Millrose Properties (MRP)
Funds residential land development and supplies finished homesites through scheduled option contracts.
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Funds residential land acquisition and horizontal development, then delivers finished homesites to builders through HOPP'R option contracts. The externally managed holding company was created in Lennar's taxable spin-off and operates through subsidiaries.
Funds the acquisition and horizontal development of residential land, then supplies finished homesites to homebuilders through its Homesite Option Purchase Platform, HOPP'R. The platform uses option contracts with predetermined costs and scheduled takedowns.
Created through Lennar's taxable spin-off, it operates as a holding company through subsidiaries and is listed on the NYSE. It is externally managed by Kennedy Lewis Land and Residential Advisors, which supplies personnel and operational functions.
The model is tied to agreements with Lennar, including a Master Program Agreement executed at the spin-off. Those agreements were not negotiated at arm's length.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $34.2M · Total debt $2.48B · Total assets $9.71B · Shareholders' equity $5.85B
- Revenue
- $196.9M
- Operating income
- $167.6M
- Net income
- $125.9M
HistoryDividendAnnual yield
| Institutions | ≈ 85.88% | 142.60M shares | |
|---|---|---|---|
| 537 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.40% | 661.0K shares | |
| 9 holders · as of Aug 10, 2026 | |||
| Strategic holders | 0.00% | 1.8K shares | |
| 1 holder · as of Dec 1, 2025 | |||
| Other | ≈ 13.72% | 22.78M shares | |
| remainder | |||
166.05M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 13.39% | 22.24M A | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 9.37% | 15.56M A | as of Jun 30, 2026 |
FMR LLCInstitution | 4.96% | 8.23M A | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.18% | 6.94M A | as of Jun 30, 2026 |
State Street CorpInstitution | 4.11% | 6.82M A | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Carlos A. Migoya | director | +1,000 | $29.18 |
| Aug 10, 2026 | Matthew B. Gorson | director | +3,000 | $28.80 |
| May 18, 2026 | Matthew B. Gorson | director | +4,500 | $26.97 |
| May 11, 2026 | Darren Richman | officer: See Remarks | +235,000 | $27.31 |
| May 12, 2026 | Robert Nitkin | officer: Chief Operating Officer | +1,840 | $26.60 |
- Five Point
Residential land banking and homesite sales
- Forestar Group
Finished-lot development and short-term lot banking
- NVR
Option-controlled residential lots for homebuilding
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Millrose Properties | $28.72 | +0.14% | $4.42B | 10.0 | 8.9 | 5.8 | +32.1% |
| Five Point | $4.91 | −0.30% | $349.8M | 14.1 | — | 3.0 | +157.8% |
| Forestar Group | $26.69 | +1.18% | $1.35B | 7.9 | 9.4 | 0.8 | +4.2% |
| NVR | $6,292.09 | +1.67% | $16.71B | 16.1 | 16.3 | 1.8 | −10.6% |
| Median | 14.1 | 12.8 | 1.8 | +4.2% |