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FY2025
12 months to Dec 31, 2025
|
|
|---|---|
| Cash flows from (used in) operating activities | |
| Net income (loss) | |
| Adjustments to reconcile net income (loss) to net cash from operating activities | |
| Provision for credit loss expense | |
| Sales, general, and administrative expenses from pre-spin periods | |
| Interest paid-in-kind | |
| Stock-based compensation expense | |
| Amortization of debt issuance and financing costs | |
| Changes in assets and liabilities | |
| Other assets | |
| Other liabilities | |
| Deferred tax liabilities | |
| Takedowns of homesites under option contracts, net of builder deposit credits | |
| Net cash flows from (used in) operating activities | |
| Cash flows from (used in) investing activities | |
| Option deposits from Lennar, Spin-Off | |
| Acquisition of Rausch land assets, net of builder deposits | |
| Investments in homesites under option contracts, net of builder deposits | |
| Other deposits | |
| Investments in development loans | |
| Paydowns of development loans | |
| Net cash used in investing activities | |
| Cash flows from (used in) financing activities | |
| Cash contribution from Lennar, Spin-Off | |
| Payments for Spin-Off deal costs | |
| Financing and issuance cost payments for debt obligations | |
| Proceeds from revolving credit facility and delayed draw term loan facility borrowings | |
| Repayments of revolving credit facility and delayed draw term loan facility borrowings | |
| Proceeds from senior notes | |
| Dividends paid to stockholders | |
| Payment of seller notes | |
| Cash flows from (used in) financing activities | |
| Net increase in cash | |
| Cash at beginning of period | |
| Cash at end of period | |
| Supplemental disclosures of non-cash investing and financing activities | |
| Non-cash impacts of Millrose Spin-Off | |
| Homesites under option contracts contributed by Lennar, net of option deposits | |
| Decrease in deferred tax liabilities | |
| Liabilities for transaction deal costs and seller notes | |
| Common stock issued, Spin-Off | |
| Non-cash increase in additional paid-in-capital, Spin-Off | |
| Reversal of pre-spin equity at Spin-Off | |
| Non-cash impacts of Rausch land acquisition | |
| Option deposits | |
| Development guarantee holdback liability | |
| Increase in deferred tax liabilities | |
| Builder deposits for investments in homesites under option contract | |
| Homesites under option contracts acquired through purchase money mortgages | |
| Purchase money mortgages | |
| Dividend accrual rights accrued but not paid | |
| Dividends declared but not paid | |
| Supplemental disclosure of cash flow information | |
| Cash paid for interest | |
| Cash paid for income taxes |
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