Every material Form 8-K Millrose Properties has filed with the SEC since June 26, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
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.
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
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
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.
On August 5, 2026, Millrose Properties entered into Amendment No. 1 to its Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent. The amendment reduces the interest rate on the loans by 0.25% per annum, which lowers the company's borrowing cost under the facility.
Amendment No. 1 amends the Amended and Restated Credit Agreement dated March 25, 2026.
The amendment reduces the rate at which the loans bear interest by 0.25% per annum.
JPMorgan Chase Bank, N.A. serves as administrative agent; the full amendment is filed as Exhibit 10.1.
Millrose Properties reported second-quarter 2026 net income of $125.9 million, or $0.76 per share, up from $112.8 million, or $0.68 per share, a year earlier. Total revenues rose to $196.9 million from $149.0 million, and AFFO was $0.77 per share, compared with $0.69 a year earlier. The filing does not include forward guidance, and interest expense rose sharply to $40.0 million from $10.3 million.
Q2 2026 net income attributable to common shareholders was $125.9 million, or $0.76 per share, versus $112.8 million, or $0.68 per share, in Q2 2025.
Q2 2026 AFFO was $127.6 million, or $0.77 per share, versus $115.0 million, or $0.69 per share, a year earlier.
Total revenues were $196.9 million, versus $149.0 million in Q2 2025; quarterly interest expense was $40.0 million, versus $10.3 million.
On June 23, 2026, the company declared a quarterly dividend of $127.9 million, or $0.77 per share, paid July 15, 2026.
Millrose Properties reported first quarter 2026 net income attributable to common shareholders of $122.9 million, or $0.74 per share, and AFFO of $125.9 million, or $0.76 per share, compared with $0.39 per share in the first quarter of 2025. The company reaffirmed its prior guidance, which targets a second quarter exit AFFO run rate of $0.78 to $0.80 per share and up to $2 billion of net new capital deployment for full year 2026.
Total revenues were $194.9 million, compared with $82.7 million in the first quarter of 2025.
Net income was $122.9 million, or $0.74 per share; AFFO was $125.9 million, or $0.76 per share.
Guidance reaffirmed: about $1 billion of additional invested capital by mid-2026 and an AFFO run rate of $0.78 to $0.80 per share in the second quarter.
Board declared a $0.76 per share dividend on March 23, 2026, paid April 15, 2026.
Millrose Properties entered an amended and restated credit agreement on March 25, 2026, with JPMorgan Chase Bank, N.A. as administrative agent. The unsecured facility combines a $1.335 billion four-year revolver with a $500 million delayed draw term loan, and it replaced the prior secured facility, whose liens were released. For shareholders, the filing shows added borrowing capacity, with borrowing costs tied to the company's leverage ratio and a lender default trigger tied to its external manager.
Facility includes a $1.335 billion four-year revolver and a $500 million delayed draw term loan usable in the first year, with an uncommitted accordion allowing up to $2.5 billion in total commitments.
Loans mature March 25, 2030, and bear interest at Adjusted Term SOFR plus 2.00% to 2.50%, depending on the leverage ratio.
The facility is unsecured; the liens securing the prior credit agreement were released, and proceeds will be used for general business purposes, including repaying prior loans.
An event of default can occur if Kennedy Lewis Land and Residential Advisors LLC stops being manager and no replacement reasonably acceptable to lenders is appointed within 90 days.
Millrose Properties reported fourth-quarter 2025 net income of $122.2 million, or $0.74 per share, and AFFO of $0.76 per share, with full-year 2025 net income of $379.9 million, or $2.44 per share. The company expects to deploy about $1 billion of additional invested capital by mid-2026, with up to $2 billion of total net new capital deployment for full-year 2026, which it says implies about 10% year-over-year AFFO per share growth.
Q4 2025 net income attributable to common shareholders was $122.2 million, or $0.74 per share; Q4 AFFO was $125.6 million, or $0.76 per share.
Full-year 2025 net income was $379.9 million, or $2.44 per share; full-year AFFO was $427.9 million, or $2.58 per share.
2026 outlook targets a second-quarter 2026 exit AFFO run rate of $0.78 to $0.80 per share and up to $2 billion of net new capital deployment for the full year.
Invested Capital outside the Lennar Master Program Agreement reached about $2.4 billion, above the $2.2 billion stretch target; the filing reports zero option terminations.
Millrose Properties reported third-quarter 2025 net income of $105.1 million, or $0.63 per share, on total revenues of $179.3 million, and raised its year-end AFFO quarterly run-rate guidance to $0.74 to $0.76 per share. The company also completed $2.0 billion of senior notes offerings and reported $1.6 billion in total liquidity, while noting that net income was reduced by non-recurring debt-related expenses.
Q3 2025 net income attributable to common shareholders was $105.1 million, or $0.63 per share, including non-recurring expenses tied to the accelerated payoff of a delayed draw term loan.
Adjusted Funds From Operations (AFFO) was $122.5 million, or $0.74 per share; total revenues were $179.3 million.
Year-end AFFO quarterly run-rate guidance was raised to $0.74 to $0.76 per share, and the full-year 2025 new transaction funding target under Other Agreements was increased to $2.2 billion.
Two senior notes offerings totaled $2.0 billion, including $1.25 billion of 6.375% notes due 2030 and $750 million of 6.25% notes due 2032.
Millrose Properties preliminarily estimated unaudited third-quarter 2025 results, reporting revenue of $179.3 million and net income of $105.1 million, or $0.63 per share, for the three months ended September 30, 2025. The estimates may change before the Form 10-Q is filed, and the full third-quarter results are scheduled for release before the market opens on October 23, 2025.
Preliminary three-month revenue of approximately $179.3 million; nine-month revenue of approximately $411.0 million
Preliminary three-month net income of approximately $105.1 million, or $0.63 per share, including $11.8 million of accelerated amortization tied to the delayed draw term loan payoff
Preliminary AFFO of approximately $122.5 million, or $0.74 per share, and book value of approximately $35.29 per share as of September 30, 2025
Full third-quarter results to be released before the market opens on October 23, 2025
Millrose Properties completed a $750 million offering of 6.250% Senior Notes due 2032 on September 11, 2025, and used part of the proceeds to repay in full and terminate its DDTL Credit Agreement with Goldman Sachs Bank USA as administrative agent. The new notes add long-term debt, and the indenture limits liens, certain sale and leaseback transactions, and certain mergers or asset sales.
Notes: $750 million aggregate principal, 6.250% annual interest, paid semi-annually from March 15, 2026, maturing September 15, 2032
DDTL Credit Agreement repaid in full and terminated on September 11, 2025, with related security interests released
Notes are senior unsecured and guaranteed by Millrose Properties SPE LLC; trustee is Citibank, N.A.
Holders have a 101% repurchase offer upon a Change of Control Triggering Event
Millrose Properties completed the sale of $1.25 billion of 6.375% senior notes maturing August 1, 2030, to qualified institutional and certain non-U.S. buyers under Rule 144A and Regulation S. The notes are senior unsecured and guaranteed by subsidiary Millrose Properties SPE LLC, adding a large layer of new debt to the company's balance sheet.
Notes: $1.25 billion aggregate principal, 6.375% annual interest, paid semi-annually from February 15, 2026
Maturity August 1, 2030; company may redeem from August 1, 2027, with make-whole premium before that date
Indenture with Citibank, N.A. as trustee limits liens, certain sale-leasebacks and mergers; holders can require repurchase at 101% on a change of control
Millrose Properties, Inc. announced plans to offer up to $1.0 billion of senior notes due 2030, subject to market conditions, and said it would use the proceeds to repay $500 million under its term loan and $450 million of revolving borrowings, plus general corporate purposes. On August 1, 2025, it also amended its delayed draw term loan, adding a 0.250% funding fee and a $500 million cap on loans outstanding after a Designated Issuance. The filing does not state the notes' interest rate or whether the offering has been completed.
Up to $1.0 billion aggregate principal of senior notes due 2030, subject to market conditions, offered only to qualified institutional buyers and certain non-U.S. persons
Planned use: repay $500 million term loan (maturing June 23, 2026), repay $450 million revolving borrowings, and general corporate purposes
August 1, 2025 amendment: no more than $500 million of delayed draw loans may remain outstanding after a Designated Issuance, and a 0.250% funding fee applies to loans outstanding 270 days after the June 24, 2025 initial draw
Millrose Properties reported second-quarter 2025 net income attributable to common shareholders of $112.8 million, or $0.68 per share, driven by $149.0 million in option fees and other related income. The company raised its year-end AFFO quarterly run rate guidance to $0.70 to $0.73 per share, citing higher transaction funding outside the Lennar Master Program Agreement.
Q2 2025 net income attributable to common shareholders was $112.8 million, or $0.68 per share, versus a net loss of $59.8 million in the prior-year period.
Adjusted Funds From Operations (AFFO) was $115.0 million, or $0.69 per share.
Year-end AFFO quarterly run rate guidance raised to $0.70 to $0.73 per share.
Net cash proceeds from homesite sales were $797 million, including $768 million from Lennar; the company also reported a $1 billion delayed draw term loan closed during the quarter.
Millrose Properties entered into a $1.0 billion credit agreement dated June 24, 2025, with Goldman Sachs Bank USA as administrative agent. Proceeds of the acquisition tranche may fund a homesite portfolio tied to New Home Company's acquisition of Landsea Homes, which closed June 25, 2025, and general tranche proceeds may be used for general corporate purposes. The loan is secured by pledges of intercompany notes and subsidiary equity and matures June 23, 2026.
Credit agreement with commitments totaling $1.0 billion, dated June 24, 2025
Loans bear interest at Adjusted Term SOFR plus a margin of 2.00% to 3.25%, rising over time and depending on the leverage ratio
Secured by pledges of an intercompany promissory note dated February 6, 2025, and equity interests of Millrose Holdings, LLC
Scheduled to mature June 23, 2026; includes quarterly financial covenants and a default trigger if Kennedy Lewis Land and Residential Advisors LLC ceases to be manager
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