SCHEDULE: Brave Warrior Advisors Reports 3.5% Stake in Millrose Properties

Brave Warrior Advisors, LLC has reported a 3.5% beneficial ownership stake in Millrose Properties, Inc.'s Class A common stock as of September 30, 2025.

Summary

• Brave Warrior Advisors, LLC, a Delaware-based investment adviser, has filed an Amendment No. 1 to Schedule 13G regarding its beneficial ownership in Millrose Properties, Inc.
• As of September 30, 2025, Brave Warrior Advisors beneficially owns 5,375,592 shares of Millrose Properties, Inc.'s Class A common stock.
• This ownership represents 3.5% of the Class A common stock outstanding.
• Brave Warrior Advisors holds sole voting power and sole dispositive power over all 5,375,592 shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that inherently indicates a strong positive or negative sentiment regarding the issuer's performance or prospects. The implied reduction in stake could be seen as slightly negative, but the overall nature is neutral.

Positives

• The continued presence of an institutional investment adviser, Brave Warrior Advisors, as a shareholder, even at a reduced stake, can be viewed as a sign of ongoing interest in Millrose Properties, Inc.
• The certification that the shares are held in the ordinary course of business and not for control purposes indicates a stable, non-activist investment approach from Brave Warrior Advisors.

Negatives

• As this is an Amendment No. 1 and the reported stake is 3.5% (below the 5% threshold for initial 13G filings), it suggests that Brave Warrior Advisors may have reduced its beneficial ownership from a previous position that was 5% or more, which could be interpreted negatively by some investors.

Risks

• A reduction in institutional ownership, as implied by this amendment reporting a stake below 5%, could potentially lead to negative market sentiment or increased selling pressure on Millrose Properties, Inc.'s stock.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding Millrose Properties, Inc.'s future performance or Brave Warrior Advisors' future investment intentions beyond the current ownership disclosure.

Management Comments

• "To the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing is a routine disclosure of institutional ownership, common in the financial industry, providing transparency into significant holdings by investment advisers in publicly traded companies. It reflects a standard compliance requirement for investors whose beneficial ownership crosses certain thresholds or changes significantly.

Stakeholder Impact

• Shareholders: Provides transparency regarding the ownership structure and the position of a significant institutional investor. An implied reduction in stake might influence investor perception.
• Investment Community: Offers insight into institutional investor activity and sentiment towards Millrose Properties, Inc.

Key Dates

Keywords

Millrose Properties, Brave Warrior Advisors, SEC filing, Schedule 13G, beneficial ownership, common stock, investment adviser, institutional ownership