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- **Record Capital Deployment**: $770 million in third-party investments, 12 new builder partnerships, 11.3% yield.
- **Tech-Driven Efficiency**: 138 homesites/day processed via AI platform.
- **Financial Strength**: $2 billion debt raised, 25% debt-to-capital ratio, $0.73 dividend.
- **Guidance Upped**: AFFO to $0.74-$0.76, 2025 transactions to $2.2B.
- **No Credit Losses**: 100% deposit coverage, no builder defaults.
- **Policy Tailwinds**: Govt. housing production support.

**【CEO Summary Section】**
- Delivered strong third-quarter performance with $852 million in net cash proceeds from homesite sales and $770 million in new investments, reflecting a 12% year-over-year increase in third-party capital deployment.
- Expanded partnerships with 12 distinct homebuilders, including strategic collaborations like Taylor Morrison's Yardly brand, and achieved a weighted average yield of 11.3% on third-party investments.
- Highlighted the proprietary technology platform's role in automating 138 homesite transactions daily, leveraging AI for real-time underwriting and risk monitoring.
- Raised $2 billion in senior notes at favorable rates, reducing debt-to-capitalization ratio to 25%, with $1.6 billion in liquidity.
- Increased quarterly dividend to $0.73 per share, representing an 8.2% yield, and raised full-year AFFO guidance to $0.74-$0.76 per share.

**【CFO Financial Commentary】**
- Reported net income of $105.1 million, driven by $179 million in option fees and development loan income, with AFFO of $122.5 million.
- Emphasized conservative capital allocation, with 100% of AFFO distributed as dividends.
- Completed $2 billion in senior note offerings, replacing short-term debt and reducing refinancing risk.

**【Q&A Highlights】**
- **Deployment Guidance**: Raised 2025 transaction funding target to $2.2 billion, up from $2 billion, reflecting strong builder demand.
- **Credit Risk**: No historical losses, with underwriting focused on builder operational efficiency rather than risk mitigation.
- **Policy Impact**: Support for increased housing production aligns with government affordability initiatives.
- **Technology Monetization**: Proprietary data insights used internally for underwriting, with no plans to monetize externally.
- **Liquidity Management**: $1.6 billion in available capital to support growth and balance sheet optimization.


Millrose Properties, Inc. (MRP) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MRP

MRP fundamentals

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