{"id":50864,"date":"2026-08-04T17:00:00","date_gmt":"2026-08-04T15:00:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=6cf7192f18963b22145e99be8cffe88f"},"modified":"2026-08-04T17:00:00","modified_gmt":"2026-08-04T15:00:00","slug":"millrose-properties-reports-second-quarter-2026-financial-results","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=50864","title":{"rendered":"Millrose Properties Reports Second Quarter 2026 Financial Results"},"content":{"rendered":"<p class=\"bwalignc\">\n<i>Second Quarter Net Income of $125.9 Million, or $0.76 Per Share<\/i><\/p><p class=\"bwalignc\">\n<i>Second Quarter AFFO of $0.77 Per Share; Quarterly AFFO Run Rate of $0.80 Per Share, High End of Guidance<\/i><\/p><p class=\"bwalignc\">\n<i>Expanded Counterparty Base to 19 Homebuilder and Developer Relationships and Redeployed $1.1 Billion in Land Acquisitions and Development Funding Across the Portfolio<\/i><\/p><p class=\"bwalignc\">\n<i>Total Homesites Under Option Contracts and Other Related Assets of $9.7 Billion with Zero Option Terminations Since Inception; Invested Capital Outside of the Lennar Master Program Agreement Reached $2.8 Billion, Reflecting $117 Million of Growth Versus the Prior Quarter<\/i><\/p><p class=\"bwalignc\">\n<i>Generated $1.0 Billion in Net Cash Proceeds from Homesite Sales<\/i><\/p><p>MIAMI--(BUSINESS WIRE)--Millrose Properties, Inc. (NYSE: MRP, \u201cMillrose\u201d or the \u201cCompany\u201d), the homesite option platform for residential homebuilders and developers, today announced its financial results for the second quarter ended June 30, 2026.<\/p><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260804287846\/en\/2866581\/4\/Millrose_Logo.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260804287846\/en\/2866581\/22\/Millrose_Logo.jpg\" \/><\/a><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260804287846\/en\/2866581\/4\/Millrose_Logo.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260804287846\/en\/2866581\/21\/Millrose_Logo.jpg\" \/><\/a><p>\n\u201cWe delivered another strong quarter and declared our sixth consecutive quarterly dividend increase, results that highlight the reliability of the Millrose model,\u201d said Darren Richman, Chief Executive Officer and President of Millrose. \u201cWith a $9.7 billion portfolio in a vast and largely untapped addressable market, we are in the early stages of defining this industry.\u201d<\/p><p>\nMr. Richman continued, \u201cBuilders are prioritizing capital efficiency like never before, and they need a partner with the scale and commitment to deliver reliably across every environment. Millrose was built to meet those evolving capital needs, and we continue to find new ways to deepen our support for our expanding builder partnerships.\"<\/p><p>\n<span class=\"bwuline\">Financial Highlights<\/span><\/p><p>\nMillrose produces recurring cash flow through contractual monthly cash options payments with continuous capital redeployment of homesite sale proceeds.<\/p><p>\nFor the second quarter of 2026, Millrose reported:<\/p><ul class=\"bwlistdisc\">\n<li>\nNet income attributable to Millrose common shareholders of $125.9 million, or $0.76 per share<\/li>\n<li>\nTotal revenues: $196.9 million (option fees and development loan income). Total revenues reflected the impact of approximately $284 million of development loans repaid early on the first day of the quarter, the proceeds of which were redeployed during the quarter into new opportunities at prevailing underwriting standards.<\/li>\n<li>\nAdjusted Funds From Operations (AFFO): $127.6 million, or $0.77 per share.<\/li>\n<\/ul><p>\nTotal portfolio weighted average annualized yield was 9.2% as of June 30, 2026.<\/p><p>\n<span class=\"bwuline\">Dividend<\/span><\/p><p>\nOn June 23, 2026, Millrose declared a quarterly dividend of $127.9 million, or $0.77 per share of Class A and Class B common stock. The dividend was paid on July 15, 2026, to shareholders of record as of July 6, 2026.<\/p><p>\n<span class=\"bwuline\">Portfolio Highlights<\/span><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>Lennar Master Program Agreement: <\/b>The Lennar relationship remains foundational to the Millrose platform, providing a stable base of recurring cash flow. For the second quarter of 2026, Millrose received $567 million in net cash proceeds from homesite sales to Lennar and redeployed $566 million into new land acquisitions and development funding. As of June 30, 2026, the Lennar homesites under option contracts were $6.4 billion and the Lennar Invested Capital balance was approximately $6.0 billion with a weighted average yield of 8.5%.<\/li>\n<li>\n<b>Other Agreements: <\/b>Millrose funded an additional $555 million under Other Agreements at a weighted average yield of 10.6%, bringing homesites under option contracts and other related assets to $3.2 billion and Invested Capital net of realized homesite sales of $2.8 billion as of June 30, 2026. This capital growth of approximately $117 million compared to the prior quarter reflects the organic expansion of Millrose's business model, including the continued diversification of its builder base to 18 counterparties outside of Lennar, and the first-time expansion of the Millrose platform into multifamily assets through a new land banking relationship with JPI, a wholly owned subsidiary of Sumitomo Forestry, broadening the addressable market beyond single-family homesites, demonstrating the flexibility of the platform in serving the evolving needs of the residential housing ecosystem.<\/li>\n<li>\n<b>Portfolio Composition:<\/b> Millrose ended the quarter with 143,771 homesites across 877 communities in 30 states as of June 30, 2026.<\/li>\n<li>\n<b>Industry Consolidation Support<\/b>: During the second quarter, Millrose announced its intent to provide land banking capital in support of Dream Finders Homes\u2019 proposed acquisition of Beazer Homes \u2013 an initial demonstration of the platform\u2019s role in facilitating capital-efficient consolidation across the homebuilding industry.<\/li>\n<\/ul><p>\n<span class=\"bwuline\">Liquidity &amp; Capitalization Update<\/span><\/p><p>\nMillrose maintains a conservative balance sheet and strong liquidity position to support continued growth.<\/p><p>\nAs of June 30, 2026, the Company reported total assets of $9.7 billion and total liquidity of $1.4 billion, including cash and availability under its revolving credit facility.<\/p><p>\nTotal corporate debt was $2.5 billion, with a debt-to-capitalization ratio of approximately 30%. The Company\u2019s capital structure includes a $1.835 billion unsecured credit facility, including a $500 million delayed-draw term loan commitment.<\/p><p>\n<b>Conference Call and Webcast Information<\/b><\/p><p>\nMillrose will host a conference call today, August 4 at 10:00 AM Eastern Time to discuss its second quarter results, recent developments, and outlook. The call webcast, as well as relevant earnings materials, will be available through the investor relations section of the Company\u2019s website: <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fir.millroseproperties.com&amp;esheet=54582590&amp;newsitemid=20260804287846&amp;lan=en-US&amp;anchor=ir.millroseproperties.com&amp;index=1&amp;md5=8ee2f689ad6b01e43b936242ef5c3967\" rel=\"nofollow\" shape=\"rect\">ir.millroseproperties.com<\/a>. A replay of the conference call will be available shortly after the broadcast.<\/p><p>\n<b>About Millrose Properties, Inc.<\/b><\/p><p>\nMillrose (NYSE: MRP) is the premier permanent capital solution for residential homebuilders and developers. The company specializes in the acquisition, financing and development of residential land through long-term, capital-efficient structures. The company also provides homebuilders with a predictable, just-in-time supply of finished homesites \u2013 the most scarce and mission-critical resource in the homebuilding industry. 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 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 <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fmillroseproperties.com&amp;esheet=54582590&amp;newsitemid=20260804287846&amp;lan=en-US&amp;anchor=millroseproperties.com&amp;index=2&amp;md5=3edf3f2b3ddd58afc339efb8cea965f2\" rel=\"nofollow\" shape=\"rect\">millroseproperties.com<\/a>.<\/p><p>\n<b>Forward-Looking Statements<\/b><\/p><p>\nCertain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about Millrose\u2019s plans, strategies and objectives, future earnings, expected transactions and guidance, as well as statements about Millrose\u2019s business (including MPH Parent, LLC (\u201cMPH Parent\u201d), Millrose Properties Holdings, LLC (\u201cMillrose Holdings\u201d), Millrose Properties SPE LLC and any of the other Millrose subsidiaries), and Millrose\u2019s future plans, strategies and objectives. You can generally identify forward-looking statements by our use of forward-looking terminology such as \u201cmay\u201d, \u201ccan\u201d, \u201cshall\u201d, \u201cwill\u201d, \u201cexpect\u201d, \u201cintend\u201d, \u201canticipate\u201d, \u201cestimate\u201d, \u201cbelieve\u201d, \u201ccontinue\u201d or other similar words or the negatives thereof intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. Specific forward-looking statements in this release include statements regarding: Millrose\u2019s plans and objectives for future operations, including plans and objectives relating to the future growth of our business and our homesite option platform; the availability of capital at any given time to finance the various endeavors, projects and acquisitions that are expected or planned for Millrose, as well as the availability of capital that needs to be reserved for specified uses (whether contractually or by law); expectations about the quality and value of our homesites and the existence of any liabilities attached to the homesites, and the adequacy of the protection, including our counterparties\u2019 indemnification of Millrose in connection with the land assets acquired under the counterparty agreements; expectations and assumptions regarding our ongoing relationships with counterparties, including expectations that counterparties will fully perform their obligations under existing agreements, and timely exercise their purchase option; our expected business, operations and financial position; expectations and assumptions regarding our industry, the real estate markets or the economy, including statements regarding the competitive landscape; the possibility of providing our homesite option platform and continuing our expansion to new counterparties, and the nature of any such future arrangements; any expected use, development or sale of land assets that we have acquired or may acquire in the future; expectations and assumptions around our relationship with our external manager, Kennedy Lewis Land and Residential Advisors LLC, an affiliate and wholly-owned subsidiary of Kennedy Lewis Investment Management LLC; our status as a real estate investment trust (\u201cREIT\u201d) and MPH Parent\u2019s, RCH Holdings, Inc.\u2019s, and Millrose Holdings\u2019 status as taxable REIT subsidiaries; expectations around ownership limits of our common stock; expectations and assumptions around our source of revenues, expected income, ability to secure financing or incur and repay indebtedness, and ability to comply with restrictions contained in our debt covenants; and other forward-looking statements, are all based on currently known or available information, which may not be indicative of future results (particularly as we are a recently formed company and have had limited historical operations as a standalone company), as well as assumptions and expectations that involve numerous risks and uncertainties. All forward-looking statements included in this release are qualified in their entirety by, and should be read in the context of, the risk factors and other factors disclosed in the Company\u2019s filings with the Securities and Exchange Commission, including the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2025, which can be obtained free of charge on the Securities and Exchange Commission\u2019s web site at <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54582590&amp;newsitemid=20260804287846&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.sec.gov&amp;index=3&amp;md5=fad3e1a5b7a56f2e46817bb83890855f\" rel=\"nofollow\" shape=\"rect\">http:\/\/www.sec.gov<\/a>.<\/p><p>\n<b>Non-GAAP Financial Measures<\/b><\/p><p>\n<b>Invested Capital <\/b>is a non-GAAP financial measure that represents the balance on which monthly cash option fees are paid by counterparties. Invested Capital includes certain components of our consolidated financial statements related to (i) homesites under option contracts, (ii) development loans receivable, and (iii) liabilities. The most directly comparable GAAP financial measure is homesites under option contracts as presented in the Company\u2019s consolidated balance sheets. Management uses Invested Capital as a measure of the capital deployed and believes that the figure is useful to investors because it serves as the basis for generating option fees and other related income. This non-GAAP measure is presented solely to permit investors to more fully understand how our management assesses underlying performance and is not, and should not be viewed as, a substitute for GAAP measures, and should be viewed in conjunction with our GAAP financial measures.<\/p><p>\n<b>AFFO<\/b> means the Adjusted Funds From Operations, which are calculated as the net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate depreciation, adjusted to eliminate the impact of non-recurring items that are not reflective of ongoing operations and certain non-cash items that reduce or increase net income (loss) in accordance with GAAP, and also adjusted for income tax expense (other than income tax expenses of our TRSs) that will not be incurred following our election and qualification to be subject to tax as a REIT for U.S. federal income tax purposes.<\/p><p>\nThe Company is unable to provide a reconciliation of quarterly AFFO run rate to the most directly comparable GAAP measure without unreasonable efforts due to the inherent difficulty in forecasting the timing of items that have not yet occurred, as well as quantifying certain amounts that are necessary for such reconciliation.<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"4\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"4\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwalignc\" colspan=\"11\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>Millrose Properties, Inc.<\/b><\/p><p class=\"bwcellpmargin bwalignc\">\n<b>Condensed Consolidated Balance Sheets (Unaudited)<\/b><\/p><p class=\"bwcellpmargin bwalignc\">\n(Dollars in thousands, except share amounts)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"4\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"4\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwalignc\" colspan=\"4\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>June 30,<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwalignc\" colspan=\"4\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>December 31,<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc\" colspan=\"4\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2026<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc\" colspan=\"4\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Assets<\/b><\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nHomesites under option contracts<\/p><\/td><td class=\"bwvertalignt bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n9,603,735<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n8,872,695<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDevelopment loan receivables, net<\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n49,812<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n328,999<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCash<\/p><\/td><td class=\"bwvertalignt bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n34,171<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n35,046<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOther assets<\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n19,584<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n21,367<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth66 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Total assets<\/b><\/p><\/td><td class=\"bwvertalignt bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>9,707,302<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>9,258,107<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Liabilities and stockholders' equity<\/b><\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nBuilder deposits<\/p><\/td><td class=\"bwvertalignt bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n999,761<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n927,004<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDebt obligations, net<\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,478,732<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,112,062<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDevelopment guarantee holdback liability<\/p><\/td><td class=\"bwvertalignt bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n100,000<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n100,000<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDeferred tax liabilities<\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n84,554<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n77,333<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOther liabilities<\/p><\/td><td class=\"bwvertalignt bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n192,419<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n185,446<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth66 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Total liabilities<\/b><\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>3,855,466<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>3,401,845<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Commitments and contingencies (See Note 9)<\/b><\/p><\/td><td class=\"bwvertalignt bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Stockholders' equity<\/b><\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nPreferred stock, $0.01 par value, 50,000,000 shares authorized, 0 shares issued at June 30, 2026<\/p><\/td><td class=\"bwvertalignt bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nClass A common stock, $0.01 par value, 275,000,000 shares authorized, 154,228,116 shares issued at June 30, 2026<\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,542<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,542<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nClass B common stock, $0.01 par value, 175,000,000 shares authorized, 11,819,811 shares issued at June 30, 2026<\/p><\/td><td class=\"bwvertalignt bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n118<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n118<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdditional paid-in capital<\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n5,873,916<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n5,873,087<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDistribution in excess of net income<\/p><\/td><td class=\"bwvertalignt bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(23,740<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(18,485<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth66 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Total stockholders' equity<\/b><\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>5,851,836<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>5,856,262<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth66 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Total liabilities and stockholders' equity<\/b><\/p><\/td><td class=\"bwvertalignt bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>9,707,302<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>9,258,107<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"9\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"9\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwalignc\" colspan=\"21\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>Millrose Properties, Inc.<\/b><\/p><p class=\"bwcellpmargin bwalignc\">\n<b>Condensed Consolidated Statements of Operations (Unaudited)<\/b><\/p><p class=\"bwcellpmargin bwalignc\">\n(Dollars in thousands, except share amounts)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"9\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"9\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwalignc\" colspan=\"9\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Three months ended June 30,<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwalignc\" colspan=\"9\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Six months ended June 30,<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc\" colspan=\"4\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2026<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc\" colspan=\"4\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc\" colspan=\"4\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2026<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwalignc\" colspan=\"4\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Revenues:<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwwidth44 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOption fee revenues<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n195,400<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n141,084<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n380,700<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n221,165<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwwidth44 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDevelopment loan income<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,453<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n7,918<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n11,081<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n10,535<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal revenues<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n196,853<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n149,002<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n391,781<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n231,700<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Operating expenses:<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwwidth44 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nManagement Fee expense<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n29,909<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n21,960<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n58,061<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n34,064<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwwidth44 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nStock-based compensation expense<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n217<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n181<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n909<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n181<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwwidth44 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nProvision for (benefit from) credit loss expense<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(907<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(907<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwwidth44 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nSales, general, and administrative expenses from pre-spin periods<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n24,960<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal operating expenses<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n29,219<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n22,141<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n58,063<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n59,205<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Income from operations<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>167,634<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>126,861<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>333,718<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>172,495<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Other income (expense):<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwwidth44 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nInterest income<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,108<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,818<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,236<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,906<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwwidth44 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nInterest expense<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(40,014<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(10,285<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(79,226<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(12,821<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwwidth44 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOther expenses<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(391<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(866<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(471<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(866<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal other income (expense)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(39,297<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(9,333<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(77,461<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(10,781<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Net income before income taxes<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>128,337<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>117,528<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>256,257<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>161,714<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIncome tax expense<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,456<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4,768<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n7,492<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n9,148<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Net income<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>125,881<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>112,760<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>248,765<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>152,566<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjustment for expenses from pre-spin periods<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n24,960<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Net income attributable to Millrose Properties, Inc. common stockholders<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>125,881<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>112,760<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>248,765<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>177,526<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nBasic earnings per share of Class A and Class B common stock<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.76<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.68<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.50<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.07<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDiluted earnings per share of Class A and Class B common stock<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.76<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.68<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.50<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.07<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nBasic weighted average common shares of outstanding Class A and Class B common stock<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,046,951<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,003,497<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,025,344<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,003,497<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth44\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDiluted weighted average common shares of outstanding Class A and Class B common stock<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,060,914<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,031,175<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,049,937<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,020,988<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<\/table><p>\nA reconciliation of Invested Capital to homesite inventory and other related assets, the most directly comparable GAAP measure, for the three months ended June 30, 2026 is as follows:<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"13\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Three Months Ended June 30, 2026<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>(in thousands)<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Master\n<br\/>Program\n<br\/>Agreement<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Other\n<br\/>Agreements<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Total<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Invested Capital Reconciliation of GAAP to Non-GAAP<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl2\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGAAP reported homesites under option contracts as of June 30, 2026<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n6,371,716<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3,232,019<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n9,603,735<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl6\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Development loan receivables (gross)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n49,910<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n49,910<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl6\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRemove: Interest receivable on development loans<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(617<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(617<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl6\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRemove: Due from counterparties (1)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(34,423<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(31,697<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(66,120<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl6\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRemove: Net deferred tax assets and deferred tax liabilities from homesite inventories<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(56,824<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(56,824<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl6\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRemove: Earnest deposits from homesites under option contracts<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n7,560<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n7,560<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl6\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRemove: Homesites under option contracts acquired through purchase money mortgages<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(33,000<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(33,000<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl6\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Development holdback liability<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(100,000<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(100,000<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl6\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Builder deposit liabilities<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(205,664<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(399,981<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(605,645<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadb3 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Total Invested Capital as of June 30, 2026<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>5,949,365<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2,849,634<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb4 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>8,798,999<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Invested Capital<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nInvested Capital as of March 31, 2026 (2)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n5,973,444<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,732,828<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n8,706,272<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTakedown Proceeds (3)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(590,468<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(437,841<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1,028,309<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nLand Acquisition and Development Funding (4)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n566,389<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n554,647<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,121,036<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Invested Capital as of June 30, 2026<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>5,949,365<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>2,849,634<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>8,798,999<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>(in millions)<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nWeighted Average Yield as of June 30, 2026 (5)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n8.5<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n%<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n10.6<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n%<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n9.2<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nImplied Quarterly Income Run Rate as of June 30, 2026 (6)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n128<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n76<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n204<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nWeighted Average Remaining Life as of June 30, 2026 (7)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3.7 years<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2.3 years<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3.3 years<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nWeighted Average Maturity as of June 30, 2026 (8)<\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwvertalignb bwpadr0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n63 months<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwvertalignb bwpadr0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n37 months<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwvertalignb bwpadr0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n55 months<\/p><\/td><td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"2\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"2\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"2\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"16\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n1. Includes option fees received from counterparties in the subsequent month. 2. Includes (a) homesite under option contracts contributed by Lennar at Spin-Off and acquired from Rausch, less option earning deposits and other holdbacks, and (b) takedown, land acquisition and development funding activity through March 31, 2026. 3. Reduction in investment balance for the three months ended June 30, 2026 from (a) homesite takedowns pursuant to option agreements, net of deposit credits adjusted for non-option earning deposits, and (b) repayment of development loans. 4. Includes acquisitions of homesites under option contracts, net of option earnings deposits, and development loan funding for the three months ended June 30, 2026. 5. Based on average option rate and\/or loan interest rate weighted by investment balance, assumes SOFR rate as of March 27, 2026. 6. Calculated by multiplying Invested Capital balance at end of period by weighted average yield as of June 30, 2026, adjusted for the number of days in the second quarter 2026. 7. Calculated by taking weighted average life per each community weighted by investment balance. 8. Calculated by taking months until the final scheduled homesite sale per each community weighted by investment balance.<\/p><\/td><\/tr>\n<\/table><p>\nA reconciliation of Adjusted Funds From Operations to Net Income attributable to Millrose common shareholders, the most directly comparable GAAP measure, for the three months ended June 30, 2026 is as follows:<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"9\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Three Months Ended<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>(in thousands, except share amounts)<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"4\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>June 30, 2026<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"4\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>June 30, 2025<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet income attributable to Millrose Properties, Inc. common stockholders<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n125,881<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n112,760<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl2\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjustments:<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Amortization of deferred financing and issuance costs (1)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,368<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,520<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Stock-based compensation expense (2)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n217<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n181<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Provision for (benefit from) credit loss expense (3)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(907<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Rating agency expenses (4)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n567<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl2\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal adjustments<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,678<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,268<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>AFFO attributable to Millrose Properties, Inc. common stockholders<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>127,559<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>115,028<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAFFO basic earnings per share of Class A and Class B common stock<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.77<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.69<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAFFO diluted earnings per share of Class A and Class B common stock<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.77<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.69<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Reconciliation of GAAP earnings per share to AFFO per share<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGAAP reported basic and diluted earnings per share of Class A and Class B common stock<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.76<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.68<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Adjustments:<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Amortization of deferred financing and issuance costs (1)<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.01<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.01<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Stock-based compensation (2)<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.01<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.00<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Provision for (benefit from) credit loss expense (3)<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(0.01<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Rating agency expenses (4)<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.00<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAFFO basic and diluted earnings per share of Class A and Class B common stock<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.77<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.69<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nBasic weighted average common shares outstanding of Class A and Class B common stock<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,046,951<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,003,497<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDiluted weighted average common shares outstanding of Class A and Class B common stock<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,060,914<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,031,175<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"11\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n1. Reflected in interest expense in the consolidated statements of operations. See Note 8. Debt Obligations in the condensed consolidated financial statements included elsewhere in Form 10-Q for the quarter ended June 30, 2026 (the \u201cForm 10-Q\u201d). 2. RSUs granted to each member of the Board under the Millrose Properties, Inc. 2024 Omnibus Incentive Plan. See Note 12. Stock-Based Compensation Expense in the condensed consolidated financial statements included elsewhere in Form 10-Q. 3. Provision for credit losses for development loan receivables. See Note 2. Basis of Presentation and Significant Accounting Policies, Development Loan Receivables, net in the condensed consolidated financial statements included in Form 10-Q. 4. Reflected in other expenses in the consolidated statements of operations. See Note 2. Basis of Presentation and Significant Accounting Policies, Other Income (Expenses) net in the condensed consolidated financial statements included in Form 10-Q.<\/p><\/td><\/tr>\n<\/table><p>\nA reconciliation of Adjusted Funds From Operations to Net Income attributable to Millrose common shareholders, the most directly comparable GAAP measure, for the six months ended June 30, 2026 is as follows:<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"9\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Six Months Ended<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>(in thousands, except share amounts)<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"4\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>June 30, 2026<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"4\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>June 30, 2025<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet income attributable to Millrose Properties, Inc. common stockholders<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n248,765<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n177,526<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl2\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjustments:<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Amortization of deferred financing and issuance costs (1)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4,709<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,520<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Stock-based compensation expense (2)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n909<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n181<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Provision for (benefit from) credit loss expense (3)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(907<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Rating agency expenses (4)<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n567<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl2\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal adjustments<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4,711<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,268<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>AFFO attributable to Millrose Properties, Inc. common stockholders<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>253,476<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>$<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>179,794<\/b><\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAFFO basic earnings per share of Class A and Class B common stock<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.53<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.08<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAFFO diluted earnings per share of Class A and Class B common stock<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.53<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.08<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Reconciliation of GAAP earnings per share to AFFO per share<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGAAP reported basic and diluted earnings per share of Class A and Class B common stock<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.50<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.07<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Adjustments:<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Amortization of deferred financing and issuance costs (1)<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.03<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.01<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Stock-based compensation (2)<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.01<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.00<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Provision for (benefit from) credit loss expense (3)<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(0.01<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n)<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwwidth58 bwpadl4\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdd: Rating agency expenses (4)<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u2014<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.00<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAFFO basic and diluted earnings per share of Class A and Class B common stock<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.53<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n$<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwpadb4 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.08<\/p><\/td><td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwrowaltcolor0 bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nBasic weighted average common shares outstanding of Class A and Class B common stock<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,025,344<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,003,497<\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDiluted weighted average common shares outstanding of Class A and Class B common stock<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,049,937<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n166,020,988<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth58\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"11\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n1. Reflected in interest expense in the consolidated statements of operations. See Note 8. Debt Obligations in the condensed consolidated financial statements included elsewhere in Form 10-Q for the quarter ended June 30, 2026 (the \u201cForm 10-Q\u201d). 2. RSUs granted to each member of the Board under the Millrose Properties, Inc. 2024 Omnibus Incentive Plan. See Note 12. Stock-Based Compensation Expense in the condensed consolidated financial statements included elsewhere in Form 10-Q. 3. Provision for credit losses for development loan receivables. See Note 2. Basis of Presentation and Significant Accounting Policies, Development Loan Receivables, net in the condensed consolidated financial statements included in Form 10-Q. 4. Reflected in other expenses in the consolidated statements of operations. See Note 2. Basis of Presentation and Significant Accounting Policies, Other Income (Expenses) net in the condensed consolidated financial statements included in Form 10-Q.<\/p><\/td><\/tr>\n<\/table><br\/> <b>Contacts<\/b> <br\/><p>\n<b>Media<\/b><br\/>Stephen Pettibone \/ Louise Fitzgerald\n<br\/>FGS Global\n<br\/><a  href=\"mailto:MillroseProperties@fgsglobal.com\" rel=\"nofollow\" shape=\"rect\">MillroseProperties@fgsglobal.com<\/a><\/p><br\/> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20260804287846\/en\/Millrose-Properties-Reports-Second-Quarter-2026-Financial-Results\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP39212bri8lIe-zl5tWvCOnRHW3evRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxY5fjCLYi_If30KxIsYuhwbuLAuCkn8FS6sh-I3dfDZEg==\"> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"<p>Second Quarter Net Income of $125.9 Million, or $0.76 Per Share<br \/>\nSecond Quarter AFFO of $0.77 Per Share; Quarterly AFFO Run Rate of $0.80 Per Share, High End of Guidance<br \/>\nExpanded Counterparty Base to 19 Homebuilder and Developer Relationships and Redep&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-50864","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/50864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50864"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/50864\/revisions"}],"predecessor-version":[{"id":50865,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/50864\/revisions\/50865"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}