secwatch.observer — SEC 8-K summary
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Issuer:     Millrose Properties, Inc. (MRP)
CIK:        0002017206
Form:       8-K
Filed at:   2026-02-26T23:59:59+00:00
Accession:  0001193125-26-073913
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/2017206/000119312526073913/0001193125-26-073913-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/2017206/000119312526073913/ck0002017206-20260226.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-073913

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