Millrose Properties is a publicly traded land banking platform that purchases and develops residential land, then sells finished homesites to homebuilders through option contracts with predetermined costs and scheduled takedowns. The company generates recurring revenue from option fees paid by homebuilders to maintain purchase rights on homesites, plus capital gains when those options are exercised, enabling it to recycle capital into new land acquisitions across a geographically diversified portfolio spanning multiple states. Externally managed by Kennedy Lewis Land and Residential Advisors, Millrose provides homebuilders with a capital-efficient, asset-light solution for accessing finished homesites while earning a durable yield on its land banking operations, supplemented by interest income from development loans secured by residential property.