Millrose Properties reports preliminary Q3 results ahead of earnings

Millrose Properties, Inc. (NYSE: MRP) released preliminary third-quarter 2025 financial results ahead of upcoming investor meetings, with full results scheduled for October 23, 2025.

The Miami-based company reported estimated revenues of $179.3 million for the three months ended September 30, 2025, and $411.0 million for the nine-month period. Net income reached approximately $105.1 million, or $0.63 per share, for the third quarter.

The company's adjusted funds from operations totaled $122.5 million, or $0.74 per share, for the quarter. This metric excludes non-recurring costs related to debt issuance and the accelerated payoff of a delayed draw term loan.

Millrose reported homesite inventory and related assets of $8.7 billion as of September 30, 2025. The company's invested capital, which represents the balance on which monthly option fees are paid by counterparties, stood at $8.2 billion.

The weighted average yield was approximately 9.1% as of September 30, 2025, based on option rates and loan interest rates weighted by investment balance. Book value per share reached $35.29.

Millrose generates revenue primarily through option fee payments from Lennar Corporation and other customers who maintain purchase options on properties, as well as development loan income from interest on outstanding loan balances.

The company noted that these preliminary results are unaudited estimates subject to change pending the completion of quarter-end closing procedures and the filing of its Form 10-Q. The results are based on information available to management as of the press release date.

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