---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-378466"
form_type: "8-K"
ticker: "MRP"
cik: "0002017206"
company_name: "Millrose Properties, Inc."
filed_at: "2026-09-01T20:22:38+00:00"
generated_at: "2026-09-01T20:23:11.337158+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-378466
- form_type: 8-K
- ticker: MRP
- cik: 0002017206
- company_name: Millrose Properties, Inc.
- filed_at: 2026-09-01T20:22:38+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2017206/000119312526378466/0001193125-26-378466-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2017206/000119312526378466/d83131d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-378466
- JSON: https://secwatch.observer/filing/0001193125-26-378466.json
- Plain text: https://secwatch.observer/filing/0001193125-26-378466.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.