Millrose Properties, Inc. Class A (MRP) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone. Thank you for joining us and welcome to Milrose Properties' first quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I would now like to hand the conference over to Jesse Ross, Milrose Head of Financial Planning and Analysis. Jesse, please go ahead. Good morning, and thank you for joining us to discuss Milrose Properties' first quarter 2026 results. Joining me on the call today are Darren Richmond, our Chief Executive Officer and President, Robert Nicken, our Chief Operating Officer, Garrett Rosenblum, our Chief Financial Officer, and Stephen Hensley, our Senior Market Risk Analyst. Before we begin, I'd like to remind everyone that today's discussion may include forward-looking statements and references to non-GAAP financial measures. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For a more complete discussion of these factors, as well as reconciliations of non-GAAP measures, please refer to our earnings release and investor presentation, both of which are available on our investor relations website. With that, I'll turn the call over to Darren. Thank you, Jesse, and good morning, everyone. Melrose delivered solid results in the first quarter of 2026, performing in line with our expectations and continuing to demonstrate the strength and durability of our platform. We deployed capital in a disciplined manner, expanded our relationships across the homebuilding ecosystem, and generated predictable recurring earnings consistent with the design of our model. Before I walk through th...