Millrose Properties, Inc. Class A (MRP) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone. Thank you for joining us and welcome to the Milrose Properties second quarter 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 will now hand the conference over to Jesse Ross, Milrose's head of financial planning and analysis. Jesse, please go ahead. Good morning, and thank you for joining us to discuss Milrose Properties' second quarter 2026 results. Joining me on the call today are Darren Richman, our Chief Executive Officer and President, Robert Nitkin, our Chief Operating Officer, Garett 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. Millrose delivered another strong quarter. We grew invested capital, boosted recurring AFFO, deepened builder relationships, and expanded the range of solutions our permanent capital platform provides. Demand for what we do has never been higher, even as builders continue to navigate a fourth consecutive year of mortgage rates above 6%, elevated incentives, and a full year 2026 delivery guidance movin...