Millrose Properties Inc (MRP) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the Mill Rose properties second quarter 2025 earnings results conference call. (Operator Instructions) I will now turn the call over to Jesse Ross, Millrose's Head of Financial Planning and Analysis. Jesse, you may begin your conference.

女士們、先生們，感謝你們的支持。現在，我歡迎大家參加 Mill Rose 地產 2025 年第二季收益業績電話會議。（操作員指示）現在我將把電話轉給 Millrose 財務規劃和分析主管 Jesse Ross。傑西，你可以開始你的會議了。

Good morning. Thank you for joining us. With us today to discuss our second quarter 2025 results are Darren L. Richman, our Chief Executive Officer and President; Robert Nitkin, our Chief Operating Officer, Garett Rosenblum, our Chief Financial Officer; and Steven Hensley, Senior Market Risk Analyst.

早安.感謝您加入我們。今天與我們一起討論 2025 年第二季業績的有我們的執行長兼總裁 Darren L. Richman、我們的營運長 Robert Nitkin、我們的財務長 Garett Rosenblum 和高級市場風險分析師 Steven Hensley。

Before we begin, I'd like to remind everyone that this call may include forward-looking statements and discuss non-GAAP financial measures. Please refer to our second quarter 2025 financial and operational results announcement, as well as the second quarter investor presentation. We are released and posted on our website under the investor relations heading for a discussion of these matters. With that, I'll turn the call over to Darren.

在我們開始之前，我想提醒大家，本次電話會議可能包括前瞻性陳述並討論非公認會計準則財務指標。請參閱我們的 2025 年第二季財務與營運業績公告以及第二季投資者介紹。我們在網站的投資者關係標題下發布並發布了有關這些事項的討論。說完這些，我將把電話轉給達倫。

Thank you, Jesse, and good morning, everyone. I am pleased to discuss our second quarter results, marking our first full quarter as a public company and a period of significant growth and execution for Millrose. We continue to deliver on our strategy to redefine how home builders and land developers access land capital.

謝謝你，傑西，大家早安。我很高興討論我們的第二季度業績，這標誌著我們作為上市公司的第一個完整季度，也是 Millrose 實現顯著增長和執行的時期。我們將繼續執行我們的策略，重新定義房屋建築商和土地開發商取得土地資本的方式。

As a pioneer in the institutionalization of land banking services, Millrose offers home builders a unique permanent capital solution for the acquisition and development of residential home sites.

作為土地銀行服務制度化的先驅，Millrose 為住宅建築商提供收購和開發住宅用地的獨特永久資本解決方案。

Our innovative business model enables us to efficiently enter into option contracts with our home builder partners that facilitate just in time delivery of finished home sites for builders and predictable cash income yield for Millrose shareholders. Our financial performance in the second quarter underscores our dedication to disciplined capital investment and reflects strong demand for our scaled solutions-based approach.

我們創新的商業模式使我們能夠有效地與我們的房屋建築商合作夥伴簽訂期權合同，從而促進建築商及時交付完工的房屋用地，並為 Millrose 股東帶來可預測的現金收入。我們第二季的財務表現凸顯了我們對嚴謹資本投資的奉獻精神，並反映了對我們基於規模化解決方案的方法的強勁需求。

The payment of our first quarterly dividend reflects the visibility and consistency that our platform was purpose built to offer. This illustrates the reliability of our economic model, in which cash flows from contractual monthly option payments and ongoing capital redeployment deliver attractive recurring revenues that convert into the payment of timely and predictable dividends.

我們支付的第一季股息反映了我們平台旨在提供的可見度和一致性。這說明了我們的經濟模型的可靠性，其中合約每月選擇權支付和持續資本重新部署產生的現金流帶來了有吸引力的經常性收入，這些收入轉化為及時和可預測的股息支付。

Following the spinoff, Lennar continues to serve as our principal client, providing stable cash flows that support our financial performance. This quarter, we effectively demonstrated the value of our operational flywheel, recycling substantial proceeds from Lennar home sites, sales into new land acquisitions and development funding under the Lennar master program agreement.

分拆之後，萊納繼續作為我們的主要客戶，提供穩定的現金流來支持我們的財務表現。本季度，我們有效地展示了營運飛輪的價值，根據 Lennar 總體計劃協議，將 Lennar 住宅用地、銷售所得的大量收益回收用於新土地收購和開發資金。

This capital deployment is central to our strategy, enabling us to consistently generate returns on invested capital. We also extended our partnerships with third parties, with invested capital away from the Lennar Master Program Agreement, increasing to approximately $1.1 billion as of June 30, demonstrating our value proposition to third party home builders.

這種資本部署是我們策略的核心，使我們能夠持續獲得投資資本的回報。我們還擴大了與第三方的合作夥伴關係，將 Lennar 總體計劃協議中的投資資本增加到截至 6 月 30 日的約 11 億美元，向第三方住宅建築商展示了我們的價值主張。

During the quarter, we continued to pioneer new use cases for Millrose as a solution provider, facilitating the first of its kind capital backstop in the take private of Lansing Home Corporation by New Home Co. Through this transaction, Millrose acquired a diversified portfolio of home sites under option with new home, with net cash funding of approximately $500 million.

在本季度，我們繼續為 Millrose 作為解決方案提供商開拓新的用例，在 New Home Co. 對 Lansing Home Corporation 的私有化中促成了首個此類資本支持。透過此交易，Millrose 收購了 New Home 旗下多元化的住宅用地組合，淨現金融資約 5 億美元。

More recently, affiliates of Millrose's manager announced a significant capital partnership with Taylor Morrison to enable the growth of its industry leading build to rent brand Yardly. This is yet another important use case for home site option arrangements as a scalable capital solution. We expect most of this opportunity will be allocated to the Millrose platform.

最近，Millrose 管理公司的附屬公司宣布與 Taylor Morrison 建立重要的資本合作夥伴關係，以促進其行業領先的建造出租品牌 Yardly 的發展。這是家庭場地選擇安排作為可擴展資本解決方案的另一個重要用例。我們預計這一機會的大部分將分配給 Millrose 平台。

This partnership, like most of our forward flow relationships, provides for exclusivity to provide capital at agreed terms over a defined period of time. In the case of Yardly, affiliates of our manager have agreed to provide $3 billion of land banking capital for Yardly during the two and a half year term of the exclusivity agreement.

與我們大多數的遠期流動關係一樣，這種合作關係規定在規定的時間內按照商定的條款提供資本的獨家權利。就 Yardly 而言，我們管理公司的關聯公司已同意在獨家協議的兩年半期限內為 Yardly 提供 30 億美元的土地儲備資本。

With closings under the facility expected for Millrose, starting in the third quarter, the partnership is anticipated to further accelerate Millrose's accretive growth and provide an important use diversification of our end markets into rental housing. As you can see, the market demand for our capital solution across the homebuilding industry continues to be incredibly robust.

預計 Millrose 設施將於第三季關閉，此次合作預計將進一步加速 Millrose 的增值成長，並為我們的終端市場提供重要的用途多樣化，使其進入租賃住房領域。如您所見，整個住宅建築行業對我們的資本解決方案的市場需求持續強勁。

We're seeing an environment where demand for Millrose's platform continues to support growing our capital base secretably. With our strong backlog, pipeline, and growing opportunities, we are increasingly confident in scaling Millrose and maintaining higher returns. I had previously noted a $2 billion stretch target for year-end investment balance outside of the Lennar master program agreement.

我們看到，對 Millrose 平台的需求繼續支持我們秘密擴大資本基礎。憑藉我們強大的積壓訂單、管道和不斷增長的機會，我們越來越有信心擴大 Millrose 的規模並保持更高的回報。我之前曾指出，在 Lennar 總體計畫協議之外，年底投資餘額的延伸目標為 20 億美元。

This quarter's momentum has now shifted that stretch target to our base case, and we are accordingly raising guidance, as you'll hear from Garett. Let me now take a moment to comment on recent market conditions. Steven will have more to say in a few minutes. Our strategy is built for long term success.

本季度的發展勢頭已將這一延伸目標轉向我們的基本情況，因此我們正在提高指導，正如您將從加勒特那裡聽到的那樣。現在請允許我花一點時間來評論一下最近的市場狀況。幾分鐘後史蒂文還會講更多內容。我們的策略是為了長期成功而製定的。

While the broader underlying demand for home sites remains robust, we can overlook the impact that affordability and winning consumer confidence has had and continues to have on certain and markets. As we mentioned last quarter, if we look at the longer term, strong structural tailwinds persist.

儘管對住宅用地的更廣泛的潛在需求仍然強勁，但我們可以忽視可負擔性和贏得消費者信心對某些市場產生並將繼續產生的影響。正如我們上個季度提到的，如果從長遠來看，強勁的結構性順風仍然存在。

We believe that there continues to be a significant shortfall in housing supply. Additionally, many of our builder clients are operating with historically high margins, and strong balance sheets highlighted by low leverage levels, positioning them and the industry for resilience and for future growth. Our collateral continues to hold up very well, benefited from prime locations and pooling agreements.

我們認為住房供應仍然嚴重短缺。此外，我們的許多建築商客戶都擁有歷史性的高利潤率和強勁的資產負債表（低槓桿率），這使他們和整個行業都具備了韌性，並有望實現未來成長。由於優越的地理位置和集中協議，我們的抵押品繼續保持良好狀態。

In summary, the second quarter highlighted the power of our platform, our team's execution, and the significant demand for the unique capital solution that we offer. We are excited about the opportunities ahead, and we remain committed to delivering value for our shareholders, home builder partners, and the communities we serve. With that, I will hand the call over to Rob for an operational update.

總而言之，第二季凸顯了我們平台的強大功能、我們團隊的執行力以及我們提供的獨特資本解決方案的巨大需求。我們對未來的機會感到興奮，並將繼續致力於為我們的股東、房屋建築商合作夥伴和我們服務的社區創造價值。說完這些，我將把電話交給 Rob 來報告營運更新。

Thanks Darren, good morning, everyone. The core of our business is a national platform that acquires, manages, and monetizes entitled residential home sites. A key distinction of our business versus our competitors is the investments we have made in infrastructure in terms of systems, technology, and human capital built through years of development.

謝謝 Darren，大家早安。我們業務的核心是一個全國性的平台，用於獲取、管理和貨幣化有資格的住宅用地。我們的業務與競爭對手的一個主要區別是，我們經過多年的發展，在系統、技術和人力資本等基礎設施方面進行了投資。

Today, we employ over 40 professionals dedicated to the platform. These professionals are responsible for market surveillance, rigorous due diligence, asset onboarding, asset management and asset disposition, choreographed into the production schedule of our clients in order to deliver home sites on a just in time basis.

如今，我們僱用了超過 40 名致力於該平台的專業人員。這些專業人員負責市場監控、嚴格的盡職調查、資產入職、資產管理和資產處置，並將其編排到客戶的生產計劃中，以便準時交付住宅用地。

Their hard work and local market expertise overlaid on the philosophy of data-driven insights and process optimization enables us to execute and scale with speed and precision. In today's more dynamic housing environment, we've deliberately focused on maintaining high underwriting standards.

他們的辛勤工作和本地市場專業知識，加上數據驅動洞察和流程優化的概念，使我們能夠快速、精確地執行和擴展。在當今更動態的住房環境中，我們一直致力於維持高承保標準。

Our investment committee has enhanced its discipline around asset selection, with particular scrutiny on projected gross margins, case assumptions, and the trajectory of local housing fundamentals. We've applied a more stringent lens in certain markets, where moderating absorption has driven increased unsold inventory, ensuring our capital is positioned in the most compelling risk adjusted opportunities.

我們的投資委員會加強了資產選擇的紀律，特別審查預計毛利率、案例假設和當地住房基本面的趨勢。我們在某些​​市場採用了更嚴格的視角，其中適度的吸收導致未售出庫存增加，確保我們的資本處於最具吸引力的風險調整機會中。

While market headlines tend to generalize, housing is inherently local. Accordingly, as a key data-driven filter in our underwriting process, we employ an internal MSA risk rating model to track in real time the evolving supply and demand dynamics of local housing markets.

儘管市場新聞往往具有概括性，但住房本質上是地方性的。因此，作為承保流程中關鍵的數據驅動過濾器，我們採用內部 MSA 風險評級模型來即時追蹤當地房屋市場不斷變化的供需動態。

We've also continued to focus on transaction structure and terms to further mitigate risk. As you've heard, demand for our capital has accelerated. This has allowed us to maintain discipline on key contract protections on the transactions we execute, including meaningful deposits and cross-termination pooling mechanisms which further mitigate market risk. As of today, we have seen no indication of any option terminations in the portfolio.

我們也繼續關注交易結構和條款，以進一步降低風險。正如您所聽到的，對我們的資本的需求已經加速成長。這使我們能夠對我們執行的交易的關鍵合約保護保持紀律，包括有意義的存款和交叉終止池機制，從而進一步降低市場風險。截至今天，我們尚未看到投資組合中任何選擇權終止的跡象。

At the same time, we continue to earn compelling income. Our weighted average option rate outside of the Lennar master program agreement stood at 11.4% as of quarter end, while our blended option rate, including Lennar, was 8.9%. Our discipline amidst continued rising demand for the platform is reflected in our performance this quarter.

同時，我們繼續賺取可觀的收入。截至季末，我們在 Lennar 主計畫協議之外的加權平均選擇利率為 11.4%，而包括 Lennar 在內的混合選擇權利率為 8.9%。在平台需求持續成長的情況下，我們保持紀律，這反映在本季的業績中。

We expanded our partnerships with third parties, investing $813 million in acquisitions and development outside of the Lennar master program agreement, and reaching a corresponding investment balance of approximately $1.1 billion as of June 30.

我們擴大了與第三方的合作夥伴關係，在 Lennar 總體計劃協議之外的收購和開發方面投資了 8.13 億美元，截至 6 月 30 日，相應的投資餘額已達到約 11 億美元。

The progress has continued subsequent to the end of the quarter, with the investment balance in this category at approximately $1.3 billion as of today, including the initial closing under the Taylor Morrison Yardly partnership.

本季結束後，這一進展仍在繼續，截至今天，該類別的投資餘額約為 13 億美元，其中包括 Taylor Morrison Yardly 合作夥伴關係下的首次收盤。

We deepened our network of builder relationships, and we're pleased to now have 11 distinct counterparties, with six ranked in the top 25 of the Zonda Builder 100, a ranking of the largest home builders by clothing. These builders represent some of the most sophisticated and well capitalized home builders in the country, and our ability to serve as a capital partner in their growth is a testament to our model.

我們深化了與建築商的關係網絡，現在我們很高興擁有 11 個不同的交易對手，其中 6 個在 Zonda Builder 100（按服裝分類的最大住宅建築商排名）中排名前 25 位。這些建築商代表了國內最成熟、資金最雄厚的住宅建築商，我們有能力作為他們成長的資本合作夥伴，這證明了我們的模式。

Our team has shown a unique capability to execute innovative strategic transactions, including those Darren mentioned, the closing of an approximately $500 million home site portfolio to support new home companies' acquisition of Landsea Homes Corporation and the execution of the Taylor-Morrison build to rent partnership, an application of an existing transaction structure into the rental housing and market.

我們的團隊展現了執行創新策略交易的獨特能力，包括 Darren 提到的那些交易，即完成價值約 5 億美元的住宅用地組合，以支持新房公司收購 Landsea Homes Corporation，以及執行 Taylor-Morrison 的建租合作計劃，將現有的交易結構應用於租賃住房和市場。

These transactions underscore our ability to move quickly, underwrite it scale, and solve complex land needs of sophisticated counterparties. Lastly, our partnership with Lennar continues to be a cornerstone of our platform. Joint investments in technology and systems have meaningfully enhanced transaction execution and operational efficiency.

這些交易凸顯了我們快速行動、規模承保以及解決複雜交易對手的複雜土地需求的能力。最後，我們與 Lennar 的合作關係仍然是我們平台的基石。在技​​術和系統方面的聯合投資顯著提高了交易執行和營運效率。

Of the $768 million in net cash proceeds received from home site sale to Lennar in the quarter, $718 million was redeployed into new Lennar land acquisitions and development funding, demonstrating the flywheel effect that comes with scale, partnership, and process excellence.

本季度，萊納公司從出售住宅用地中獲得 7.68 億美元的淨現金收益，其中 7.18 億美元被重新部署到新的萊納土地收購和開發資金中，體現了規模、合作夥伴關係和流程卓越帶來的飛輪效應。

It was a quarter marked by disciplined execution, strategic expansion, and continued alignment with leading industry partners, and we look forward to continuing that momentum in the quarters ahead.

本季度的特點是嚴格的執行、策略擴張以及與領先產業合作夥伴的持續合作，我們期待在未來幾季繼續保持這種勢頭。

With that, I'll hand it over to Millrose Senior Market Risk Analyst, Steven Hensley, who will share some detail on our view of today's market.

接下來，我將把主題交給 Millrose 高級市場風險分析師 Steven Hensley，他將詳細分享我們對當今市場的看法。

Thanks, Rob. At Millrose, we know that disciplined underwriting requires effective market surveillance, particularly in today's dynamic US housing market in which affordability constraints and consumer confidence challenges are driving historically low housing turnover.

謝謝，羅布。在 Millrose，我們知道，嚴格的承保需要有效的市場監控，特別是在當今充滿活力的美國房地產市場中，負擔能力限制和消費者信心挑戰導致住房週轉率處於歷史低點。

Elevated mortgage rates have made it difficult for many prospective buyers to afford a home that meets their needs, while macroeconomic uncertainty has dampened consumer sentiment, limiting transaction activity as many wait for greater clarity before making long-term financial decisions.

抵押貸款利率上升使得許多潛在購屋者難以購買到符合其需求的房屋，而宏觀經濟的不確定性抑制了消費者情緒，限制了交易活動，因為許多人在做出長期財務決策之前都在等待更清晰的情況。

In this context, I'd like to share some additional insights into our proprietary MSA risk rating model, which Rob alluded to. The model utilizes monthly data points that are pertinent to the health of individual housing markets, including new home sales, new and resale prices, employment growth, and resale months of supply.

在此背景下，我想分享一些關於我們專有的 MSA 風險評級模型的額外見解，Rob 也提到過這一點。該模型利用與個別房地產市場健康狀況相關的月度數據點，包括新房銷售、新房和轉售價格、就業成長和轉售供應月份。

Changes to these higher frequency data points help us understand directional trends at an MSA level that contribute to underwriting hurdles at a portfolio level. Over the past 12 months, our proprietary model has picked up softening market conditions across parts of Florida and Texas, and more recently to other regions of the country.

這些更高頻率數據點的變化有助於我們了解 MSA 級別的方向趨勢，從而有助於解決投資組合層級的承保障礙。在過去的 12 個月中，我們的專有模型已經捕捉到了佛羅裡達州和德克薩斯州部分地區以及最近該國其他地區的疲軟市場狀況。

While this the discussion of Florida remains present in the media, we've identified the softness is most pronounced in what we would consider coastal secondary markets rather than larger core metropolitan areas. Our model has recently flagged Fort Myers, Naples, and Daytona Beach as markets to monitor.

儘管媒體仍在討論佛羅裡達州的問題，但我們發現，疲軟現像在我們認為的沿海二級市場而不是較大的核心大都市區最為明顯。我們的模型最近將邁爾斯堡、那不勒斯和代托納海灘標記為需要監控的市場。

While fundamentals are evolving in these markets, our current option exposure is minimal at roughly 1% of remaining portfolio takedown proceeds. Additionally, 100% of properties in these three markets are included in geographically diversified cross-termination pooling agreements. Austin, Texas is another market where we are seeing evolving market conditions, and again, 100% of our Austin assets are pooled in cross-termination agreements.

雖然這些市場的基本面正在發生變化，但我們目前的選擇權敞口很小，約佔剩餘投資組合收益的 1%。此外，這三個市場的 100% 房產都包含在地域分散的跨終端池協議中。德州奧斯汀是另一個我們看到市場狀況不斷變化的市場，而且，我們在奧斯汀的 100% 資產都集中在交叉終止協議中。

I'd like to touch briefly on affordability. While it is true that affordability remains a headwind for the industry today, there are mitigates that are acting as stabilizers. Credit quality of home buyers remain healthy, likely due in part to more financially mature profile of today's consumers with first-time home buyers deferring purchases until their late 30s and the typical buyer in their mid-50s.

我想簡單談談負擔能力問題。儘管負擔能力仍然是當今該行業的一個阻力，但也有一些緩解措施可以起到穩定作用。購屋者的信用品質仍然良好，這可能部分歸因於當今消費者的財務狀況更加成熟，首次購屋者將購屋時間推遲到 30 多歲後期，而典型的購屋者則在 50 多歲中期。

Additionally, prospective buyers are more often receiving support from older family members to make home ownership attainable. According to a survey conducted by Redfin in May, roughly 21% of Gen Z and Millennial home buyers used the cash gift from family to help fund their down payment. Despite the near term uncertainty, we maintain a long term constructive view on the housing market, which remains structurally under supplied.

此外，潛在買家通常會得到年長家庭成員的支持，以實現擁有住房的目標。根據 Redfin 5 月進行的一項調查，大約 21% 的 Z 世代和千禧世代購屋者使用家人的現金禮物來支付首付。儘管短期內存在不確定性，但我們對房地產市場的長期前景仍持樂觀態度，因為房地產市場仍然結構性供應不足。

Additionally, the supply of finished developed lots remains constrained nationwide, exacerbated by the complex, lengthy process of land entitlement, which supports continued stability and land values.

此外，全國範圍內已開發地塊的供應仍然受到限制，而土地授權程序複雜而漫長，加劇了這一問題，而土地授權程序不利於土地的持續穩定和價值的維持。

Over time, we believe macroeconomic uncertainty will ease as domestic policy becomes more defined, helping to restore consumer confidence. On the affordability front, needed home price appreciation combined with ongoing wage growth should gradually close the affordability gap. With that, I'll hand it to Garett.

我們相信，隨著時間的推移，隨著國內政策變得更加明確，宏觀經濟的不確定性將會減輕，有助於恢復消費者信心。在負擔能力方面，所需的房價升值加上持續的薪資成長應該會逐步縮小負擔能力差距。說完這些，我就把它交給加勒特。

Thank you, Steven, and good morning everyone. I'm pleased to walk you through Millrose Property's financial performance for the second quarter of 2025. This first full quarter, post-spin from Lennar marks an important milestone as we continue to leverage our robust platform, significant liquidity, and discipline capital allocation strategy to drive attractive returns for our investors.

謝謝你，史蒂文，大家早安。我很高興向您介紹 Millrose Property 2025 年第二季的財務表現。萊納分拆後的第一個完整季度標誌著一個重要的里程碑，因為我們將繼續利用我們強大的平台、充足的流動性和嚴格的資本配置策略為我們的投資者帶來可觀的回報。

For the quarter, we reported net income attributable to Millrose common shareholders of $112.8 million or $0.68 per share, driven by $149 million in option fees and other related income. Our annualized return on equity increased to 7.8%, a 20 basis points increase, compared to the first quarter on a normalized basis, driven by continued growth of our partnerships outside of the Lennar master program agreement.

本季度，我們報告的歸屬於 Millrose 普通股股東的淨收入為 1.128 億美元，即每股 0.68 美元，其中期權費和其他相關收入為 1.49 億美元。我們的年化股本回報率增至 7.8%，與第一季相比增長了 20 個基點，這得益於我們在 Lennar 主計劃協議之外的合作夥伴關係的持續增長。

Our book value per share at the end of the quarter stood at $35.39. Our management fee expense was $22 million which is calculated transparently at 1.25% of gross tangible assets. Interest expense was $10.3 million, and income tax expense was $4.8 million.

本季末，我們的每股帳面價值為35.39美元。我們的管理費支出為2,200萬美元，以有形資產總額的1.25%透明計算。利息支出為 1,030 萬美元，所得稅支出為 480 萬美元。

To further enhance transparency and better reflect the recurring earnings power of our business, we are introducing adjusted funds from operations, or AFFO as a supplemental performance metric this quarter. AFFO adjusts for non-cash and non-recurring items, providing a clearer view of the cash generating capacity of our platform.

為了進一步提高透明度並更好地反映我們業務的經常性獲利能力，我們在本季度引入了調整後的營運資金（AFFO）作為補充績效指標。AFFO 針對非現金和非經常性項目進行調整，從而更清楚地了解我們平台的現金產生能力。

We believe this metric will offer investors a more accurate measure of our sustainable distributable earnings. This quarter, AFFO was $115 million or $0.69 per share. Further details and a full reconciliation of any non-GAAP measures to the most directly comparable GAAP measures are available in our earnings release and supplemental materials.

我們相信，這項指標將為投資者提供更準確的衡量我們可持續可分配收益的指標。本季度，AFFO 為 1.15 億美元，即每股 0.69 美元。更多詳細資訊以及非 GAAP 指標與最直接可比較的 GAAP 指標的完整對帳可在我們的收益報告和補充資料中找到。

We paid our first full quarter dividend of $114.5 million $0.69 per share, demonstrating the attractive recurring yields our model generates. As we have said, we are committed to distributing our earnings back to shareholders in the form of cash dividends.

我們支付了第一季的股息，每股 0.69 美元，為 1.145 億美元，這體現了我們的模型產生的誘人的經常性收益。正如我們所說，我們致力於以現金股利的形式將收益回饋給股東。

Turning to our balance sheet and capitalization, Millrose maintains a conservative leverage profile, significant asset base, and ample liquidity. As of June 30, we reported total assets of approximately $8 billion with a debt to capitalization ratio of approximately 15%. Total debt was $1 billion.

談到我們的資產負債表和資本化，Millrose 保持保守的槓桿狀況、龐大的資產基礎和充足的流動性。截至 6 月 30 日，我們的總資產約為 80 億美元，債務資本化率約為 15%。總債務為10億美元。

A significant highlight this quarter was the successful closing of our $1 billion delayed for a term loan from Goldman Sachs and JP Morgan. This new facility materially enhances our already robust capital structure, providing ample financial flexibility to support our strong investment pace, and execute on our growing range of opportunities. This facility was fully drawn as of June 30, 2025, and was used to fund the new home transaction and pay down the revolving credit facility.

本季的一個重要亮點是成功完成了高盛和摩根大通的 10 億美元延期定期貸款。這項新措施大大增強了我們本已強大的資本結構，提供了充足的財務靈活性，以支持我們強勁的投資步伐，並抓住我們日益增長的機會。該筆貸款已於 2025 年 6 月 30 日全部提取，用於資助新房交易和償還循環信貸額度。

As a reminder, we expect to adhere to a conservative maximum leverage level of 33% net debt capitalization, underscoring our disciplined approach to capital management. Our attractive credit profile and substantial capital capacity support our efficient investment pace through the prudent utilization of all available funding resources.

提醒一下，我們預計將堅持保守的最大槓桿水平，即 33% 的淨債務資本化，以強調我們對資本管理的嚴謹態度。我們具有吸引力的信用狀況和雄厚的資本能力透過審慎利用所有可用的資金資源來支持我們高效的投資步伐。

Finally, we are raising guidance for our year-end quarterly AFFO per share run rate of $0.70 to $0.73, consistent with expectations for higher transaction funding outside of the Lennar master program agreement. We remain focused on delivering value for our shareholders through consistent earnings, prudent capital allocation, and a conservative balance sheet. With that, I'll turn the call back to Darren.

最後，我們將年末季度 AFFO 每股運行率指引從 0.70 美元提高到 0.73 美元，這與 Lennar 主計劃協議之外更高交易資金的預期一致。我們始終致力於透過穩定的獲利、審慎的資本配置和保守的資產負債表為股東創造價值。說完這些，我就把電話轉回給達倫。

To close, let me reiterate our immense confidence in Millrose and the pivotal role we are playing in the home building ecosystem. Our innovative homesite option purchase platform isn't just a solution. It's a fundamental shift in how capital flows to meet robust housing demand.

最後，讓我重申我們對 Millrose 的巨大信心以及我們在住宅建築生態系統中發揮的關鍵作用。我們創新的宅基地選擇購買平台不僅僅是解決方案。這是滿足強勁住房需求的資本流動方式的根本轉變。

We look forward to continuing on our mission to deliver value to the home builder and investor stakeholders we serve and build upon the strong foundations we have established. Thank you for your continued support and we look forward to sharing our further progress next quarter. With that operator, let's open the call up to Q&A.

我們期待繼續履行我們的使命，為我們服務的房屋建築商和投資者利益相關者創造價值，並在我們已經建立的堅實基礎上再接再厲。感謝您一直以來的支持，我們期待下個季度分享我們的進一步進展。有了這個接線員，我們就可以開始問答環節了。

(Operator Instructions)

（操作員指示）

Julien Blouin, Goldman Sachs.

高盛的朱利安布魯因 (Julien Blouin)。

Julian, are you there?

朱利安，你在嗎？

Hi, yes, can you hear me?

嗨，是的，你聽得到我說話嗎？

Yes.

是的。

So, there's been a lot of talk recently about home builders potentially starting to put pressure on land banking partners to write down land values, and restructure their agreements. Do you see this as a risk for you, and I guess more generally, what are you hearing from your land banking partners about how they view Millrose as a partner amidst this more sort of challenging environment?

因此，最近有很多關於房屋建築商可能開始向土地銀行合作夥伴施加壓力以降低土地價值並重組協議的討論。您是否認為這對您來說是一種風險？我想更普遍地說，您從土地銀行合作夥伴那裡聽到了什麼，他們如何看待 Millrose 作為合作夥伴在這種更具挑戰性的環境中的表現？

hey Julian, this is Darren. So there are two reasons why a home builder would use a land banking counterpart. One is for capital efficiency and the other is for risk mitigation. And for -- and I think as and we've been very clear, our role in providing capital is really for capital efficiency, working with our home builder clients to buy land on their behalf so they can get the benefits of that efficiency, increasing their asset returns.

嘿，朱利安，我是達倫。因此，房屋建築商使用土地儲備機構有兩個原因。一是提高資本效率，二是降低風險。而且——我認為我們已經非常清楚，我們在提供資本方面的作用實際上是為了提高資本效率，與我們的房屋建築商客戶合作，代表他們購買土地，以便他們能夠獲得這種效率帶來的好處，從而增加他們的資產回報。

There are still home builders out there though that are using intermediaries for risk mitigation where they're leveraging the balance sheet of third parties to kind of offload risk. And it's really in those situations that we're hearing the same thing and we know which builders are looking for capital efficiency because those are the builders that are willing to give us additional credit enhancements.

不過，仍有一些房屋建築商正在利用中介機構來降低風險，他們利用第三方的資產負債表來減輕風險。正是在這種情況下，我們聽到的是同樣的事情，我們知道哪些建築商正在尋求資本效率，因為這些建築商願意為我們提供額外的信用增進。

And so that's really the role. That's more of a modernization of land banking is to be one of capital efficiency. And because of the credit enhancements that we benefit from, we haven't seen any slippage in our portfolio, nor do we expect to see any slippage on a while there you that.

這就是真正的角色。這更像是土地儲備的現代化，是資本效率的提升。而且由於我們受益於信用增進，我們的投資組合沒有出現任何下滑，我們也不認為在一段時間內會出現任何下滑。

No, that's right.

不，沒錯。

Great, and maybe as a follow up on those sort of credit enhancements, I appreciate the additional color in in this quarter's presentation around cross asset pooling. Can you sort of walk us through the success you're seeing on being able to pool properties on the non-linear deals you've been closing, and are there still some partners that you're working with that are maybe still hesitant around pooling?

太好了，也許作為對這些信用增進的後續行動，我很欣賞本季度有關交叉資產池的演示中所添加的額外內容。您能否向我們介紹一下您在已完成的非線性交易中對資產池化所取得的成功？您是否仍有一些合作夥伴對資產池化仍猶豫不決？

Yeah, Julien, I'd say, again, it's more of a modernization that folks are willing to entertain cooling, and it really does speak to how hard it is to get land approved for development, the Grade A locations that we are helping to finance and so we're, it really started with our relationship with Lennar. They really helped to pioneer the pooling concept. We are seeing more widespread adoption of other builders joining that.

是的，朱利安，我想說，這更像是一種人們願意接受冷卻的現代化，它確實說明了獲得開發土地批准有多麼困難，我們正在幫助資助的 A 級地點，所以我們，這實際上始於我們與 Lennar 的關係。他們確實幫助開創了池化概念。我們看到其他建築商越來越廣泛地加入這一行列。

Right now, we did the math overnight, about 97% of our portfolio is pulled, so that gives you some sense for the adoption, not just from, our primary client Lennar, but the other builders that have chosen to do business with us. It's something we're very proud of that not only are we growing accretively, but we're actually benefiting from strong credit enhancements as we're constructing the portfolio.

現在，我們連夜計算了一下，大約 97% 的投資組合已被撤出，因此這可以讓你了解採用情況，不僅來自我們的主要客戶 Lennar，還有選擇與我們做生意的其他建築商。我們非常自豪的是，我們不僅在不斷成長，而且在建立投資組合時實際上還受益於強勁的信用增進。

Great, and maybe if I can sneak in the last one, how should we think about the yields on an agreement like the Taylor Morrison Yardly deal? Is it more similar to the sort of Apollo New Home Co yields, a little bit lower than what we saw. You do on a smaller sort of one-off basis in the first quarter, and it, and I assume based on what you've sort of just walked us through that these Yardly agreements do include cross asset pooling on those properties.

太好了，如果我可以偷偷問最後一個問題，我們應該如何看待像 Taylor Morrison Yardly 交易這樣的協議的收益？它是否更類似於阿波羅新房公司的收益率，比我們看到的要低一點。您在第一季進行了較小規模的一次性交易，根據您剛才向我們介紹的情況，我認為這些 Yardly 協議確實包括對這些資產的交叉資產池化。

I don't want to talk about specific transactions really, with our counterparts, but what I will say is we do expect the, our average yield to compress maybe closer to 11%. That's kind of what we've got to, as we as we grow our portfolio.

我實際上不想與我們的同行談論具體的交易，但我想說的是，我們確實預計我們的平均收益率可能會接近 11%。這就是我們在擴大投資組合時必須要做的事。

And really this is the tradeoff is we're willing to give some rate relief to get the credit enhancements, and as we drive more adoption in the portfolio, we do see that blended rate coming down probably closer to 11% but I'd rather not specifically talk to any of our clients.

真正的權衡是我們願意提供一些利率減免來獲得信用增進，並且隨著我們在投資組合中推動更多採用，我們確實看到混合利率可能接近 11%，但我不想具體與我們的任何客戶交談。

Yeah, and [Julien], it's Rob. I mean, I would just note, it's worth reiterating given the dynamics you mentioned and admittedly, it is a notable home builder environment right now where we're focused every day on downside protection just as much or even more so if we're focused on yields.

是的，[朱利安]，我是羅布。我的意思是，我只想指出，鑑於您提到的動態，值得重申的是，目前這是一個值得注意的房屋建築環境，我們每天都會關注下行保護，如果我們關注收益率的話，則更加如此。

So, just as Darren said, our incremental yield on the non-linear transactions was lower, and that is directly related to a focus on doing business with the right builders like Darren mentioned, as well as cross-termination pooling everywhere we can get it and being focused on downside protection, our yields probably would be higher, if we didn't have those structural risk mitiggans, but, it's a balance that we're focused on.

因此，正如達倫所說，我們在非線性交易上的增量收益較低，這與專注於與達倫提到的合適的建築商做生意，以及盡可能多地進行交叉終止池化以及專注於下行保護直接相關，如果我們沒有那些結構性風險緩解措施，我們的收益率可能會更高，但這是我們關注的平衡。

Okay. Great. Thank you so much team.

好的。偉大的。非常感謝你們團隊。

Thanks Julien.

謝謝朱利安。

Eric Wolfe, Citi Research.

花旗研究部的 Eric Wolfe。

Hey. Thanks for taking my questions. Maybe to follow up on Taylor Morrison, can you just talk about how you and Kennedy Lewis will decide how the $3 billion gets split up and whether there's a different underwriting process that you go through in evaluating build to rent communities versus for sale?

嘿。感謝您回答我的問題。也許是為了跟進泰勒莫里森的問題，您能否談談您和肯尼迪劉易斯將如何決定如何分配這 30 億美元，以及在評估建造出租社區和出售社區時是否有不同的承保流程？

Well, I'll start with the second part, which is evaluating build to rent. Ultimately, we're relying on a lot of the same basic data around the strength of the housing market, employment trends, migration, and the overall, economic strength of the tenant slash homebuyer in that market.

好吧，我將從第二部分開始，即評估建造出租。最終，我們依賴大量相同的基本數據，這些數據涉及房地產市場的實力、就業趨勢、移民以及該市場租戶和購屋者的整體經濟實力。

But there is definitely a specific overlay as it relates to our built to rent evaluation on yields and expenses and, much more of an operating income relative to basis analysis, typical of rental real estate as opposed to for sale. So, it's very similar, but certainly nuanced.

但肯定存在一個特定的覆蓋，因為它與我們對收益和費用的租賃評估有關，而且更多的是相對於基礎分析的營業收入，這是租賃房地產而不是出售房地產的典型特徵。所以，它非常相似，但肯定有細微差別。

Maybe I'll just touch on the allocation of Kennedy Lewis first Millrose. So, obviously it's the same people like Kennedy Lewis, and Millrose. Kennedy Lewis, we are the external manager of Millrose. And so while the agreement is with Kennedy Lewis, subject to the publicly available allocation policy in the management agreement, there is an allocation that goes between both vehicles for a period of time.

也許我首先要談談肯尼迪·劉易斯·米爾羅斯的分配。所以，顯然他們是同一群人，像是甘迺迪·劉易斯和米爾羅斯。肯尼迪·劉易斯 (Kennedy Lewis)，我們是 Millrose 的外部經理。因此，雖然該協議是與 Kennedy Lewis 簽訂的，但要遵守管理協議中公開的分配政策，在一段時間內，兩種工具之間會進行分配。

However, as we've noted, that available capital for this business at the Kennedy Lewis fund is finite and will burn off over time so longer term, we expect the majority of this product to be in Millrose.

然而，正如我們所指出的，肯尼迪劉易斯基金用於這項業務的可用資本是有限的，並且會隨著時間的推移而耗盡，因此從長遠來看，我們預計該產品的大部分將在 Millrose 中。

Yeah, and one thing I'd add on the Taylor Morrison is, look, we're, we really appreciate our relationship with Taylor Morrison. It's really, an amazing use case for Millrose to be providing capital to their build to rent, product. Their product really speaks to the affordability gap. Usually, this product lives on the edge of a master plan community that Taylor Morrison is already associated with.

是的，關於泰勒·莫里森，我想補充一點，看，我們真的很珍惜與泰勒·莫里森的關係。對於 Millrose 來說，為其建造出租產品提供資金確實是一個令人驚嘆的用例。他們的產品確實體現了可負擔性差距。通常，該產品位於 Taylor Morrison 已經參與的總體規劃社區的邊緣。

And what I really like about it is it not only is it a new use case, but because we're not just financing the land, but we're financing the vertical construction, we, this is more of a de-risk portfolio opportunity for us. Not that we don't like land and all the collateralization that we get, but this is yet another use case which I think is yet an evolution and more of a delist use case because it's not just the land that we're financing, but we're financing the vertical as well.

我真正喜歡它的是，它不僅是一個新的用例，而且因為我們不僅為土地融資，還為垂直建設融資，這對我們來說更像是一個降低風險的投資組合機會。並不是說我們不喜歡土地和我們獲得的所有抵押品，而是這又是一個用例，我認為這還是一個演變，更像是一個退市用例，因為我們融資的不僅僅是土地，我們還在為垂直行業融資。

Yeah, makes sense and understand on the opportunity there, I guess, and you look at your underwriting. I guess, are you assuming that the builder or the developer eventually just pays you back with borrowing on the community because obviously there's no sellout of the community and assuming that's the case, I guess are these agreements structured in such a way that it would be a little bit longer than In a normal, agreement with a for sale builder, as I would assume it takes, one year to two years to kind of stabilize that community.

是的，我想，這很有意義，並且了解那裡的機會，然後你看看你的承保。我想，您是否假設建築商或開發商最終只是通過借入社區來償還您，因為顯然沒有出售社區，並且假設情況確實如此，我想這些協議的結構是否會比與待售建築商達成的正常協議要長一點，因為我認為這需要一到兩年的時間來穩定該社區。

No, it's actually, I would say a similar tender or even shorter, but, than the typical four cell community. It's structured in exactly the same way as our normal course agreements. The only difference is there is one tax slot as as opposed to multiple plots or tax slots in a rental community. And so there is one take, if you will, at the end of the contract, and that take is generally, sooner than the last take of other contracts.

不，實際上，我想說的是，它與典型的四細胞社區類似，甚至更短。它的結構與我們正常的課程協議完全相同。唯一的區別是，這裡只有一個稅位，而租賃社區則有多個地塊或稅位。因此，如果你願意的話，在合約結束時會有一次拍攝，而且這次拍攝通常比其他合約的最後一次拍攝要早。

But, we're just relying on the builder. In this case, Taylor Morrison, to use its capital, to repurchase, as you said, the asset from us just like we do, in the for sale scenario. And, again, in Taylor Morrison's case, the strength and credit quality of that organization, we have no concerns with its ability to do that, obviously.

但是，我們只是依賴建築商。在這種情況下，泰勒莫里森將利用其資本，如您所說，從我們這裡回購資產，就像我們在出售的情況下所做的那樣。再次，就泰勒莫里森的案例而言，考慮到該組織的實力和信用質量，我們顯然不擔心它是否有能力做到這一點。

And this is a really meaningful, important business line to Taylor Morrison, that they're putting a lot of effort and capital behind. So, it functions exactly the same way. We have just as much, if not more so, confidence in the counterparty to buy back the asset here, and we feel really good, as Darren said about the yield that our shareholders are getting relative to a really high-quality counterparty and asset.

對泰勒莫里森來說，這是一條非常有意義、非常重要的業務線，他們為此投入了大量的精力和資金。所以，它的功能完全相同。我們對交易對手回購資產的信心同樣大，甚至更大，我們感覺非常好，正如達倫所說的，我們的股東相對於真正高品質的交易對手和資產所獲得的收益。

That it makes sense. And then I guess last in Taylor Morrison, if you get the majority of that in order to get the majority of that, I think it'll be close to your total leverage and investment capacity based on that sort of leverage constraint.

這是有道理的。然後我想最後在泰勒莫里森，如果你得到大部分，為了得到大部分，我認為它將接近你的總槓桿和基於這種槓桿約束的投資能力。

Do you feel like the stock is at a spot now where it maybe makes sense to issue equity, or do you think it needs to be closer to book value? I think even at today's level, the investment spreads versus your cost of capital is pretty accretive, obviously be a little bit of solution to book value. So just curious how you're thinking about the tradeoff there.

您是否認為現在股票價格可能適合發行股票，或者您認為需要更接近帳面價值？我認為即使在今天的水平上，投資利差與資本成本的比率也是相當可觀的，顯然對帳面價值有一定的幫助。所以我只是好奇你是如何看待那裡的權衡的。

Yeah, our priority right now is optimizing the balance sheet with debt. And we'll see where we end up as we put those debt structures in place with the equity. We've been very consistent. We have no plans of issuing dilutive equity. And the, we're reasonably pleased that the story has gained traction.

是的，我們現在的首要任務是透過債務優化資產負債表。當我們將這些債務結構與股權結合時，我們將看到最終的結果。我們一直都非常一致。我們沒有發行稀釋性股權的計畫。而且，我們很高興看到這個故事獲得了關注。

And so let us kind of execute, continue to execute on our strategy, prioritize the debt part of the capital structure and then we'll pick our heads up and see where we're at.

因此，讓我們繼續執行我們的策略，優先考慮資本結構的債務部分，然後我們再看看我們所處的位置。

Makes sense. And then just last question promise. On the deals that you closed in the second quarter, sort of a follow up to Julian's question, can you just talk a bit about the credit enhancement that you got with those because I think one of the most freaking questions I get is sort of what is the credit enhancement look like on those deals outside of the Lennar master program agreement.

有道理。然後就是最後一個問題。關於您在第二季度完成的交易，作為對朱利安問題的跟進，您能否簡單談談您通過這些交易獲得的信用增進情況，因為我認為我收到的最多問題之一就是除了 Lennar 主計劃協議之外，這些交易的信用增進情況是什麼樣的。

So, what's the level of option deposit, option termination. Effectively, just trying to understand the potential downside risk on these deals which, in turn requires an understanding of how much equity is invested or credit enhancement you have?

那麼，選擇權存款、選擇權終止的水平是多少。實際上，只是試圖了解這些交易的潛在下行風險，這反過來又需要了解您投資了多少股權或有多少信用增進？

Yeah, I mean, I'll start. I really hesitate to provide, kind of contract level information on our counterparties to the market. We've been very clear that we're not going to talk about counterparties, more specific terms. The reason why we're comfortable talking about a new home and Taylor Morrison is because they've revealed themselves to be clients of ours.

是的，我的意思是，我先開始了。我真的很猶豫是否要提供有關我們市場交易對手的合約層面的資訊。我們已經非常明確地表示，我們不會談論交易對手和更具體的條款。我們之所以能輕鬆地談論新家和泰勒莫里森，是因為他們已經表明自己是我們的客戶。

But suffice it to say that there are costs termination provisions with a new home and by extension, the assets that we purchased from Landy and the contracts look very similar in structure and form overall to the other, to every other contract that we have. So we feel very good about the portfolio, and the protections that we put in place and the high barriers for a home builder to just walk away.

但可以說，新房子和我們從 Landy 購買的資產都有成本終止條款，合約的結構和形式總體上與我們擁有的所有其他合約非常相似。因此，我們對投資組合、我們實施的保護措施以及房屋建築商退出的高門檻感到非常滿意。

And even, it's not just those credit protections, but the reason why we brought Steven on is because we wanted to really provide a comfort that there's a real disciplined approach to our underwriting. And to the geographies that we'll go into and the home builders that will serve and product types.

甚至，這不僅僅是那些信用保護，我們聘請史蒂文的原因是因為我們希望真正讓人們放心，我們的承保方式是真正嚴謹的。以及我們將要進入的地區、將要服務的房屋建築商和產品類型。

And even as Steven said, in the kind of hot button communities, MSAs that are out there, we have very minimal exposures, any exposures we do have are cross pooled. And I will say overall, maybe as a data point, no one MSA represents more than 6% of our portfolio, and so that should give the market a good sense for how diversified this portfolio is in addition to the credit enhancements that sit on top of them.

正如史蒂文所說，在那些熱門社群、MSA 中，我們的曝光度非常低，我們所擁有的任何曝光度都是交叉匯集的。我想說的是，總的來說，也許作為一個數據點，沒有一個 MSA 占我們投資組合的 6% 以上，因此，除了其上的信用增強之外，這應該能讓市場很好地了解這個投資組合的多樣化程度。

Got it. Thanks for the time.

知道了。謝謝你的時間。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

All right. It looks like I'm going to turn it back over to you, Darren Richman for closing remarks.

好的。看來我要把發言權交還給達倫里奇曼 (Darren Richman) 來做最後的總結發言了。

Yeah, thank you, and thanks to everybody for joining us this quarter. We're very pleased with our results. We're very pleased with the quality of the portfolio that we're putting together, even in the face of what we think is a recalibration in the housing market back to pre-COVID levels.

是的，謝謝，也謝謝大家本季加入我們。我們對於結果非常滿意。即使我們認為房地產市場正在重新調整至疫情之前的水平，我們對所組成的投資組合的品質仍然非常滿意。

As the market recalibrates, we're still building our portfolio through any of those headwinds, and we do think, there are real entrenched tailwinds to our product adoption and we look forward to speaking with all of you on our next quarter conference call. Thank you.

隨著市場重新調整，我們仍在努力克服所有不利因素來建立我們的投資組合，我們確實認為，我們的產品採用有著真正的根深蒂固的順風，我們期待在下個季度的電話會議上與大家交談。謝謝。

Thank you all for joining. That concludes today's call. You may now disconnect.

感謝大家的加入。今天的電話會議到此結束。您現在可以斷開連線。