Millrose Properties, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

Millrose Properties, Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

600 Brickell Avenue, Suite 1400Miami, Florida 33131

Notice of Annual Meeting of Stockholders

Date:

May 18, 2026

Time:

8:30 a.m. Eastern Time

Place:

600 Brickell Ave.

Conference Center

Miami, FL 33131

YOUR VOTE IS

IMPORTANT TO US.

Whether or not you plan to attend the Annual Meeting, I urge you to authorize a proxy to vote your shares as soon as possible. You may authorize a proxy to vote your shares on the internet or by telephone, or, if you received the proxy materials by mail, you may also authorize a proxy to vote your shares by mail. Your vote will ensure your representation at the Annual Meeting regardless of whether you attend on May 18, 2026.

Dear Stockholder:

You are cordially invited to attend the Annual Meeting of Stockholders of Millrose Properties, Inc., to be held on May 18, 2026 at 8:30 a.m. Eastern Time at 600 Brickell Ave., Conference Center, Miami FL 33131 (the “Annual Meeting”).

The Notice of the Annual Meeting of Stockholders and proxy statement accompanying this letter provide an outline of the business to be conducted at the meeting. At the Annual Meeting, you will be asked to:

Elect five individuals to serve as directors until the 2027 annual meeting of stockholders and until their successors are duly elected and qualify; and

Consider and vote upon the ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026.

Our board of directors unanimously recommends that you vote for each of the five nominees listed in this proxy statement and for the ratification of the appointment of Deloitte & Touche LLP for the fiscal year ending December 31, 2026.

Sincerely yours,

/s/ Carlos A. Migoya

Carlos A. Migoya

Chair

April 2, 2026

To the Stockholders of Millrose Properties, Inc.:

NOTICE IS HEREBY GIVEN THAT the Annual Meeting of Stockholders of Millrose Properties, Inc., a Maryland corporation (the “Company”), will be held on May 18, 2026 at 8:30 a.m. Eastern Time at 600 Brickell Ave., Conference Center, Miami FL 33131 (the “Annual Meeting”). The Annual Meeting is held for the following purposes:

To elect five individuals to serve as directors of the Company until the 2027 annual meeting of stockholders and until their successors are duly elected and qualify;

To consider and vote upon the ratification of the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026; and

To transact such other business that may properly come before the Annual Meeting, and any adjournments or postponements thereof.

The board of directors has fixed the close of business on March 23, 2026, as the record date for the determination of stockholders entitled to notice of, and to vote at, the Annual Meeting and any adjournments or postponements thereof.

Important notice regarding the availability of proxy materials for the Annual Meeting. On or about April 2, 2026, the Company will mail to stockholders a Notice of Internet Availability of Proxy Materials, which we refer to as the Notice and Access card, containing instructions on how to access the proxy statement and 2025 annual report to stockholders and authorize a proxy to vote electronically via the internet or by telephone. The Notice and Access card also contains instructions as to how stockholders can receive a paper copy of the proxy materials and authorize a proxy to vote by mail. The Company’s proxy statement, the proxy card and the Company’s annual report to stockholders for the year ended December 31, 2025, are available, free of charge, atwww.proxyvote.com.

Stockholders are requested to promptly authorize a proxy over the internet or by telephone, or execute and return the accompanying proxy card, which is being solicited by the board of directors of the Company. You may authorize a proxy over the internet or by telephone by following the instructions in the proxy card. You may execute the proxy card using the methods described in the proxy card. Authorizing a proxy is important to ensure a quorum at the Annual Meeting. Proxies may be revoked at any time before they are exercised by submitting a written notice of revocation or a subsequently executed proxy, or by attending the Annual Meeting and voting in person.

By Order of the Board of Directors,

/s/ Rachel Presa

Rachel Presa

General Counsel and Secretary

April 2, 2026

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