Greenhaven Associates Liquidates $138 Million Stake in Millrose Properties, According to Recent SEC Filing
Key Points
Greenhaven Associates fully exits all 4,596,584 shares of Millrose Properties (MRP)
Quarter-end position value fell by $137.30 million, reflecting both the sale and stock price movements
Transaction represented a 2.28% shift relative to Greenhaven’s $6.07 billion 13F reportable assets
The position previously accounted for 2.2% of the fund’s AUM as of the prior quarter
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What happened
According to a filing with the Securities and Exchange Commission dated April 06, 2026, Greenhaven Associates Inc. exited its position in Millrose Properties (NYSE:MRP), selling 4,596,584 shares in the first quarter. The quarter-end valuation for the position declined by $137.30 million, reflecting both share sales and market price shifts.
What else to know
Greenhaven fully sold out of Millrose Properties, the position now represents 0% of 13F AUM.
Top holdings after the filing:
- NYSE:LEN: $923.29 million (18.0% of AUM)
- NYSE:TOL: $770.42 million (15.0% of AUM)
- NYSE:PHM: $646.51 million (12.6% of AUM)
- NYSE:DHI: $475.73 million (9.3% of AUM)
- NYSE:OSK: $372.59 million (7.3% of AUM)
As of April 5, 2026, Millrose Properties shares were priced at $27.63, up 16.88% over the past year, outperforming the S&P 500 by 0.80 percentage points. The position was previously 2.2% of the fund's AUM as of the prior quarter.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2026-04-02) | $27.63 |
| Market Capitalization | $4.61 billion |
| Revenue (TTM) | $600.46 million |
| Dividend Yield | 10.55% |
Company Snapshot
Millrose Properties, Inc. specializes in enabling capital-efficient growth for homebuilders through its innovative land option platform. With a focus on residential real estate, the company offers investors access to income-generating opportunities that were historically limited to institutional participants. Its differentiated business model delivers a reported dividend yield of 10.55%.
Millrose Properties operates a Homesite Option Purchase Platform (HOPP'R), facilitating residential land banking and providing homebuilders with capital-efficient access to controlled land positions.
The company generates revenue by acquiring and managing residential land options, earning income through option premiums and related real estate transactions. Its primary customers include homebuilders and institutional investors seeking exposure to residential real estate-backed income streams.
What this transaction means for investors
Millrose Properties gives homebuilders control of residential land through option agreements, earning income from monthly option payments and homesite sales rather than building or selling homes itself. That makes it a different kind of housing stock: one that can appear income-oriented, but is still tied to builder demand, takedown activity, and the pace at which capital is recycled into new land and development.
The business is driven by homebuilders’ demand for new lots, the pricing and duration of option agreements, and Millrose’s ability to deploy capital into land and development at attractive returns. Monthly option fees provide recurring cash flow, while homesite sales and renewals add to earnings, but both depend on builders continuing to expand and transact. The model is therefore exposed not only to housing demand, but also to capital costs and the strength of the land pipeline.
For investors, Millrose offers a high-yield way to participate in the housing market without owning a homebuilder outright, but that income is not purely defensive. The appeal is the fee stream and capital efficiency of the platform; the risk is that both can weaken if builder demand slows or land activity stalls. The stock performs best when builders continue paying for options and Millrose can consistently convert land into cash returns.
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Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends D.R. Horton and Lennar. The Motley Fool has a disclosure policy.
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