Millrose Properties, Inc. completed its Spin-Off from Lennar on February 7, 2025, becoming an independent, publicly traded company with its Class A common stock listed on the NYSE under the symbol MRP. The company operates a homesite option platform, acquiring and developing residential land, then selling finished homesites to homebuilders via option contracts, and also provides development loans. Millrose is externally managed and advised by Kennedy Lewis Land and Residential Advisors LLC (KL). As of December 31, 2025, the company held 142,139 homesites across 933 properties in 30 states, with estimated future takedown proceeds of $16.1 billion. Net income for the year ended December 31, 2025, was $379.9 million, a substantial improvement from a net loss of $246.2 million in 2024 (Predecessor Millrose Business). Total revenues for 2025 reached $600.5 million, primarily from option fee revenues ($570.9 million) and development loan income ($29.5 million). Invested Capital as of December 31, 2025, was $8.47 billion, with a weighted average yield of 9.2% on the total portfolio. The company successfully diversified its counterparty base, with $86.1 million (15%) of its total annual option fee revenues coming from non-Lennar counterparties. Capital structure was strengthened through two senior notes offerings totaling $2.0 billion (6.375% due 2030 and 6.250% due 2032), which were used to repay short-term bridge capital. Millrose intends to elect and qualify as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2025, and plans to distribute at least 90% of its REIT taxable income annually. Quarterly dividends were declared in 2025: $0.38 (April 15), $0.69 (July 15), $0.73 (October 15), and $0.75 (January 15, 2026, for record date January 5, 2026).