Millrose Properties Inc
millroseproperties.comWhat Do They Do?
Buys and develops residential land and sells finished homesites to homebuilders; it also provides development loans secured by residential property.
10-K for FY2025, filed Mar 2, 2026
How Do They Make Money?
Homebuilders pay monthly option fees during contract terms and pay a pre-agreed amount when they acquire finished homesites; Millrose also earns monthly interest on outstanding development loans.
10-K for FY2025, filed Mar 2, 2026Separately, Millrose receives monthly option payments designed to provide a recurring, cash-consistent income revenue base, supporting our…View ↗
Once the land is developed and homesites are finished, our counterparties exercise their options to purchase the homesites. As and when…View ↗
The Company earns interest income on the outstanding loan balance of development loans secured by residential property. Development loan…View ↗
$600.5M
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10-K for FY2025, filed Mar 2, 2026
$600.5M ↗
Who Are Their Customers?
Millrose works directly with U.S.-based homebuilders and land-development companies; homebuilders acquire finished homesites under option agreements, and loan customers come through existing relationships and market outreach.
10-K for FY2025, filed Mar 2, 2026Our counterparties are U.S. based homebuilders and Land Development companies.View ↗
Pursuant to the option agreements, our counterparties have the right but not the obligation to purchase finished homesites at predetermined…View ↗
While our portfolio is mainly comprised of properties, we also, to a lesser extent, provide development loans which are secured by property…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 63 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Mar 2, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
$125.9MView ↗
- ▲ +12%
- vs $112.8M in Q2 FY2025
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Aug 4, 2026
Enters its first multifamily land-banking relationship
A new relationship with JPI expands the platform beyond single-family homesites.
Sources
8-K, filed Aug 4, 2026
Other Agreements: Millrose funded an additional $555 million under Other Agreements at a weighted average yield of 10.6%, bringing…View ↗
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