<SEC-DOCUMENT>0001193125-25-317631.txt : 20251212
<SEC-HEADER>0001193125-25-317631.hdr.sgml : 20251212
<ACCEPTANCE-DATETIME>20251212162902
ACCESSION NUMBER:		0001193125-25-317631
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251210
FILED AS OF DATE:		20251212
DATE AS OF CHANGE:		20251212

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BARTELS PATRICK J JR
		CENTRAL INDEX KEY:			0001581475
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42476
		FILM NUMBER:		251568518

	MAIL ADDRESS:	
		STREET 1:		5330 CARMEL CREST LANE
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28226

ISSUER:		

	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

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-12-10</periodOfReport>

    <issuer>
        <issuerCik>0002017206</issuerCik>
        <issuerName>Millrose Properties, Inc.</issuerName>
        <issuerTradingSymbol>MRP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001581475</rptOwnerCik>
            <rptOwnerName>BARTELS PATRICK J JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MILLROSE PROPERTIES, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>600 BRICKELL AVENUE, SUITE 1400</rptOwnerStreet2>
            <rptOwnerCity>MIAMI</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33131</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-12-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6451</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>37111</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">On December 10, 2025, Millrose Properties, Inc. (the &quot;Issuer&quot;) granted 6,451 restricted stock units (&quot;RSUs&quot;) to the reporting person under the Issuer's 2024 Omnibus Incentive Plan. Such RSUs vest into shares of Class A Common Stock of the Issuer on a 1-for-1 basis. 50% of the RSUs will vest upon the earlier to occur of (i) April 3, 2026 and (ii) the first annual stockholder meeting to follow the date of grant and the remaining 50% of the RSUs will vest upon the earlier of (i) April 3, 2027 and (ii) the date of the Issuer's second annual stockholder meeting to follow the date of grant, subject to the reporting person's continuous service as a director of the Issuer from the date of the grant through the vesting dates.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Rachel Presa attorney-in-fact</signatureName>
        <signatureDate>2025-12-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
