Millrose Properties, Inc.

Millrose Properties, Inc. (NYSE: MRP) is a residential real estate company that provides land banking and homesite option platform services to homebuilders and land development companies across the United States. The company purchases and develops residential land, then sells finished homesites to homebuilders through option contracts with predetermined costs and takedown schedules, enabling homebuilders to pursue asset-light expansion strategies while maintaining access to entitled finished homesites.

The company operates a proprietary technology platform consisting of a land banking data warehouse and enterprise resource planning system that enables fast due diligence, high-volume transaction processing, and asset management across diverse geographies. Millrose's business model centers on recycling capital as homebuilders exercise purchase options on finished homesites, with proceeds reinvested into new land acquisitions and development activities. This perpetual self-funding mechanism generates recurring cash flow through option deposits and monthly option payments from counterparties, supplemented by takedown proceeds when purchase options are exercised.

As of December 31, 2025, Millrose managed a portfolio of approximately 142,139 homesites across 933 properties in 30 states. The company is externally managed by Kennedy Lewis Land and Residential Advisors LLC pursuant to a management agreement. Millrose is structured as a real estate investment trust, with operations conducted primarily through MPH Parent, LLC, a taxable REIT subsidiary, and other subsidiaries including Millrose Holdings, LLC.

The company was spun off from Lennar Corporation on February 7, 2025, receiving approximately 5.5 billion dollars in land assets representing approximately 87,000 homesites and approximately 1.0 billion dollars in cash. Subsequently, Millrose acquired approximately 25,000 homesites through the purchase of Rausch Coleman Companies and approximately 4,186 homesites through a land banking arrangement with the New Home Company in connection with its acquisition of Landsea Homes. To a lesser extent, Millrose also provides development loans secured by residential property intended for single-family residential use.