$MRP

Millrose Properties, Inc.

CIK:0002017206|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Option fee revenues	$ 195,400	$ 141,084	$ 380,700	$ 221,165
Development loan income	1,453	7,918	11,081	10,535
Total revenues	196,853	149,002	391,781	231,700
Operating Expenses:
Management fee expense	29,909	21,960	58,061	34,064
Stock-based compensation expense	217	181	909	181
Provision for (benefit from) credit loss expense	(907)		(907)
Sales, general, and administrative expenses from pre-spin periods				24,960
Total operating expenses	29,219	22,141	58,063	59,205
Income from operations	167,634	126,861	333,718	172,495
Other income (expense):
Interest income	1,108	1,818	2,236	2,906
Interest expense	(40,014)	(10,285)	(79,226)	(12,821)
Other expenses	(391)	(866)	(471)	(866)
Total other income (expense)	(39,297)	(9,333)	(77,461)	(10,781)
Net income before income taxes	128,337	117,528	256,257	161,714
Income tax expense	2,456	4,768	7,492	9,148
Net income	125,881	112,760	248,765	152,566
Adjustment for expenses from pre-spin periods				24,960
Net income attributable to Millrose Properties, Inc. common stockholders	$ 125,881	$ 112,760	$ 248,765	$ 177,526
Basic earnings per share	$ 0.76	$ 0.68	$ 1.5	$ 1.07
Diluted earnings per share	$ 0.76	$ 0.68	$ 1.5	$ 1.07
Basic weighted average common shares outstanding	166,046,951	166,003,497	166,025,344	166,003,497
Diluted weighted average common shares outstanding	166,060,914	166,031,175	166,049,937	166,020,988
Class A and Class B Common Stock
Other income (expense):
Basic earnings per share	$ 0.76	$ 0.68	$ 1.5	$ 1.07
Diluted earnings per share	$ 0.76	$ 0.68	$ 1.5	$ 1.07
Basic weighted average common shares outstanding	166,046,951	166,003,497	166,025,344	166,003,497
Diluted weighted average common shares outstanding	166,060,914	166,031,175	166,049,937	166,020,988

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from (used in) operating activities
Net income	$ 248,765	$ 152,566
Adjustments to reconcile net income to net cash from operating activities
Provision for (benefit from) credit loss expense	(907)
Sales, general, and administrative expenses from pre-spin periods		24,960
Interest paid-in-kind	(11,082)	(5,657)
Stock-based compensation expense	909	181
Amortization of debt issuance and financing costs	4,710	1,520
Changes in assets and liabilities
Other assets	152	(859)
Other liabilities	3,796	4,217
Deferred tax liabilities	7,221	89
Takedowns of homesites under option contracts, net of builder deposit credits	1,429,749	1,432,998
Net cash flows from operating activities	1,683,313	1,610,015
Cash flows from (used in) investing activities
Option deposits from Lennar, Spin-Off		584,848
Acquisition of Rausch land assets, net of builder deposits		(858,938)
Investments in homesites under option contracts, net of builder deposits	(2,088,033)	(2,252,385)
Investments in development loans	(19,566)	(291,347)
Paydowns of development loans	310,742	5,194
Net cash used in investing activities	(1,796,857)	(2,812,628)
Cash flows from (used in) financing activities
Cash contribution from Lennar, Spin-Off		415,152
Payments for Spin-Off deal costs		(77,948)
Financing and issuance cost payments for debt obligations	(11,548)	(23,935)
Proceeds from revolving credit facility and delayed draw term loan facility borrowings	615,000	1,950,000
Repayments of revolving credit facility and delayed draw term loan facility borrowings	(240,000)	(925,000)
Dividends paid to stockholders	(250,665)	(63,081)
Dividend accrual rights paid to stockholders	(118)
Payment of seller notes		(6,000)
Net cash flows from financing activities	112,669	1,269,188
Net (decrease) increase in cash	(875)	66,575
Cash at beginning of period	35,046
Cash at end of period	34,171	66,575
Non-cash impacts of Millrose Spin-Off
Homesites under option contracts contributed by Lennar, net of option deposits		4,911,279
Decrease in deferred tax liabilities		59,836
Liabilities for transaction deal costs and seller notes		(96,948)
Common stock issued, Spin-Off		(1,660)
Non-cash increase in additional paid-in-capital, Spin-Off		(4,872,506)
Reversal of pre-spin equity at Spin-Off		5,158,372
Non-cash impacts of Rausch land acquisition
Option deposits		(90,264)
Development guarantee holdback liability		(100,000)
Increase in deferred tax liabilities		(116,660)
Builder deposits for homesites under option contract	(146,231)	(201,055)
Common stock issued upon vesting of RSUs	0
Dividend equivalent accrual rights, accrued but not paid	80
Dividends declared but not paid	127,857	114,542
Supplemental disclosure of cash flow information
Cash paid for interest	70,140	8,731
Cash paid for income taxes	$ 0	$ 8,500

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Homesites under option contracts	$ 9,603,735	$ 8,872,695
Development loan receivables, net	49,812	328,999
Cash	34,171	35,046
Other assets	19,584	21,367
Total assets	9,707,302	9,258,107
Liabilities and stockholders' equity
Builder deposits	999,761	927,004
Debt obligations, net	2,478,732	2,112,062
Development guarantee holdback liability	100,000	100,000
Deferred tax liabilities	84,554	77,333
Other liabilities	192,419	185,446
Total liabilities	3,855,466	3,401,845
Commitments and contingencies (See Note 9)
Stockholders' equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 0 shares issued at June 30, 2026
Additional paid-in capital	5,873,916	5,873,087
Distribution in excess of net income	(23,740)	(18,485)
Total stockholders' equity	5,851,836	5,856,262
Total liabilities and stockholders' equity	9,707,302	9,258,107
Class A Common Stock
Stockholders' equity
Common stock value	1,542	1,542
Class B Common Stock
Stockholders' equity
Common stock value	$ 118	$ 118