Growth DependencyEarnings and value growth are largely dependent on MRP’s ability to secure additional volumes of land site acquisitions/option contracts from other homebuilders.
Management StructureThe external management structure is unpopular, as it typically prioritizes asset growth over TSR.
Risk ExposureLEN will be MRP’s largest initial customer and shareholder, while having unilateral, 'founder rights' that shift certain risks to MRP.