Vanguard Portfolio Management owns 10.07% of Millrose Properties (MRP) after amendment

Rhea-AI Filing Summary

Vanguard Portfolio Management filed an amended Schedule 13G/A reporting beneficial ownership of 15,542,408 shares of Millrose Properties Inc. Common Stock, representing 10.07% of the class. The filing states Vanguard has sole dispositive power over 15,542,408 shares and sole voting power over 18,636 shares. The filing names affiliated entities (Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC) and explains the holdings include shares held for Vanguard funds and managed accounts.

Insights

Institutional Ownership Analyst

Vanguard holds a significant passive stake in Millrose at 10.07%

Vanguard Portfolio Management reports beneficial ownership of 15,542,408 shares with sole dispositive power over the same amount. This indicates voting influence is limited relative to dispositive control because sole voting power is shown as 18,636 shares.

Future filings may detail any changes; timing and trading intent are not stated in the excerpt.

Corporate Governance Specialist

Schedule 13G/A clarifies passive institutional holdings and affiliate structure.

The filing lists affiliates and explains some holdings are held by Vanguard funds or sleeves over which Vanguard Portfolio Management LLC exercises dispositive power. The statement follows SEC Release No. 34-39538 attribution guidance.

Because this is a 13G/A amendment, it reflects reporting accuracy rather than an active takeover attempt.

Key Figures

Beneficial ownership: 15,542,408 shares Percent of class: 10.07% Sole voting power: 18,636 shares +1 more

4 metrics

Beneficial ownership 15,542,408 shares reported on Schedule 13G/A

Percent of class 10.07% percent of common stock beneficially owned

Sole voting power 18,636 shares shares with sole power to vote

Sole dispositive power 15,542,408 shares shares with sole power to dispose

Key Terms

Beneficially owned, Sole dispositive power, Schedule 13G/A

3 terms

Beneficially owned regulatory

"This reflects the securities beneficially owned, or deemed to be beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 15542408"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Schedule 13G/A regulatory

"Amendment No. 1 Millrose Properties Inc Common Stock"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Millrose Properties Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

601137102

(CUSIP Number)

05/29/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 601137102

1

Names of Reporting Persons

Vanguard Portfolio Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 18,636.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 15,542,408.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,542,408.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.07 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Portfolio Management LLC and the following affiliates of Vanguard Portfolio Management LLC or business divisions of such affiliates: Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Portfolio Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Portfolio Management LLC, or business divisions of such subsidiaries whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Millrose Properties Inc
(b)	Address of issuer's principal executive offices: 600 Brickell Ave, Ste 1400, Miami, FL, 33131
Item 2.
(a)	Name of person filing: Vanguard Portfolio Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 601137102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 15542408
(b)	Percent of class: 10.07 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 18636
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 15542408
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Portfolio Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Portfolio Management

Signature:	My Trieu-Gatt
Name/Title:	Head of Global Fund Administration
Date:	06/04/2026

FAQ

What stake does Vanguard hold in Millrose Properties (MRP)?

Vanguard Portfolio Management reports beneficial ownership of 15,542,408 shares, equal to 10.07% of Millrose Properties' common stock. The filing lists sole dispositive power over those shares and sole voting power over 18,636 shares.

Does Vanguard control voting for the 10.07% stake in MRP?

The filing shows Vanguard has sole dispositive power for 15,542,408 shares but reports only 18,636 shares with sole voting power. Voting and dispositive powers are reported separately in the Schedule 13G/A.

Which Vanguard affiliates are named in the Millrose 13G/A?

The amendment names Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC as affiliates whose holdings are reflected, including shares held by Vanguard funds and managed accounts under Vanguard Portfolio Management LLC's dispositive authority.

Is this Schedule 13G/A an indication of an active acquisition of MRP?

No; a Schedule 13G/A is typically used for passive investors. The filing describes beneficial ownership and affiliate structure and does not state any intent to acquire control or change management in the provided excerpt.

When was the Schedule 13G/A for Vanguard and Millrose signed?

The amendment bears a signature dated 06/04/2026. It lists the issuer's CUSIP (601137102) and the issuer address at 600 Brickell Ave, Miami, FL in the filing header.