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Related Party Transactions | 12 Months Ended
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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.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-5 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-6 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(g)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(e)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/850/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-6 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 + Details
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