Millrose Properties, Inc. (NYSE:MRP, "Millrose" or the "Company"))) today announced its intent to provide land banking capital to support Dream Finders Homes' proposed acquisition of Beazer Homes. Upon completion of the acquisition, Millrose intends to acquire homesites currently owned by Beazer Homes, enabling Dream Finders to achieve capital-efficient growth in controlled homesites while preserving balance sheet flexibility. Millrose believes this transaction represents an attractive opportunity additive to Millrose's existing pipeline.

To support incremental capital capacity for this opportunity, Millrose has received a letter from Goldman Sachs stating that it is highly confident that financing of up to $500 million can be arranged in connection with the transaction. Millrose's existing pipeline will continue to be funded through available capacity under its existing unsecured credit facility and from scheduled homesite sale proceeds.

The transaction is expected to result in a temporary increase in Millrose's debt-to-capitalization ratio above its leverage policy target. The Company plans to restore its target leverage through potential future accretive equity issuances above book value or organic deleveraging from operating cash flows, including homesite sale proceeds. Millrose remains committed to its policy of not issuing equity below book value.