v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from (used in) operating activities    
Net income $ 248,765 $ 152,566
Adjustments to reconcile net income to net cash from operating activities    
Provision for (benefit from) credit loss expense (907)  
Sales, general, and administrative expenses from pre-spin periods   24,960
Interest paid-in-kind (11,082) (5,657)
Stock-based compensation expense 909 181
Amortization of debt issuance and financing costs 4,710 1,520
Changes in assets and liabilities    
Other assets 152 (859)
Other liabilities 3,796 4,217
Deferred tax liabilities 7,221 89
Takedowns of homesites under option contracts, net of builder deposit credits 1,429,749 1,432,998
Net cash flows from operating activities 1,683,313 1,610,015
Cash flows from (used in) investing activities    
Option deposits from Lennar, Spin-Off   584,848
Acquisition of Rausch land assets, net of builder deposits   (858,938)
Investments in homesites under option contracts, net of builder deposits (2,088,033) (2,252,385)
Investments in development loans (19,566) (291,347)
Paydowns of development loans 310,742 5,194
Net cash used in investing activities (1,796,857) (2,812,628)
Cash flows from (used in) financing activities    
Cash contribution from Lennar, Spin-Off   415,152
Payments for Spin-Off deal costs   (77,948)
Financing and issuance cost payments for debt obligations (11,548) (23,935)
Proceeds from revolving credit facility and delayed draw term loan facility borrowings 615,000 1,950,000
Repayments of revolving credit facility and delayed draw term loan facility borrowings (240,000) (925,000)
Dividends paid to stockholders (250,665) (63,081)
Dividend accrual rights paid to stockholders (118)  
Payment of seller notes   (6,000)
Net cash flows from financing activities 112,669 1,269,188
Net (decrease) increase in cash (875) 66,575
Cash at beginning of period 35,046  
Cash at end of period 34,171 66,575
Non-cash impacts of Millrose Spin-Off    
Homesites under option contracts contributed by Lennar, net of option deposits   4,911,279
Decrease in deferred tax liabilities   59,836
Liabilities for transaction deal costs and seller notes   (96,948)
Common stock issued, Spin-Off   (1,660)
Non-cash increase in additional paid-in-capital, Spin-Off   (4,872,506)
Reversal of pre-spin equity at Spin-Off   5,158,372
Non-cash impacts of Rausch land acquisition    
Option deposits   (90,264)
Development guarantee holdback liability   (100,000)
Increase in deferred tax liabilities   (116,660)
Builder deposits for homesites under option contract (146,231) (201,055)
Common stock issued upon vesting of RSUs 0  
Dividend equivalent accrual rights, accrued but not paid 80  
Dividends declared but not paid 127,857 114,542
Supplemental disclosure of cash flow information    
Cash paid for interest 70,140 8,731
Cash paid for income taxes $ 0 $ 8,500