Millrose Properties (NYSE: MRP) lifts Q1 AFFO and expands non-Lennar platform
Rhea-AI Filing Summary
Millrose Properties, Inc. reported strong first quarter 2026 results, driven by its homesite option platform for residential builders. Net income attributable to common shareholders was $122.9 million, or $0.74 per share, on total revenues of $194.9 million from option fees and development loan income.
AFFO was $125.9 million, or $0.76 per share, fully covered by a quarterly dividend of $126.2 million, also $0.76 per share. The portfolio generated a weighted average annualized yield of 9.2% on Invested Capital of $8.7 billion, with approximately 143,000 homesites across 904 communities in 30 states.
Millrose continued to expand beyond its Lennar Master Program Agreement, growing Invested Capital under Other Agreements to $2.7 billion at a 10.7% yield and adding a top-10 national homebuilder among 17 counterparties. Liquidity remained solid with $1.5 billion of cash and revolver availability and total debt of $2.4 billion, representing about 29% debt-to-capitalization, supported by a fully unsecured $1.835 billion credit facility including a new $500 million delayed-draw term loan commitment.
Positive
- Rapid earnings and AFFO growth: Q1 2026 net income of $122.9 million and AFFO of $125.9 million significantly exceeded the prior-year quarter, supporting a $0.76 per-share dividend.
- Diversifying beyond Lennar: Invested Capital under Other Agreements grew to $2.7 billion at a 10.7% yield with 16 counterparties outside Lennar, including a top-10 national homebuilder.
- Strong balance sheet and liquidity: Total debt of $2.4 billion represents about 29% debt-to-capitalization, with $1.5 billion of liquidity and a fully unsecured $1.835 billion credit facility.
Negative
- None.
Insights
Millrose delivered rapid AFFO growth, sustained yields and expanded non-Lennar exposure with conservative leverage.
Millrose generated Q1 2026 net income of $122.9M and AFFO of $125.9M, both $0.74–$0.76 per share, off revenues of $194.9M. This reflects the scale-up of its homesite option model, with a portfolio yield of 9.2% on $8.7B of Invested Capital as of March 31, 2026.
Growth is increasingly diversified beyond the Lennar Master Program Agreement. Invested Capital under Other Agreements reached $2.7B at a 10.7% yield, across 17 homebuilder counterparties, including a top-10 national builder. This helps reduce reliance on a single partner while keeping spreads above the base rate.
The balance sheet remains conservative: total assets of $9.6B, debt of $2.4B and a debt-to-capitalization ratio near 29%, within a stated 33% ceiling. Liquidity of about $1.5B and an unsecured $1.835B credit facility, including a $500M delayed-draw term loan, support management’s plan to deploy roughly $1B of additional capital by mid-2026 while targeting a Q2 exit AFFO run rate of $0.78–$0.80 per share.
8-K Event Classification
Key Figures
Key Terms
Adjusted Funds From Operations (AFFO) financial
Invested Capital financial
Lennar Master Program Agreement financial
debt-to-capitalization ratio financial
unsecured credit facility financial
homesites under option contracts financial
Earnings Snapshot
The company reaffirmed prior guidance, expecting about $1 billion of additional invested capital deployment by mid-2026 and a Q2 2026 exit quarterly AFFO run rate of $0.78–$0.80 per share.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 6, 2026, Millrose Properties, Inc. (the "Company") issued a press release announcing its results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed 'filed' for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act.
Item 7.01 Regulation FD Disclosure.
On May 6, 2026, the Company posted the First Quarter 2026 Earnings Presentation (the "Presentation") to the "Investor Relations" section of its website at www.millroseproperties.com. A copy of the Presentation is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.
The information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed "filed" for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.
The Company announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, and on the Company's investor relations website (https://ir.millroseproperties.com) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Description of Exhibit |
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99.1 |
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Press Release issued May 6, 2026 |
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99.2 |
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First Quarter 2026 Earnings Presentation |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MILLROSE PROPERTIES, INC. |
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Date: May 6, 2026 |
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By: |
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/s/ Garett Rosenblum |
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Name: |
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Garett Rosenblum |
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Title: |
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Chief Financial Officer and Treasurer |
Exhibit 99.1
Millrose Properties Reports First Quarter 2026 Financial Results
First Quarter Net Income of $0.74 Per Share and AFFO of $0.76 Per Share
Expanded Counterparty Base to 17 Homebuilders, Including Addition of a Top-10 National Builder and Redeployed $989 Million in Land Acquisitions and Development Funding Across the Portfolio
Total Homesites Under Option Contracts and Other Related Assets of $9.5 Billion with Zero Option Terminations Since Inception; Invested Capital Outside of the Lennar Master Program Agreement Reached $2.7 Billion, Reflecting $365 Million of Growth Versus the Prior Quarter
Converted Credit Facility to Fully Unsecured Structure and Added $500 Million Delayed Draw Term Loan Commitment, Expanding Total Capacity to over $1.8 Billion
Generated $726 Million in Net Cash Proceeds from Homesite Sales with Zero Option Terminations
MIAMI – May 6, 2026 – Millrose Properties, Inc. (NYSE: MRP, “Millrose” or the “Company”), the homesite option platform for residential homebuilders, today announced its financial results for the first quarter ended March 31, 2026.
“We began 2026 with solid first quarter results, reflecting consistent execution of our strategy,” said Darren Richman, Chief Executive Officer and President of Millrose. “Across the homebuilding industry, builders are navigating competing priorities — sustaining community count growth while exercising balance sheet discipline in a margin-compressed environment. As builders seek to preserve margins while sustaining growth, demand for capital-light lot access is increasing, and our platform is positioned at the center of that structural shift.”
Mr. Richman continued, “As margins compress across the industry, the carrying cost of land on the balance sheet weighs more heavily on builder returns — yet the multi-year nature of land investment means those commitments cannot be deferred without sacrificing future growth. That is the precise tension our platform is designed to resolve. During the quarter, we expanded our counterparty base to 17 homebuilders, including the addition of a top-10 national builder, and strengthened our capital foundation by converting to a fully unsecured credit facility — positioning Millrose to meet that growing demand at scale.”
Financial Highlights
Millrose produces recurring cash flow through contractual monthly cash options payments with continuous capital redeployment of homesite sale proceeds.
For the first quarter of 2026, Millrose reported:
1
Total portfolio weighted average annualized yield was 9.2% as of March 31, 2026, consistent with the prior quarter despite a decline in the base rate, SOFR. This stability reflects growth in homesite investments outside the Lennar Master Program Agreement, with option rate spreads remaining constant over the base rate.
First quarter results reflect a shorter calendar period of 90 days versus 92 days in the fourth quarter. This created a modest mechanical reduction in option fee income with no impact on the earnings trajectory of the business.
Dividend
On March 23, 2026, Millrose declared a quarterly dividend of $126.2 million, or $0.76 per share of Class A and Class B common stock. The dividend was paid on April 15, 2026, to shareholders of record as of April 3, 2026.
Portfolio Highlights
Guidance
The Company is reaffirming its previously issued guidance from its fourth quarter and full year 2025 earnings call. First quarter results and pipeline activity remain consistent with these expectations. The Company expects to deploy approximately $1 billion of additional invested capital by mid-2026 using existing debt capacity, targeting a second quarter exit quarterly AFFO run rate of $0.78–$0.80 per share. 1 Based on current pipeline depth, total net new capital deployment of up to $2 billion is expected for full year 2026 – implying approximately 10% year-over-year AFFO per share growth.
Liquidity & Capitalization Update
2
Millrose maintains a conservative balance sheet and strong liquidity position to support continued growth.
As of March 31, 2026, the Company reported total assets of $9.6 billion and total liquidity of $1.5 billion, including cash and availability under its revolving credit facility.
Total debt was $2.4 billion, with a debt-to-capitalization ratio of approximately 29%. The Company remains committed to maintaining a conservative leverage profile, with a maximum debt-to-capitalization target of 33%. The Company’s capital structure includes a $1.835 billion unsecured credit facility, including a $500 million delayed-draw term loan commitment.
During the quarter, Millrose converted its credit facility from a secured to an unsecured structure and added a new $500 million delayed draw term loan commitment, expanding total capacity to $1.835 billion and providing additional liquidity and flexibility to support continued capital deployment.
Conference Call and Webcast Information
Millrose will host a conference call today, May 6 at 10:00 AM Eastern Time to discuss its first quarter results, recent developments, and outlook. The call webcast, as well as relevant earnings materials, will be available through the investor relations section of the Company’s website: ir.millroseproperties.com. A replay of the conference call will be available shortly after the broadcast.
About Millrose Properties, Inc.
Millrose is the premier homesite option platform for residential homebuilders, specializing in the acquisition and horizontal development of land to provide a predictable, just-in-time supply of finished homesites – the most scarce and mission-critical resource in homebuilding. Unlike traditional land bankers, Millrose uses a proprietary technology platform that provides real-time data analytics to drive acquisition decisions, with every transaction subject to rigorous independent due diligence. By enabling an asset-light model, Millrose provides its diverse roster of homebuilder partners with the strategic flexibility to maintain production volumes and optimize balance sheet efficiency across all market environments.
The Company is unable to provide a reconciliation to the most directly comparable GAAP measure without unreasonable efforts due to the inherent difficulty in forecasting the timing of items that have not yet occurred, as well as quantifying certain amounts that are necessary for such reconciliation.
Forward-Looking Statements
Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about Millrose’s plans, strategies and objectives, future earnings, expected transactions and guidance, as well as statements about Millrose’s business (including MPH Parent, LLC (“MPH Parent”), Millrose Properties Holdings, LLC (“Millrose Holdings”), Millrose Properties SPE LLC and any of the other Millrose subsidiaries), and Millrose’s future plans, strategies and objectives. You can generally identify forward-looking statements by our use of forward-looking terminology such as “may”, “can”, “shall”, “will”, “expect”, “intend”, “anticipate”, “estimate”,
3
“believe”, “continue” or other similar words or the negatives thereof intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. Specific forward-looking statements in this release include statements regarding: Millrose’s plans and objectives for future operations, including plans and objectives relating to the future growth of our business and our homesite option platform; the availability of capital at any given time to finance the various endeavors, projects and acquisitions that are expected or planned for Millrose, as well as the availability of capital that needs to be reserved for specified uses (whether contractually or by law); expectations about the quality and value of our homesites and the existence of any liabilities attached to the homesites, and the adequacy of the protection, including our counterparties’ indemnification of Millrose in connection with the land assets acquired under the counterparty agreements; expectations and assumptions regarding our ongoing relationships with counterparties, including expectations that counterparties will fully perform their obligations under existing agreements, and timely exercise their purchase option; our expected business, operations and financial position; expectations and assumptions regarding our industry, the real estate markets or the economy, including statements regarding the competitive landscape; the possibility of providing our homesite option platform and continuing our expansion to new counterparties, and the nature of any such future arrangements; any expected use, development or sale of land assets that we have acquired or may acquire in the future; expectations and assumptions around our relationship with our external manager, Kennedy Lewis Land and Residential Advisors LLC, an affiliate and wholly-owned subsidiary of Kennedy Lewis Investment Management LLC; our status as a real estate investment trust (“REIT”) and MPH Parent’s, RCH Holdings, Inc.’s, and Millrose Holdings’ status as taxable REIT subsidiaries; expectations around ownership limits of our common stock; expectations and assumptions around our source of revenues, expected income, ability to secure financing or incur and repay indebtedness, and ability to comply with restrictions contained in our debt covenants; and other forward-looking statements, are all based on currently known or available information, which may not be indicative of future results (particularly as we are a recently formed company and have had limited historical operations as a standalone company), as well as assumptions and expectations that involve numerous risks and uncertainties. All forward-looking statements included in this release are qualified in their entirety by, and should be read in the context of, the risk factors and other factors disclosed in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov.
Non-GAAP Financial Measures
Invested Capital is a non-GAAP financial measure that represents the balance on which monthly cash option fees are paid by counterparties. Invested Capital includes certain components of our consolidated financial statements related to (i) homesites under option contracts, (ii) development loans receivable, and (iii) liabilities. The most directly comparable GAAP financial measure is homesites under option contracts as presented in the Company’s consolidated balance sheets. Management uses Invested Capital as a measure of the capital deployed and believes that the figure is useful to investors because it serves as the basis for generating option fees and other related income. This non-GAAP measure is presented solely to permit investors to more fully understand how our management assesses underlying performance and is not, and should not be viewed as, a substitute for GAAP measures, and should be viewed in conjunction with our GAAP financial measures.
4
AFFO means the Adjusted Funds From Operations, which are calculated as the net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate depreciation, adjusted to eliminate the impact of non-recurring items that are not reflective of ongoing operations and certain non-cash items that reduce or increase net income (loss) in accordance with GAAP, and also adjusted for income tax expense (other than income tax expenses of our TRSs) that will not be incurred following our election and qualification to be subject to tax as a REIT for U.S. federal income tax purposes.
Millrose Properties, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except share amounts)
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March 31, |
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December 31, |
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2026 |
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2025 |
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Assets |
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Homesites under option contracts |
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$ |
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9,177,273 |
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$ |
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8,872,695 |
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Development loan receivables, net |
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323,229 |
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328,999 |
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Cash |
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49,276 |
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35,046 |
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Other assets |
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20,271 |
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21,367 |
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Total assets |
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9,570,049 |
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9,258,107 |
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Liabilities and stockholders' equity |
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Builder deposits |
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960,294 |
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927,004 |
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Debt obligations, net |
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2,417,184 |
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2,112,062 |
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Development guarantee holdback liability |
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100,000 |
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100,000 |
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Deferred tax liabilities |
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81,957 |
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77,333 |
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Other liabilities |
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156,985 |
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185,446 |
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Total liabilities |
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3,716,420 |
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3,401,845 |
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Commitments and contingencies (See Note 9) |
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Stockholders' equity |
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Preferred stock, $0.01 par value, 50,000,000 shares authorized, 0 shares issued at March 31, 2026 |
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— |
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— |
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Class A common stock, $0.01 par value, 275,000,000 shares authorized, 154,183,686 shares issued at March 31, 2026 |
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1,542 |
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1,542 |
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Class B common stock, $0.01 par value, 175,000,000 shares authorized, 11,819,811 shares issued at March 31, 2026 |
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118 |
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118 |
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Additional paid-in capital |
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5,873,733 |
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5,873,087 |
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Distribution in excess of net income |
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(21,764 |
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(18,485 |
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Total stockholders' equity |
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5,853,629 |
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5,856,262 |
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Total liabilities and stockholders' equity |
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$ |
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9,570,049 |
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$ |
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9,258,107 |
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5
Millrose Properties, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except share amounts)
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Three months ended March 31, |
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2026 |
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2025 |
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Revenues: |
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Option fee revenues |
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$ |
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185,300 |
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$ |
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80,081 |
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Development loan income |
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9,629 |
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2,617 |
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Total revenues |
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194,929 |
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82,698 |
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Operating expenses: |
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Management Fee expense |
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28,153 |
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12,104 |
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Stock-based compensation expense |
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692 |
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— |
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Provision for credit loss expense |
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— |
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— |
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Sales, general, and administrative expenses from pre-spin periods |
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— |
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24,960 |
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Total operating expenses |
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28,845 |
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37,064 |
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Income from operations |
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166,084 |
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45,634 |
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Other income (expense): |
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Interest income |
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1,128 |
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1,088 |
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Interest expense |
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(39,212 |
) |
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(2,536 |
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Other expenses |
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(79 |
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— |
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Total other income (expense) |
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(38,163 |
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(1,448 |
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Net income before income taxes |
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127,921 |
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44,186 |
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Income tax expense |
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5,037 |
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4,380 |
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Net income |
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$ |
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122,884 |
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$ |
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39,806 |
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Adjustment for expenses from pre-spin periods |
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— |
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24,960 |
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Net income attributable to Millrose Properties, Inc. common stockholders |
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$ |
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122,884 |
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$ |
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64,766 |
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Basic earnings per share of Class A and Class B common stock |
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$ |
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0.74 |
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$ |
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0.39 |
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Diluted earnings per share of Class A and Class B common stock |
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$ |
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0.74 |
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$ |
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0.39 |
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Basic weighted average common shares of outstanding Class A and Class B common stock |
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166,003,497 |
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166,003,497 |
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Diluted weighted average common shares of outstanding Class A and Class B common stock |
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166,027,250 |
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166,003,497 |
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6
The table below reconciles GAAP reported homesites under option contracts to Invested Capital as of March 31, 2026 and summarizes Invested Capital activity for the three months ended March 31, 2026:
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Three Months Ended March 31, 2026 |
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(in thousands) |
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Master |
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Other |
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Total |
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Invested Capital Reconciliation of GAAP to Non-GAAP |
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GAAP reported homesites under option contracts as of March 31, 2026 |
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$ |
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6,392,353 |
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$ |
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2,784,920 |
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$ |
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9,177,273 |
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Add: Development loan receivables (gross) |
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— |
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324,233 |
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324,233 |
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Remove: Interest receivable on development loans |
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— |
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(5,373 |
) |
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(5,373 |
) |
Remove: Due from counterparties (1) |
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(35,931 |
) |
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(28,924 |
) |
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(64,855 |
) |
Remove: Net deferred tax assets and deferred tax liabilities from homesite inventories |
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(56,824 |
) |
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— |
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(56,824 |
) |
Remove: Earnest deposits from homesites under option contracts |
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7,560 |
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— |
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7,560 |
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Remove: Homesites under option contracts acquired through purchase money mortgages |
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(33,000 |
) |
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— |
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(33,000 |
) |
Add: Development holdback liability |
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(100,000 |
) |
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— |
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(100,000 |
) |
Add: Builder deposit liabilities |
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(200,714 |
) |
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(342,028 |
) |
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(542,742 |
) |
Total Invested Capital as of March 31, 2026 |
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$ |
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5,973,444 |
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$ |
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2,732,828 |
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$ |
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8,706,272 |
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Invested Capital |
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Invested Capital as of December 31, 2025 (2) |
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$ |
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6,102,037 |
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$ |
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2,367,642 |
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$ |
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8,469,679 |
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Takedown Proceeds (3) |
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(652,915 |
) |
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(99,413 |
) |
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(752,328 |
) |
Land Acquisition and Development Funding (4) |
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524,322 |
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464,599 |
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988,921 |
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Invested Capital as of March 31, 2026 |
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$ |
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5,973,444 |
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$ |
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2,732,828 |
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$ |
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8,706,272 |
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(in millions) |
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Weighted Average Yield as of March 31, 2026 (5) |
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8.5 |
% |
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10.7 |
% |
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9.2 |
% |
Implied Quarterly Income Run Rate as of March 31, 2026 (6) |
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$ |
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127 |
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$ |
|
73 |
|
|
$ |
|
200 |
|
Weighted Average Remaining Life as of March 31, 2026 (7) |
|
|
3.5 years |
|
|
|
2.3 years |
|
|
|
3.2 years |
|
|||
Weighted Average Maturity as of March 31, 2026 (8) |
|
|
64 months |
|
|
|
38 months |
|
|
|
56 months |
|
|||
|
|
|
The table below is a reconciliation of GAAP net income to AFFO and GAAP earnings per share to AFFO earnings per share for the three months ended March 31, 2026 and 2025:
|
|
Three Months Ended |
|
|||||||
(in thousands, except share amounts) |
|
March 31, 2026 |
|
|
March 31, 2025 |
|
||||
Net income attributable to Millrose Properties, Inc. common stockholders |
|
$ |
|
122,884 |
|
|
$ |
|
64,766 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||
Add: Amortization of deferred financing and issuance costs (1) |
|
|
|
2,342 |
|
|
|
|
157 |
|
Add: Stock-based compensation expense (2) |
|
|
|
692 |
|
|
|
|
— |
|
Total adjustments |
|
|
|
3,034 |
|
|
|
|
157 |
|
AFFO attributable to Millrose Properties, Inc. common stockholders |
|
$ |
|
125,918 |
|
|
$ |
|
64,923 |
|
AFFO basic earnings per share of Class A and Class B common stock |
|
$ |
|
0.76 |
|
|
$ |
|
0.39 |
|
AFFO diluted earnings per share of Class A and Class B common stock |
|
$ |
|
0.76 |
|
|
$ |
|
0.39 |
|
|
|
|
|
|
|
|
|
|
||
Reconciliation of GAAP earnings per share to AFFO per share |
|
|
|
|
|
|
|
|
||
GAAP reported basic and diluted earnings per share of Class A and Class B common stock |
|
$ |
|
0.74 |
|
|
$ |
|
0.39 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||
Add: Amortization of deferred financing and issuance costs (1) |
|
|
|
0.01 |
|
|
|
|
0.00 |
|
Add: Stock-based compensation (2) |
|
|
|
0.01 |
|
|
|
|
— |
|
AFFO basic and diluted earnings per share of Class A and Class B common stock |
|
$ |
|
0.76 |
|
|
$ |
|
0.39 |
|
|
|
|
|
|
|
|
|
|
||
Basic weighted average common shares outstanding of Class A and Class B common stock |
|
|
|
166,003,497 |
|
|
|
|
166,003,497 |
|
Diluted weighted average common shares outstanding of Class A and Class B common stock |
|
|
|
166,027,250 |
|
|
|
|
166,003,497 |
|
Media
Ben Spicehandler / Stephen Pettibone
FGS Global
MillroseProperties@fgsglobal.com
|
|
|
First Quarter 2026 Earnings Presentation Exhibit 99.2
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. (“Millrose,” “we,” “our,” “us,” “MRP,” or the “Company”) contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1934, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about Millrose’s plans, strategies and objectives, as well as statements about Millrose’s business (including MPH Parent, LLC (“MPH Parent”), Millrose Properties Holdings, LLC (“Millrose Holdings”), Millrose Properties SPE LLC and any of the other Millrose subsidiaries), and Millrose’s future plans, strategies and objectives. You can generally identify forward-looking statements by our use of forward-looking terminology such as “may”, “can”, “shall”, “will”, “expect”, “intend”, “anticipate”, “estimate”, “believe”, “continue” or other similar words or the negatives thereof intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. Specific forward-looking statements in this Presentation include statements regarding: Millrose’s plans and objectives for future operations, including plans and objectives relating to the future growth of our business and our homesite option platform; the availability of capital at any given time to finance the various endeavors, projects and acquisitions that are expected or planned for Millrose, as well as the availability of capital that needs to be reserved for specified uses (whether contractually or by law); expectations about the quality and value of our homesites and the existence of any liabilities attached to the homesites, and the adequacy of the protection, including our counterparties’ indemnification of Millrose in connection with the land assets acquired under the counterparty agreements; expectations and assumptions regarding our ongoing relationships with counterparties, including expectations that counterparties will fully perform their obligations under existing agreements, and timely exercise their purchase option; our expected business, operations and financial position; expectations and assumptions regarding our industry, the real estate markets or the economy, including statements regarding the competitive landscape; the possibility of providing our homesite option platform and continuing our expansion to new counterparties, and the nature of any such future arrangements; any expected use, development or sale of land assets that we have acquired or may acquire in the future; expectations and assumptions around our relationship with our external manager, Kennedy Lewis Land and Residential Advisors LLC, an affiliate and wholly-owned subsidiary of Kennedy Lewis Investment Management LLC; our status as a real estate investment trust (“REIT”) and MPH Parent’s, RCH Holdings, Inc.’s, and Millrose Holdings’ status as taxable REIT subsidiaries (“TRSs”); expectations around ownership limits of our common stock; expectations and assumptions around our source of revenues, expected income, ability to secure financing or incur and repay indebtedness, and ability to comply with restrictions contained in our debt covenants; and other forward-looking statements, are all based on currently known or available information, which may not be indicative of future results (particularly as we are a recently formed company and have had limited historical operations as a standalone company), as well as assumptions and expectations that involve numerous risks and uncertainties. All forward-looking statements included in this Presentation are qualified in their entirety by, and should be read in the context of, the risk factors and other factors disclosed in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov. Assumptions relating to these statements involve judgments with respect to, among other things, future macroeconomic, competitive and market conditions, future land values, future business decisions, future environmental conditions and relationships with our counterparties, all of which are difficult or impossible to accurately predict and many of which are beyond our control. All forward-looking statements included herein are based on information available to us as of the date hereof and speak only as of such date. The forward-looking statements contained in this Presentation reflect our views as of the date of this Presentation about future events and are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause our actual results, performance, or achievements to differ significantly from those expressed or implied in any forward-looking statement. Although we believe the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate, and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by Millrose or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.
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 data and estimates. Independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable. Although the Company believes that these third-party sources are reliable, it does not guarantee the accuracy or completeness of this information, and the Company has not independently verified this information. The Company’s internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which the Company operates and management's understanding of industry conditions. Although the Company believes that such information is reliable, it has not had this information verified by any independent sources. In addition, the information contained in this Presentation is as of the date hereof (except where otherwise indicated), and the Company has no obligation to update such information, including in the event that such information becomes inaccurate or if estimates change. Subsequent materials may be provided by or on behalf of the Company in its discretion and such information may supplement, modify or supersede the information in these materials. Neither the Company, nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage howsoever arising from any use of these materials or their contents or otherwise arising in connection with these materials. Basis of Presentation The financial information presented herein (i) for the periods prior to the February 7, 2025 spin-off from Lennar (the “Spin-Off”) is that of the business assets that were spun off to Millrose (the “Predecessor Millrose Business”) and is derived from the consolidated financial statements and accounting records of Lennar, and (ii) for the periods after the February 7, 2025 Spin-Off is that of Millrose and its subsidiaries. Millrose was formed on March 19, 2024 and has operated as an independent company since the Spin-Off on February 7, 2025. The Predecessor Millrose Business financial statements reflect the expenses directly attributable to the Predecessor Millrose Business, and, land inventory assets and liabilities included in the Spin-Off, at Lennar’s historical basis. The financial statements of the Predecessor Millrose Business may not be indicative of Millrose’s future performance as an independent, publicly traded company following the Spin-Off and do not necessarily reflect what the financial position, results of operations, and cash flows would have been had Millrose operated as a separate, publicly traded company during the periods presented. The financial information of the Predecessor Millrose Business prior to the Spin-Off also presents a combination of entities under common control that have been “carved out” from Lennar’s consolidated financial statements. Historically, financial statements of the Predecessor Millrose Business have not been prepared as it was not operated separately from Lennar. This financial information reflects the expenses of the Predecessor Millrose Business and includes certain assets and liabilities that have been included in the Spin-Off, which have been reflected at Lennar’s historical basis. Non-GAAP Measures This Presentation contains both financial measures prepared and presented in accordance with generally accepted accounting principles (“GAAP”) and non-GAAP financial measures, such as Invested Capital and Adjusted Funds from Operations (“AFFO”), which are measurements of financial performance that are not prepared and presented in accordance with GAAP. Accordingly, these measures should not be considered as substitutes for data prepared and presented in accordance with GAAP. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures. Although we use or have used these non-GAAP financial measures to assess the performance of our business and for the other purposes, the use of these non-GAAP financial measures as an analytical tool has limitations, and you should not consider them in isolation, or as a substitute for analysis of our results of operations as reported in accordance with GAAP. In addition, because not all companies use identical calculations, the non-GAAP financial measures included in this Presentation may not be comparable to similarly titled measures disclosed by other companies, including our peers or other companies in our industry. Please see “Appendix” within the Presentation for reconciliation of the non-GAAP financial measures included in this Presentation to our most directly comparable financial measure calculated and presented in accordance with GAAP.
First Quarter 2026 Results Financial Portfolio Liquidity & Capitalization Net income of $122.9M, or $0.74 per share Increase of 0.5%, or $0.6M, compared to prior quarter Adjusted Funds From Operations (AFFO)1 of $125.9M, or $0.76 per share Quarterly dividend of $126.2M, or $0.76 per share Q1 earnings and dividend include the impact of a seasonally lower day count in the quarter Funded $1.0B for land acquisition and development and received net takedown proceeds of $0.7B, of which Millrose received $0.6B2 in takedown proceeds under Lennar MPA Increased invested capital outside of Lennar MPA by $365M resulting in $2.7B4 with a weighted average yield of 10.7%3 as of March 31, 2026 Total assets of $9.6B and net investment balance of $8.7B4 (net of non-option earning deposits & other reductions) as of March 31, 2026 As of March 31, 2026: Total liquidity of $1.5B comprised of cash on hand and revolving credit facility capacity Amended and restated credit agreement adding a new $500M term loan commitment to expand floating rate unsecured debt capacity under the facility to $1.835B $425M outstanding on revolving credit facility 1. Non-GAAP metric; please reference reconciliation table in the Appendix. Defined as Adjusted Funds From Operations, which are calculated as the net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate depreciation, adjusted to eliminate the impact of non-recurring items that are not reflective of ongoing operations and certain non-cash items that reduce or increase net income (loss) in accordance with GAAP, and also adjusted for income tax expense (other than income tax expenses of our TRSs) that will not be incurred following our election and qualification to be subject to tax as a REIT for U.S. federal income tax purposes. 2. GAAP reported gross takedowns included in Homesites under option contracts less associated deposit liability on the Company’s balance sheet 3. Based on average of option rate and/or loan interest rate weighted by investment balance, assumes three-month term SOFR rate as of 12/29/2025 4. Represents Invested Capital, which is a non-GAAP metric. Please reference reconciliation table in the Appendix.
First Quarter 2026 Financial Overview March 31, 2026 Option Fee Revenues $185.3m Development Loan Income $9.6m Management Fee Expense ($28.2m) Stock-Based Compensation Expense ($0.7m) Income From Operations $166.1m Interest Income $1.1m Interest Expense ($39.2m) Other Expenses ($0.1m) Income Tax Expense ($5.0m) Net Income Per Share $122.9m $0.74 Adjusted Funds From Operations (AFFO)1 Per Share $125.9m $0.76 Dividend Per Share $126.2m $0.76 $194.9M revenue from Option Fees and Development Loan Income $28.2M Management Fee Expense, equal to 1.25% of gross tangible assets Q1 GAAP net income of $122.9M, and AFFO1 of $125.9M, or $0.76 per share 1. Non-GAAP metric; please reference reconciliation table in the Appendix. Defined as Adjusted Funds From Operations, which are calculated as the net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate depreciation, adjusted to eliminate the impact of non-recurring items that are not reflective of ongoing operations and certain non-cash items that reduce or increase net income (loss) in accordance with GAAP, and also adjusted for income tax expense (other than income tax expenses of our TRSs) that will not be incurred following our election and qualification to be subject to tax as a REIT for U.S. federal income tax purposes. 2. Represents annualized AFFO divided by quarter-end shareholder’s equity of $5.9 billion. Represents 8.7% AFFO yield on equity2 (annualized basis)
Book Value Per Share Roll-Forward Quarterly dividend of $126.2M, or $0.76 per share Annualized dividend yield increased ~30bps compared to prior quarter MRP intends to distribute AFFO1 back to shareholders in the form of dividends $35.28 +$0.74 -$0.76 $35.26 Represents 8.7% dividend yield on equity2 1. Non-GAAP metric; please reference reconciliation table in the Appendix. Defined as Adjusted Funds From Operations, which are calculated as the net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate depreciation, adjusted to eliminate the impact of non-recurring items that are not reflective of ongoing operations and certain non-cash items that reduce or increase net income (loss) in accordance with GAAP, and also adjusted for income tax expense (other than income tax expenses of our TRSs) that will not be incurred following our election and qualification to be subject to tax as a REIT for U.S. federal income tax purposes. 2. Represents annualized dividend divided by the average shareholder’s equity for the current and prior quarter. Net Income per share
7 Millrose is currently capitalized with $2.0B Senior Notes and $0.4B outstanding on unsecured revolver, on $9.6B of total assets Ample liquidity of ~$1.5B revolving credit facility capacity and cash Conservative leverage profile of 29% Debt to Capitalization CAPITALIZATION Significant asset base and extensive liquidity with a flexible capital structure as of 3/31 ($B) Note: Data as of March 31, 2026 1. Liquidity as of 12/31/2025 includes $35M in cash and $1.3B remaining revolving credit facility capacity. 2. Liquidity as of 3/31/2026 includes $49M in cash and $1.4B remaining revolving credit facility capacity, including new term loan commitment. 3. Calculated as total debt divided by total debt and equity. As of 3/31 2 Conservative Leverage Profile Total Assets Corporate Debt Total Liquidity2 Debt to Capitalization3 $2.4B 29% $9.6B $1.5B As of 12/31 1
1. GAAP reported gross takedowns included in Homesites under option contracts on the Company’s balance sheet. 2. GAAP reported gross takedowns included in Homesites under option contracts less associated deposit liability on the Company’s balance sheet 3. Capital deployed includes new deals as well as development funding. Continuous Capital Redeployment Strategy in Action Millrose received $761M1 in total takedown proceeds ($726M2 net of deposit) for the quarter ended March 31, 2026. These proceeds, coupled with an additional $315M drawdown on the revolving credit facility, have been redeployed into new acquisitions with Lennar and other customers Majority of takedown proceeds from Lennar were redeployed into new Lennar opportunities Acquisition Financing (Revolving Credit Facility Draw) Proceeds from Takedowns 3 3
Invested Capital by Customer Category – Q1 2026 Key Portfolio Metrics In millions Lennar Master Program Agreement Other Agreements Total Invested Capital as of 12/31/20251,4 $6,102 $2,368 $8,470 Takedown Proceeds2 ($653) ($99) ($752) Land Acquisition and Development Funding3 $524 $465 $989 Invested Capital as of 3/31/20264 $5,973 $2,733 $8,706 Wtd. Avg Yield as of 3/31/20265 8.5% 10.7% 9.2% Implied Quarterly Income Run Rate as of 3/31/20266 $127 $73 $200 Wtd. Avg Remaining Life as of 3/31/20267 3.5 years 2.3 Years 3.2 Years Wtd. Avg Maturity as of 3/31/20268 64 Months 38 Months 56 Months Strong demand for the platform, resulting in $1.0B in land acquisition and development funding in Q1 Outside of the Lennar Master Program Agreement, Invested Capital increased $365M to $2,733M compared to prior quarter Implied Quarterly Income Run Rate increased $4M, despite reduction in day count compared to prior quarter 1. Homesite inventory less non-option earning deposits, net deferred tax liability and other holdbacks. 2. Reduction in investment balance from homesite sales pursuant to the option agreements associated with the applicable category shown; takedowns are net of deposit credits adjusted for non-option earning deposits. 3. Land acquisition shown net of deposits received. 4. Non-GAAP metric, please reference reconciliation table in the Appendix. Totals may not foot due to rounding. 5. Based on average of option rate and/or loan interest rate weighted by investment balance, assumes three-month term SOFR rate as of 12/29/2025. 6. Calculated by taking Invested Capital balance at end of period multiplied by weighted average yield as of quarter end, adjusted for number of days in Q1 2026. 7. Calculated by taking weighted average life per each community weighted by investment balance 8. Calculated by taking months until the final scheduled homesite sale per each community weighted by investment balance.
Impact of Base Rates on Asset Yields Weighted Average Yield Credit Facility Interest Rate Outside of the Lennar Master Program Agreement, weighted average yield moved in correlation to the ~30bps decline in base rate (SOFR) since the prior quarter; option rate spread over base rate remained constant. Base rate impact on option yields is largely offset by reduced interest rate on MRP debt 1 1. Rate reflects the effective interest rate on the credit facility based on the applicable SOFR base rate on the first day of the quarter.
Invested Capital Growth Continued diversification outside of Lennar Master Program Agreement evidenced by $2.7bn growth in Invested Capital1 with 17 distinct counterparties by March 31, 2026 Net Funding In millions 1. Non-GAAP metric; please reference reconciliation table in Appendix. 2. Invested capital outside of Lennar Master Program Agreement. 3. Total counterparties includes Lennar. 2 3
143,347 Current Homesites1 904 Total Properties2 30 Total States ~$9.5B Total Land Assets3 ~$5.9B Shareholders Equity 9.2% Weighted Average Yield ~$16.2B Takedown Proceeds 29% Debt to Capitalization4 ~$1.5B Liquidity5 1. Total homesites as of 3/31/2026 excluding homesites associated with investments in development loans. 2. Communities owned as of 3/31/2026, including communities associated with future purchases and excluding homesites associated with investments in development loans. 3. Homesites under option contracts and other related assets as of 3/31/2026 on consolidated balance sheet 4. Calculated as total debt divided by total debt and equity. 5. Liquidity as of 3/31/2026 includes $49M in cash and $1.5B remaining revolving credit facility capacity. PLATFORM SNAPSHOT (as of 3/31/2026) Millrose at a Glance State Homesites Takedown Proceeds ($B) % of Total Proceeds 1 California 13,074 $ 3.4 21.0 % 2 Texas 38,936 2.9 18.1 3 Florida 20,624 1.9 12.0 4 South Carolina 9,140 1.0 6.1 5 North Carolina 5,388 0.8 4.9 6 Oklahoma 10,148 0.7 4.2 7 Colorado 3,920 0.6 3.7 8 Maryland 4,526 0.6 3.5 9 Virginia 3,515 0.5 3.2 10 Arizona 4,277 0.5 3.1 Top 10 Subtotal 113,548 $ 12.9 79.8 % Remaining 29,799 3.3 20.2 % Total 143,347 $ 16.2 100.0 % TOP 10 STATES BY ESTIMATED TAKEDOWN PROCEEDS
New Home Inventory is Beginning to Recalibrate as Builders Exhibit Production Discipline Single family housing starts have moderated Builders are adjusting to market conditions with units under construction falling Source: Census Bureau, Evercore ISI Research In thousands In thousands Source: US Census Bureau, US Department of Housing and Urban Development, retrieved from FRED, Federal Reserve Bank of St. Louis.
Affordability Improvement Source: John Burns Research and Consulting, LLC (Data: Published Jan 2026) Calculated monthly mortgage payment is Principal & Interest only, and assumes a 20% down payment on 30-year conventional mortgage Monthly New Median Home Price and Monthly Median Household Income from JBREC Monthly Principal and Interest calculated by Millrose
Public Builders Maintain Historically High Margins Despite cyclical headwinds, builders have continued to maintain homesite takedowns and flex margins rather than seek option terminations Large Public Homebuilders Average Gross Margins DHI, KBH, LEN, MTH, NVR, PHM, TMHC, TOL Builders Tracked: DHI, KBH, LEN, MTH, NVR, PHM, TMHC, TOL Sources: Bloomberg; public homebuilder public filings; John Burns Research and Consulting, LLC (Data: Builders’ most recent quarter, Pub: April 2026)
Structural Tailwinds Remain within Housing Industry Total Housing Inventory (New Plus Existing) remains historically low Homebuilder Gross & Net Leverage at record lows LT Avg. Source: Census Bureau, NAR, Evercore ISI Research (in thousands) In thousands Source: Company Data, Evercore ISI; Includes: CAA, DHI, KBH, LEN, LGIH, MDC, MHO, MTH, NVR, PHM, TMHC, TOL, TPH Forecast 18% 8%
Appendix
Consolidated Balance Sheet
Consolidated Statements of Operations
Adjusted Funds From Operations - Reconciliation 1. Reflected in interest expense in the consolidated statements of operations. See Note 8. Debt Obligations in the consolidated financial statements included in Millrose’s Form 10-Q for the year ended December 31, 2025 (the “Form 10-Q”). 2. RSUs granted to each member of the Board under the Millrose Properties, Inc. 2024 Omnibus Incentive Plan. See Note 12. Stock-Based Compensation Expense in the condensed consolidated financial statements included in Millrose’s Form 10-Q.
Asset Cross-Termination Pooling 1. Number of Homesites exclude investments associated with development loans 2. Homesites under option contracts and gross development loans receivables, less deposits, deferred tax liability, interest receivable on development loans, homesites under option contracts acquired through purchase money mortgages, and other holdbacks on post-spin acquired assets. 3. Calculated as total amount of invested capital within a pool.
Asset List – By State 1. Communities owned as of March 31, 2026, including communities associated with future purchases; and excluding homesites associated with investments in development loans. 2. Or prospective Homesites if fully entitled, as applicable 3. Excludes properties, homesites, and takedown prices for investments associated with development loans
Invested Capital Reconciliation – Q1 2026 1. Includes option fees received from counterparties in the subsequent month. 2. Includes (a) homesite under option contracts contributed by Lennar at Spin-Off and acquired from Rausch, less option earning deposits and other holdbacks, and (b) takedown, land acquisition and development funding activity through December 31, 2025. 3. Reduction in investment balance for the three months ended March 31, 2026 from (a) homesite takedowns pursuant to option agreements, net of deposit credits adjusted for non-option earning deposits, and (b) repayment of development loans. 4. Includes acquisitions of homesites under option contracts, net of option earnings deposits, and development loan funding for the three months ended March 31, 2026. 5. Based on average option rate and/or loan interest rate weighted by investment balance, assumes SOFR rate as of December 29, 2025. 6. Calculated by multiplying Invested Capital balance at end of period by weighted average yield as of March 31, 2026, adjusted for the number of days in the first quarter 2026. 7. Calculated by taking weighted average life per each community weighted by investment balance. 8. Calculated by taking months until the final scheduled homesite sale per each community weighted by investment balance.
Invested Capital Reconciliation – Q4 2025 1. Includes (a) homesite inventory contributed by Lennar at Spin-Off and acquired from Rausch, less option earning deposits and other holdbacks, and (b) takedown and land acquisition and development funding activity for the year ended December 31, 2025 2. Reduction in investment balance for the year ended December 31, 2025 from (a) homesite takedowns pursuant to option agreements, net of deposit credits adjusted for non-option earning deposits, and (b) repayment of development loans 3. Includes acquisitions of homesites under option contracts, net of option earnings deposits, and development loan funding for the year ended December 31, 2025 4. Based on average option rate and/or loan interest rate weighted by investment balance, assumes SOFR rate as of September 26, 2025 5. Calculated by multiplying Invested Capital balance at end of period by weighted average yield as of quarter end, adjusted for the number of days in the quarter. In millions 6. Calculated by taking weighted average life per each community weighted by investment balance 7. Calculated by taking months until the final scheduled homesite sale per each community weighted by investment balance. Three Months Ended December 31, 2025 (in thousands) Master Program Agreement Other 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 Add: Development loan receivables (gross) — 330,004 330,004 Remove: Interest receivable on development loans — (6,696 ) (6,696 ) Remove: Option fee receivables from homesites under option contracts (44,511 ) (16,801 ) (61,312 ) Remove: Net deferred tax assets and deferred tax liabilities from homesite inventories (56,824 ) — (56,824 ) Remove: Earnest deposits from homesites under option contracts 7,560 — 7,560 Remove: Homesites under option contracts acquired through purchase money mortgages (33,000 ) — (33,000 ) Add: Development holdback liability (100,000 ) — (100,000 ) Add: Builder deposit liabilities (201,948 ) (280,800 ) (482,748 ) Total Invested Capital as of December 31, 2025 $ 6,102,037 $ 2,367,642 $ 8,469,679 Invested Capital Invested Capital as of September 30, 2025 (1) $ 6,335,854 $ 1,817,555 $ 8,153,409 Takedown Proceeds (2) (884,734 ) (139,280 ) (1,024,014 ) Land Acquisition and Development Funding (3) 650,917 689,367 1,340,284 Invested Capital as of December 31, 2025 $ 6,102,037 $ 2,367,642 $ 8,469,679 (in millions) Weighted Average Yield as of December 31, 2025 (4) 8.5 % 11.0 % 9.2 % Implied Quarterly Income Run Rate as of December 31, 2025 (5) $ 131 $ 65 $ 196 Weighted Average Remaining Life as of December 31, 2025 (6) 3.3 Years 2.0 Years 3.0 Years Weighted Average Maturity as of December 31, 2025 (7) 64 Months $ 35 Months $ 57 Months
Invested Capital Reconciliation – Q3 2025 1. Includes (a) Homesite inventory contributed by Lennar at Spin-Off and acquired from Rausch, less option earning deposits and other holdbacks, and (b) takedown and land acquisition and development funding activity during the first and second quarters of 2025. 2. Reduction in investment balance during the third quarter of 2025 from homesite sales pursuant to option agreements associated with the applicable category shown; takedowns are net of deposit credits adjusted for non-option earning deposits. 3. Includes land acquisitions during the third quarter 2025, net of option earning deposits. 4. Based on average option rate and/or loan interest rate weighted by investment balance, assumes SOFR rate as of June 26, 2025. 5. Calculated by taking Invested Capital balance at end of period multiplied by weighted average yield as of quarter end, adjusted for the number of days in the quarter. In Millions.
Invested Capital Reconciliation – Q2 2025 1. Includes (a) Homesite inventory contributed by Lennar at Spin-Off and acquired from Rausch, less option earning deposits and other holdbacks, and (b) takedown and land acquisition and development funding activity during the first quarter 2025. 2. Reduction in investment balance from homesite sales pursuant to the option agreements associated with the applicable category shown; takedowns are net of deposit credits adjusted for non-option earning deposits. 3. Includes land acquisitions during the second quarter 2025, net of option earning deposits. 4. Based on average option rate and/or loan interest rate weighted by investment balance, assumes SOFR rate as of March 27, 2025. 5. Calculated by taking invested capital balance at end of period multiplied by weighted average yield as of quarter end, adjusted for number of days in Q2.
Invested Capital Reconciliation – Q1 2025 1. Includes Homesite inventory contributed by Lennar at Spin-Off and acquired from Rausch, less option earning deposits and other holdbacks 2. Reduction in investment balance from homesite sales pursuant to option agreements associated with the applicable category shown 3. Includes land acquisition after February 10, 2025, net of option earning deposits 4. Based on average option rate and/or loan interest rate weighted by investment balance, assumes SOFR rate as of March 31, 2025