MRP

MIAMI--(BUSINESS WIRE)--Millrose Properties, Inc. (NYSE: MRP, "Millrose"), the homesite option platform for residential homebuilders, today announced a commitment by its manager to provide acquisition financing of up to $1.25 billion to support Dream Finders Homes, Inc.'s ("Dream Finders") publicly announced acquisition of Beazer Homes USA, Inc. The commitment represents the third instance since Millrose's founding of the company's unique capability to provide land banking capital in support of.

Millrose Properties NYSE: MRP reported second-quarter 2026 adjusted funds from operations of $127.6 million, or $0.77 per diluted share, as recurring option-fee income increased alongside its invested capital base. The company said its exit run-rate AFFO was about $0.80 per share after redeploying capital from early development-loan repayments.

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

Millrose Properties offers a secure 10.8% dividend yield, with shares presenting over 10% upside to fair value and a total return potential exceeding 20%. MRP's business model, akin to selling out-of-the-money put options on housing, is insulated from builder terminations unless home prices decline by over 10%-15%. Portfolio diversification away from Lennar continues, with non-Lennar deals now at $2.8 billion and a weighted portfolio yield of 9.2%.

MIAMI & DALLAS--(BUSINESS WIRE)--Millrose Properties, Inc. (NYSE: MRP, "Millrose"), the homesite option platform for residential homebuilders, and JPI, a premier developer of multifamily communities and subsidiary of Sumitomo Forestry Co., Ltd. (TSE: 1911), today announced the closing of the first acquisition in a new land banking facility established by JPI and Kennedy Lewis Investment Management (KLIM), the parent of Millrose's external manager, to fund Class A multifamily land acquisition an.

Millrose Properties trades at a 12.4% discount to book value, with a dividend yield above 9% and strong upside potential. Despite mixed Q1 results, MRP delivered 94% AFFO growth year over year and maintains a flexible, low-leverage balance sheet with no debt maturities until 2028. MRP raised its dividend again, targeting a 100% AFFO payout, and expanded its portfolio and credit capacity for future growth.

Millrose Properties is a newly public REIT offering unique homesite option contracts, spun out from Lennar, and currently trades at a discount to book value. MRP delivers strong AFFO growth—projected near 20% in 2026 and mid/high-teens thereafter—paired with a 10.7% dividend yield, fully covered by AFFO. Capital deployment into higher-yielding contracts, especially outside the Lennar relationship, is expected to drive incremental AFFO and support a premium to book value.

MIAMI--(BUSINESS WIRE)--Millrose Properties, Inc. (NYSE: MRP, “Millrose”), the homesite option platform for residential homebuilders, today announced that its Board of Directors has declared a quarterly cash dividend of approximately $127.9 million, or $0.77, per share of Class A and Class B common stock. The dividend will be paid on July 15, 2026, to shareholders of record as of July 6, 2026. "Millrose was built on consistency — in our earnings, our dividend, and our commitment to being a depe.

Millrose Properties offers a well-covered ~10.5% yield, trading at ~0.83x book with conservative ~29% leverage, making it an attractive income Buy. MRP's tollbooth land model ensures AFFO closely tracks net income, with dividends nearly a direct pass-through, but yield is sensitive to AFFO strength. Demand remains resilient with no contract terminations; builder margin compression, contractual income floors, and cross-collateralization provide downside protection.

Millrose Properties, Inc. (MRP) offers a unique land-banking REIT model, supporting homebuilders' asset-light strategies with a high 10.88% dividend yield. Millrose's business model generates profits from option fees on invested capital, not land sales, and maintains a manageable 29% debt-to-capitalization ratio. Significant governance risks include external management, Lennar concentration, and dual-class share structure, justifying a persistent valuation discount.