The deal was clean, but something stank about it. Newtyn Management sold their entire stake in Millrose Properties-$23 million worth-like a man tossing a dead cat into a river. The stock had surged 48% since February, but profits don’t always mean progress.
What Happened
On November 14, Newtyn bled out its 3.5% position in MRP, 807,135 shares. The math said $23 million. The silence after the trade was louder than a forgotten tomb.
What Else to Know
Their new portfolio? A list of names that hummed like a jukebox in a speakeasy. INDV, QDEL, TBPH-each a note in a symphony of risk. But MRP? It had a different rhythm.
- NASDAQ:INDV: $101.3 million (12.4% of AUM)
- NASDAQ:QDEL: $79.5 million (9.7% of AUM)
- NASDAQ:TBPH: $72.3 million (8.8% of AUM)
- NYSE:AD: $67.5 million (8.3% of AUM)
- NYSE:CNNE: $62.5 million (7.6% of AUM)
MRP’s stock sat at $31.71. A 47.5% rise since its spin-off. But numbers don’t always whisper the truth.
Company Overview
| Metric | Value |
|---|---|
| Market capitalization | $5.3 billion |
| Revenue (TTM) | $411 million |
| Net income (TTM) | $191.8 million |
| Dividend yield | 5.7% |
Company Snapshot
- Millrose’s HOPP’R platform was a game of chess played in reverse-land banking with the finesse of a thief in the night.
- Its clients? Big names, but the real money stayed in the shadows.
- The company’s pitch? A siren song for long-term investors, but the chorus had a sour note.
Millrose’s business model was a tightrope walk. They sold land, then bought it back, all while the dividend yield grinned like a knife in the dark. A dividend hunter’s dream, but dreams can bleed.
Foolish Take
The numbers didn’t lie, but they didn’t tell the whole story either. Millrose was a machine, humming with cash flow, but machines break. The 13F filing was a confession, not a celebration. The $852 million in sales? A mirage. The $2 billion in notes? A bridge to nowhere.
For a dividend hunter, the yield was a lighthouse. But even lighthouses can be wrong. Newtyn’s exit wasn’t a betrayal-it was a warning. The market’s a cold bed, and some lies sleep there.
Glossary
Assets under management (AUM): The weight of a fund’s sins, measured in dollars.
13F filing: A confession booth for institutional investors.
Dividend yield: The sweet spot where income meets risk.
Trailing twelve months (TTM): The past, rewritten in numbers.
Land banking: A gamble with the future.
Capital-efficient: Using the least amount of money to play the game.
REIT: A trust with a heart of gold and a wallet of lead.
Institutional investor: A man with a plan and a lot of money.
Homesite Option Purchase Platform (HOPP’R): A contract with the devil, signed in ink.
Stake: A piece of the pie, but not the filling.
Sell-out: A goodbye with a price tag.
🕵️♂️
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2025-12-07 21:32