---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-247786"
form_type: "8-K"
ticker: "MRP"
cik: "0002017206"
company_name: "Millrose Properties, Inc."
filed_at: "2025-10-23T23:59:59+00:00"
generated_at: "2026-05-17T02:35:16.448720+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Millrose Q3 AFFO $0.74/sh; raises FY guidance; completes $2B notes offering

## Summary
- Net income $105.1M ($0.63/share); AFFO $122.5M ($0.74/share); revenue $179.3M.
- Received $766M net proceeds from Lennar homesite sales; redeployed $858M; portfolio yield 9.1%.
- Raised year-end AFFO run-rate guidance to $0.74-$0.76/sh; increased 2025 Other Agreements funding target to $2.2B.
- Completed $2.0B senior notes (6.375% due 2030 & 6.25% due 2032), repaid $1B term loan; liquidity $1.6B.
- Declared $0.73/sh quarterly dividend, paid Oct 15; targets 100% AFFO payout.

## SEC filing metadata
- accession: 0001193125-25-247786
- form_type: 8-K
- ticker: MRP
- cik: 0002017206
- company_name: Millrose Properties, Inc.
- filed_at: 2025-10-23T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2017206/000119312525247786/0001193125-25-247786-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2017206/000119312525247786/ck0002017206-20251023.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-247786
- JSON: https://secwatch.observer/filing/0001193125-25-247786.json
- Plain text: https://secwatch.observer/filing/0001193125-25-247786.txt

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