Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from (used in) operating activities
Net income (loss)	$ 152,566	$ (116,748)
Adjustments to reconcile net income (loss) to net cash from operating activities
Sales, general, and administrative expenses from pre-spin periods	24,960
Interest paid-in-kind	(5,657)
Stock-based compensation expense	181	8,863
Amortization of discount		80
Amortization of debt financing costs	1,520
Changes in assets and liabilities
Land inventory		709,600
Option fee receivables	(46,635)
Other assets	(859)
Accounts payable and accrued expenses		(1,895)
Other liabilities	4,217
Deferred tax liabilities	89
Net cash flows from operating activities	130,382	599,900
Cash flows from (used in) investing activities
Option deposits from Lennar, Spin-Off	584,848
Purchase of Rausch land assets, net of builder deposits	(858,938)
Investment in homesite inventory and other related assets, net of builder deposits	(2,497,097)
Sales of homesite inventory and other related assets, net of builder deposit credits	1,438,192
Net cash used in investing activities	(1,332,995)
Cash flows from (used in) financing activities
Cash contribution from Lennar, Spin-Off	415,152
Principal payments on debt		(17,978)
Net transfers to Predecessor		(581,922)
Payments for Spin-Off deal costs	(77,948)
Financing cost payments for revolving credit facility	(9,865)
Financing cost payments for delayed draw term loan facility	(14,070)
Proceeds from revolving credit facility borrowings	950,000
Repayments of revolving credit facility borrowings	(925,000)
Proceeds from delayed draw term loan facility	1,000,000
Dividends paid to shareholders	(63,081)
Payment of seller notes	(6,000)
Net cash flows from (used in) financing activities	1,269,188	(599,900)
Net increase in cash	66,575
Cash at beginning of period	0
Cash at end of period	66,575
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)
Builder deposits for investments in homesite inventory	(201,055)
Builder deposit credits for sales of homesite inventory	76,711
Reduction of debt for inventories financed by sellers		$ (13,905)
Dividends declared but not paid	114,542
Supplemental disclosure of cash flow information
Cash paid for interest	8,731
Cash paid for income taxes	$ 8,500