MRP

Brave Warrior Advisors' Stake Reduction: Brave Warrior Advisors sold nearly 2.5 million shares of Millrose Properties in Q3, resulting in a $43.5 million decrease in position value, reducing their stake to 4.2% of reportable AUM.

Millrose Properties Performance: Millrose Properties, a residential REIT, has seen its shares rise 44% since its IPO, generating significant cash flow and revenue, with $852 million from homesite sales and $179.3 million in revenue for the latest quarter.

Investment Risks and Opportunities: While Millrose offers a scalable, capital-light model for long-term investors, key risks include leverage, reliance on counterparties, and the pace of land redeployment.

Market Context: The article highlights the importance of monitoring institutional investment trends and the performance of Millrose Properties in the context of broader market dynamics and investment strategies.

Exchange Offer Results: Lennar Corporation completed its exchange offer for 33,298,764 shares of Millrose Properties, accepting 8,049,594 shares of its own Class A common stock in return, with the offer expiring on November 21, 2025.

Oversubscription and Proration: The exchange offer was oversubscribed, leading to a pro rata acceptance of shares tendered, with a final proration factor of 8.604228% applied to most validly tendered shares, while "odd-lot" shareholders were fully accepted without proration.

Return of Unaccepted Shares: Shares of Lennar Class A common stock that were tendered but not accepted will be returned to the stockholders, and shares of Millrose Class A common stock will be credited to the accounts of those whose shares were accepted.

Forward-Looking Statements: The announcement includes forward-looking statements regarding the anticipated effects and benefits of the exchange offer, which are subject to uncertainties and risks that could lead to actual results differing from expectations.