Millrose Properties, Inc.

Millrose Properties, Inc. (NYSE: MRP) is a residential REIT that operates as a permanent capital solution for homebuilders and developers. The company specializes in acquiring, financing, and developing residential land through long-term, capital-efficient structures, providing homebuilders with a predictable, just-in-time supply of finished homesites — the most scarce and mission-critical resource in the homebuilding industry. Millrose generates recurring cash flow through contractual monthly option fee payments from its counterparties, with continuous capital redeployment of homesite sale proceeds. Originally spun off from Lennar Corporation in February 2025, Millrose has since diversified its counterparty base to 19 homebuilder and developer relationships across 30 states. The company utilizes a proprietary technology platform for real-time data analytics to drive acquisition decisions, and every transaction undergoes independent due diligence. Millrose is externally managed by Kennedy Lewis Land and Residential Advisors LLC, an affiliate of Kennedy Lewis Investment Management LLC. The company has recently expanded beyond single-family homesites into multifamily assets and is positioning itself as a facilitator of capital-efficient consolidation in the homebuilding industry. Updated Aug 4, 2026