After a sharp post-spin rally, one investor’s trim raises a question about how Millrose fits into long-term housing capital strategies.Dallas-based Permian Investment Partners cut its position in Millrose Properties (MRP 0.88%) by about 1 million shares in the third quarter, contributing to an overall position value that fell by about $19.9 million, according to a November 14 SEC filing.What HappenedAccording to an SEC filing released November 14, Permian Investment Partners reduced its stake in Millrose Pr ...

Millrose’s latest numbers hint at a business model hitting its stride even as one institutional investor steps back.New York City-based Brave Warrior Advisors reduced its stake in Millrose Properties (MRP 0.32%) by nearly 2.5 million shares in the third quarter, a move that contributed an estimated $43.5 million position change from quarter to quarter.What HappenedAccording to a Securities and Exchange Commission (SEC) filing dated November 14, Brave Warrior Advisors sold a portion of its position in Millro ...

Key Points New York City-based Newtyn Management sold 807,135 shares of Millrose Properties, reducing its position by $23 million in the third quarter. The transaction represented approximately 2.8% of reported 13F assets under management. The move marked an exit for Newtyn, which reported holding no shares of Millrose Properties as of September 30. These 10 stocks could mint the next wave of millionaires › On November 14, New York City-based Newtyn Management disclosed in a U.S. Securities and E ...

核心观点 - 公司Q2 2025业绩显示AFFO（非GAAP）每股0 69美元略低于分析师预期的0 71美元但GAAP收入1 49亿美元超出预期[1] - 公司战略聚焦客户多元化和平台扩张并宣布首次全额季度股息[1] - 业务模式通过HOPP'R平台为建筑商提供土地收购和开发的创新资本解决方案与传统土地银行提供商形成差异化[2] - 公司持续减少对单一客户Lennar的依赖第三方客户投资资本从Q1 2025的3 496亿美元增至Q2 2025的11亿美元[3][6] - 公司计划在2025年底前完成REIT资格转换并实施新的股息政策将100%收益分配给股东[7][12] 业务概述与战略 - 公司核心业务是通过HOPP'R平台为建筑商提供土地期权购买和开发资金解决方案[2] - 战略重点包括扩大非Lennar客户群提高资本回收效率和风险管理并推进REIT资格转换[3] - 第三方交易加权平均收益率达11 2%高于Lennar交易的8 5%推动整体组合收益率从Q1的8 7%提升至Q2的8 9%[6][9] 季度业绩与运营亮点 - Q2 2025 GAAP收入1 49亿美元接近预期其中1 49亿美元来自土地和住宅用地资金安排的选择权费用[4] - 资本回收模型表现强劲通过住宅用地销售产生7 97亿美元净现金收益其中7 68亿美元来自Lennar交易[5] - 流动性达14亿美元债务资本化比率15%低于33%的上限新增10亿美元延迟提取贷款和13亿美元循环信贷额度[7] 业务线与市场动态 - 核心产品HOPP'R通过土地期权锁定未来住宅用地帮助建筑商减少前期资金投入[8] - 与New Home Company达成5亿美元土地银行交易与Taylor Morrison签署30亿美元建筑融资设施大部分资金将分配给公司[10] - 组合覆盖29个州1000个社区的12 9万块住宅用地[6] 展望与指引 - 管理层将2025年底AFFO（非GAAP）季度指引上调至每股0 70-0 73美元反映非Lennar客户交易进展[11] - 季度股息提升至0 69美元/股实现100%收益分配REIT资格转换计划维持不变[12]