Pulling SEC filings + quote and writing the call…

Millrose Properties, Inc.
Last earnings -6.3% on 2026-05-06
Newly spun-off land-banking REIT with a recurring option-fee model and a fat dividend, but a short track record and Lennar concentration.
Sources: SEC EDGAR (CIK 0002017206, latest 10-Q filed 2026-05-06) · EODHD · analysis by claude-code · as of 6/21/2026, 8:59:23 PM.
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Middling fundamentals offset by an attractive price (~210% below fair value) — worth a look on the value angle.
Millrose Properties is a brand-new land-banking REIT spun off from Lennar on February 7, 2025. Its model is asset-light for homebuilders but capital-intensive for Millrose: it purchases and develops residential land, then sells finished homesites back to builders via option contracts with predetermined costs and takedown schedules, earning recurring option fees and recycling capital into new acquisitions. In its first reporting year, FY2025 revenue was $600M and net income was $380M (diluted EPS $2.44), with eye-catching operating cash flow of $3.67B reflecting the capital recycling inherent to the model. The company intends to qualify as a REIT from the 2025 tax year and paid $299M in dividends.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | — | — | $600M |
| Gross profit | — | — | — |
| Operating income | -$210M | -$246M | $486M |
| Net income | -$210M | -$246M | $380M |
| Diluted EPS | — | — | $2.44 |
| Net margin | — | — | 63.3% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
1071 tracked peers · median
Disclosed under the STOCK Act
Self-reported periodic transaction reports (STOCK Act). Amounts are disclosed ranges; a trade may be a spouse's. Disclosures lag the trade by up to ~45 days. Source: House Clerk + Senate eFD.
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.
Last 90 days: 4 open-market buys · 0 sales
| 2026-05-18 | Gorson Matthew B. Director | Buy | 4.50K @ $26.97 | $121K |
| 2026-05-13 | Presa Rachel General Counsel and Secretary | Buy | 307.00 @ $26.62 | $8.17K |
| 2026-05-13 | Mincey Mary Alison Director | Award | 5.64K | |
| 2026-05-13 | Lynch Kathleen B. Director | Award | 5.64K | |
| 2026-05-13 | Gorson Matthew B. Director | Award | 5.64K | |
| 2026-05-13 | MIGOYA CARLOS A. Director | Award | 5.64K | |
| 2026-05-13 | BARTELS PATRICK J JR Director | Award | 5.64K | |
| 2026-05-12 | Nitkin Robert Chief Operating Officer | Buy | 1.84K @ $26.60 | $48.9K |
| 2026-05-11 | Presa Rachel General Counsel and Secretary | Buy | 725.00 @ $27.18 | $19.7K |