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: 2026-09-23 (items 7.01, 8.01, 9.01); 2026-09-23 (items 8.01, 9.01); 2026-09-22 (items 8.01, 9.01); 2026-09-21 (items 1.01, 2.03, 9.01); 2026-09-01 (items 1.01, 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.