MRP Millrose Properties (MRP) Q1 FY26 earnings call
Millrose Properties delivered solid Q1 FY26 results, meeting expectations through disciplined capital deployment and expanding builder relationships. The company's model, which provides capital-efficient land solutions, is increasingly vital as homebuilders navigate margin compression and seek to grow community counts without balance sheet risk. Millrose strengthened its capital structure and continues to generate predictable, recurring cash flows, reinforcing its strategic position in a dynamic market.
You’re reading a preview. Opening the full call uses 1 concall credit.
Sign in to use your monthly call allowance.
MRP operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Homesites managed | ~142KAs of year-end, Millrose manages approximately 142,000 homesites across 933 communities in 30 states serving 15 distinct counterparties, 9 of which rank among the top 25 homebuilders in the country.Source: earnings call transcript | ~143KDuring the quarter, we grew our total home sites under management to approximately 143,000 across 904 communities in 30 states, serving 17 distinct counterparties.Source: earnings call transcript | ~143.771KWe ended the quarter with approximately 143,771 home sites across 877 communities in 30 states, serving 19 counterparties after adding 2 new relationships during the quarter.Source: earnings call transcript | — |
| Communities | 933As of year-end, Millrose manages approximately 142,000 homesites across 933 communities in 30 states serving 15 distinct counterparties, 9 of which rank among the top 25 homebuilders in the country.Source: earnings call transcript | 904During the quarter, we grew our total home sites under management to approximately 143,000 across 904 communities in 30 states, serving 17 distinct counterparties.Source: earnings call transcript | 877We ended the quarter with approximately 143,771 home sites across 877 communities in 30 states, serving 19 counterparties after adding 2 new relationships during the quarter.Source: earnings call transcript | -3% |
| Counterparties | 15As of year-end, Millrose manages approximately 142,000 homesites across 933 communities in 30 states serving 15 distinct counterparties, 9 of which rank among the top 25 homebuilders in the country.Source: earnings call transcript | 17We ended the quarter with 17 counterparties, up from 15 at year-end, with approximately 31% of our portfolio deployed outside of the Lennar master program agreement.Source: earnings call transcript | 19We ended the quarter with approximately 143,771 home sites across 877 communities in 30 states, serving 19 counterparties after adding 2 new relationships during the quarter.Source: earnings call transcript | +11.8% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.