Slide 1: Millrose Properties Investor Presentation
Millrose Properties Investor Presentation Marc h 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 oral or written comments, is referred to as "this Presentation.” The information in this Presentation is provided as of the date of this Presentation. The Com
Slide 3: Disclaimer (Cont’d)
Disclaimer (Cont’d) Forward-Looking Statements This Presentation relating to Millrose Properties, Inc. (“Millrose,” “we,” “our,” “us,” “MRP,” or the “Company”) contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1934, as amended, and Section 21E o
Slide 4: 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 5: Disclaimer (Cont’d)
Disclaimer (Cont’d) Non-GAAP Measures This Presentation contains both financial measures prepared and presented in accordance with generally accepted accounting principles (“GAAP”), and non-GAAP financial measures, such as Invested Capital, Adjusted Funds from Operations (“AFFO”), and Adjusted EBITD
Slide 6: Millrose | The Next Evolution of Homebuilder Land Strategy
Millrose | The Next Evolution of Homebuilder Land Strategy Self-funding capital vehicle offers a consistent source of “just-in-time” homesite funding and delivery for homebuilders Recurring monthly option fee payments and continuous capital generation from pre-negotiated homesite sale schedules Home
Slide 7: Separation of Land and Homebuilding Creates Two Strong Credit Stories
Separation of Land and Homebuilding Creates Two Strong Credit Stories HOMESITE PLATFORM HOMEBUILDING Pay horizontal Construct development costs home Acquire Deliver finished finished homesite Market homesite home Receive Deliver Acquire deposit The Millrose The Modern and option fee Solution Pay Hom
Slide 8: 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 9: Homesite Option Purchase Platform Designed to Efficiently Recycle Capital
Millrose’s Homesite Option Purchase Platform is Designed to Efficiently Recycle Capital Land Land Homesite Homesite Proceeds Identified Purchased Developed Delivered Recycled Land selected Millrose Millrose funds Homebuilder Millrose recycles and vetted by purchases land homebuilder land purchases h
Slide 10: Millrose’s Transaction Flow is Simple and Easy to Understand
Millrose’s Transaction Flow is Simple and Easy to Understand INCOME STATEMENT BALANCE SHEET Homebuilder Homebuilder Option Fee Rate X Investment Balance Millrose Revenue Property Finished Acquisition & – Management Fee1 Homesite Sale Development Millrose EBITDA Funding – Interest Expense +$ -$ Pre-T
Slide 11: 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 12: Capital Redeployment Strategy in Action – Q4 2025
Capital Redeployment Strategy in Action – Q4 2025 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 Len
Slide 13: 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 14: 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 15: Invested Capital Growth
Invested Capital Growth ➢ Continued diversification outside of Lennar Master Program Agreement evidenced by $2.4bn growth in invested capital1 with 14 distinct counterparties outside of Lennar by 12/31/25 Net Funding 15 In millions 2,368 12 11 1,818 1,134 3 1 350 0 Spin-Off Q1 2025 Q2 2025 Q3 2025 Q
Slide 16: Conservative Leverage Profile
Conservative Leverage Profile CAPITALIZATION ✓ Millrose is currently ($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 ~$1.3B revolving cr
Slide 17: Millrose Properties Capital Structure Overview
Millrose Properties Capital Structure Overview Financials as of 12/31/25 CURRENT CAPITAL STRUCTURE SENIOR UNSECURED NOTES TRADING HISTORY (YTW%) Current as of 12/31/2025 6.75% MRP 6.375% Sr Nts due 2030 ($mm) Amt. % Cap MRP 6.250% Sr Nts due 2032 6.50% Cash and Cash Equivalents $35 $1.3bn Revolving
Slide 18: Conservative Leverage Profile Versus Select Public REITs
Millrose Maintains a Conservative Leverage Profile Versus Select Public REITs… DEBT / BOOK CAPI TALIZATION 1 79% 46% 26% Select Net Lease REITs avg. 2 Select Commercial mREITs avg.3 Source: Latest filings as of 2/25/2026 1. Calculated as total debt divided by total debt and book value of shareholder
Slide 19: Across Several Credit Metrics
…Across Several Credit Metrics Net Debt / LQA EBITDA 1,2 Debt / Equity 3 5.2x (2.0x) 3.8x 3.2x (3.4x) 0.4x Select Net Lease Select Commercial REITs avg.4 mREITs avg.5 Source: Latest filings as of 2/25/2026 1. Represents EBITDA, which is a non-GAAP metric. Please reference reconciliation table in the
Slide 20: 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 21: Margin of Safety from a Downward Movement in Home Prices
Margin of Safety from a Downward Movement in Home Prices Millrose’s business model is not dependent on home price appreciation Furthermore, Millrose’s “margin of safety” is principally derived from a homebuilder’s option deposit and anticipated profit In the event of a material shift in home price v
Slide 22: 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 142k homesite ~2,000+ monthly across 30 states transactions Complexity Velocity $15–30M per
Slide 23: Millrose’s Sizeable Total Addressable Market
Millrose’s Sizeable Total Addressable Market Millrose is an Attractive Solution for Industry Players MILLROSE’S ANNUAL TOTAL MARKET OPPORTUNITY Top 10 homebuilders 2 Remaining public / private homebuilders 2 ✓ Highly transparent institutional public platform ✓ Lower cost than traditional alternative
Slide 24: Capital Solution For Homebuilders Of All Sizes
Capital Solution For Homebuilders Of All Sizes (Benefits to Homebuilders) Ability to frictionlessly underwrite transactions and provide land banking Ease of Operations management solutions in real-time using the HOPP'R Balance sheet consisting of ~$9.2B1 of homesites under contract and other Liquidi
Slide 25: Appendix
MILLROSE PROPERTIES Appendix :
Slide 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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
Slide 33: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three months ended (in thousands) December 31, 2025 Reconciliation of Adjusted EBITDA to Net Income: Net income attributable to Millrose Properties, Inc. Common Shareholders $ 122,238 (+) Income tax expense 5,500 (+) Interest expense 35,223 (+) Other expenses 123 Adjus