Millrose delivered Q4 net income of $122.2 million, up from previous guidance, and reported AFFO of $0.76 per share, matching the high end of its run-rate range. Full-year net income reached $404.8 million, while book value per share stood at $35.28 and a $0.75 dividend was paid, reflecting 100% AFFO distribution.

Management plans to increase invested capital by approximately $2 billion to about $10.5 billion in 2026, funding nearly half through existing debt capacity and maintaining a ~33% debt-to-capital ceiling. The company also surpassed its prior $2.2 billion stretch target for non-Lennar investments, ending 2025 at $2.4 billion.

In 2025 Millrose funded $5.5 billion in land acquisitions and development funding, managing roughly 142,000 homesites across 933 communities in 30 states. It generated $3.4 billion in takedown proceeds from over 31,000 closings and employs pooling structures on 96% of its portfolio to raise the economic cost for builders to exit option contracts.

Senior analysts noted improving affordability driven by rising incomes, moderating prices, and lower rates, with builder starts realigned to demand. Florida supply moderated, Texas normalization is expected in 2026, and Southeast markets like Charlotte and Myrtle Beach showed strength, highlighting Millrose’s geographic diversification.