Millrose Properties, Inc. became an independent publicly traded company in early 2025 after spinning off from Lennar, inheriting a sizeable portfolio of residential homesites and cash. The company’s homesite option contracts provide homebuilders asset-light access to finished land, generating recurring fees and enabling capital recycling into new land acquisitions. Millrose expanded its footprint with a major 25,000-home acquisition in 2025 and maintains a substantial loan portfolio supporting residential development. Despite strong revenue of $600 million and net income of $380 million in 2025, the company carries over $2 billion in debt, reflecting leverage-related risks amid market sensitivity. Millrose declared stable dividends with no share repurchases since the Spin-Off.