MRP · Millrose Properties, Inc.
$30.52
+0.58 (+1.94%)
At close · Aug 19
View the 10-K filed Mar 2, 2026
Customer concentration
— top customer 88% of revenue
One customer — 88% of revenue (the year ended December 31, 2025)
“For the year ended December 31, 2025, the Company derived from Lennar approximately 84% of the Company's total revenues and 88% of the Company's total option fee revenues.”
One customer — 85% of revenue (the year ended December 31, 2025)
“Revenues earned under the Master Program Agreement with Lennar represented 85% of the Company's total option fee revenues.”
One customer — 84% of revenue (the year ended December 31, 2025)
“For the year ended December 31, 2025, the Company derived from Lennar approximately 84% of the Company's total revenues and 88% of the Company's total option fee revenues.”
Market Cap
$5.01B
Shares
166.05M
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$30.52
Open$30.23
Day$30.17–30.71
52W close$26.60–35.50
Avg vol 30d1.1M
Short int7.0M · 4.2% float · 6.3d
Short vol58%
Last earningsAug 4, 2026
DataFeb 2025–Aug 2026
Filing10-Q · Aug 4
Up next
Next earnings call
Oct 30, 2026
Est · unconfirmed
· in 10 wks
FQ3-26 quarter ends
~Sep 30, 2026
Est
filed Aug 4, 2026
AI Brief
TL;DR.
Bullish
Bearish
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Ask ALVIS about this →Equibles Rating
blended score · not investment adviceOverall
Buy
SellHoldBuy
Technical
Buy
Momentum
Strong
Sentiment
Very Bullish
Fundamentals
Excellent
Quant / Vol
Moderate
Market backdrop
VIX 14.9 · calm
Equity put/call 0.52
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
+3%
above
Price vs 50-day avg
+5%
above
RSI (14)
63
neutral
MACD trend
Positive
52-week position
44%
mid-range
Volume (OBV)
Confirms
volume backs price
Momentum
relative strength
1-month return
+7%
trailing
6-month return
−2%
trailing
YTD return
+2%
this year
Relative strength
−13%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $29 › 200d $30 — 200d above 50d
Institutional flow
Accumulating
+7% holders QoQ · +98 funds added
Insider flow
Accumulating
Net +$115.6K over 90 days · 0% sells
Short interest
Falling
4.23% of float · ▼ -11.3% MoM · 6.3 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
522 holders — near 1-yr high, broad support
Squeeze score
57
elevated · 0–100
Fundamentals
Valuation
P/E 10.5
below peers
Balance sheet
$22.0M
net cash
Quant / Vol
risk profile
Volatility
27%
annualized · 1-yr
Max drawdown
−25%
past year
ATR
2.0%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Latest guidance
· from the 8-K filed May 6, 2026
by mid-2026
Additional invested capital deployment
$1B
full year 2026
Total net new capital deployment
$0 – $2B
Year-over-year AFFO per share growth
Non-GAAP
10%
Prior guidance
period ended
· from the 8-K filed May 6, 2026
Second quarter exit quarterly AFFO run rate
· second quarter
$0.78 – $0.80
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Buy
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
+3%
Bullish
Price vs 50-day avg
+5%
Bullish
RSI (14)
63
Neutral
MACD trend
Positive
Bullish
52-week position
44%
Neutral
Volume (OBV)
Confirms
Neutral
Market signals — smart money & positioning
Bullish · 4 of 6
Trend (MA cross)
No cross
50d $29 › 200d $30 — 200d above 50d
Institutional flow
Accumulating
+7% holders QoQ · +98 funds added
Insider flow
Accumulating
Net +$115.6K over 90 days · 0% sells
Short interest
Falling
4.23% of float · ▼ -11.3% MoM · 6.3 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
522 holders — near 1-yr high, broad support
Price context
position in its 52-week range
Range low $27
Now $31 · 44%
Range high $36
vs 200-day avg +3%
vs 50-day avg +5%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Acquisition Financing (Revolving Credit Facility Draw) | $60M | Q2 2026 | — |
| Adjusted Funds From Operations (AFFO) non-GAAP | $127.6M | Q2 2026 | — |
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| Adjusted Funds From Operations (AFFO) per share non-GAAP | $0.77 | Q2 2026 | — |
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| AFFO attributable to Millrose Properties, Inc. common stockholders non-GAAP | $253.48M | six months ended June 30, 2026 | — |
| AFFO basic earnings per share of Class A and Class B common stock non-GAAP | $1.53 | six months ended June 30, 2026 | — |
| AFFO yield on equity non-GAAP | 8.7% | Q2 2026 | — |
| Capital redeployed with Lennar | $566M | Q2 2026 | — |
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| Debt-to-capitalization ratio | 30% | Q2 2026 | — |
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| Dividend yield on equity | 8.8% | Q2 2026 | — |
| Implied Quarterly Income Run Rate as of June 30, 2026 (6) non-GAAP | $204M | June 30, 2026 | — |
| Increase in Invested Capital outside of Lennar MPA | 117M | Q2 2026 | — |
| Invested Capital as of March 31, 2026 (2) non-GAAP | $8.71B | March 31, 2026 | — |
| Invested Capital growth since inception (outside Lennar MPA) non-GAAP | 2.8B | Q2 2026 | — |
| Invested Capital net of realized homesite sales (Other Agreements) non-GAAP | $2.8B | Q2 2026 | — |
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| Invested Capital Outside of the Lennar Master Program Agreement non-GAAP | $2.8B | Q2 2026 | — |
| Invested Capital Outside of the Lennar Master Program Agreement growth versus prior quarter non-GAAP | $117M | Q2 2026 | — |
| Land acquisition and development funding | 1.1B | Q2 2026 | — |
| Land Acquisition and Development Funding (4) non-GAAP | $1.12B | three months ended June 30, 2026 | — |
| Land Acquisition and Development Funding - Lennar Master Program Agreement | 566M | Q2 2026 | — |
| Land Acquisition and Development Funding - Other Agreements | 555M | Q2 2026 | — |
| Land Acquisition and Development Funding - Total | 1.12B | Q2 2026 | — |
| Lennar weighted average yield | 8.5% | Q2 2026 | — |
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| Management Fee Expense | 29.9M | Q2 2026 | — |
| Net Cash Proceeds from Homesite Sales | $1B | Q2 2026 | — |
| Net Takdown Proceeds - Lennar Master Program Agreement | -590M | Q2 2026 | — |
| Net Takdown Proceeds - Other Agreements | -438M | Q2 2026 | — |
| Net Takdown Proceeds - Total | -1.03B | Q2 2026 | — |
| Net takedown proceeds | 1B | Q2 2026 | — |
| Other Agreements funded | $555M | Q2 2026 | — |
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| Other Agreements weighted average yield | 10.6% | Q2 2026 | — |
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| Outstanding on revolving credit facility | 485M | Q2 2026 | — |
| Quarterly AFFO Run Rate per share non-GAAP | $0.8 | Q2 2026 | — |
| Quarterly dividend | 127.9M | Q2 2026 | — |
| Takedown Proceeds (3) non-GAAP | -$1.03B | three months ended June 30, 2026 | — |
| Total Communities | 877 | Q2 2026 | — |
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| Total counterparties (including Lennar) | 19 | Q2 2026 | — |
| Total debt | $2.5B | Q2 2026 | — |
| Total Homesites | 143,771 | Q2 2026 | — |
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| Total Homesites Under Option Contracts and Other Related Assets | $9.7B | Q2 2026 | — |
| Total Homesites Under Option Contracts and Other Related Assets (Other Agreements) | $3.2B | Q2 2026 | — |
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| Total Invested Capital as of 3/31/2026 non-GAAP | 8.71B | Q1 2026 | — |
| Total Invested Capital as of 6/30/2026 non-GAAP | 8.8B | Q2 2026 | — |
| Total Invested Capital as of June 30, 2026 non-GAAP | $8.8B | June 30, 2026 | — |
| Total Land Assets | 9.7B | Q2 2026 | — |
| Total liquidity | $1.4B | Q2 2026 | — |
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| Total portfolio weighted average annualized yield | 9.2% | Q2 2026 | — |
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| Total Properties | 877 | Q2 2026 | — |
| Total States | 30 | Q2 2026 | — |
| Weighted Average Maturity as of June 30, 2026 (8) non-GAAP | 55 | June 30, 2026 | — |
| Weighted Average Remaining Life as of June 30, 2026 (7) non-GAAP | 3.3 | June 30, 2026 | — |
| Weighted average yield (Invested Capital outside Lennar MPA) | 10.6% | Q2 2026 | — |
| Weighted Average Yield as of June 30, 2026 (5) non-GAAP | 9.2% | June 30, 2026 | — |
| Counterparties | 17 | Q1 FY2026 | — |
| Lennar homesites under option contracts | $6.4B | Q1 FY2026 | — |
| Lennar Invested Capital balance | $6B | Q1 FY2026 | — |
| Capital deployed with non-Lennar counterparties | $689M | Fourth Quarter 2025 | — |
| Capital recycled into new land acquisitions and development funding (Lennar) | $2.9B | Full Year 2025 | — |
| Homesites delivered to builders | 31,000 | Full Year 2025 | — |
| Increase in Invested Capital versus Q3 (non-Lennar) | $550M | Fourth Quarter 2025 | — |
| Invested Capital - Lennar Master Program Agreement | $6.1B | Full Year 2025 | — |
| Net takedown proceeds from Lennar | $851M | Fourth Quarter 2025 | — |
| Year-end quarterly AFFO run rate non-GAAP | $0.77 | Full Year 2025 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Residential — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
MRP
this stock
Millrose Properties, Inc.
|
$5.01B | +2.2% | — | 10.5 | 4.2% |
|
AVB
Avalonbay Communities Inc
|
$26.28B | +1.5% | +4.4% | 25.2 | 2.6% |
|
VMRK
Vivmark Residential
|
$24.01B | +2.1% | +4.8% | 27.7 | 2.8% |
|
ESS
Essex Property Trust, Inc.
|
$18.39B | +9.8% | +6.4% | 44.6 | 3.5% |
|
INVH
Invitation Homes Inc.
|
$17.84B | +8.7% | +4.2% | 27.7 | 2.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Smart Money
Financials
Filings
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| MRP | +2.6% | +6.7% | -1.9% | +9.1% | +2.2% |
| SPY | -0.4% | +2.9% | +11.6% | +3.0% | +12.8% |
| vs SPY | +3.0% | +3.8% | -13.5% | +6.1% | -10.6% |
Capital returns
Latest dividend
$0.77
/ share · ex Jul 6, 2026
Paid (TTM)
$3.01
/ share · 4 payouts
Dividend yield (TTM, derived)
9.86%
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
Key facts
CIK
2017206
CUSIP
601137102
13F (30d)
464 filings
454 filers
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