### At a GlanceMillrose Properties' Q2 2026 results show management disclosing investment capital growth to $8.8 billion, with increases in recurring AFFO and dividends, while emphasizing strong demand for its permanent capital platform. However, no direct comparison between specific results and expectations was provided.

Key Data: Investment capital reached $8.8 billion, with approximately $1.0 billion recycled and redeployed during the quarter; AFFO was $127.6 million ($0.77 per share), with exit run-rate AFFO at $0.80 per share, at the high end of prior guidance; the dividend was raised for the sixth consecutive quarter to $0.77 per share.

Business Progress: The quarter added two new counterparty relationships, including the first multifamily land banking partnership with JPI, a subsidiary of Sumitomo Forestry, marking the platform's expansion into the residential ecosystem. Additionally, the company announced its intention to provide capital for DreamFinders Homes' acquisition of Beazer Homes, demonstrating its strategic role in industry consolidation. Platform operations remained solid, with no option terminations, mature technology infrastructure, and ongoing optimization of internal processes.

Guidance & Outlook: Management did not provide specific financial guidance but indicated an active pipeline, a growing opportunity set, and unchanged underwriting standards. Exit run-rate AFFO was $0.80 per share, at the high end of prior guidance.

Risk/Highlight Signals: Management emphasized that despite high mortgage rates and affordability pressure, builders' demand for capital efficiency reflects a structural evolution rather than a cyclical one. It also noted that existing home inventory is stable, new home inventory is declining, and demographic factors (wealth transfer, high employment) provide demand support.