Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 11. Stockholders’ Equity

Authorized Capital Stock

As of December 31, 2025, Millrose had, under its Charter, authorized capital stock of (i) 450,000,000 shares of common stock, par value $0.01 per share, consisting of 275,000,000 shares of Class A common stock and 175,000,000 shares of Class B common stock, and (ii) 50,000,000 shares of preferred stock, par value $0.01 per share.

Common Stock

The following transactions related to Millrose’s common stock occurred in connection with the Spin-Off:

•120,983,633 shares of Class A common stock were distributed to holders of Lennar common stock as of the close of business January 21, 2025;

•11,819,811 shares of Class B common stock were distributed to holders of Lennar common stock as of the close of business January 21, 2025;

•Lennar retained 33,200,053 shares of Millrose’s Class A common stock, representing approximately 20% of Millrose’s outstanding common stock. In connection with the Spin-Off, certain Lennar employees received shares of common stock on their unvested Lennar restricted stock awards, some of which have been forfeited back to Lennar following the Spin-Off.

As described under Note 3. Spin-Off and Other Significant Business Transactions, on November 28, 2025, Lennar completed the Exchange Offer and, as a result, now owns a de minimis amount of Millrose common stock.

As of December 31, 2025, Millrose had outstanding an aggregate of 166,003,497 shares of common stock.

Preferred Stock

As of December 31, 2025, there were no shares of preferred stock outstanding.

Dividends and Distributions

The following are the Company's dividends as declared by the Board for the years ended December 31, 2025 and 2024, and through the date of this report:

Payment Date	Record Date		Dividend per Share
April 15, 2025	April 4, 2025	$		0.38
July 15, 2025	July 3, 2025	$		0.69
October 15, 2025	October 3, 2025	$		0.73
January 15, 2026	January 5, 2026	$		0.75

On December 22, 2025 the Company declared a dividend of $0.75 to holders of its Class A common stock and Class B common stock of record as of the close of business January 5, 2026. This dividend was paid on January 15, 2026. For the dividend paid January 15, 2026, the Company recorded a dividend payable of $124.5 million in other liabilities in the Company’s consolidated balance sheets as of December 31, 2025.

For federal income tax purposes, the Company’s 2025 dividend distributions (excluding the dividend paid on January 15, 2026, which is treated as a 2026 dividend for tax purposes) were characterized entirely as ordinary taxable dividends per share, with no portion treated as capital gain dividends or return of capital.

Securities Authorized for Issuance Under Equity Compensation Plans

As of December 31, 2025, 60,555 RSUs had been granted pursuant to the 2024 Incentive Plan. See Note 12. Stock-Based Based Compensation for additional information.

Stock Repurchases

There were no stock repurchases of Millrose’s common stock during the quarter ended December 31, 2025.

Additional Paid-in Capital

As of December 31, 2025, the Company had additional paid-in capital of approximately $5.9 billion, which largely reflects the cash and land contributed by Lennar at the Spin-Off. Changes in additional paid-in capital during the year ended December 31, 2025 include the recognition of stock-based compensation expense and the related dividend equivalent rights associated with the RSUs issued under the Company's 2024 Incentive Plan.