---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-073913"
form_type: "8-K"
ticker: "MRP"
cik: "0002017206"
company_name: "Millrose Properties, Inc."
filed_at: "2026-02-26T23:59:59+00:00"
generated_at: "2026-05-15T23:51:38.109615+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Millrose Q4 AFFO $0.76; FY2025 net income $2.44/share; $2B deployment 2026

## Summary
- Q4 total revenues $189.5M, AFFO $0.76/share; full-year revenues $600.5M, AFFO $2.58/share.
- Invested capital outside Lennar reached $2.4B, surpassing $2.2B stretch target; zero option terminations across portfolio.
- Portfolio yield expanded 70bps to 9.2%; non-Lennar investments yield ~11.0%; 15 builder counterparties, 142k homesites.
- 2026 outlook: up to $2B net new capital deployment, targeting Q2 exit AFFO $0.78–$0.80/share, ~10% AFFO growth.
- Debt-to-capital 26% ($2.1B debt); $1.3B liquidity; no near-term maturities; $0.75/share dividend paid Jan 15, 2026.

## SEC filing metadata
- accession: 0001193125-26-073913
- form_type: 8-K
- ticker: MRP
- cik: 0002017206
- company_name: Millrose Properties, Inc.
- filed_at: 2026-02-26T23:59:59+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/2017206/000119312526073913/0001193125-26-073913-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2017206/000119312526073913/ck0002017206-20260226.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-073913
- JSON: https://secwatch.observer/filing/0001193125-26-073913.json
- Plain text: https://secwatch.observer/filing/0001193125-26-073913.txt

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