Stockholders' Equity

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 10. Stockholders’ Equity

Authorized Capital Stock

As of March 31, 2025, the Company had, under its Charter, authorized capital stock of (i) 450,000,000 shares of common stock, par value $0.01 per share, consisting of 275,000,000 shares of Class A common stock and 175,000,000 shares of Class B common stock, and (ii) 50,000,000 shares of preferred stock, par value $0.01 per share.

Common Stock

For the three months ended March 31, 2025, the following transactions related to our common stock occurred in connection with the Spin-Off:

•120,983,633 shares of Millrose Class A common stock were distributed to holders of Lennar common stock as of the close of business January 21, 2025;

•11,819,811 shares of Millrose Class B common stock were distributed to holders of Lennar common stock as of the close of business January 21, 2025;

•Lennar retained 33,200,053 shares of Millrose’s Class A common stock, representing approximately 20% of Millrose’s outstanding common stock.

As of March 31, 2025, the Company had outstanding an aggregate of 166,003,497 shares of common stock on a fully diluted basis.

Preferred Stock

As of March 31, 2025 there were no shares of preferred stock outstanding.

Dividends

On March 17, 2025, the Company declared a dividend of $0.38 to Class A common stockholders and Class B common stockholders of record as of the close of business April 4, 2025. The dividend was paid on April 15, 2025. The Company recorded a dividend payable of $63.1 million in other liabilities in the Company’s condensed consolidated balance sheets as of March 31, 2025.

Securities Authorized for Issuance Under Equity Compensation Plans

On December 17, 2024, the Company’s sole stockholder at the time and its Board adopted the Millrose Properties, Inc. 2024 Omnibus Incentive Plan (the “2024 Incentive Plan”). As of March 31, 2025, no securities had been issued or granted pursuant to the 2024 Incentive Plan.

Stock Repurchases

There were no stock repurchases of the Company’s common stock during the quarter ended March 31, 2025.

Additional Paid In Capital

As of March 31, 2025, the Company’s additional paid in capital was approximately $5.9 billion, which primarily relates to the cash and land contributed by Lennar at the Spin-Off.

Predecessor Equity

The Company’s equity for the three months ended March 31, 2025 includes the reversal of the Predecessor Millrose Business equity, which was $5.2 billion at the date of Spin-Off.