---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-119428"
form_type: "8-K"
ticker: "MRP"
cik: "0002017206"
company_name: "Millrose Properties, Inc."
filed_at: "2025-05-14T23:59:59+00:00"
generated_at: "2026-05-21T10:50:13.382329+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Millrose Q1 net income $64.8M ($0.39/sh); raises 2025 funding guidance to $1.5B

## Summary
- Net income $64.8M ($0.39/share) on $82.7M option fees; book value $35.40/share.
- Raised FY 2025 third-party funding guidance to $1.5B (from $1B); year-end quarterly EPS run-rate raised to $0.69-0.71.
- Declared inaugural stub dividend of $0.38/share (normalized quarterly $0.65); paid Apr 15.
- Deployed $351M with third-parties at 11.7% yield; portfolio yield 8.7% on ~111k homesites.
- Post-quarter: $700M commitment to acquire Landsea Homes homesites via New Home Co; close expected Q3 2025.

## SEC filing metadata
- accession: 0001193125-25-119428
- form_type: 8-K
- ticker: MRP
- cik: 0002017206
- company_name: Millrose Properties, Inc.
- filed_at: 2025-05-14T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2017206/000119312525119428/0001193125-25-119428-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2017206/000119312525119428/d920782d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-119428
- JSON: https://secwatch.observer/filing/0001193125-25-119428.json
- Plain text: https://secwatch.observer/filing/0001193125-25-119428.txt

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