Basis of Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Summary of Change in Inventories from Spin-off

The following roll forward summarizes the change in homesite inventory and other related assets from the Spin-Off through June 30, 2025:

		Six months ended,
(in thousands)		June 30 2025
Homesite inventory and other related assets
Beginning balance as of February 7, 2025 Spin-Off date	$		-
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)			2,699,890
Homesite inventory takedowns and other related paydowns (4)			(1,514,798	)
Interest receivable paid-in-kind (5)			5,657
Total homesite inventory and other related assets as of June 30, 2025	$		7,845,178

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

contributed 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 acquired of $1.885 billion, development costs of $524.0 million, and investment in development loans of $291.3 million.

Land additions include $522.8 million of land assets acquired in the New Home transaction.

(4) Includes homesite inventory takedowns of $1.509 billion and development loan paydowns of $5.2 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 six months ended June 30, 2025, which reflects activity after the Spin-Off. There were no builder deposits for the Predecessor Millrose Business prior to the Spin-Off.

	Six months ended,
(in thousands)	June 30, 2025
Builder deposits
Beginning balance as of February 7, 2025 Spin-Off date	$	-
Builder deposits, Spin-Off		584,848
Builder deposits, Rausch land acquisition		90,264
Builder deposits, additions		201,055
Homesite takedowns, options exercised		(76,605	)
Total builder deposits as of June 30, 2025	$	799,562