Millrose closes at $23.91 ahead of third-quarter results on October 27
Key Facts
Millrose Properties shares closed at $23.91 in the October 26 session, ahead of the company’s third-quarter 2026 results the following day. The company announced on October 7 that it would release results before the market opened on October 27. The report covers the quarter ended September 30, according to the company’s results-date announcement. Millrose is scheduled to hold an investor call on the day of the release at 10:00 a.m. Eastern Time. The announcement comes as investors await an update on the company’s performance and financial guidance for the rest of the year.
The results take on added significance in light of the company’s prior outlook for the year. Millrose said in its second-quarter results that it aimed to deploy up to $2 billion of new net capital during 2026. The company linked this to annual growth of about 10% in AFFO per share during the fiscal year. This guidance was in place ahead of the scheduled third-quarter results and provides a reference point for assessing any update from management. Claims that the company beat revenue and earnings estimates or raised its full-year outlook are not substantiated by the official materials available in the evidence provided. The official results page shows second-quarter results and does not include an announcement of third-quarter results or an update to its 2026 outlook.
At the end of the second quarter, the company’s portfolio comprised 143,771 residential lots across 877 communities in 30 states, according to Millrose data as of June 30, 2026. This scale provides context for the company’s residential development land business, but describes the portfolio at the end of the second quarter and is not an update for the quarter ended in September. CEO Darren Richman said when announcing the second-quarter results that the company had recorded its sixth consecutive dividend increase, adding that the results “highlight the reliability of the Millrose model.” His comments place the dividend policy in the context of management’s discussion of the company’s performance, without providing third-quarter results figures in themselves.
The results announcement was preceded by a quarterly cash dividend of $0.79 per share, announced by Millrose on September 23. The company said the distribution, totaling about $131.2 million, was paid on October 15 to shareholders of record on October 5. In a separate statement issued on September 22, the company announced the launch of an offering of senior notes with an aggregate principal amount of up to $1.0 billion, divided into two tranches of $500.0 million each, due in 2029 and 2031. Millrose said the proceeds would be used for general purposes, which may include financing the purchase of residential lots related to the Dream Finders and Beazer transaction. The company had $850 million outstanding under its revolving credit facility on September 21, according to the same statement.
The next milestone is the release of results before the market opens on October 27, followed by the investor call scheduled for 10:00 a.m. Eastern Time that day. The company announced the release date on October 7 and said the report would cover the quarter ended September 30. The call will give management an opportunity to present the period’s results and discuss them with investors, while the second-quarter guidance on new net capital and AFFO per share remains the prior reference point for any announced update.