Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation Oc tober 2025
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) Basis of Presentation The financial information presented herein (i) for the periods prior to the February 7, 2025 spin-off from Lennar (the “Spin-Off”) is that of the business assets that were spun off to Millrose (the “Predecessor Millrose Business”) and is derived from the con
Slide 4: Third Quarter 2025 Results
Third Quarter 2025 Results ➢ Net income of $105.1m, or $0.63 per share. Net income was impacted by the accelerated payoff of the delayed draw term loan and other expenses related to our recent debt issuance ➢ Adjusted Funds From Operations (AFFO)1 of $122.5m, or $0.74 per share Financial ➢ Increase
Slide 5: Q3 2025 Financial Overview
Q3 2025 Financial Overview ➢ $179m revenue from Option Fees and Development Loan Income ➢ $25.9m Management Fee Expense, with transparent calculation of 1.25% of gross tangible assets ➢ Q3 GAAP net income of $105.1m, and AFFO1 of $122.5m, or $0.74 per share September 30, 2025 Option Fee & Other Rela
Slide 6: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward ➢ Quarterly dividend of $121.2m, or $0.73 per share ➢ Annualized dividend yield increased 40bps compared to prior quarter ➢ MRP intends to distribute 100% of earnings back to shareholders Book Value per Share AFFO1 Adjustments +$0.11 +$0.63 -$0.73 Net Income per sha
Slide 7: Conservative Leverage Profile
Conservative Leverage Profile CAPITALIZATION ✓ Millrose is currently ($B) Total Assets Corporate capitalized with $2.0B Senior $8.0 Debt Notes, on $9.0B of total assets As of 6/30 $1.1 $1.0 $9.0B $2.0B ✓ Ample liquidity of ~$1.6B revolving credit facility Assets Liquidity 1 Debt capacity and cash $9
Slide 8: Continuous Capital Redeployment Strategy in Action
Continuous Capital Redeployment Strategy in Action Millrose received $893M 1 in total takedown proceeds ($852M 2 net of deposit) for the quarter ended September 30, 2025. These proceeds, coupled with $975M net borrowings, have been redeployed into new acquisitions with Lennar and other customers Maj
Slide 9: Invested Capital by Customer Category
Invested Capital by Customer Category ➢ Strong demand for the platform, resulting in $1.6B in land acquisition and development funding in Q3 ➢ Outside of the Lennar Master Agreement, Invested Capital increased $684m to $1,818m ➢ Total weighted average yield increased 20bps QoQ Key Portfolio Metrics
Slide 10: Millrose at a Glance
Millrose at a Glance TOP 10 STATES BY ESTIM ATED PLATFORM SNAPSHO T (as of 9/30/2025) TAKEDOWN PROCEEDS Takedown % of Total State Homesites Proceeds ($B) Proceeds 138,691 876 30 1 California 12,646 $ 3.0 19.7 % Current Homesites1 Total Communities1 Total States 2 Texas 36,939 2.8 18.4 3 Florida 19,4
Slide 11: Technology Platform is a Unique Competitive Edge
Technology Platform is a Unique Competitive Edge Proprietary platform for high-volume, complex transaction processing, with data capture that drives smarter, more informed decisions in real time Scale Volume 139k homesite ~2,000+ monthly across 30 states transactions Complexity $15–30M per Velocity
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: 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 14: 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% 17% 500 10% 7% - 0% 1
Slide 15: Appendix
MILLROSE PROPERTIES Appendix =
Slide 16: Consolidated Balance Sheet
Consolidated Balance Sheet September 30, December 31, 2025 2024 Assets Inventories Homesite inventory $ 8,360,431 $ - Land and land under development - 2,978,807 Finished homesites - 2,486,483 Total inventories 8,360,431 5,465,290 Development loan receivables, net 340,401 - Cash 242,578 - Option fee
Slide 17: Consolidated Statements of Operations
Consolidated Statements of Operations Three months ended Nine months ended September 30, September 30, 2025 2024 2025 2024 Revenues: Option fee revenues $ 170,326 $ - $ 391,491 $ - Development loan income 8,934 - 19,469 - Total revenues 179,260 - 410,960 - Operating expenses: Management fee expense
Slide 18: Adjusted Funds From Operations - Reconciliation
Adjusted Funds From Operations - Reconciliation Three months ended (in thousands) September 30, 2025 Net income attributable to Millrose Properties, Inc. common shareholders $ 105,060 Adjustments: Add: Amortization of deferred financing and issuance costs (1) 16,359 Add: Rating agency expenses (2) 5
Slide 19: Asset Cross-Termination Pooling
Asset Cross-Termination Pooling Total Number of Homesites (1) 138,691 Lennar 118,153 Other Agreements 20,538 Invested Capital ($ in billions) (2) 8.2 Lennar 6.3 Other Agreeements 1.8 Number of Pools 61 Portfolio Pooled % (3) 97 % Number of Terminated Properties - 1. Number of Homesites exclude inves
Slide 20: Asset List – By State
Asset List – By State Number of Number of Underlying Total Takedown State Location Properties Homesites (1) Prices Alabama 42 5,309 362,480,094 Arizona 35 4,607 530,323,243 Arkansas 49 4,879 352,343,970 California 60 12,646 3,016,664,267 Colorado 21 3,028 417,633,778 Delaware 8 1,136 189,999,571 Flo
Slide 21: Invested Capital Reconciliation
Invested Capital Reconciliation 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: Add: Development loan receivables - 340,401 34