Millrose Properties, Inc. · NYSE:MRP
Millrose Properties — Q3 2026 Earnings Presentation
31 slides from Millrose Properties's earnings presentation, Oct 27, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
Third Quarter 2026 Earnings Presentation Oc tober 2026
Slide 2: Disclaimer
Disclaimer This disclaimer applies to this document and the verbal comments of any person presenting it. This presentation, together with any such oral or written comments, is referred to herein as the “Presentation.” Forward-Looking Statements This Presentation relating to Millrose Properties, Inc.
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Industry and Market Information This Presentation includes market and industry data and forecasts that the Company has derived from independent consultant reports, publicly available information, various industry publications, other published industry sources, and its internal da
Slide 4: Third Quarter 2026 Results
Third Quarter 2026 Results ➢ Net income of $130.0M, or $0.78 per share ➢ Increase of 3%, or $4.1M, compared to Q2 2026 Financial ➢ Increase of 24%, or $24.9M, compared to Q3 2025 ➢ Adjusted Funds From Operations (AFFO)1 of $133.5M, or $0.80 per share ➢ Quarterly dividend of $131.2M, or $0.79 per sha
Slide 5: Third Quarter 2026 Financial Overview
Third Quarter 2026 Financial Overview ➢ $211.0M revenue from Option Fees and Development Loan Income ➢ $30.3M Management Fee Expense, equal to 1.25% of gross tangible assets ➢ Q3 GAAP net income of $130.0M, and AFFO1 of $133.5M, or $0.80 per share September 30, 2026 Option Fee Revenues $209.5m Devel
Slide 6: Book Value Per Share Roll-Forward
Book Value Per Share Roll-Forward ➢ Quarterly dividend of $131.2M, or $0.79 per share ➢ Increase of 8% compared to Q3 2025 ➢ Board of Directors authorized $250M Share Repurchase Program Book Value Per Share +$0.78 -$0.79 Net Income per share Represents 8.9% dividend yield on equity2 $35.24 $35.24 Bo
Slide 7: Conservative Leverage Profile
Conservative Leverage Profile As of 9/30/20263 CAPITALIZATION ✓ Millrose is ($B) Total Assets Corporate capitalized with $2.0B Senior $9.7 Debt4 Notes, $1.1B outstanding on unsecured credit As of 6/30 facility, including $10.6B $3.1B $2.5 term loan4, on $1.4 $10.6B of total assets 1 Assets Liquidity
Slide 8: Invested Capital by Customer Category – Q3 2026
Invested Capital by Customer Category – Q3 2026 ➢ Strong demand for the platform, resulting in $1.3B in land acquisition and development funding in Q3 ➢ Excluding the Lennar Master Program Agreement, Invested Capital grew $521M to $3,371M, lifting Implied Quarterly Income Run Rate by $17M, or 8%, co
Slide 9: Invested Capital Growth With Additional Counterparties
Invested Capital Growth With Additional Counterparties ➢ Continued diversification outside of Lennar Master Program Agreement evidenced by $3.4B growth in invested capital1 since inception with 22 distinct counterparties by September 30, 2026 Since inception, no counterparty has exercised its option
Slide 10: Millrose at a Glance
Millrose at a Glance TOP 10 STATES BY ESTIM ATED PLATFORM SNAPSHO T (as of 9/30/2026) TAKEDOWN PROCEEDS Takedown % of Total State Homesites Proceeds ($B) Proceeds 156,729 834 30 1 California 12,735 $ 3.4 20.5 % Current Homesites1 Total Properties2 Total States 2 Texas 46,113 3.1 18.9 3 Florida 23,48
Slide 11: Robust Cash Conversion Cycle
Robust Cash Conversion Cycle ➢ Millrose’s recurring capital-recycling model generated $3.5B of TTM net takedown proceeds through Q3 2026 (up from $3.3B at year-end 2025), equivalent to ~38%1 of period-end invested capital2 — an internal funding source for new land purchases, development or debt repa
Slide 12: Dream Finders Homes Transaction Closing
Dream Finders Homes Transaction Closing On October 20th, Dream Finders Homes (“Dream Finders”) announced the closing of its previously announced acquisition of Beazer Homes Dream Finders Transaction Summary USA, Inc. (“Beazer”) Millrose provided approximately $1.1 billion of acquisition funding towa
Slide 13: Power of the Platform in Action
Power of the Platform in Action ➢ Millrose provided capital to support three closed homebuilder M&A acquisitions: (i) the acquisition of Rausch Coleman by Lennar, (ii) the take-private of Landsea by New Home, and (iii) the acquisition of Beazer Homes by Dream Finders Homes ➢ Millrose has utilized it
Slide 14: Single-Family Rental Portfolio
Single-Family Rental Portfolio
Slide 15: Single-Family Rental Transaction Summary
Single-Family Rental Transaction Summary Millrose acquired 1,233 Single-Family Rental homes from Lennar Corporation (NYSE:LEN) in well -located MSAs with strong rental growth and an attractive economic profile (the “Pilot SFR Portfolio”) for approximately $333 million. The transaction represents ano
Slide 16: Pilot SFR Portfolio Was Efficiently Financed and Had Complementary Geographic Overlap
Pilot SFR Portfolio Was Efficiently Financed and Had Complementary Geographic Overlap Net SFR Investment Less: Asset-Backed Financing Gross Assets $120M $213M (S+120) $333M Millrose equity exposure to portfolio Secured financing on rental homes New build, single family homes Millrose Land Banking an
Slide 17: Attractive and Accretive to Core Land Banking Business
Attractive and Accretive to Core Land Banking Business Pilot SFR Portfolio anticipated to generate recurring cash flow with NOI growth, supporting attractive long -term return potential Core Land Banking Business Pilot Single-Family Rental Transaction $10.2B Net Assets ~$0.1B Net Assets 1 ▪ Bond-lik
Slide 18: Appendix
MILLROSE PROPERTIES Appendix =
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet September 30, December 31, 2026 2025 Assets Homesites under option contracts $ 9,902,361 $ 8,872,695 Development loan receivables, net 53,014 328,999 Single-family residential properties 332,651 — Preferred instruments, net 170,670 — Cash 64,535 35,046 Other assets 32,664
Slide 20: Consolidated Statements of Operations
Consolidated Statements of Operations Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Revenues: Option fee revenues $ 209,480 $ 170,326 $ 590,180 $ 391,491 Development loan income 1,524 8,934 12,605 19,469 Total revenues 211,004 179,260 602,785 410,960 Operating
Slide 21: Adjusted Funds From Operations - Reconciliation
Adjusted Funds From Operations - Reconciliation Three Months Ended (in thousands, except share amounts) September 30, 2026 September 30, 2025 Net income attributable to Millrose Properties, Inc. common stockholders $ 130,002 $ 105,060 Adjustments: Add: Amortization of deferred financing and issuance
Slide 22: Adjusted Funds From Operations - Reconciliation
Adjusted Funds From Operations - Reconciliation Nine Months Ended (in thousands, except share amounts) September 30, 2026 September 30, 2025 Net income attributable to Millrose Properties, Inc. common stockholders $ 378,767 $ 282,586 Adjustments: Add: Amortization of deferred financing and issuance
Slide 23: Asset Cross-Termination Pooling
Asset Cross-Termination Pooling Total Number of Homesites (1) 156,729 Lennar 122,213 Other Agreements 34,516 Invested Capital ($ in billions) (2) 9.2 Lennar 5.9 Other Agreements 3.4 Number of Counterparties 22 Number of Pools 76 Portfolio Pooled % (3) 93 % Quarterly Homesites Delivered 7,985 Number
Slide 24: Asset List – By State
Asset List – By State Number of Number of Underlying State Location Properties (1) Homesites (2) Total Takedown Prices Alabama 37 4,311 $ 280,529,872 Arizona 32 4,034 496,153,687 Arkansas 36 4,632 303,550,345 California 60 12,735 3,378,570,212 Colorado 20 5,483 682,268,862 Delaware 8 1,483 178,929,0
Slide 25: Invested Capital Reconciliation – Q3 2026
Invested Capital Reconciliation – Q3 2026 Three Months Ended September 30, 2026 Master Program Other (in thousands) Agreement Agreements Total Invested Capital Reconciliation of GAAP to Non-GAAP GAAP reported homesites under option contracts as of September 30, 2026 $ 6,314,994 $ 3,587,367 $ 9,902,3
Slide 26: Invested Capital Reconciliation – Q2 2026
Invested Capital Reconciliation – Q2 2026 Three Months Ended June 30, 2026 Master Program Other (in thousands) Agreement Agreements Total Invested Capital Reconciliation of GAAP to Non-GAAP GAAP reported homesites under option contracts as of June 30, 2026 $ 6,371,716 $ 3,232,019 $ 9,603,735 Add: De
Slide 27: Invested Capital Reconciliation – Q1 2026
Invested Capital Reconciliation – Q1 2026 Three Months Ended March 31, 2026 Master Program Other (in thousands) Agreement Agreements Total Invested Capital Reconciliation of GAAP to Non-GAAP GAAP reported homesites under option contracts as of March 31, 2026 $ 6,392,353 $ 2,784,920 $ 9,177,273 Add:
Slide 28: Invested Capital Reconciliation – Q4 2025
Invested Capital Reconciliation – Q4 2025 Three Months Ended December 31, 2025 Master Program Other (in thousands) Agreement Agreements Total Invested Capital Reconciliation of GAAP to Non-GAAP GAAP reported homesites under option contracts as of December 31, 2025 $ 6,530,760 $ 2,341,935 $ 8,872,695
Slide 29: Invested Capital Reconciliation – Q3 2025
Invested Capital Reconciliation – Q3 2025 Three months ended September 30, 2025 Master Program (in thousands) Agreement Other Agreements Total Invested Capital Reconciliation of GAAP to Non-GAAP GAAP reported homesite inventory as of September 30, 2025 $ 6,656,117 $ 1,704,314 $ 8,360,431 Adjustments
Slide 30: Invested Capital Reconciliation – Q2 2025
Invested Capital Reconciliation – Q2 2025 Three months ended June 30, 2025 Master Program (in thousands) Agreement Other Agreements Total Invested Capital Reconciliation of GAAP to Non-GAAP GAAP reported homesite inventory and other related assets as of June 30, 2025 $ 6,591,299 $ 1,253,879 $ 7,845,
Slide 31: Invested Capital Reconciliation – Q1 2025
Invested Capital Reconciliation – Q1 2025 Three months ended March 31, 2025 Lennar Master Other (in thousands) Agreement Agreements Total Invested Capital Reconciliation of GAAP to Non-GAAP GAAP reported Homesite inventory and other related assets $ 6,611,624 $ 387,300 $ 6,998,924 Adjustments: Remov