Millrose Properties is a land banking company that acquires and develops residential land, then sells finished homesites to homebuilders under option contracts. Millrose was spun out of Lennar in February 2025, with Lennar contributing roughly $5.5B in land assets at inception. Millrose buys land, funds horizontal development (roads, utilities, drainage, grading), and delivers finished homesites to builders on a predetermined schedule at pre-negotiated prices. As of year-end 2025, Millrose managed roughly 142,000 homesites across 933 communities in 30 states, serving 15 builder counterparties. Millrose earns money primarily through contractual monthly option fees that builders pay for the right to purchase homesites — fees that are owed regardless of home sales or market conditions. Secondarily, Millrose originates loans secured by residential development projects and earns interest income. Takedown proceeds are recycled into new land acquisitions, creating a self-funding capital flywheel. Millrose is externally managed by Kennedy Lewis Land and Residential Advisors, has no employees of its own, and intends to elect REIT status for FY25. Lennar accounts for roughly 88% of option fee revenue; growing the non-Lennar book — which carries higher yields — is Millrose's primary growth strategy. Millrose also positions itself as a capital partner for homebuilder M&A transactions, having participated in two such deals in 2025.