<SEC-DOCUMENT>0001193125-25-304023.txt : 20251201
<SEC-HEADER>0001193125-25-304023.hdr.sgml : 20251201
<ACCEPTANCE-DATETIME>20251201170129
ACCESSION NUMBER:		0001193125-25-304023
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251201
DATE AS OF CHANGE:		20251201

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Millrose Properties, Inc.
		CENTRAL INDEX KEY:			0002017206
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				992056892
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94883
		FILM NUMBER:		251540483

	BUSINESS ADDRESS:	
		STREET 1:		C/O CORPORATE CREATIONS NETWORK INC.
		STREET 2:		2 WISCONSIN CIRCLE #700
		CITY:			CHEVY CHASE
		STATE:			MD
		ZIP:			20815
		BUSINESS PHONE:		305-559-4000

	MAIL ADDRESS:	
		STREET 1:		C/O CORPORATE CREATIONS NETWORK INC.
		STREET 2:		2 WISCONSIN CIRCLE #700
		CITY:			CHEVY CHASE
		STATE:			MD
		ZIP:			20815

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Millrose, Inc.
		DATE OF NAME CHANGE:	20240326

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LENNAR CORP /NEW/
		CENTRAL INDEX KEY:			0000920760
		STANDARD INDUSTRIAL CLASSIFICATION:	GEN BUILDING CONTRACTORS - RESIDENTIAL BUILDINGS [1520]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				954337490
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		5505 WATERFORD DISTRICT DRIVE
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33126
		BUSINESS PHONE:		3055594000

	MAIL ADDRESS:	
		STREET 1:		5505 WATERFORD DISTRICT DRIVE
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33126

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PACIFIC GREYSTONE CORP /DE/
		DATE OF NAME CHANGE:	19940323
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0000920760</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Class A common stock, par value $0.01 per share</securitiesClassTitle>
      <dateOfEvent>11/26/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0002017206</issuerCIK>
        <issuerCUSIP>601137102</issuerCUSIP>
        <issuerName>Millrose Properties, Inc.</issuerName>
        <address>
          <street1 xmlns="http://www.sec.gov/edgar/common">600 Brickell Avenue, Suite 1400</street1>
          <city xmlns="http://www.sec.gov/edgar/common">Miami</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">FL</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">33131</zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Katherine Lee Martin</personName>
          <personPhoneNum>(305) 559-4000</personPhoneNum>
          <personAddress>
            <street1 xmlns="http://www.sec.gov/edgar/common">5505 Waterford District Drive</street1>
            <city xmlns="http://www.sec.gov/edgar/common">Miami</city>
            <stateOrCountry xmlns="http://www.sec.gov/edgar/common">FL</stateOrCountry>
            <zipCode xmlns="http://www.sec.gov/edgar/common">33126</zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0000920760</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Lennar Corporation</reportingPersonName>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>1794</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>1794</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>1794</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.0</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Class A common stock, par value $0.01 per share</securityTitle>
        <issuerName>Millrose Properties, Inc.</issuerName>
        <issuerPrincipalAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">600 Brickell Avenue, Suite 1400</street1>
          <city xmlns="http://www.sec.gov/edgar/common">Miami</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">FL</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">33131</zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 1 to Schedule 13D ("Amendment No. 1") amends and supplements the Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") on February 7, 2025 (as amended to date, the "Schedule 13D"), relating to the Class A common stock, par value $0.01 per share ("Class A Common Stock"), of Millrose Properties, Inc. ("Millrose" or the "Issuer"). This Amendment No. 1 supplements Item 4 and amends and restates Items 5(a)-(c), and (e) as set forth below. Unless specified otherwise, capitalized terms used herein without definition shall have the meanings set forth in the Schedule 13D.</commentText>
      </item1>
      <item4>
        <transactionPurpose>On November 26, 2025, Lennar announced the final results of its previously announced offer to exchange the approximately 20% it owned of the total outstanding Class A Common Stock of Millrose for outstanding shares of Lennar Class A Common Stock (the "Exchange Offer"), as more fully described in the Registration Statement on Form S-4, as amended, and the accompanying prospectus, filed by Millrose with the SEC on November 19, 2025 ("Exchange Offer Registration Statement and Prospectus"). Pursuant to the Exchange Offer, Lennar exchanged 33,298,754 shares of Millrose Class A Common Stock for 8,049,594 shares of Lennar's Class A common stock, par value $0.10 per share ("Lennar Class A Common Stock") at an exchange ratio of 4.1367 shares of Millrose Class A Common Stock per share of Lennar Class A Common Stock.

Lennar retains 1,794 shares of Millrose Class A Common Stock and 7,063 shares of Millrose's Class B common stock, par value $0.01 per share ("Millrose Class B Common Stock") not included in the Exchange Offer that have been forfeited back to Lennar by certain employees who received such shares on their unvested Lennar restricted stock awards in connection with the Millrose spin-off transaction. The shares of Millrose Class B Common Stock retained by Lennar are not included in rows 7 through 13 above because they are not convertible into shares of Millrose Class A Common Stock at Lennar's election.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>The responses set forth in rows 11 and 13 are incorporated by reference into this Item 5. The percentage presented in row 13 above is calculated based on 154,183,686 outstanding shares of Class A Common Stock of the Issuer as of October 23, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the SEC on October 23, 2025.</percentageOfClassSecurities>
        <numberOfShares>The responses set forth in rows 7 through 10 on the cover page to this Schedule 13D are incorporated by reference into this Item 5.</numberOfShares>
        <transactionDesc>Other than as described in Item 4 of this Amendment No. 1, no transactions in the shares of Class A Common Stock have been effected by Lennar during the past sixty (60) days.</transactionDesc>
        <date5PercentOwnership>November 26, 2025.</date5PercentOwnership>
      </item5>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Lennar Corporation</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Mark Liberman</signature>
          <title>Mark Liberman / Assistant Secretary</title>
          <date>12/01/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
