Lennar completes exchange offer for Millrose Properties shares

Lennar Corporation (NYSE: LEN and LEN.B) completed its exchange offer for shares of Millrose Properties, Inc. (NYSE: MRP), with the offer receiving significant oversubscription from investors.

The exchange offer expired November 21, 2025, with Lennar stockholders tendering approximately 11 times the number of Lennar shares available for exchange. Through the offer, Lennar exchanged its retained Millrose Class A common stock for shares of Lennar Class A common stock.

Millrose was created through a strategic spin-off from Lennar in February 2025. Lennar distributed approximately 80% of Millrose shares to its stockholders while temporarily retaining 20% of total outstanding shares, which were the subject of the completed exchange offer.

"The completion of this exchange represents an important milestone in Millrose's evolution as an independent public company, further diversifying our shareholder base and increasing liquidity in our stock," said Darren Richman, Chief Executive Officer and President of Millrose.

Millrose purchases and develops residential land and sells finished homesites to homebuilders through option contracts with predetermined costs and takedown schedules. The company serves as a solution for homebuilders seeking to expand access to finished homesites while implementing an asset-light strategy.

Following the exchange, Lennar remains Millrose's founding and cornerstone partner, providing consistent demand for finished homesite inventory as Millrose continues expanding its platform to serve homebuilders.

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