Millrose Q1 net income +209% to $122.9M on portfolio growth, but $37.4M below-the-line drag

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 14, 2025 · ~1 min read

Key Changes

• high

  Net income rose 209% to $122.9M, but operating income grew faster (+264% to $166.1M). The $37.4M gap came from higher below-the-line costs—primarily non-operating/other expenses (-$36.7M) and income tax (-$657K)—not operational strength.

  MD&A: Net Income verify on EDGAR →
• high

  Future land development commitments jumped 36% to $7.2B, with 75% now tied to Lennar option contracts—a newly disclosed concentration that surfaces meaningful counterparty risk.

  Legal Proceedings verify on EDGAR →
• high

  Company issued $2B in senior notes (6.375% due 2030, 6.250% due 2032) and expanded credit facility to $1.835B total capacity, materially reshaping capital structure and lifting interest expense from $2.5M to $39.2M.

  MD&A: Financing verify on EDGAR →