Millrose Properties, Inc. Insider Trading Activity

Millrose Properties, Inc. insider activity shows a director acquired additional Class A common stock through an exchange offer involving Lennar Corporation.

Rhea-AI Filing Summary

Millrose Properties, Inc. insider activity shows a director acquired additional Class A common stock through an exchange offer involving Lennar Corporation. On November 26, 2025, the reporting person acquired 219 shares of Millrose Class A common stock in an open-market type transaction coded as a purchase, bringing their directly held stake to 16,985 shares.

The acquisition stems from a registered exchange offer Lennar commenced on October 10, 2025, allowing Lennar stockholders to tender their Lennar shares for Millrose shares. The final exchange ratio was 4.1367 shares of Millrose common stock per share of Lennar common stock accepted in the offer, and the reporting person’s Lennar shares were accepted on November 26, 2025.

Insider Trade Summary

Net Buyer: 219 shares

Net Buy 1 txn

Insider MIGOYA CARLOS A.

Role Director

Bought 219 shs ($0.00)

Type	Security	Shares	Price	Value
Purchase	Class A Common Stock	219	$0.00	$0.00

Holdings After Transaction: Class A Common Stock — 16,985 shares (Direct)

Footnotes (1)

1. F1. On October 10, 2025, Lennar Corporation ("Lennar") commenced a registered exchange offer to holders of shares of Lennar common stock to exchange Lennar common stock for Millrose Properties, Inc. ("Millrose") common stock. The final exchange ratio was 4.1367 shares of Millrose common stock per share of Lennar common stock accepted in the exchange offer. The shares of Lennar common stock tendered by the reporting person were accepted by Lennar on November 26, 2025.

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Accepted by SEC EDGAR 12/01/2025 - 04:20 PM EST Learn about SEC filing dates

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^*

MIGOYA CARLOS A.

(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)
11/26/2025

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	11/26/2025		P		219	A	(1)	16,985	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 October 10, 2025, Lennar Corporation ("Lennar") commenced a registered exchange offer to holders of shares of Lennar common stock to exchange Lennar common stock for Millrose Properties, Inc. ("Millrose") common stock. The final exchange ratio was 4.1367 shares of Millrose common stock per share of Lennar common stock accepted in the exchange offer. The shares of Lennar common stock tendered by the reporting person were accepted by Lennar on November 26, 2025.

	/s/ Rachel Presa, attorney-in-fact	12/01/2025
	** 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.