Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions [Abstract]

Related Party Transactions

Note 5. Related Party Transactions

During 2025, the Company had related party relationships with (i) Lennar, prior to the completion of the Exchange Offer on November 28, 2025, and (ii) KL, the Company's external manager under the Management Agreement. The following sections provide details of transactions and balances with each of these parties.

Lennar

Prior to the Spin-Off, the Company was a wholly owned subsidiary of Lennar. Following the Spin-Off, Lennar owned 20% of Millrose's common stock until November 28, 2025, when Lennar completed the Exchange Offer, reducing its ownership from approximately 20% to a de minimis amount.

From that date forward, Lennar ceased to be a related party as it no longer held an ownership interest or other rights that provide significant influence over the Company's management or operating policies. The primary transactions between the Company and Lennar during the year ended December 31, 2025 included:

•Cash payments from Lennar for purchase options on homesites under option contracts of approximately $452.9 million;

•Cash payments by the Company to Lennar for land purchases of approximately $2.0 billion;

•Option deposits from Lennar of approximately $171.7 million;

•Cash payments by the Company to Lennar for land draws of approximately $1.3 billion;

•Cash payments from Lennar upon exercise of homesite purchase options of approximately $3.1 billion;

•Option deposit credits to Lennar upon exercise of homesite purchase options of $127.5 million; and

•Reimbursements from Lennar for Exchange Offer expenses of approximately $2.0 million.

As of December 31, 2025, the Company recorded the following related to Lennar in the consolidated financial statements:

•Homesites under option contracts of $6.9 billion;

•Option deposit liabilities of $726.7 million; and

For the year ended December 31, 2025, the Company derived from Lennar approximately 84% of the Company's total revenues and 88% of the Company's total option fee revenues. Revenues earned under the Master Program Agreement with Lennar represented 85% of the Company's total option fee revenues. Given the concentration of revenues from Lennar, any significant deterioration in Lennar's business condition could have an

adverse impact on the Company's operating results and financial condition. The Company believes it is not exposed to significant credit risk for Lennar as of the date of these consolidated financials statements.

KL

Following the Spin-Off, the Company is externally managed and advised by KL, which is considered a related party due to its contractual management relationship. The Company pays a Management Fee each quarter as described in Note 2. Basis of Presentation and Significant Accounting Policies, Management Fee. For the year ended December 31, 2025, the management fee paid to KL was $87.8 million. There were no amounts payable to or amounts receivable from KL as of December 31, 2025.