Greenhaven Associates Liquidates $138 Million Stake in Millrose Properties, According to Recent SEC Filing

According to a filing with the Securities and Exchange Commission dated April 06, 2026, Greenhaven Associates Inc. exited its presumption successful Millrose Properties (NYSE:MRP), selling 4,596,584 shares successful the archetypal quarter. The quarter-end valuation for the presumption declined by $137.30 million, reflecting some stock income and marketplace terms shifts.

Greenhaven afloat sold retired of Millrose Properties, the presumption present represents 0% of 13F AUM.

Top holdings aft the filing:

• NYSE:LEN: $923.29 cardinal (18.0% of AUM)

• NYSE:TOL: $770.42 cardinal (15.0% of AUM)

• NYSE:PHM: $646.51 cardinal (12.6% of AUM)

• NYSE:DHI: $475.73 cardinal (9.3% of AUM)

• NYSE:OSK: $372.59 cardinal (7.3% of AUM)

As of April 5, 2026, Millrose Properties shares were priced astatine $27.63, up 16.88% implicit the past year, outperforming the S&P 500 by 0.80 percent points. The presumption was antecedently 2.2% of the fund's AUM arsenic of the anterior quarter.

Millrose Properties, Inc. specializes successful enabling capital-efficient maturation for homebuilders done its innovative onshore enactment platform. With a absorption connected residential existent estate, the institution offers investors entree to income-generating opportunities that were historically constricted to organization participants. Its differentiated concern exemplary delivers a reported dividend output of 10.55%.

Millrose Properties operates a Homesite Option Purchase Platform (HOPP'R), facilitating residential onshore banking and providing homebuilders with capital-efficient entree to controlled onshore positions.

The institution generates gross by acquiring and managing residential onshore options, earning income done enactment premiums and related existent property transactions. Its superior customers see homebuilders and organization investors seeking vulnerability to residential existent estate-backed income streams.

Millrose Properties gives homebuilders power of residential onshore done enactment agreements, earning income from monthly enactment payments and homesite income alternatively than gathering oregon selling homes itself. That makes it a antithetic benignant of lodging stock: 1 that tin look income-oriented, but is inactive tied to builder demand, takedown activity, and the gait astatine which superior is recycled into caller onshore and development.

The concern is driven by homebuilders’ request for caller lots, the pricing and duration of enactment agreements, and Millrose’s quality to deploy superior into onshore and improvement astatine charismatic returns. Monthly enactment fees supply recurring currency flow, portion homesite income and renewals adhd to earnings, but some beryllium connected builders continuing to grow and transact. The exemplary is truthful exposed not lone to lodging demand, but besides to superior costs and the spot of the onshore pipeline.