Millrose Properties, Inc.

MRP 10-Q · Q2 2026
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MRP Q2 2026 request

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Income Statement

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Income Statement
Metric Q2 2026 Q2 2025 YoY
Option Fee Revenues 195,400 141,084 +38.5%
Development Loan Income 1,453 7,918 -81.6%
Revenue 196,853 149,002 +32.1%
Show Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations breakouts
Lennar 141.5 — —
Management Fee Expense 29,909 21,960 +36.2%
Show Related Party Transactions By Related Party breakouts
Kennedy Lewis Land and Residential Advisors LLC 29.9 22 +35.9%
Stock Based Compensation Expense 217 181 +19.9%
Provision For Doubtful Accounts -907 — —
Operating Expenses 29,219 22,141 +32.0%
Operating Income 167,634 126,861 +32.1%
Interest Income 1,108 1,818 -39.1%
Interest Expense -40,014 -10,285 -289.1%
Other Non-Operating Income (Expense) -391 -866 +54.8%
Non-Operating Income (Expense) -39,297 -9,333 -321.1%
Income Before Taxes 128,337 117,528 +9.2%
Income Tax Expense (Benefit) 2,456 4,768 -48.5%
Net Income 125,881 112,760 +11.6%
Show Equity Components breakouts
Distribution in Excess of Net Income 125,881 112,760 +11.6%
Net Income Loss Available To Common Stockholders Basic 125,881 112,760 +11.6%
EPS (Basic) 0.76 0.68 +11.8%
Show Statement Class Of Stock breakouts
Class A and Class B Common Stock 0.76 0.68 +11.8%
EPS (Diluted) 0.76 0.68 +11.8%
Show Statement Class Of Stock breakouts
Class A and Class B Common Stock 0.76 0.68 +11.8%
Wtd Avg Shares (Basic) 166,046,951 166,003,497 0.0%
Show Statement Class Of Stock breakouts
Class A and Class B Common Stock 166,046,951 166,003,497 0.0%
Wtd Avg Shares (Diluted) 166,060,914 166,031,175 0.0%
Show Statement Class Of Stock breakouts
Class A and Class B Common Stock 166,060,914 166,031,175 0.0%
Other Expenses 0.4 0.8 -50.0%
Interest Expense (Q) — — —
Show Credit Facility breakouts
Revolving Credit Facility 5.6 — —
Show Long-Term Debt Type breakouts
Senior Notes 31.7 — —

Balance Sheet

Balance Sheet
Metric Q2 2026 Q2 2025 YoY
Current Assets
Cash & Cash Equivalents 34,171 — —
Non-Current Assets
Total Assets 9,707,302 7,973,646 +21.7%
Other Assets
Homesites Under Option Contracts 9,603,735 — —
Show Counterparty Name breakouts
Homesites [Member] 9,603,735 — —
Development Loan Receivables Net 49,812 — —
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Loans Receivable 49,812 — —
Other Assets 19,584 15,258 +28.4%
Non-Current Liabilities
Deferred Tax Liabilities 84,554 56,913 +48.6%
Total Liabilities 3,855,466 2,099,397 +83.6%
Other Liabilities
Builder Deposits Liability 999,761 799,562 +25.0%
Debt Longterm And Shortterm Combined Amount 2,478,732 — —
Development Guarantee Holdback Liability 100,000 — —
Other Liabilities 192,419 131,760 +46.0%
Stockholders' Equity
Common Stock (INSTANT) — — —
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 5,873,916 5,872,687 0.0%
Distribution In Excess Of Net Income -23,740 — —
Total Stockholders' Equity 5,851,836 5,874,249 -0.4%
Show Equity Components breakouts
Additional Paid In Capital 5,873,916 5,872,687 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 -23,740 -98 -24124.5%
Total Liabilities & Equity 9,707,302 7,973,646 +21.7%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2026 YTD Q2 2025 YoY
Operating Activities
Net Income 248,765 152,566 +63.1%
Operating Interest Paid Reveived In Kind -11,082 -5,657 -95.9%
Stock-Based Compensation 909 181 +402.2%
Amortization Of Financing Costs And Discounts 4,710 1,520 +209.9%
Increase Decrease In Other Operating Assets 152 -859 +117.7%
Increase Decrease In Other Operating Liabilities 3,796 4,217 -10.0%
Increase Decrease In Deferred Liabilities 7,221 89 +8013.5%
Takedowns Of Homesites Under Option Contracts Net Of Builder Deposit Credits 1,429,749 1,432,998 -0.2%
Net Cash from Operations 1,683,313 1,610,015 +4.6%
Show Restatement breakouts
Revision Of Prior Period Error Correction Adjustment 1.48 — —
Deferred Income Taxes 7,221 89 +8013.5%
Investing Activities
Investments In Homesites Under Option Contracts Net Of Builder Deposits -2,088,033 -2,252,385 +7.3%
Investment Real Estate Development Loans -19,566 -291,347 +93.3%
Pay Downs Of Real Estate Development Loans 310,742 5,194 +5882.7%
Net Cash from Investing -1,796,857 -2,812,628 +36.1%
Show Restatement breakouts
Revision Of Prior Period Error Correction Adjustment -1.48 — —
Financing Activities
Financing And Issuance Cost Payments For Debt Obligations -11,548 -23,935 +51.8%
Proceeds From Revolving Credit Facility And Delayed Draw Term Loan Facility Borrowings 615,000 1,950,000 -68.5%
Repayments Of Revolving Credit Facility And Delayed Draw Term Loan Facility Borrowings -240,000 -925,000 +74.1%
Payments Of Dividends Common Stock -250,665 -63,081 -297.4%
Dividend Accrual Rights Paid To Stockholders -118 — —
Net Cash from Financing 112,669 1,269,188 -91.1%
Amortization of Financing Costs (YTD) — — —
Show Long-Term Debt Type breakouts
Senior Notes 3.1 — —
Supplemental
Builder Deposits For Homesites Under Option Contract -146,231 -201,055 +27.3%
Stock Issued1 0 — —
Dividend Equivalent Accrual Rights Accrued But Not Paid 80 — —
Dividends Declared But Not Paid 127,857 114,542 +11.6%
Interest Paid 70,140 8,731 +703.3%
Other Cash Flow
Net Change in Cash -875 66,575 -101.3%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 34,171 66,575 -48.7%

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

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