Every material Form 8-K Millrose Properties filed with the SEC in 2026, 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.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Millrose Properties filing is on SEC EDGAR ↗. 8-K briefs of other companies →