Millrose Properties Inc

Millrose Properties plans to provide capital under a land-banking model to support the proposed acquisition of Beazer Homes by Dream Finders Homes and to acquire Beazer’s completed and in-progress building lots. Goldman Sachs has submitted a “highly confident letter” for potential arrangement financing of up to $500 million, subject to customary conditions and final documentation. The transaction will temporarily lift Millrose’s debt above its strategic target, but the company reports a leverage ratio of 0.42 and a strong liquidity position (current ratio 66.46) and plans to reduce debt through share issues above book value or organic cash flow. Millrose emphasizes it will not issue shares below book value and views the move as a capital-efficient M&A opportunity for its business model. » More on de.investing.com

Millrose reported Q1 2026 revenue of $194.93 million, beating forecasts; earnings per share were $0.74. Invested capital outside the Lennar Master Program rose to $2.7 billion and is distributed across 17 partners, showing significant progress in diversification. AFFO, the dividend and liquidity remained robust, leverage was moderate and capital efficiency solid with an annual AFFO yield of 8.7%. Management expects further growth and an increased run-rate but identifies macroeconomic risks such as interest-rate volatility and geopolitical uncertainties. » More on de.investing.com

Millrose Properties reported revenue of $194.93 million for Q1 2026, beating the forecast of $177.92 million by 9.56%; earnings per share were the expected $0.74. Net income was $122.9 million and adjusted funds from operations (AFFO) were $125.9 million. Management cited effective capital recycling and a capital-efficient platform as drivers and provided annual revenue guidance of $856 million for 2026 and $896.47 million for 2027, as well as Q3 EPS expectations of $0.78 (subsequent quarters $0.80). Despite strong metrics, the stock fell intraday by 4.58% to $28.19; risks remain in the form of interest-rate volatility, inflation and geopolitical uncertainty. » More on de.investing.com