MRPHIGH SIGNALFINANCIAL10-K

MRP underwent a dramatic organizational restructuring with SG&A expenses collapsing while total assets expanded substantially.

The massive reduction in selling, general and administrative expenses suggests either a major business model transformation, significant cost-cutting initiative, or potential spin-off/divestiture activity. The simultaneous substantial growth in total assets while maintaining relatively stable equity levels indicates significant new asset acquisitions or investments, possibly funded through debt or operational cash flow.

Comparing 2026-03-02 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

MRP's financial profile transformed dramatically during this period, with SG&A expenses declining precipitously while total assets expanded meaningfully from $5.5B to $9.3B. Stockholders' equity grew modestly to $5.9B, suggesting the asset expansion was partially debt-funded. The combination of sharply reduced operating expenses and substantial asset growth signals either a major strategic repositioning or fundamental business model shift.

FINANCIAL STATEMENT CHANGES
SG&A Expense
P&L
-89.8%
$246.2M$25.0M

SG&A reduced 89.8% — improved cost efficiency or headcount reduction improving operating margins.

Total Assets
Balance Sheet
+69.4%
$5.5B$9.3B

Asset base grew 69.4% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+13.5%
$5.2B$5.9B

Equity base grew 13.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-31
ADDED
(Exact name of registrant as specified in its charter) Maryland 99-2056892 (State or other jurisdiction of incorporation or organization) (I.R.S.
See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
Market For Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 64 Item 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 67 Item 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 119 Item 9A.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 121 Item 13.
Form 10-K Summary 124 SIGNATURES 125 All capitalized terms herein have the meanings defined herein or ascribed to them in the Glossary of Defined Terms section of this Form 10-K beginning on page 6.
s (together with its subsidiaries (unless the context otherwise requires), Millrose, the Company, we, us or our ) plans, strategies and objectives, as well as statements about Millrose s business (including MPH Parent, LLC ( MPH Parent ), Millrose Properties Holdings, LLC ( Millrose Holdings ), Millrose Properties SPE LLC ( SPE LLC ), and any of the other Millrose subsidiaries), and Millrose s future plans, strategies and objectives.
You can generally identify forward-looking statements by our use of forward-looking terminology such as may, can, shall, will, expect, intend, anticipate, estimate, believe, continue or other similar words or the negatives thereof intended to identify forward-looking statements.
However, not all forward-looking statements contain these identifying words.
REMOVED
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