Millrose Properties (MRP) director receives 6,451 RSUs under 2024 incentive plan

Rhea-AI Filing Summary

Millrose Properties, Inc. reported an insider equity award for a director. On December 10, 2025, the company granted 6,451 restricted stock units (RSUs) of its Class A Common Stock to a director under its 2024 Omnibus Incentive Plan at a price of $0, reflecting a compensatory grant rather than a market purchase. Following this award, the director beneficially owns 37,111 Class A shares.

The RSUs convert into Class A Common Stock on a 1-for-1 basis. Half of the RSUs vest on the earlier of April 3, 2026 or the first annual stockholder meeting after the grant date, and the remaining half vest on the earlier of April 3, 2027 or the second such annual meeting, subject to the director’s continuous service.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BARTELS PATRICK J JR

(Last) (First) (Middle)

C/O MILLROSE PROPERTIES, INC.

600 BRICKELL AVENUE, SUITE 1400

(Street)

MIAMI FL 33131

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Millrose Properties, Inc. [ MRP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	12/10/2025		A		6,451(1)	A	$0	37,111	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On December 10, 2025, Millrose Properties, Inc. (the "Issuer") granted 6,451 restricted stock units ("RSUs") 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.

	/s/ Rachel Presa attorney-in-fact	12/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Millrose Properties (MRP) report in this Form 4?

Millrose Properties reported that a director received 6,451 restricted stock units (RSUs) of Class A Common Stock on December 10, 2025 under the company’s 2024 Omnibus Incentive Plan.

How do the Millrose Properties (MRP) RSUs granted on December 10, 2025 vest?

The 6,451 RSUs vest in two equal portions: 50% on the earlier of April 3, 2026 or the first annual stockholder meeting after grant, and the remaining 50% on the earlier of April 3, 2027 or the second such annual meeting, subject to the director’s continued service.

What is the exercise or purchase price for the Millrose Properties (MRP) RSU grant?

The Form 4 shows the transaction price as $0, indicating this is a compensatory equity award rather than a market purchase of Millrose Properties Class A Common Stock.

How many Millrose Properties (MRP) shares does the reporting person own after this grant?

After the reported RSU grant, the Form 4 states that the reporting person beneficially owns 37,111 shares of Millrose Properties Class A Common Stock, held directly.

What is the relationship of the reporting person to Millrose Properties (MRP)?

The filing identifies the reporting person as a director of Millrose Properties, Inc., and the form is filed for one reporting person.

Under which plan were the Millrose Properties (MRP) RSUs granted?

The 6,451 RSUs were granted under Millrose Properties, Inc.’s 2024 Omnibus Incentive Plan, as described in the explanation of responses.