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  "slug": "millrose-properties-inc",
  "name": "Millrose Properties, Inc.",
  "updatedAt": "2026-10-04T09:47:07.603035Z",
  "sections": [
    {
      "type": "OVERVIEW",
      "text": "Millrose Properties, Inc. is a U.S. residential real estate company focused on acquiring and developing land into finished homesites, which it sells to homebuilders through option contracts with predetermined prices and scheduled takedowns. It primarily earns option fees during development and also provides residential development loans. Its homesite option-purchase model is intended to help homebuilders expand access to finished lots while supporting asset-light operations. [P145983091][P145983310][https://millroseproperties.com/the-firm/]\n\nAs of June 30, 2026, the company’s portfolio spanned 30 U.S. states, with 877 properties and 143,771 underlying homesites. Revenue for the six months ended June 30, 2026 was $391.8 million. Millrose is externally managed, and its filing states that personnel are employed by its manager or affiliates rather than directly by Millrose. It became an independent, publicly traded company following its Lennar spin-off in February 2025. [P145983338][T16707937][P145983071][P145983147][P145983310]\n[P145983091][P145983310][P145983338][T16707937][P145983071][P145983147][https://millroseproperties.com/the-firm/]",
      "updatedAt": "2026-10-04T09:47:07.603035Z"
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    {
      "type": "PRODUCTS",
      "text": "Millrose’s principal offering is finished residential homesites delivered through its Homesite Option Purchase Platform (HOPP’R). It acquires and holds residential land, funds qualifying horizontal development, and grants homebuilders exclusive options to purchase completed homesites at predetermined prices and on agreed takedown schedules. Builders pay option fees during the contract; agreements may also allocate development-cost overruns above agreed limits to counterparties. [P145983310][P145983361][T9809070]\n\nMillrose also provides development loans to certain counterparties, secured by property intended for single-family residential use, and earns interest on outstanding balances. Its programs include for-sale and build-to-rent homesites, and the company announced a multifamily land-banking partnership in 2026. In 2025, the Master Program Agreement with Lennar generated 85% of Millrose’s total option-fee revenue. [P145983310][P145983361][https://ir.millroseproperties.com/news/news-details/2026/Millrose-Properties-to-Provide-Permanent-Capital-Solution-to-JPI-for-Multifamily-Housing-Development/default.aspx][P43642430]\n[P145983310][P145983361][T9809070][P43642430][https://ir.millroseproperties.com/news/news-details/2026/Millrose-Properties-to-Provide-Permanent-Capital-Solution-to-JPI-for-Multifamily-Housing-Development/default.aspx]",
      "updatedAt": "2026-10-04T09:47:07.603035Z"
    },
    {
      "type": "GEOGRAPHY",
      "text": "As of June 30, 2026, Millrose Properties’ operations were entirely in the United States, with properties across 30 states: Alabama, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Minnesota, Missouri, Nevada, New York, New Jersey, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and West Virginia. Its portfolio included 877 properties and 143,771 underlying homesites. [P145983101][T16691412]\n\nThe largest state concentrations by homesites were Texas (39,337), Florida (20,902) and California (12,787). By share of total takedown proceeds, California represented 20.8%, Texas 18.4% and Florida 12.3%; these are portfolio measures, not revenue shares. The top 10 states accounted for 80.1% of total takedown proceeds. [P145855647][T16691400] Millrose reports one operating and reportable segment and does not provide geographic revenue breakdowns. [P145983101]\n\nThe company’s principal executive office is at 600 Brickell Avenue, Suite 1400, Miami, Florida 33131. The filing does not provide an employee count or geographic employee distribution; it states that personnel are employed and paid by KL or an affiliate. [T16707916][P145983147]\n[P145983101][T16691412][P145855647][T16691400][T16707916][P145983147]",
      "updatedAt": "2026-10-04T09:47:07.603035Z"
    },
    {
      "type": "SEGMENTS",
      "text": "Millrose Properties reports one operating and reportable segment. The CEO assesses performance and allocates resources on a consolidated portfolio basis, so the company does not report separate segment contributions; its single segment therefore encompasses the consolidated business. The segment’s activities include acquiring and developing residential land, selling finished homesites to builders under option contracts, and making some property-secured development loans [P145983101][P145983102][P145983310].\n\nAs an alternative view—not a reported segment breakdown—homesites under option contracts at June 30, 2026, were approximately 66% under the Master Program Agreement and 34% under Other Agreements, based on reported balances of $6.372 billion and $3.232 billion, respectively. These percentages describe the mix of homesite balances, not revenue or operating-segment contributions [T16707936].\n[P145983101][P145983102][P145983310][T16707936][T16707936]",
      "updatedAt": "2026-10-04T09:47:07.603035Z"
    },
    {
      "type": "HISTORY",
      "text": "Millrose Properties, Inc. was incorporated in Maryland on March 19, 2024, as the vehicle for separating Lennar’s land-banking business into an independent public company. Lennar filed Millrose’s spin-off registration statement in December 2024. The separation was completed on February 7, 2025: Lennar distributed about 80% of Millrose’s shares to its shareholders, initially retained about 20%, and contributed $5.5 billion in land assets and $1 billion in cash. [P92842569][https://www.sec.gov/Archives/edgar/data/2017206/000119312524280883/d811267ds11.htm][P88133849][P43642430]\n\nSoon after the separation, Millrose acquired approximately 24,000 homesites from Rausch Coleman in February 2025. In June, it expanded beyond its initial Lennar relationship by providing land-banking capital connected with New Home Company’s acquisition of Landsea Homes, acquiring a portfolio of 4,186 homesites. During 2025, its counterparty count grew and Lennar completed an exchange offer that substantially ended its retained ownership. In July 2026, Millrose announced its first land-banking relationship for multifamily housing, extending its platform beyond single-family homesites. [P92842569][P73382162][P145855642][P24700931][https://ir.millroseproperties.com/news/news-details/2026/Millrose-Properties-to-Provide-Permanent-Capital-Solution-to-JPI-for-Multifamily-Housing-Development/default.aspx]\n[P92842569][P88133849][P43642430][P73382162][P145855642][P24700931][https://www.sec.gov/Archives/edgar/data/2017206/000119312524280883/d811267ds11.htm][https://ir.millroseproperties.com/news/news-details/2026/Millrose-Properties-to-Provide-Permanent-Capital-Solution-to-JPI-for-Multifamily-Housing-Development/default.aspx]",
      "updatedAt": "2026-10-04T09:47:07.603035Z"
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