Greenhaven Discloses 4.6M Shares of Millrose Properties (MRP)

Rhea-AI Filing Summary

Greenhaven Associates, Inc. filed an amended Schedule 13G reporting beneficial ownership of 4,603,873 shares of Millrose Properties, Inc. (Class A Common Stock), representing 2.99% of the class. Greenhaven reports sole voting/dispositive power over 1,138,816 shares and shared voting/dispositive power over 3,465,057 shares. The filing states Greenhaven is an investment adviser with investment discretion and that most shares are owned by its clients who retain dividend and sale proceeds rights. The filing certifies the holdings are in the ordinary course of business and not intended to influence control.

Positive

• Transparent disclosure of total holdings (4,603,873 shares) and precise voting/dispositive breakdown
• Clear identification of Greenhaven as an investment adviser with discretionary authority, clarifying client ownership and economic rights
• Stake below 5% (2.99%), signaling passive reporting under Schedule 13G rather than activist intent

Negative

• None.

Insights

Securities Analyst

TL;DR: A passive investment-adviser disclosure showing a sub-5% stake with delegated client ownership and voting split.

Greenhaven reports a 2.99% stake in MRP, below the 5% Schedule 13D threshold, indicating no activist intent disclosed. The split between sole and shared voting powers suggests Greenhaven directly manages some positions while most holdings are client-owned accounts. For investors, this is a routine disclosure of position size and voting authority; it does not by itself signal a change in control or strategy at the issuer.

Investment Adviser / Governance Specialist

TL;DR: Filing documents discretionary management and clarifies dividend/proceeds rights remain with clients.

The statement emphasizes that Greenhaven acts as an investment adviser with discretion, and that clients, not Greenhaven, retain economic rights to dividends and sale proceeds for most shares. This clarifies fiduciary arrangements and reduces likelihood that the filing represents coordinated group action. The certification that holdings are not intended to influence control aligns with Schedule 13G treatment for passive investors.

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)

Class A Common Stock

(Title of Class of Securities)

601137102

(CUSIP Number)

08/18/2025

(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)

SCHEDULE 13G

CUSIP No. 601137102

1

Names of Reporting Persons

Greenhaven Associates, Inc.

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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,138,816.00
6	Shared Voting Power 3,465,057.00
7	Sole Dispositive Power 1,138,816.00
8	Shared Dispositive Power 3,465,057.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,603,873.00

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)

2.99 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Millrose Properties, Inc.
(b)	Address of issuer's principal executive offices: 600 Brickell Avenue, suite 1400, Miami, FL, 33131
Item 2.
(a)	Name of person filing: Greenhaven Associates, Inc.
(b)	Address or principal business office or, if none, residence: 3 Manhattanville Road Purchase, NY 10577
(c)	Citizenship: Greenhaven Associates, Inc. is incorporated in New York State. Greenhaven's shareholders and executives all are citizens of the United States of America
(d)	Title of class of securities: Class A 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: 4,603,873
(b)	Percent of class: 2.99%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,138,816
	(ii) Shared power to vote or to direct the vote: 3,465,057
	(iii) Sole power to dispose or to direct the disposition of: 1,138,816
	(iv) Shared power to dispose or to direct the disposition of: 3,465,057
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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. Greenhaven Associates Inc. (Greenhaven), an Investment Advisory firm, has investment discretion with respect to the securities to which this statement relates. Greenhaven has sole power to vote 1,138,816 common shares of Millrose Properties, Inc. All other shares are owned by clients of Greenhaven. Clients of Greenhaven have the right to receive and the power to direct the receipt of dividends from, and the proceeds from, the sale of common stock of Millrose Properties, Inc. No one person's interest in the common stock is more than five percent of the total outstanding common stock of Millrose Properties, Inc.
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.

Greenhaven Associates, Inc.

Signature:	/s/ Edgar Wachenheim III
Name/Title:	Chairman & CEO
Date:	08/21/2025

FAQ

How many shares of Millrose Properties (MRP) does Greenhaven Associates report owning?

Greenhaven reports beneficial ownership of 4,603,873 shares, equal to 2.99% of MRP's Class A common stock.

What voting and dispositive powers does Greenhaven have over MRP shares?

Greenhaven has sole voting and dispositive power over 1,138,816 shares and shared voting and dispositive power over 3,465,057 shares.

Is Greenhaven acting as an activist investor in MRP according to the filing?

No. The filing certifies the securities are held in the ordinary course of business and not for the purpose of changing or influencing control; it is filed under Schedule 13G for passive investors.

Do Greenhaven's clients retain economic rights to MRP shares?

Yes. The filing states that for the shares owned by clients, those clients have the right to receive dividends and proceeds from sales.

What is Greenhaven's reported place of organization and filing date?

Greenhaven is organized in New York. The signature on the amendment is dated 08/21/2025.