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. filed Amendment No. 1 to Form S-4 for Lennar’s exchange offer of up to 33,298,764 shares of Millrose Class A common stock owned by Lennar, to be exchanged for outstanding shares of Lennar Class A common stock. The offer is designed to value Lennar shares at 100% of their three-day VWAP and Millrose shares at 94%, targeting roughly a 6% discount on Millrose shares, subject to an upper limit of 4.1367 Millrose shares per Lennar share.
The exchange offer and withdrawal rights expire at 12:00 midnight, New York City time, on November 7, 2025, unless extended or terminated. If oversubscribed, Lennar will accept tenders on a pro rata basis. Fractional Millrose shares will not be issued; cash in lieu will be distributed from aggregated sales. No offer is made to holders of Lennar Class B shares.
The final exchange ratio will be announced by 9:00 a.m., New York City time, on the trading day before expiration, based on the simple average of daily VWAPs over November 3–5, 2025 if the timeline holds. An indicative ratio using October 7–9, 2025 VWAPs would have been 3.9481. Due to an SEC operational shutdown, Lennar may extend or withdraw the offer if effectiveness is delayed, with an announcement by 11:59 p.m. on October 31, 2025. Millrose intends to qualify as a REIT beginning with its taxable year ending December 31, 2025.
Millrose Properties (MRP) reported its first post–spin-off quarter with solid profitability. Q3 revenue was $179.3 million, driven mainly by option fee revenue of $170.3 million and $8.9 million of development loan income. Net income was $105.1 million, or $0.63 per diluted share. For the nine months ended September 30, 2025, revenue totaled $411.0 million and net income was $257.6 million, or $1.70 per diluted share.
Following the February 2025 spin-off from Lennar, the company scaled its platform, ending Q3 with inventories of $8.36 billion, cash of $242.6 million, and builder deposits of $874.3 million. Millrose financed growth with two unsecured offerings: $1.25 billion 6.375% notes due 2030 and $750 million 6.250% notes due 2032, and repaid its DDTL facility. Interest expense was $43.7 million in Q3, including $11.9 million of accelerated issuance cost amortization. Revenue is concentrated with Lennar, representing 84% of Q3 option fee revenue. Shares outstanding as of October 23, 2025 were 154,183,686 Class A and 11,819,811 Class B.
Millrose Properties, Inc. (MRP) furnished an 8-K announcing quarterly results and investor materials. The company issued a press release with results for the quarter ended September 30, 2025 and posted its Q3 2025 earnings presentation. Both items are furnished as Exhibits 99.1 and 99.2 and are not deemed “filed.” The materials are also available on the investor relations website.
Millrose Properties, Inc. completed a spin-off from Lennar and began trading on the NYSE as MRP, receiving approximately $5.5B of land assets (about 87,000 homesites) and approximately $1.0B of cash (including a $585M deposit liability). Millrose is externally managed under a Management Agreement with KL to operate a land‑banking platform that purchases, develops and sells finished homesites to home builders under pre-negotiated option contracts and takedown schedules. The company used $1.096B of cash for spin-off and early financing activity, funded in part by Revolving Facility drawdowns of $950M and DDTL drawdowns of $1.0B. Material governance and commercial features include Lennar remaining a primary customer, founder protections and an Effective Equity Price Protection Right that can require stock dividends if certain future issuances exceed $500M. The charter limits certain financing without Lennar approval and stockholder voting provisions concentrate control.
Millrose Properties, Inc. filed a current report to disclose that it issued a press release with its preliminary unaudited financial results for the three and nine months ended September 30, 2025. The company notes that these figures are based on currently available information and do not include all details needed for a full understanding of its financial condition or operating results for that period. The press release is provided as Exhibit 99.1 and is furnished, not filed, meaning it is not subject to certain liability provisions and is not automatically incorporated into Securities Act registration statements.
Brave Warrior Advisors, LLC reports beneficial ownership of 5,375,592 shares of Millrose Properties, Inc. Class A common stock, representing 3.5% of the class. The filing is an amendment to a Schedule 13G and confirms that Brave Warrior holds the shares with sole voting and dispositive power and states the securities were acquired and are held in the ordinary course of business. The filing also affirms the position is not intended to change or influence control of the issuer and that no group affiliation or parent/ subsidiary acquisition is reported.
Millrose Properties, Inc. declared a quarterly cash dividend of $0.73 per share on its Class A and Class B common stock. The dividend will be paid on October 15, 2025 to shareholders of record as of the close of business on October 3, 2025. The company also furnished a press release about this upcoming dividend as an exhibit to the report.
Millrose Properties, Inc. declared a quarterly cash dividend of $0.73 per share on its Class A and Class B common stock. The dividend will be paid on October 15, 2025 to shareholders of record as of the close of business on October 3, 2025. The company also furnished a press release about this upcoming dividend as an exhibit to the report.
Millrose Properties, Inc. filed an update stating that it plans to offer up to $500,000,000 aggregate principal amount of senior notes due 2032. These notes are being marketed in a private placement, subject to market conditions, rather than through a public SEC-registered offering.
The notes and related guarantee will be offered in the U.S. only to qualified institutional buyers under Rule 144A and outside the U.S. to certain non-U.S. investors under Regulation S. The company emphasizes that the notes will not be registered under the Securities Act and cannot be sold in the United States without an applicable exemption. The filing also includes customary forward-looking statement language and attaches a press release as an exhibit.
Millrose Properties, Inc. filed an update stating that it plans to offer up to $500,000,000 aggregate principal amount of senior notes due 2032. These notes are being marketed in a private placement, subject to market conditions, rather than through a public SEC-registered offering.
The notes and related guarantee will be offered in the U.S. only to qualified institutional buyers under Rule 144A and outside the U.S. to certain non-U.S. investors under Regulation S. The company emphasizes that the notes will not be registered under the Securities Act and cannot be sold in the United States without an applicable exemption. The filing also includes customary forward-looking statement language and attaches a press release as an exhibit.
Greenhaven Associates, Inc. filed an amended Schedule 13G reporting beneficial ownership of 4,603,873 shares of Millrose Properties, Inc. (Class A Common Stock), representing 2.99% of the class. Greenhaven reports sole voting/dispositive power over 1,138,816 shares and shared voting/dispositive power over 3,465,057 shares. The filing states Greenhaven is an investment adviser with investment discretion and that most shares are owned by its clients who retain dividend and sale proceeds rights. The filing certifies the holdings are in the ordinary course of business and not intended to influence control.
Millrose Properties completed an offering of $1.25 billion aggregate principal amount of 6.375% Senior Notes due 2030, sold on August 7, 2025 to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S. The Notes were issued under an indenture with Citibank, N.A. as trustee and are fully and unconditionally guaranteed on a senior unsecured basis by Millrose Properties SPE LLC.
The Notes are general senior unsecured obligations that rank pari passu with existing and future senior indebtedness, are effectively subordinated to secured debt to the extent of collateral value, and are structurally subordinated to liabilities of non‑guarantor subsidiaries. Interest accrues at 6.375% per annum, payable semi‑annually on February 15 and August 15 beginning February 15, 2026, and the Notes mature on August 1, 2030. Redemption mechanics include make‑whole provisions, limited pre‑August 1, 2027 equity‑proceeds redemptions at 106.375%, and a change‑of‑control repurchase at 101%. The Indenture is attached as Exhibit 4.1.