According to a filing with the Securities and Exchange Commission dated April 06, 2026, Greenhaven Associates Inc. exited its position in Millrose Properties (NYSE:MRP), selling 4,596,584 shares in the first quarter. The quarter-end valuation for the position declined by $137.30 million, reflecting both share sales and market price shifts.
Greenhaven fully sold out of Millrose Properties, the position now represents 0% of 13F AUM.
Top holdings after the filing:
NYSE:LEN: $923.29 million (18.0% of AUM)
NYSE:TOL: $770.42 million (15.0% of AUM)
NYSE:PHM: $646.51 million (12.6% of AUM)
NYSE:DHI: $475.73 million (9.3% of AUM)
NYSE:OSK: $372.59 million (7.3% of AUM)
As of April 5, 2026, Millrose Properties shares were priced at $27.63, up 16.88% over the past year, outperforming the S&P 500 by 0.80 percentage points. The position was previously 2.2% of the fund’s AUM as of the prior quarter.
Metric | Value |
|---|---|
Price (as of market close 2026-04-02) | $27.63 |
Market Capitalization | $4.61 billion |
Revenue (TTM) | $600.46 million |
Dividend Yield | 10.55% |
Millrose Properties, Inc. specializes in enabling capital-efficient growth for homebuilders through its innovative land option platform. With a focus on residential real estate, the company offers investors access to income-generating opportunities that were historically limited to institutional participants. Its differentiated business model delivers a reported dividend yield of 10.55%.
Millrose Properties operates a Homesite Option Purchase Platform (HOPP’R), facilitating residential land banking and providing homebuilders with capital-efficient access to controlled land positions.
The company generates revenue by acquiring and managing residential land options, earning income through option premiums and related real estate transactions. Its primary customers include homebuilders and institutional investors seeking exposure to residential real estate-backed income streams.
Millrose Properties gives homebuilders control of residential land through option agreements, earning income from monthly option payments and homesite sales rather than building or selling homes itself. That makes it a different kind of housing stock: one that can appear income-oriented, but is still tied to builder demand, takedown activity, and the pace at which capital is recycled into new land and development.
The business is driven by homebuilders’ demand for new lots, the pricing and duration of option agreements, and Millrose’s ability to deploy capital into land and development at attractive returns. Monthly option fees provide recurring cash flow, while homesite sales and renewals add to earnings, but both depend on builders continuing to expand and transact. The model is therefore exposed not only to housing demand, but also to capital costs and the strength of the land pipeline.
