
Transaction marks a meaningful expansion of Millrose&#39;s role as the premier strategic capital partner for homebuilder mergers and acquisitions


Millrose Properties, Inc. (NYSE:MRP, &#34;, Millrose&#34;, )), the

<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Transaction marks a meaningful expansion of Millrose&#39;s role as the premier strategic capital partner for homebuilder mergers and acquisitions</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Millrose Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MRP">MRP</a>, &#34, Millrose&#34, )), the homesite option platform for residential homebuilders, today announced a commitment by its manager to provide acquisition financing of up to $1.25 billion to support Dream Finders Homes, Inc.’s (&#34;Dream Finders&#34;) publicly announced acquisition of Beazer Homes USA, Inc. The commitment represents the third instance since Millrose&#39;s founding of the company’s unique capability to provide land banking capital in support of a homebuilder acquisition.

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Under the arrangement, Millrose plans to acquire homesites from the combined Dream Finders and Beazer organization, enabling Dream Finders to achieve capital-efficient growth in controlled homesites while preserving balance sheet flexibility. Dream Finders will maintain option agreements on homesites acquired from Beazer, paying option fees during the development period and purchasing finished homesites over time.

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Darren Richman, Chief Executive Officer and President of Millrose Properties said, "Both Dream Finders and Beazer are valued clients, and we have partnered with Beazer across multiple market cycles. That long history gives us deep familiarity with the company, its strategy, and its land position — and the knowledge and confidence to play a meaningful role in a transaction of this significance. Builders across the sector are increasingly turning to Millrose for capital-efficient ways to fund growth, preserve balance sheet flexibility, and position themselves for the long term. Dream Finders’ acquisition of Beazer is a compelling example of the flexibility and value of our permanent capital platform, combining land banking with long-term strategic financing in support of capital-efficient consolidation at scale. We see significant opportunity ahead as consolidation continues to reshape the industry.&#34;

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Akin Gump represented Millrose as corporate counsel and Cox, Castle &amp; Nicholson, LLP represented Millrose as land banking counsel in connection with the transaction.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Millrose Properties, Inc.</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Millrose (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MRP">MRP</a>) is the premier homesite option platform for residential homebuilders. The company specializes in the acquisition and horizontal development of land to provide a predictable, just-in-time supply of finished homesites — the most scarce and mission-critical resource in the homebuilding industry. Unlike traditional land bankers, Millrose utilizes a proprietary technology platform that provides real-time feedback and data analytics to drive acquisition decisions. Every transaction in the Millrose portfolio undergoes rigorous independent due diligence to ensure attractive yields and long-term viability. By enabling an asset-light model, Millrose provides its diverse roster of homebuilder and developer partners with the strategic flexibility to maintain production volumes and optimize balance sheet efficiency across all market environments. For more information about Millrose, please visit millroseproperties.com.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking Statements</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
This press release contains forward-looking statements, including, in particular, statements about Millrose’s businesses, plans, strategies and objectives, future earnings, expected transactions and guidance. You can generally identify forward-looking statements by our use of forward-looking terminology such as "may," "can," "shall," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," "outlook," "guidance" or other similar words or the negatives thereof. Assumptions relating to these statements involve judgments with respect to, among other things, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control. There can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. Important factors that could cause differences between anticipated and actual results include the risks and uncertainties described in Millrose’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof and Millrose does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260806870293r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260806870293/en/" rel="nofollow">https://www.businesswire.com/news/home/20260806870293/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Stephen Pettibone / Louise Fitzgerald
<br xmlns="http://www.w3.org/1999/xhtml"></br>FGS Global
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:MillroseProperties@fgsglobal.com" shape="rect">MillroseProperties@fgsglobal.com</a>

</p>

Millrose Properties to Provide Capital Support for Dream Finders Homes' Announced Acquisition of Beazer Homes with Up to $1.25 Billion Commitment

Millrose expands land banking role with up to $1.25B financing

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Transaction marks a meaningful expansion of Millrose&amp;#39;s role as the premier strategic capital partner for homebuilder mergers and acquisitions


Millrose Properties, Inc. (NYSE:MRP, &amp;#34;, Millrose&amp;#34;, )), the</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Millrose Properties disclosed a manager-funded commitment to provide up to $1.25 billion of acquisition financing to support Dream Finders Homes&#039; planned acquisition of Beazer Homes USA. The structure enables Millrose to acquire homesites from the merged group, while Dream Finders maintains options on Beazer sites and purchases finished lots over time, promoting capital-efficient growth and long-term platform leverage.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Millrose commits up to $1.25B to finance Dream Finders-Beazer acquisition.</li><li>This is the third land-bank/capital support since Millrose&#039;s founding.</li><li>Millrose will acquire homesites from the combined Dream Finders-Beazer entity.</li><li>Dream Finders will hold option agreements, paying fees during development.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Millrose Properties, Inc. (MRP)</strong>: Announces financing commitment expanding strategic capital role in homebuilder M&amp;A.</li><li><strong>Dream Finders Homes, Inc. (DFH)</strong>: Buyer in Beazer acquisition; beneficiary of Millrose financing and site acquisitions.</li><li><strong>Beazer Homes USA, Inc. (BZH)</strong>: Target of Dream Finders&#039; acquisition; Beazer aligns with Millrose’s land-banking strategy.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments / M&amp;A. The release centers on a financing arrangement enabling a homebuilder consolidation, fitting corporate action tracking and strategic capital deployment.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Expansion of Millrose’s capital-partner role could boost future fee revenue.</li><li>Beazer-Dream Finders deal increases Millrose’s land banking pipeline.</li><li>No immediate earnings impact; catalyst unfolds as pilots convert to deals.</li><li>Housing-market timing and regulatory environment could affect deal pace.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Up to $1.25 billion acquisition financing commitment.</li><li>Third such funding instance since Millrose’s founding.</li><li>Dream Finders’ publicly announced acquisition of Beazer Homes USA.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish: growth upside through land banking fees and capital-light expansion over the next 6–12 months.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<i xmlns="http://www.w3.org/1999/xhtml">Transaction marks a meaningful expansion of Millrose&#39;s role as the premier strategic capital partner for homebuilder mergers and acquisitions</i>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Millrose Properties, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MRP">MRP</a>, &#34, Millrose&#34, )), the homesite option platform for residential homebuilders, today announced a commitment by its manager to provide acquisition financing of up to $1.25 billion to support Dream Finders Homes, Inc.’s (&#34;Dream Finders&#34;) publicly announced acquisition of Beazer Homes USA, Inc. The commitment represents the third instance since Millrose&#39;s founding of the company’s unique capability to provide land banking capital in support of a homebuilder acquisition.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Under the arrangement, Millrose plans to acquire homesites from the combined Dream Finders and Beazer organization, enabling Dream Finders to achieve capital-efficient growth in controlled homesites while preserving balance sheet flexibility. Dream Finders will maintain option agreements on homesites acquired from Beazer, paying option fees during the development period and purchasing finished homesites over time.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Darren Richman, Chief Executive Officer and President of Millrose Properties said, "Both Dream Finders and Beazer are valued clients, and we have partnered with Beazer across multiple market cycles. That long history gives us deep familiarity with the company, its strategy, and its land position — and the knowledge and confidence to play a meaningful role in a transaction of this significance. Builders across the sector are increasingly turning to Millrose for capital-efficient ways to fund growth, preserve balance sheet flexibility, and position themselves for the long term. Dream Finders’ acquisition of Beazer is a compelling example of the flexibility and value of our permanent capital platform, combining land banking with long-term strategic financing in support of capital-efficient consolidation at scale. We see significant opportunity ahead as consolidation continues to reshape the industry.&#34;

</p><p xmlns="http://www.w3.org/1999/xhtml">
Akin Gump represented Millrose as corporate counsel and Cox, Castle &amp; Nicholson, LLP represented Millrose as land banking counsel in connection with the transaction.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Millrose Properties, Inc.</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Millrose (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MRP">MRP</a>) is the premier homesite option platform for residential homebuilders. The company specializes in the acquisition and horizontal development of land to provide a predictable, just-in-time supply of finished homesites — the most scarce and mission-critical resource in the homebuilding industry. Unlike traditional land bankers, Millrose utilizes a proprietary technology platform that provides real-time feedback and data analytics to drive acquisition decisions. Every transaction in the Millrose portfolio undergoes rigorous independent due diligence to ensure attractive yields and long-term viability. By enabling an asset-light model, Millrose provides its diverse roster of homebuilder and developer partners with the strategic flexibility to maintain production volumes and optimize balance sheet efficiency across all market environments. For more information about Millrose, please visit millroseproperties.com.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking Statements</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
This press release contains forward-looking statements, including, in particular, statements about Millrose’s businesses, plans, strategies and objectives, future earnings, expected transactions and guidance. You can generally identify forward-looking statements by our use of forward-looking terminology such as "may," "can," "shall," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," "outlook," "guidance" or other similar words or the negatives thereof. Assumptions relating to these statements involve judgments with respect to, among other things, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control. There can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. Important factors that could cause differences between anticipated and actual results include the risks and uncertainties described in Millrose’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof and Millrose does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260806870293r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260806870293/en/" rel="nofollow">https://www.businesswire.com/news/home/20260806870293/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
Stephen Pettibone / Louise Fitzgerald
<br xmlns="http://www.w3.org/1999/xhtml"></br>FGS Global
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:MillroseProperties@fgsglobal.com" shape="rect">MillroseProperties@fgsglobal.com</a>

</p>

Millrose Properties disclosed a manager-funded commitment to provide up to $1.25 billion of acquisition financing to support Dream Finders Homes' planned acquisition of Beazer Homes USA. The structure enables Millrose to acquire homesites from the merged group, while Dream Finders maintains options on Beazer sites and purchases finished lots over time, promoting capital-efficient growth and long-term platform leverage.

News insight

Millrose Properties to Provide Capital Support for Dream Finders Homes' Announced Acquisition of Beazer Homes with Up to $1.25 Billion Commitment

AI summary

Sentiment rationale

Key facts

Corporate Developments