Millrose Properties, Inc. (MRP)

Millrose Properties, Inc. (MRP) is a real estate company that owns residential land and finances its development for homebuilders. It was spun off from Lennar in 2025, receiving a large portfolio of homesites, and it is externally managed by an affiliate of Kennedy Lewis Investment Management. The company is based in Miami, Florida.

Millrose operates a homesite option purchase platform. It acquires land and pays for the installation of infrastructure such as roads and utilities, then grants homebuilders options to buy the finished lots on a set schedule. Builders pay option fees while the land is held, allowing them to control a pipeline of lots without carrying the land on their own balance sheets.

Lennar is the company's anchor customer under a master program agreement, and Millrose has also sought to expand the platform to other homebuilders. It intends to operate as a real estate investment trust.