($ in billions) (2) 8.5 Lennar 6.1 Other Agreements 2.4 Number of Counterparties 15 Number of Pools 66 Portfolio Pooled % (3) 96 % Homesites Delivered 31,575 Number of Termin
Slide 25: Asset List – By State
Asset List – By State Number of Total Number of Underlying Takedown State Location Properties Homesites (1) Prices Alabama 42 5,021 $ 341,751,466 Arizona 37 4,483 519,907,226 Arkansas 49 4,872 350,237,837 California 68 13,345 3,394,358,734 Colorado 24 3,735 532,858,567 Delaware 8 1,082 181,461,239 F
Slide 26: Invested Capital Reconciliation – Full Year 2025
Invested Capital Reconciliation – Full Year 2025 Year 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 27: 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 28: 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 29: 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 30: 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