Millrose Q2 2026 results build on new partnerships, growth mojo

Millrose Properties, whose spin-off from Lennar less than 18 months ago ushered in a modern era for residential development land-banking, is showing signs it is not an investment model entirely immune to a fitful homebuilding market, but is holding steady nevertheless. Millrose’s Q2 2026 earnings call, held on Tuesday, highlighted continued momentum, steady growth and a shrewd operator bucking this national trend. As in previous quarters, Millrose reported zero option terminations across its land-banking platform, reflecting the company’s thorough due diligence and risk-mitigation process. During Millrose’s Q1 2026 earnings call in May, executives said that, while the company still had significant work ahead after its first year, it had validated the viability of its model. The company’s Q1 financial results appeared to validate that assessment, and its Q2 performance further reinforced the strength of its model. Total revenues during Q2 were $196.9 million, up from $149 million a year ago. Adjusted funds from operations (AFFO), which measures ongoing cash flow, were $127.6 million, up from $115 million. The firm’s portfolio now spans 143,771 home sites, up from about 129,000 a yea...