Millrose Properties, Inc.

MRP 10-Q · Q1 2026
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MRP Q1 2026 request

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Income Statement

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Income Statement
Metric Q1 2026 Q1 2025 YoY
Option Fee Revenues 185,300 80,081 +131.4%
Development Loan Income 9,629 2,617 +267.9%
Revenue 194,929 82,698 +135.7%
Show Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations breakouts
Lennar 140.3 — —
Management Fee Expense 28,153 12,104 +132.6%
Show Related Party Transactions By Related Party breakouts
Kennedy Lewis Land and Residential Advisors LLC 28.2 12.1 +133.1%
Stock Based Compensation Expense 692 — —
Operating Expenses 28,845 37,064 -22.2%
Operating Income 166,084 45,634 +263.9%
Interest Income 1,128 1,088 +3.7%
Interest Expense -39,212 -2,536 -1446.2%
Other Non-Operating Income (Expense) -79 — —
Non-Operating Income (Expense) -38,163 -1,448 -2535.6%
Income Before Taxes 127,921 44,186 +189.5%
Income Tax Expense (Benefit) 5,037 4,380 +15.0%
Net Income 122,884 39,806 +208.7%
Show Equity Components breakouts
Distribution in Excess of Net Income 122,884 64,766 +89.7%
Net Income Loss Available To Common Stockholders Basic 122,884 64,766 +89.7%
EPS (Basic) 0.74 0.39 +89.7%
Show Statement Class Of Stock breakouts
Class A and Class B Common Stock 0.74 0.39 +89.7%
EPS (Diluted) 0.74 0.39 +89.7%
Show Statement Class Of Stock breakouts
Class A and Class B Common Stock 0.74 0.39 +89.7%
Wtd Avg Shares (Basic) 166,003,497 166,003,497 0.0%
Show Equity Components breakouts
Common Stock 166,003,497 — —
Show Statement Class Of Stock breakouts
Class A and Class B Common Stock 166,003,497 166,003,497 0.0%
Wtd Avg Shares (Diluted) 166,027,250 166,003,497 0.0%
Show Statement Class Of Stock breakouts
Class A and Class B Common Stock 166,027,250 166,003,497 0.0%
Other Expenses 0.1 — —
Interest Expense (Q) — — —
Show Credit Facility breakouts
Revolving Credit Facility 5.2 — —
Show Long-Term Debt Type breakouts
Senior Notes 31.6 — —

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 49,276 — —
Non-Current Assets
Total Assets 9,570,049 7,152,356 +33.8%
Other Assets
Homesites Under Option Contracts 9,177,273 — —
Show Counterparty Name breakouts
Homesites [Member] 9,177,273 — —
Development Loan Receivables Net 323,229 — —
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Loans Receivable 323,229 — —
Other Assets 20,271 16,703 +21.4%
Non-Current Liabilities
Deferred Tax Liabilities 81,957 56,890 +44.1%
Total Liabilities 3,716,420 1,276,505 +191.1%
Other Liabilities
Builder Deposits Liability 960,294 684,594 +40.3%
Debt Longterm And Shortterm Combined Amount 2,417,184 — —
Development Guarantee Holdback Liability 100,000 — —
Other Liabilities 156,985 85,021 +84.6%
Stockholders' Equity
Common Stock (Q) — — —
Show Statement Class Of Stock breakouts
Common Class A 1,542 1,542 0.0%
Common Class B 118 118 0.0%
Additional Paid-In Capital 5,873,733 5,872,506 0.0%
Distribution In Excess Of Net Income -21,764 — —
Total Stockholders' Equity 5,853,629 5,875,851 -0.4%
Show Equity Components breakouts
Additional Paid In Capital 5,873,733 5,872,506 0.0%
Common Stock · Common Class A 1,542 1,542 0.0%
Common Stock · Common Class B 118 118 0.0%
Distribution in Excess of Net Income -21,764 1,685 -1391.6%
Total Liabilities & Equity 9,570,049 7,152,356 +33.8%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Net Income 122,884 39,806 +208.7%
Operating Interest Paid Reveived In Kind -9,629 -2,617 -267.9%
Stock-Based Compensation 692 — —
Amortization Of Financing Costs And Discounts 2,342 157 +1391.7%
Increase Decrease In Other Operating Assets 284 — —
Increase Decrease In Other Operating Liabilities -30,027 6,123 -590.4%
Increase Decrease In Deferred Liabilities 4,624 65 +7013.8%
Takedowns Of Homesites Under Option Contracts Net Of Builder Deposit Credits 706,131 645,239 +9.4%
Net Cash from Operations 797,301 713,733 +11.7%
Show Restatement breakouts
Revision Of Prior Period Error Correction Adjustment 692 — —
Deferred Income Taxes 4,624 65 +7013.8%
Investing Activities
Investments In Homesites Under Option Contracts Net Of Builder Deposits -977,419 -775,501 -26.0%
Investment Real Estate Development Loans -8,350 -250,185 +96.7%
Pay Downs Of Real Estate Development Loans 23,749 1,122 +2016.7%
Net Cash from Investing -962,020 -1,298,654 +25.9%
Show Restatement breakouts
Revision Of Prior Period Error Correction Adjustment -692 — —
Financing Activities
Financing And Issuance Cost Payments For Debt Obligations -11,548 -9,577 -20.6%
Proceeds From Long Term Lines Of Credit 350,000 450,000 -22.2%
Repayments Of Long Term Lines Of Credit -35,000 -100,000 +65.0%
Payments Of Dividends Common Stock -124,503 — —
Net Cash from Financing 178,949 674,444 -73.5%
Amortization of Financing Costs (Q) — — —
Show Long-Term Debt Type breakouts
Senior Notes 1.5 — —
Supplemental
Builder Deposits For Homesites Under Option Contract -69,463 -43,947 -58.1%
Dividend Equivalent Accrual Rights Accrued But Not Paid 46 — —
Dividends Declared But Not Paid 126,163 63,081 +100.0%
Interest Paid 66,322 571 +11515.1%
Other Cash Flow
Net Change in Cash 14,230 89,523 -84.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 49,276 89,523 -45.0%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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