Like a diversified Simon Property Group, owning and managing various types of high-quality commercial properties, not just malls.

Similar to a smaller Brookfield Asset Management, but specifically focused on investing in and managing prime commercial real estate.

The commercial property equivalent of Equity Residential, but for businesses – they own, develop, and manage high-quality offices, retail, and industrial spaces.

• Real Estate Acquisition and Investment: Investing in and purchasing commercial properties to build and expand its portfolio.
• Property Development: Planning, constructing, and renovating commercial real estate projects to enhance value and create new assets.
• Property Management: Overseeing the daily operations, leasing, maintenance, and tenant relations for its portfolio of commercial properties.

Darren L. Richman, Chief Executive Officer and President

Darren L. Richman is the Chief Executive Officer and President of Millrose Properties. He co-founded Kennedy Lewis with David Kennedy Chene in 2017 and is a Co-Managing Partner of that firm. From 2006 to 2016, Mr. Richman was a Senior Managing Director with The Blackstone Group, where he focused on special situation and opportunistic investments and was a member of the Investment Committee for GSO Capital Partners LP's opportunistic credit and special situation funds. Before joining GSO Capital Partners, he was a Founding Member and Co-Head of the Investment Research Team at DiMaio Ahmad Capital from 2003 to 2006. Prior to that, he was a Vice President and Senior Special Situations Analyst at Goldman Sachs & Co from 1999 to 2003. Mr. Richman began his career at Deloitte & Touche LLP, serving as a Manager in the firm's Mergers and Acquisitions Services Group from 1994 to 1999. He was formerly a Certified Public Accountant. Millrose was spun off from home builder Lennar Corp. in February.

Garett Rosenblum, Chief Financial Officer and Treasurer

Garett Rosenblum is the Chief Financial Officer and Treasurer of Millrose Properties. Previously, Mr. Rosenblum was with Kennedy Lewis. He is a member of the New York State Bar and a Certified Public Accountant in New York. Mr. Rosenblum holds a Juris Doctor degree from St. John's University School of Law and a Bachelor of Science degree in both Finance and Public Relations from Syracuse University. In March 2025, he purchased 5,900 shares of the company's Class A common stock.

Robert Nitkin, Chief Operating Officer

Robert Nitkin is the Chief Operating Officer of Millrose Properties. He joined Kennedy Lewis in 2020 and serves as a Managing Director, focusing on the firm's activities within the Real Estate and Homebuilding sectors. Before joining Kennedy Lewis, Mr. Nitkin was an investment principal at GPS Investment Partners ("GPS"), where he was responsible for evaluating and executing transactions across GPS's credit and private equity investment strategies. Prior to joining GPS in 2015, he was an Associate in the Securities Division at Goldman Sachs & Co. He also worked at Ernst and Young LLP as a member of the Transaction Advisory group.

Adil Pasha, Chief Technology Officer

Adil Pasha is the Chief Technology Officer of Millrose Properties. He joined Kennedy Lewis.

Rachel Presa, General Counsel and Secretary

Rachel Presa is the General Counsel and Secretary of Millrose Properties. She joined Kennedy Lewis in 2021 and is a Managing Director, having served in various legal capacities across the firm. Ms. Presa possesses 14 years of experience representing and advising investment funds, financial institutions, and other clients on legal and compliance matters, including regulatory investigations and enforcement, civil litigation, and bankruptcy and restructuring. From 2010 to 2021, she was Senior Counsel at the law firm of Akin Gump Strauss Hauer & Feld LLP. Before her legal career, Ms. Presa taught English and writing in public high schools.

The key risks to Millrose Properties' business include its sensitivity to the housing market, its significant customer concentration, and the impact of interest rate fluctuations.

1. Weakening Homebuilding Activity and Builder Defaults: Millrose Properties' business model, which involves acquiring and holding homesites for homebuilders, makes it highly sensitive to prolonged housing slowdowns and overall homebuilding activity. A downturn in the housing market could lead to a decrease in demand for homesites, potential funding pressures for Millrose, and an increased risk of credit losses or defaults from its builder counterparties. While contractual protections and positive gross margins are in place to mitigate the risk of builders walking away from lots, a severe downturn could still impact the company.
2. Customer Concentration with Lennar: A substantial portion of Millrose Properties' revenue, specifically 84%, has historically been derived from its master program agreement with Lennar. While the company is actively diversifying its portfolio by engaging with other counterparties, this high level of dependence on a single customer presents a significant concentration risk. Any adverse changes in its relationship with Lennar or a significant reduction in Lennar's homebuilding activity could materially impact Millrose Properties' financial performance.
3. Interest Rate Fluctuations and Funding Pressures: As a real estate investment and management company, Millrose Properties is susceptible to changes in interest rates and broader funding pressures. Rising interest rates can increase the company's borrowing costs, making it more expensive to acquire and develop new homesites. Moreover, higher interest rates can also impact the affordability of homes, potentially dampening overall housing demand and subsequently affecting the financial health of Millrose's homebuilder clients.

• Widespread adoption of remote and hybrid work models, reducing demand for traditional office spaces.
• Accelerated e-commerce adoption and evolving retail consumption patterns, diminishing the need for traditional brick-and-mortar retail properties.

Here are 3-5 expected drivers of future revenue growth for Millrose Properties (MRP) over the next 2-3 years:

1. Increased Capital Deployment for Land Acquisition and Development: Millrose Properties plans to deploy up to $2 billion in new capital in 2026 for new land acquisitions and development funding. This strategy is expected to drive approximately 10% year-over-year Adjusted Funds From Operations (AFFO) per share growth, indicating a direct correlation with future revenue expansion.
2. Expansion of Homebuilder Counterparties and Diversification: The company is actively expanding its client base beyond its foundational relationship with Lennar. Millrose Properties significantly increased invested capital outside the Lennar Master Program Agreement in 2025, reaching 15 distinct homebuilder counterparties, including 9 of the top 25 national homebuilders. The expectation to grow invested capital with non-Lennar counterparties by an additional $2 billion in 2026 signifies a strategic diversification that will broaden revenue streams.
3. Leveraging the Homesite Option Purchase Platform (HOPP'R) in an Undersupplied Housing Market: Millrose Properties operates as a Homesite Option Purchase Platform (HOPP'R), providing a just-in-time supply of finished homesites to residential homebuilders. Given that the housing market remains structurally undersupplied, this platform addresses a critical need for homebuilders, thereby creating sustained demand for Millrose's services and driving revenue through option fees and development loan income.
4. Yield Expansion from New Investments: New homesite investments made by Millrose Properties outside of the Lennar Master Program Agreement generated higher weighted average yields of approximately 11.0% in 2025, compared to the overall portfolio yield of 9.2%. By continuing to pursue these higher-yielding investment opportunities with new homebuilder partners, the company is poised to enhance its overall revenue growth and profitability.