Oct 27, 8:15 AM ET
Millrose Properties reported third-quarter 2026 net income of $130 million, or $0.78 per share, up from $105 million, or $0.63 per share, a year earlier. The company raised its fourth-quarter 2026 AFFO outlook to $0.82 to $0.84 per share and authorized a new $250 million share repurchase program.
- Q3 2026 total revenues were $211 million, up from $179 million a year earlier.
- Q3 2026 AFFO was $133.5 million, or $0.80 per share, compared with $0.74 per share in Q3 2025.
- Fourth-quarter 2026 AFFO run rate outlook raised to $0.82 to $0.84 per share.
- Board authorized a $250 million share repurchase program on October 26, 2026; the company is not obligated to buy any specific number of shares.
Read the filing on SEC.gov ↗
Oct 6, 4:08 PM ET
Millrose Properties completed a $1.0 billion offering of senior notes in two equal tranches, $500.0 million due 2029 at 6.500% and $500.0 million due 2031 at 6.750%. The company takes on new long-term debt, and the 2031 notes must be redeemed at par if the Dream Finders Transaction with Beazer Homes is not completed by May 13, 2027.
- Two tranches of $500.0 million each: 6.500% senior notes due October 15, 2029 and 6.750% senior notes due October 15, 2031
- Interest is payable April 15 and October 15 each year, starting April 15, 2027
- 2031 notes must be redeemed at 100% of principal plus accrued interest if the Dream Finders and Beazer Homes merger is not completed by May 13, 2027 or is terminated
- Notes are unsecured and rank equally with existing senior debt, including the 6.375% notes due 2030 and 6.250% notes due 2032; the notes are effectively subordinated to secured debt
Read the filing on SEC.gov ↗
Sep 21, 4:48 PM ET
Millrose Properties entered a Commitment and Acceptance on September 21, 2026, adding Flagstar Bank, N.A. as a new lender under its Revolving Credit Facility and increasing the facility's commitments by $50 million to $1.385 billion through the accordion feature. The filing is a financing amendment to an existing credit agreement, and it does not state changes to pricing or other terms.
- Revolving Credit Facility commitments increased by $50 million to $1.385 billion
- Flagstar Bank, N.A. added as a new lender under the Revolving Credit Facility
- Commitment and Acceptance dated September 21, 2026, under Amended and Restated Credit Agreement dated March 25, 2026, as amended August 5, 2026
- JPMorgan Chase Bank, N.A. serves as administrative agent
Read the filing on SEC.gov ↗
Sep 1, 4:22 PM ET
Millrose Properties disclosed that on August 27, 2026 it amended its Founder's Rights Agreement with Lennar entities, changing the Priority Amount used for the Capital Priority Right and Lennar's secured financing collateral consent right. It also amended its Management Agreement with manager Kennedy Lewis Land and Residential Advisors, changing investment guidelines and the definition of Reimbursable Expenses. The filing does not give dollar amounts for either change, so the financial effect on shareholders cannot be measured from this document.
- FRA Amendment dated August 27, 2026 adjusts the Priority Amount for the Capital Priority Right and Lennar's secured financing collateral consent right.
- MA Amendment dated August 27, 2026 changes the scope of investment guidelines and the definition of Reimbursable Expenses.
- The original Founder's Rights Agreement and Management Agreement were both entered into on February 7, 2025.
- Full texts are filed as Exhibits 10.1 and 10.2.
Read the filing on SEC.gov ↗
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