Millrose Properties, Inc.
boothcheck covers Millrose Properties, Inc. (MRP) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed June 27, 2026.
At $28.42 Millrose trades below its book value of about $35.26 per share and offers a high single-digit to roughly 11% yield. It is a land-banking REIT, so the standard earnings-growth models miss what the business actually is: a recurring option-fee stream secured by land. The model disagreement is extreme. The growth-DCF methods read the post-spinoff ramp and land in the hundreds of dollars, while the asset and REIT methods that fit the business land near $28 to $30. The conservative methods
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470 institutional managers reported holding MRP in 13F filings for the quarter ended 2026-03-31. Together they hold about 81% of the company; the top 10 hold 49%. 63 opened new positions that quarter. Held by Vanguard Group, BlackRock, FMR (Fidelity), among others. On the short side, 6.5M shares were sold short as of the 2026-06-15 count, about 4% of shares outstanding (4.2 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
It pays a dividend, and has paid one every year in our records (1 and counting); the current rate is $2.55 a share annually. Cash returned over the past three years: $423.31M in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at MRP over the trailing three years: 2025: 21 buys totaling $7.73M; 2026: 1 buy totaling $31k. 15 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
MRP's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2025-08-01 | -2.0% | +7.5% |
| 2025-10-24 | -1.8% | -6.3% |
| 2026-03-03 | +0.8% | -2.0% |
| 2026-05-07 | -10.7% | pending |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
MRP's latest 8-K filings: 2026-08-05 (items 1.01, 9.01); 2026-08-04 (items 2.02, 7.01, 9.01); 2026-06-23 (items 7.01, 8.01, 9.01); 2026-05-19 (items 5.07); 2026-05-06 (items 2.02, 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.