Millrose Properties, Inc.

In this Quarterly Report on Form 10-Q (this “Form 10-Q”), the following terms and abbreviations have the meanings listed below.

GAAP means generally accepted accounting principles in the United States.

Lennar means Lennar Corporation (including its affiliates and subsidiaries), a publicly traded Delaware corporation with Lennar Class A common stock and Lennar Class B common stock listed on the NYSE. In certain contexts (including with respect to naming parties to certain agreements), the word Lennar may refer to a subsidiary of Lennar Corporation that entered or will enter into an agreement in lieu of the ultimate parent company.

Lennar Related Ventures means any residential home construction or real estate development companies in the United States (i) in which Lennar has any amount of ownership interests or (ii) with which Lennar has any contractual business relationship, in each case, that is referred by Lennar to Millrose as a homesite option platform counterparty.

Master Option Agreement means the Master Option Agreement, dated as of February 7, 2025, by and among Millrose and certain Lennar entities, as described in “Part I, Item 1. Business —Operational Agreements with Lennar—Master Option Agreement” in the Form 10-K, as amended from time to time and as supplemented by any terms and provisions contained in any project addenda.

Master Program Agreement means the Master Program Agreement, dated as of February 7, 2025, by and among Millrose and certain Lennar entities, as described in “Part I, Item 1. Business —Operational Agreements with Lennar—Master Program Agreement” in the Form 10-K, as supplemented by any terms and provisions contained in any project addenda.

Multiparty Cross Agreement means any multiparty cross agreement between Lennar and Millrose that applies to any portion of the assets acquired in the Spin-Off from Lennar, and the Rausch Transaction, and any assets acquired pursuant to the terms of the Master Program Agreement or other applicable agreement with Lennar, as further described in “Part I, Item 1. Business —Operational Agreements with Lennar—Multiparty Cross Agreement” in the Form 10-K. As context requires, “Multiparty Cross Agreement” may also mean this same concept, but as negotiated and used by or for (or in the context of agreements with) any Lennar Related Ventures or Other Counterparties.

Other Agreements means any transaction agreements, other than the Master Program Agreement, including those entered into with Lennar Related Ventures and Other Counterparties in connection with providing Millrose’s homesite option platform or in connection with Millrose providing development loans secured by residential property intended for single-family residential use.

Other Counterparties means any residential home construction or real estate development companies in the United States, excluding Lennar and any Lennar Related Ventures, that enter into agreements or other arrangements with Millrose (through Millrose subsidiaries) to use Millrose’s homesite option platform or to obtain development loans secured by residential property intended for single-family residential use.

Predecessor Millrose Business means the business operations, including revenues and expenses, liquidity and capital resources, cash flows, balance sheet, statements of income and other information of Millrose prior to the Spin-Off, as derived from the financial statements of Lennar, since Millrose had no operations (or operating subsidiaries) of its own prior to the Spin-Off.

Property LLCs includes all of Millrose's subsidiaries that hold land assets acquired by Millrose, including those acquired in the Spin-Off from Lennar and in the Rausch Transaction, through which Millrose provides its homesite option platform to counterparties, as well as any additional subsidiaries formed for the purposes of owning other property assets.

Rausch means Rausch Coleman Companies, LLC, a privately-held U.S. homebuilder.

Rausch Transaction means Millrose’s acquisition of land consisting of approximately 25,000 homesites through the acquisition of 100% of the outstanding stock of RCH Holdings, Inc., a parent holding company of Rausch, on February 10, 2025, as further described in “Part I, Item 1. Business—Spin-Off and Other Significant Business Transactions” in the Form 10-K.

REIT Requirements means the requirements for qualification as a REIT under sections 856 through 860 of the Code and the applicable U.S. Treasury regulations, including various (a) organizational requirements, (b) gross income tests, (c) asset tests and (d) distribution requirements.

Spin-Off means the partial, taxable spin-off of Millrose Properties, Inc., a previously wholly-owned subsidiary of Lennar, that was effected by distributing approximately 80% of the outstanding shares of Millrose common stock to holders of Lennar common stock on February 7, 2025.

TRS means a taxable REIT subsidiary, which is a fully taxable corporation that has jointly elected with the parent REIT to be treated as a taxable REIT subsidiary, defined under section 856 of the Internal Revenue Code of 1986, as amended (the “Code”).