The $3.6 Billion Illusion (MRP) – QAV America #50

With our portfolio nearly double the S&P 500, we are diving deep into Millrose Properties (MRP) — a brand new REIT spun out of home builder Lennar that we decided did not pass the QAV sniff test. We dig into the weird world of land banking, shadow banking, private credit, and why a company can show $3.6 billion in operating cash flow while only pulling in $600 million in revenue.