Millrose adds Flagstar, lifts revolver commitments by $50M to $1.385B

Millrose Properties, Inc. (NYSE: MRP) said that on September 21, 2026 it entered a Commitment and Acceptance that adds Flagstar Bank, N.A. as a new lender and increases Aggregate Revolving Commitments by $50 million to $1.385 billion under its March 25, 2026 Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent.

Millrose Properties expanded its revolving credit capacity by $50 million and added Flagstar Bank as a new lender, lifting Aggregate Revolving Commitments to $1.385 billion under an existing JPMorgan-led facility.

What closed on September 21

On September 21, 2026 — the Increase Date in the filing — Millrose Properties, Inc. (NYSE: MRP) entered a Commitment and Acceptance with guarantors Millrose Properties SPE LLC and MPSAB, LLC, JPMorgan Chase Bank, N.A. as administrative agent, and Flagstar Bank, N.A. as the Accepting Lender. The company reported the agreement in a Form 8-K under Items 1.01 and 2.03 and attached the executed Commitment and Acceptance as Exhibit 10.1.

The Commitment and Acceptance was delivered under Section 2.18 of Millrose’s Amended and Restated Credit Agreement dated March 25, 2026, as already amended by Amendment No. 1 dated August 5, 2026. Item 1.01 states that the document both (i) adds Flagstar as a new lender under the Revolving Credit Facility and (ii) exercises the accordion feature to increase aggregate revolving commitments by $50 million to $1.385 billion.

Exhibit 10.1’s upsizing clause matches those headline dollars precisely: an increase in the Aggregate Revolving Commitment of $50,000,000 from $1,335,000,000 to $1,385,000,000, with each guarantor consenting to the Facility Increase. Flagstar’s signature page lists a Revolving Commitment of $50,000,000.00.

Lender book after the increase

Schedule 1 to Exhibit 10.1 lists post-increase revolving lenders totaling $1.385 billion: JPMorgan Chase and Goldman Sachs Bank USA at $225 million each; Bank of America, Citibank, Mizuho Bank, and Wells Fargo at $200 million each; Citizens Bank and Flagstar at $50 million each; and Third Coast Bank at $35 million.

The same schedule also carries an Initial Term Loan Commitment table totaling $500 million and Letter of Credit Commitments totaling $200 million (JPMorgan, Citibank, Goldman Sachs, and Bank of America at $50 million each). Item 1.01’s narrative focuses on the revolving accordion and Flagstar’s admission; it does not describe a new term-loan draw or LC change on the Increase Date.

Conditions and representations

Borrower representations in Exhibit 10.1 include that, as of the Increase Date and after giving effect to the Facility Increase, no Default or Event of Default exists, the Aggregate Facilities Amount does not exceed the Aggregate Credit Facility Limit, Section 7.27 financial covenants would be satisfied on a pro forma basis, and Credit Agreement Article VI representations remain true in all material respects (with customary earlier-date and materiality qualifiers).

Effectiveness conditions include delivery of the executed Commitment and Acceptance, an optional promissory note if requested, legal opinions from Akin Gump Strauss Hauer & Feld LLP and Maryland counsel Venable LLP, payment of agreed agent expenses and the Flagstar fee, and KYC/AML documentation including PATRIOT Act requests. The Commitment and Acceptance is governed by New York law.

Rachel Presa, General Counsel and Secretary, signed for the borrower and guarantors. Nadeige Dang, Executive Director, signed for JPMorgan as administrative agent. Bret Sumner, Senior Vice President, signed for Flagstar.

What this filing does not settle

The Form 8-K does not state how much of the revolver was drawn after the increase, the interest-rate or fee grid, the numeric Aggregate Credit Facility Limit, or how Millrose intends to use the incremental $50 million of capacity. Readers should treat Schedule 1’s term-loan and LC tables as exhibit context unless a later filing ties them to a same-day amendment beyond the revolving upsizing described in Item 1.01.