Millrose amends Founder's Rights and Management Agreements to allow BTR investments and adjust capital priority

Millrose Properties, Inc.

FRA Amendment adjusts Priority Amount for Capital Priority Right and Lennar's secured financing collateral consent right.
Adds BTR Properties (completed single-family homes for rental); Excluded Capital now includes first $2B of debt/equity and all BTR capital.
MA Amendment expands investment guidelines to include single-family rental properties and adds property-level SFR operating expenses to Reimbursable Expenses.
New Manager Investment Allocation Policy (Exhibit C) sets rotation allocation between Millrose and Kennedy Lewis Priority Accounts; KL follow-on opportunities go 100% to Kennedy Lewis.

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