MRP Millrose Properties, Inc.

Millrose Properties Inc (MRP) has declared an increased quarterly cash dividend of $0.75 per share, totaling approximately $124.5 million, payable on January 15, 2026. This move reflects the company's confidence in its homesite option platform and its crucial role in supplying finished lots to homebuilders. The dividend increase also caps Millrose's first year as a public company, highlighting its strong market position.

Millrose Properties, Inc. announced the completion of Lennar Corporation's exchange offer for Millrose Class A common stock, which was significantly oversubscribed. Darren Richman, Millrose CEO, stated this marks an important milestone in Millrose's evolution as an independent public company, diversifying its shareholder base and increasing stock liquidity. The company highlights strong market confidence in its permanent capital solution for homebuilders and its ongoing growth trajectory.

Lennar (LEN) stock experienced a significant 6.6% jump on November 25, 2025, driven by investor reaction to developments in its Millrose Properties exchange offer and expectations of lower interest rates reviving housing demand. The exchange offer, which effectively acts as a share repurchase, was oversubscribed, reducing Lennar's public float and separating Millrose's multifamily portfolio. This rally occurred despite a challenging year for homebuilders and ahead of Lennar's Q4 2025 earnings guidance and the retirement of Co-CEO Jonathan Jaffe.

Lennar has extended the expiration date for its Exchange Offer to swap its approximately 20% stake in Millrose Properties, Inc. for Lennar Class A common stock from November 7, 2025, to November 14, 2025. This extension is due to the ongoing U.S. federal government shutdown preventing the SEC from declaring the necessary Form S-4 registration statement effective. Lennar may further extend or terminate the offer if the statement is not effective by the new deadline.

Millrose Properties announced strong financial results for Q3 2025, generating $852 million in net cash from homesite sales and redeploying $858 million into new land acquisitions with Lennar. The company expanded other homebuilder relationships, increasing invested capital to $1.8 billion at an 11.3% yield, and raised its year-end guidance for AFFO and invested capital. Millrose also completed $2.0 billion in senior notes offerings, significantly enhancing its balance sheet and liquidity for future growth.

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