Millrose Properties Inc. reported Q4 2025 net income of USD 122.2 million, or USD 0.74 per share, on revenue of USD 179.0 million from option fees and development loan income. Adjusted funds from operations (AFFO) were USD 125.6 million, or USD 0.76 per share, and the company paid a Q4 dividend of USD 124.5 million, or USD 0.75 per share. For FY 2025, net income attributable to common stockholders was USD 404.8 million (USD 2.44 per share), while AFFO was USD 427.9 million (USD 2.58 per share). Millrose said it funded USD 5.5 billion for land acquisition and development in 2025 and generated USD 3.4 billion of net takedown proceeds, delivering 31,575 homesites. As of Dec. 31, 2025, Millrose reported total assets of USD 9.3 billion, total liquidity of USD 1.3 billion, and debt-to-capitalization of 26%. The company ended the year with invested capital of USD 8.5 billion, including USD 2.4 billion outside the Lennar Master Program Agreement at an 11.0% weighted average yield, and noted it raised USD 2.0 billion of unsecured debt via USD 1.25 billion 6.375% senior notes due 2030 and USD 750 million 6.25% senior notes due 2032. Millrose also stated it intends to distribute 100% of AFFO back to shareholders in the form of dividends.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Millrose Properties Inc. published the original content used to generate this news brief on February 26, 2026, and is solely responsible for the information contained therein.