Millrose Properties Inc. delivered a strong second quarter in 2025, with net income of $112.8 million and diluted EPS of $0.68, primarily fueled by $149.0 million in option fees. The company successfully generated $797 million in net cash proceeds from homesite sales, including $768 million from Lennar, and strategically redeployed $718 million into land acquisitions and development funding with Lennar. Additionally, Millrose expanded its third-party customer relationships by deploying $813 million at a weighted average yield of 11.2%, significantly increasing its homesite inventory and invested capital outside the Lennar Master Program Agreement.