Welcome to our dedicated page for Millrose Properties SEC filings (Ticker: MRP), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Millrose Properties, Inc. (NYSE: MRP) SEC filings page on Stock Titan provides access to the company’s regulatory disclosures as filed with the U.S. Securities and Exchange Commission. Millrose is a residential-focused real estate investment trust that operates a Homesite Option Purchase Platform for homebuilders, and its filings offer detailed insight into how this model is structured and financed.
Current and periodic reports such as Form 8-K, Form 10-Q and Form 10-K (when available) describe Millrose’s option fee revenues, development loan income, homesite inventory, Invested Capital and non-GAAP measures like Adjusted Funds From Operations (AFFO). These documents also explain how the company defines Invested Capital and AFFO, how it calculates portfolio yields and how it evaluates its REIT performance.
Millrose’s filings further outline its capital structure and debt arrangements. Form 8-K reports have detailed the company’s revolving credit agreement, delayed draw term loan facility and senior notes offerings, including interest rates, maturities, redemption provisions and key covenants. Credit agreements and indentures filed as exhibits describe leverage and interest coverage requirements, collateral arrangements and conditions related to maintaining REIT status.
Investors can also review filings related to dividends and corporate actions. Millrose has filed Form 8-Ks announcing quarterly cash dividends on its Class A and Class B common stock, specifying record and payment dates. Other filings address its spin-off from Lennar, the Lennar Master Program Agreement and Lennar’s exchange offer involving Millrose Class A common stock, which together provide context on Millrose’s shareholder base and strategic relationship with Lennar.
Stock Titan enhances these filings with AI-powered summaries that highlight key points from lengthy documents, helping readers quickly understand the implications of new credit facilities, notes offerings, earnings releases or dividend declarations. Real-time updates from EDGAR ensure that new Millrose 8-Ks, 10-Qs, 10-Ks and related exhibits appear promptly, while Form 4 and other ownership reports can be used to monitor insider transactions when they are filed.
By using this page, investors and researchers can examine the official record of how Millrose structures its homesite option platform, manages leverage and liquidity, defines its non-GAAP metrics and administers its REIT distribution policy, all based on primary SEC disclosures.
Millrose Properties, Inc. is a newly spun-off, externally managed land-banking company that plans to elect REIT status for 2025. It acquires and develops residential land and sells finished homesites to builders via option contracts that generate recurring option fees and takedown proceeds.
As of December 31, 2025, Millrose controlled 142,139 homesites in 933 communities across 30 states, with estimated future takedown proceeds of $16.1 billion. The business is highly tied to Lennar, which contributed about $5.5 billion of land and $1.0 billion of cash in the spin-off and accounted for the majority of 2025 option fee revenue.
Millrose expanded through the $859 million Rausch land acquisition and a $494.5 million Landsea portfolio funding for New Home, financed partly by a terminated $1.0 billion delayed-draw term facility and a $1.25 billion 6.375% 2030 note plus $750 million 6.25% 2032 note. The company targets conservative leverage, but carries substantial debt and operates under extensive long-term agreements granting Lennar significant rights and influence.
Millrose Properties, Inc. furnished an investor presentation in connection with upcoming appearances at Citi’s 2026 Global Property CEO Conference and J.P. Morgan’s Global High Yield & Leveraged Finance Conference. The materials outline its homesite option platform, capital structure and 2025 activity.
Millrose reports 142,139 homesites across 933 communities in 30 states, supported by about $9.2B of land assets and shareholder’s equity of roughly $5.9B as of December 31, 2025. Total future takedown proceeds are estimated at $16.1B, with a portfolio weighted average yield of 9.2%.
In 2025 the company deployed about $5.5B of net acquisition and development funding and recorded $3.4B in net takedowns, delivering 31,575 homesites. Debt consists mainly of $2.0B of senior notes and revolver borrowings, resulting in 26% debt to capitalization and approximately $1.3B of available liquidity.
Millrose Properties, Inc. reported strong fourth quarter and full year 2025 results driven by its homesite option platform. For 2025, total revenues were $600.5 million, with net income attributable to common shareholders of $404.8 million, or $2.44 per share, and AFFO of $427.9 million, or $2.58 per share.
In the fourth quarter, net income was $122.2 million, or $0.74 per share, and AFFO was $125.6 million, or $0.76 per share, slightly above its year-end quarterly AFFO run rate guidance. The company declared a quarterly dividend of $0.75 per share and states it distributes 100% of AFFO to shareholders.
Millrose ended 2025 with approximately 142,000 homesites across 933 communities in 30 states, total assets of about $9.3 billion, total debt of $2.1 billion and a debt‑to‑capitalization ratio of 26%. The portfolio’s weighted average yield was 9.2%, supported by $8.47 billion of invested capital and a growing pipeline beyond its Lennar Master Program Agreement.
The Vanguard Group filed an amended Schedule 13G reporting a passive ownership position in Millrose Properties Inc common stock. Vanguard reports beneficial ownership of 21,117,093 shares, representing 13.69% of the class. All reported shares are subject to shared voting power over 1,153,033 shares and shared dispositive power over the full 21,117,093 shares, with no sole voting or dispositive power.
Vanguard states that the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Millrose Properties. The filing notes an internal realignment effective January 12, 2026, after which certain Vanguard subsidiaries or business divisions that pursue the same investment strategies are expected to report beneficial ownership separately on a disaggregated basis. Vanguard’s clients, including registered investment companies and other managed accounts, have the right to receive dividends or sale proceeds, and no single other person’s interest exceeds 5% of the class.
Brave Warrior Advisors, LLC disclosed a significant passive stake in Millrose Properties, Inc. Class A common stock. The investment adviser reports beneficial ownership of 8,600,224 shares, representing 5.58% of the Class A common stock outstanding as of the event date. Brave Warrior has sole power to vote and dispose of all reported shares, with no shared voting or dispositive power. The firm certifies the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Millrose Properties.
Millrose Properties, Inc. disclosed that its Board of Directors has declared a quarterly cash dividend of $0.75 per share. The dividend applies to both the company’s Class A and Class B common stock. It will be paid on January 15, 2026 to stockholders who are on record as of the close of business on January 5, 2026. The company also furnished a press release with further details as an exhibit.
Millrose Properties, Inc. reported an insider equity award for a director. On December 10, 2025, the company granted 6,451 restricted stock units (RSUs) of its Class A Common Stock to a director under its 2024 Omnibus Incentive Plan at a price of $0, reflecting a compensatory grant rather than a market purchase. Following this award, the director beneficially owns 37,111 Class A shares.
The RSUs convert into Class A Common Stock on a 1-for-1 basis. Half of the RSUs vest on the earlier of April 3, 2026 or the first annual stockholder meeting after the grant date, and the remaining half vest on the earlier of April 3, 2027 or the second such annual meeting, subject to the director’s continuous service.
Millrose Properties, Inc. reported an equity award to one of its directors. On December 10, 2025, the company granted 6,451 restricted stock units (RSUs) of its Class A Common Stock under the 2024 Omnibus Incentive Plan. Each RSU converts into one share of Class A Common Stock.
According to the vesting schedule, 50% of the RSUs will vest on the earlier of April 3, 2026 or the first annual stockholder meeting after the grant date. The remaining 50% will vest on the earlier of April 3, 2027 or the second annual stockholder meeting after the grant date, subject to the director’s continuous service. After this grant, the director beneficially owns 15,961 shares of Class A Common Stock directly.
Millrose Properties, Inc. reported that one of its directors received a grant of 6,451 restricted stock units (RSUs) of Class A common stock under the company’s 2024 Omnibus Incentive Plan on December 10, 2025. These RSUs convert into shares on a 1-for-1 basis.
Half of the RSUs are scheduled to vest on the earlier of April 3, 2026 or the first annual stockholder meeting after the grant date, and the remaining half on the earlier of April 3, 2027 or the second such annual meeting. Vesting depends on the director continuing to serve on the board through the applicable vesting dates. After this grant, the reporting person beneficially owns 24,611 shares of Class A common stock directly.
Millrose Properties, Inc. reported that one of its directors received an equity grant in the form of restricted stock units. On December 10, 2025, the director was granted 6,451 RSUs under the company’s 2024 Omnibus Incentive Plan at a price of $0 per unit, increasing the director’s beneficial ownership to 23,436 shares of Class A common stock.
The RSUs convert into Class A common shares on a 1-for-1 basis and vest in two equal tranches. Half of the units vest on the earlier of April 3, 2026 or the first annual stockholder meeting after the grant date, and the remaining half vest on the earlier of April 3, 2027 or the second annual stockholder meeting after the grant date. Vesting is conditioned on the director’s continuous service on the board through the applicable vesting dates.