Millrose Properties (MRP) Investor presentation summary

Business model and platform overview

• Operates a homesite delivery platform generating recurring income from ownership of entitled homesites contracted to leading homebuilders, with a focus on predictable, recurring option fee payments and capital recycling through pre-negotiated sale schedules.

• Provides a self-funding capital vehicle for just-in-time homesite funding, minimizing risk and enhancing creditworthiness through structural protections and operating principles.

• Maintains a strategic anchor relationship with Lennar and leverages deep sourcing and execution capabilities from its external manager, Kennedy Lewis.

• Platform supports homebuilders' transition to asset-light models, offering greater certainty, transparency, and competitive terms compared to traditional landbank platforms.

Financial performance and portfolio metrics

• As of 12/31/2025, managed 142,139 homesites across 933 communities in 30 states, with total land assets of ~$9.2B and shareholders' equity of ~$5.9B.

• Delivered 31,575 homesites in 2025, with $5.5B in net acquisition and development funding and $3.4B in net takedowns.

• Weighted average yield on non-MPA acquisitions reached 11.0% by year-end, with portfolio-wide yield increasing to 9.2%.

• AFFO yield on equity rose from 7.6% in Q1 to 8.5% in Q4, and the quarterly dividend increased 16% to $0.75.

Capital structure and leverage

• Ended 2025 with $2.1B in corporate debt, $1.3B in liquidity (including $35M cash and $1.3B revolver capacity), and a conservative 26% debt-to-capitalization ratio.

• Raised $2B in unsecured debt via $1.25B of 6.375% Senior Notes due 2030 and $750M of 6.25% Senior Notes due 2032.

• Credit ratings: Fitch (BBB-), S&P (BB), Moody's (Ba2), with a 27% total equity return since spin-off.

• Maintains lower leverage and stronger credit metrics compared to select public REIT peers.