---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-100569"
form_type: "8-K"
ticker: "MRP"
cik: "0002017206"
company_name: "Millrose Properties, Inc."
filed_at: "2025-07-31T23:59:59+00:00"
generated_at: "2026-05-17T22:30:17.613779+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Millrose Properties Q2 net income $112.8M, AFFO $0.69/share; raises guidance

## Summary
- Net income $112.8M ($0.68 diluted EPS); AFFO $115M ($0.69/share).
- Generated $797M net cash proceeds from homesite sales, $768M from Lennar; redeployed $718M.
- Deployed $813M with third-party homebuilders at 11.2% yield; outside-Lennar portfolio $1.3B.
- Raised AFFO guidance to $0.70-$0.73/share quarterly run rate from prior levels.
- Closed $1B delayed draw term loan from Goldman Sachs and JPMorgan; debt $1.0B (15% debt-to-cap).

## SEC filing metadata
- accession: 0000950170-25-100569
- form_type: 8-K
- ticker: MRP
- cik: 0002017206
- company_name: Millrose Properties, Inc.
- filed_at: 2025-07-31T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2017206/000095017025100569/0000950170-25-100569-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2017206/000095017025100569/ck0002017206-20250731.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-100569
- JSON: https://secwatch.observer/filing/0000950170-25-100569.json
- Plain text: https://secwatch.observer/filing/0000950170-25-100569.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.