Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from (used in) operating activities
Net income (loss)	$ 39,806	$ (56,987)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Interest paid-in-kind	(2,617)
Sales, general, and administrative expenses from pre-spin periods	24,960
Stock based compensation		7,158
Amortization of discount		15
Amortization of debt financing costs	157
Changes in assets and liabilities
Land inventory		232,172
Option fee receivables	(47,206)
Other liabilities	6,123
Deferred tax liabilities	65
Net cash flows from (used in) operating activities	21,288	182,358
Cash flows from (used in) investing activities
Option deposits from Lennar, Spin-Off	584,848
Purchase of Rausch land assets	(858,938)
Sales of homesite inventory and other related assets	(978,480)
Investment in homesite inventory and other related assets	646,361
Net cash used in investing activities	(606,209)
Cash flows from (used in) financing activities
Cash contribution from Lennar, Spin-Off	415,152
Principal payments on debt		(16,079)
Net transfers to Predecessor		(166,279)
Payments for Spin-Off deal costs	(75,131)
Financing cost payments for revolving credit facility	(9,577)
Proceeds from revolving credit facility borrowings	450,000
Repayments of revolving credit facility borrowings	(100,000)
Payment of seller notes	(6,000)
Net cash flows from (used in) financing activities	674,444	$ (182,358)
Net increase in cash	89,523
Cash at beginning of period	0
Cash at end of period	89,523
Non-cash impacts of Millrose Spin-Off
Homesite inventory contributed by Lennar, net of option deposits	4,911,279
Decrease in deferred tax liabilities	59,836
Liabilities for transaction deal costs and seller notes	(96,948)
Common stock issued, Spin-Off	(1,660)
Non-cash increase in additional paid-in-capital, Spin-Off	(4,872,506)
Reversal of Predecessor equity at Spin-Off	5,158,372
Non-cash impacts of Rausch land acquisition
Option deposits	(90,264)
Development guarantee holdback liability	(100,000)
Increase in deferred tax liabilities	(116,660)
Dividends declared but not paid	63,081
Supplemental disclosure of cash flow information
Cash paid for interest	$ 571