Millrose Properties, Inc.

Millrose Properties, Inc. operates as a Homesite Option Purchase Platform (HOPP'R), providing operational and capital solutions for residential homebuilders to acquire and develop land assets. The company's core mission is to accelerate the capital-efficient growth of controlled land positions for homebuilders, thereby facilitating the creation of high-quality residential communities. Headquartered in Miami, Florida, Millrose Properties became an independent publicly traded company in February 2025, following its spin-off from Lennar Corporation.

Millrose Properties' key services include land acquisition, finished homesite ownership, and the provision of option contracts for builders, alongside comprehensive land development oversight and portfolio management. Through its HOPP'R platform, the company offers a just-in-time homesite delivery system, funding the acquisition and development of homesites under purchase option agreements. Its land development activities encompass the installation of essential infrastructure such as drainage, sewage, water lines, roads, and utilities. Millrose primarily serves the U.S. residential land market, focusing on metropolitan areas where national and regional homebuilders require a predictable supply of finished lots.

Since its spin-off from Lennar Corporation in early 2025, Millrose Properties has established itself as a "first-of-its-kind" public Homesite Option Purchase Platform, trading on the NYSE under the ticker MRP. The company intends to qualify as a Real Estate Investment Trust (REIT) and is externally managed by Kennedy Lewis Land and Residential Advisors LLC. Recent activities include announcing its Q2 2026 earnings release and conference call, declaring quarterly dividends, and providing land banking capital support for significant industry acquisitions. Darren L. Richman serves as the Chief Executive Officer and President, leading an executive team focused on generating contractual recurring cash returns for investors and providing reliable capital to homebuilders.