Millrose Achieves $2.44 EPS and 11% Yield on $9.2B Portfolio
Millrose delivered $2.44 net income and $2.58 AFFO per share in 2025, with a Q4 AFFO run rate of $0.77 backed by a $9.2B homesite option portfolio covering 142,000 homesites without terminations. The company expanded non-Lennar investments to $2.4B at an 11% yield and targets 10% AFFO growth in 2026.
1. 2025 Financial Performance
In 2025, Millrose reported net income of $2.44 per share and Adjusted Funds From Operations of $2.58 per share, finishing Q4 with an AFFO run rate of $0.77 that exceeded original guidance.
2. Portfolio Growth and Stability
The homesite option portfolio reached $9.2B across 142,000 homesites with zero terminations, and invested capital outside the Lennar Master Program rose to $2.4B, surpassing the $2.2B stretch target.
3. Yield and Counterparty Diversification
New investments delivered a weighted average yield of 11%, lifting overall portfolio yield to 9.2%, while partnerships expanded to 15 builders, including nine of the top 25 national homebuilders.
4. 2026 Outlook
Millrose plans up to $2B in net capital deployment supported by $1.3B liquidity, aims for 10% year-over-year AFFO per share growth and targets a Q2 exit run rate of $0.78 to $0.80 AFFO per share.