MRP

Millrose Properties, Inc.

A land-banking company that buys raw residential land, installs roads and utilities to create finished homesites, and sells those sites to homebuilders through option contracts that bring in recurring fees. Millrose was created by Lennar, one of the country's largest homebuilders, and spun off as a standalone company in February 2025 so builders could stay "asset-light"—owning homes under construction instead of vast land holdings. Its unglamorous name has no grand origin: the firm was incorporated in Maryland in 2024 simply to take on Lennar's land portfolio.

Common Stock Class A