Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from (used in) operating activities
Net income (loss)	$ 379,864	$ (246,221)	$ (209,792)
Adjustments to reconcile net income (loss) to net cash from operating activities
Provision for credit loss expense	1,005
Sales, general, and administrative expenses from pre-spin periods	24,960
Interest paid-in-kind	(29,504)
Stock-based compensation expense	677	14,937	10,093
Amortization of discount		(13)
Amortization of debt issuance and financing costs	20,273
Changes in assets and liabilities
Land inventory		(716,073)	(641,864)
Other assets	(8,626)
Accounts payable and accrued expenses		30,176	(23,557)
Other liabilities	47,655
Deferred tax liabilities	20,509
Takedowns of homesites under option contracts, net of builder deposit credits	3,216,008
Net cash flows from (used in) operating activities	3,672,821	(917,194)	(865,120)
Cash flows from (used in) investing activities
Option deposits from Lennar, Spin-Off	584,848
Acquisition of Rausch land assets, net of builder deposits	(858,938)
Investments in homesites under option contracts, net of builder deposits	(5,149,382)
Other deposits	1,738
Investments in development loans	(353,806)
Paydowns of development loans	53,306
Net cash used in investing activities	(5,722,234)
Cash flows from (used in) financing activities
Cash contribution from Lennar, Spin-Off	415,152
Principal payments on debt		(13,501)	(18,687)
Net transfers from pre-spin periods		930,695	883,807
Payments for Spin-Off deal costs	(77,948)
Financing and issuance cost payments for debt obligations	(57,939)
Proceeds from revolving credit facility and delayed draw term loan facility borrowings	2,835,000
Repayments of revolving credit facility and delayed draw term loan facility borrowings	(2,725,000)
Proceeds from senior notes	2,000,000
Dividends paid to stockholders	(298,806)
Payment of seller notes	(6,000)
Cash flows from (used in) financing activities	2,084,459	917,194	865,120
Net increase in cash	35,046
Cash at beginning of period	0
Cash at end of period	35,046	0
Non-cash impacts of Millrose Spin-Off
Homesites under option contracts 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 pre-spin 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 homesites under option contract	(416,994)
Reduction of debt for inventories financed by sellers		(13,905)
Homesites under option contracts acquired through purchase money mortgages	33,000
Purchase money mortgages	(33,000)
Dividend accrual rights accrued but not paid	96
Dividends declared but not paid	124,503
Purchases of inventory financed by sellers		$ 19,000	$ 13,500
Supplemental disclosure of cash flow information
Cash paid for interest	23,942
Cash paid for income taxes	$ 8,500