Millrose Properties

Millrose helps homebuilders buy and develop land without tying up all their own cash. The company buys properties and then gives builders the option to purchase them back as finished homesites. This lets builders grow faster while keeping their balance sheets light.

What Millrose Does

• Homesite Option Platform: Buying and developing residential land to sell back to homebuilders; accounted for 85% of annual option fee revenue through the Master Program Agreement in 2025.
• Horizontal Development: Funding infrastructure like roads, utilities, and landscaping for owned homesites to prepare them for home construction.
• Development Loans: Providing interest-bearing loans to third parties secured by residential property intended for single-family use.

Recent Growth and Strategic Moves

• Completed a spin-off from Lennar on February 7, 2025, to operate as an independent, publicly traded land banking company.
• Acquired approximately 25,000 homesites on February 10, 2025, by purchasing 100% of RCH Holdings, Inc., a parent company of Rausch.
• Entered a commitment on May 12, 2025, to provide up to $700 million in land banking capital to The New Home Company.
• Purchased a portfolio of 4,186 homesites on June 25, 2025, following the acquisition of Landsea Homes by The New Home Company.

A High-Tech Approach to Land

Millrose uses a proprietary data warehouse and resource planning system to perform fast due diligence and manage thousands of assets across 30 states. The company employs a capital recycling model that uses proceeds from land sales to immediately fund new acquisitions for its building partners.

The 2025 Scorecard

• Revenue reached $189.5 million in Q4 2025, up 154.4% compared to Q4 2024.
• Net income rose to $122.2 million in Q4 2025, a 127.2% increase over the previous year.
• Free cash flow grew to $4.3 billion in Q4 2025, up 463.4% from 2024.
• The Real Estate Portfolio included 142,139 homesites across 933 communities as of December 31, 2025.
• Operating income turned positive at $160.7 million in Q4 2025, up 134.7% from a loss in Q4 2024.

The Path Forward

Millrose has transitioned from a subsidiary into a large-scale, independent platform for residential land financing. By expanding its builder partnerships and utilizing a self-funding model, the company has built a geographically diverse portfolio across the United States.