Basis of Presentation and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Summary of Change in Inventories from Spin-off

The following roll forward summarizes the change in inventories from the Spin-Off through March 31, 2025:

		Three months ended,
(in thousands)		March 31, 2025
Homesite inventory and other related assets
Homesite inventory contributed by Lennar in Spin-Off (1)	$		5,496,126
Land acquired from Rausch (2)			1,158,303
Investments in homesite inventory and other related assets (3)			1,022,703
Homesite inventory takedowns and other related paydowns (4)			(680,825	)
Interest receivable paid-in-kind (5)			2,617
Total homesite inventory and other related assets as of March 31, 2025	$		6,998,924

(1) Includes land contributed of $5.556 billion, less deferred tax asset adjustment of $59.8 million. Excludes option deposits of $584.8 million which

are recorded as builder deposit liabilities in the unaudited condensed consolidated financial statements and when netted with homesite inventory

contributed by Lennar is $4.911 billion of net non-cash contributions from Lennar.

(2) Includes land acquired of $1.049 billion plus deferred tax liability adjustment of $116.7 million, less earnest deposits of $7.6 million.

(3) Includes land additions of $326.9 million, development costs of $445.6 million, and investment in development loans of $250.2 million.

(4) Includes homesite inventory takedowns of $679.7 million and development loan paydowns of $1.1 million.

(5) Interest receivable for development loan that is paid-in-kind.

Summary of Roll Forward of Builder Deposit Liability

The following is a roll forward of the builder deposit liability for the three months ended March 31, 2025, which reflects activity after the Spin-Off. There were no builder deposits for the Predecessor Millrose Business prior to the Spin-Off.

	Three months ended,
(in thousands)	March 31, 2025
Builder deposits
Builder deposits, Spin-Off	$	584,848
Builder deposits, Rausch land acquisition		90,264
Builder deposits, other additions		43,946
Homesite takedowns, options exercised		(34,464	)
Total builder deposits as of March 31, 2025	$	684,594