Millrose Properties, Inc. MRP
Millrose Properties operates as a "Homesite Option Purchase Platform" (HOPP'R), representing an advanced evolution of residential land banking. This platform empowers homebuilders to expand their controlled land holdings more quickly and with greater capital efficiency. As a publicly traded entity, Millrose offers investors an exclusive chance to generate income, underpinned by residential real estate, a type of investment that was historically only available to institutional clients.
Snapshot
Reported FFO / AFFO / leverage are from the Q1 2026 earnings release (filed 2026-05-06) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $600.46M | $379.86M | $0.00 | $492.17M | $3.67B |
| 2024 | $0.00 | $-246.22M | $0.00 | $-246.22M | $-917.19M |
| 2023 | $0.00 | $-209.79M | $0.00 | $-209.79M | $-865.12M |
| 2022 | $0.00 | $-144.25M | $193.11M | $0.00 | $-328.64M |
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-04-02 | 2026-04-03 | 2026-04-15 | 2026-03-23 | $0.76 | Quarterly |
| 2026-01-05 | 2026-01-05 | 2026-01-15 | 2025-12-22 | $0.75 | Quarterly |
| 2025-10-03 | 2025-10-03 | 2025-10-15 | 2025-09-22 | $0.73 | Quarterly |
| 2025-07-03 | 2025-07-03 | 2025-07-15 | 2025-06-16 | $0.69 | Quarterly |
| 2025-04-04 | 2025-04-04 | 2025-04-15 | 2025-03-17 | $0.38 | Quarterly |
Coverage (payout of operating cash flow): 13.74%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.