Millrose Properties, Inc 8-K, filed Aug 8, 2025

About this 8-K

Items reported

Millrose Properties, Inc. (MRP)

8-K 2025-08-08 For: 2025-08-07

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Added on April 11, 2026

Millrose Properties, Inc filed this 8-K on August 8, 2025, reporting on events of August 7, 2025.

MILLROSE PROPERTIES, INC.

Date: August 8, 2025

/s/ Garett Rosenblum

Garett Rosenblum

Chief Financial Officer and Treasurer

Item 1.01: Entered into a material agreement
Item 2.03: New debt or off-balance-sheet obligation
Item 9.01: Financial statements and exhibits

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600 Brickell Avenue, Suite 1400
Miami, Florida		33131
(Address of Principal Executive Offices)		(Zip Code)


Exhibit No.		Exhibit Description

4.1		Indenture, dated as of August 7, 2025, among Millrose Properties, Inc., the subsidiary guarantors from time to time party thereto and Citibank, N.A., as trustee.

104		Cover Page Interactive Data File (embedded with the Inline XBRL document).


		Page

ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE			1

Section 1.01	Definitions		1
Section 1.02	Other Definitions		17
Section 1.03	Rules of Construction		18
Section 1.04	Acts of Holders		19

ARTICLE 2 THE NOTES			20

Section 2.01	Form and Dating; Terms		20
Section 2.02	Execution and Authentication		21
Section 2.03	Registrar and Paying Agent		22
Section 2.04	Paying Agent to Hold Money in Trust		22
Section 2.05	Holder Lists		22
Section 2.06	Transfer and Exchange		22
Section 2.07	Replacement Notes		24
Section 2.08	Outstanding Notes		24
Section 2.09	Treasury Notes		25
Section 2.10	Temporary Notes		25
Section 2.11	Cancellation		25
Section 2.12	Defaulted Interest		25
Section 2.13	CUSIP and ISIN Numbers		26
Section 2.14	Computation of Interest		26

ARTICLE 3 REDEMPTION			26

Section 3.01	Notices to Trustee		26
Section 3.02	Selection of Notes to Be Redeemed or Purchased		26
Section 3.03	Notice of Redemption		27
Section 3.04	Effect of Notice of Redemption		28
Section 3.05	Deposit of Redemption or Purchase Price		28
Section 3.06	Notes Redeemed or Purchased in Part		28
Section 3.07	Optional Redemption		29
Section 3.08	Mandatory Redemption; Open Market Purchases		30

ARTICLE 4 COVENANTS			30

Section 4.01	Payment of Notes		30
Section 4.02	Maintenance of Office or Agency		30
Section 4.03	Reports		31
Section 4.04	Compliance Certificate		32
Section 4.05	Corporate Existence		33
Section 4.06	Payment of Taxes		33
Section 4.07	Stay, Extension and Usury Laws		33
Section 4.08	Sale and Leaseback Transactions		33
Section 4.09	[reserved]		34
Section 4.10	[reserved]		34
Section 4.11	[reserved]		34
Section 4.12	[reserved]		34
Section 4.13	Liens		34
Section 4.14	[reserved]		35


		Page

Section 4.15	Offer to Repurchase upon Change of Control Triggering Event		35
Section 4.16	Additional Subsidiary Guarantors		37
Section 4.17	Designation of Restricted Subsidiaries and Unrestricted Subsidiaries		38
Section 4.18	Effectiveness of Covenants		38

ARTICLE 5 SUCCESSORS			39

Section 5.01	Merger, Consolidation or Sale of Assets		39
Section 5.02	Successor Entity Substituted		40

ARTICLE 6 DEFAULTS AND REMEDIES			40

Section 6.01	Events of Default		40
Section 6.02	Acceleration		42
Section 6.03	Other Remedies		42
Section 6.04	Waiver of Past Defaults		43
Section 6.05	Control by Majority		43
Section 6.06	Limitation on Suits		43
Section 6.07	Rights of Holders to Receive Payment		44
Section 6.08	Collection Suit by Trustee		44
Section 6.09	Restoration of Rights and Remedies		44
Section 6.10	Rights and Remedies Cumulative		44
Section 6.11	Delay or Omission Not Waiver		44
Section 6.12	Trustee May File Proofs of Claim		45
Section 6.13	Priorities		45
Section 6.14	Undertaking for Costs		45

ARTICLE 7 TRUSTEE			46

Section 7.01	Duties of Trustee		46
Section 7.02	Rights of Trustee		47
Section 7.03	Individual Rights of the Trustee		48
Section 7.04	Trustee’s Disclaimer		48
Section 7.05	Notice of Defaults		49
Section 7.06	Limitation on Trustee’s Liability		49
Section 7.07	Compensation and Indemnity		49
Section 7.08	Replacement of Trustee		50
Section 7.09	Successor Trustee by Merger		51
Section 7.10	Eligibility; Disqualification		51

ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE			51

Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance		51
Section 8.02	Legal Defeasance		51
Section 8.03	Covenant Defeasance		52
Section 8.04	Conditions to Legal or Covenant Defeasance		52
Section 8.05	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions		53
Section 8.06	Repayment to the Issuer		54
Section 8.07	Reinstatement		54

ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER			54

Section 9.01	Without Consent of Holders		54
Section 9.02	With Consent of Holders		55


		Page

Section 9.03	Revocation and Effect of Consents		56
Section 9.04	Notation on or Exchange of Notes		57
Section 9.05	Trustee to Sign Amendments, etc.		57

ARTICLE 10 NOTE GUARANTEES			57

Section 10.01	Guarantee		57
Section 10.02	Limitation on Subsidiary Guarantor Liability		59
Section 10.03	Execution and Delivery		59
Section 10.04	Subrogation		59
Section 10.05	Benefits Acknowledged		60
Section 10.06	Release of Note Guarantees		60

ARTICLE 11 SATISFACTION AND DISCHARGE			61

Section 11.01	Satisfaction and Discharge		61
Section 11.02	Application of Trust Money		61

ARTICLE 12 MISCELLANEOUS			62

Section 12.01	Notices		62
Section 12.02	Communication by Holders with Other Holders		63
Section 12.03	Certificate and Opinion as to Conditions Precedent		64
Section 12.04	Statements Required in Certificate or Opinion		64
Section 12.05	Rules by Trustee and Agents		64
Section 12.06	No Personal Liability of Directors, Officers, Employees, Members, Partners and Stockholders		64
Section 12.07	Governing Law		64
Section 12.08	Jurisdiction		64
Section 12.09	Waiver of Jury Trial		65
Section 12.10	No Adverse Interpretation of Other Agreements		65
Section 12.11	Successors		65
Section 12.12	Severability		65
Section 12.13	Counterpart Originals		65
Section 12.14	Table of Contents, Headings, etc.		65
Section 12.15	U.S.A. PATRIOT Act		65
Section 12.16	Payments Due on Non-Business Days		66


Appendix A		Provisions Relating to Initial Notes and Additional Notes
Exhibit A		Form of Note
Exhibit B		Form of Supplemental Indenture to Be Delivered by Future Guarantors


Term		Defined in Section
“Accessions and Proceeds”		4.13(e)
“Agent Members”		2.1(c) of Appendix A
“Aggregate Payments”		10.01(i)
“Applicable Procedures”		1.1(a) of Appendix A
“Authentication Order”		2.02(c)
“Automatic Exchange”		2.3(e) of Appendix A
“Automatic Exchange Date”		2.3(e) of Appendix A
“Automatic Exchange Notice”		2.3(e) of Appendix A
“Automatic Exchange Notice Date”		2.3(e) of Appendix A


Term		Defined in Section
“Change of Control Offer”		4.15(a)
“Change of Control Payment”		4.15(a)
“Change of Control Payment Date”		4.15(a)(2)
“Clearstream”		1.1(a) of Appendix A
“Code”		2.06
“Contributing Guarantors”		10.01(i)
“Covenant Defeasance”		8.03
“Definitive Notes Legend”		2.3(d)(i) of Appendix A
“Euroclear”		1.1(a) of Appendix A
“Event of Default”		6.01(a)
“Exempt Sale and Leaseback Transaction”		4.08(b)
“Fair Share”		10.01(i)
“Fair Share Contribution Amount”		10.01(i)
“Financial Reports”		4.03(a)
“Funding Guarantor”		10.01(i)
“Global Note”		2.1(b) of Appendix A
“Global Notes Legend”		2.3(d)(i) of Appendix A
“Increased Amount”		4.13(d)
“Initial Default”		6.04
“Legal Defeasance”		8.02(a)
“Note Register”		2.03(a)
“OID Legend”		2.3(d)(i) of Appendix A
“Paying Agent”		2.03(a)
“Payment Default”		6.01(a)(5)
“Permitted Sale and Leaseback Transaction”		4.08(a)
“QIB”		1.1(a) of Appendix A
“Registrar”		2.03(a)
“Regulation S”		1.1(a) of Appendix A
“Regulation S Global Note”		2.1(b) of Appendix A
“Regulation S Notes”		2.1(a) of Appendix A
“Restricted Global Note”		2.3(e) of Appendix A
“Restricted Notes Legend”		2.3(d)(i) of Appendix A
“Reversion Date”		4.18(b)
“Rule 144”		1.1(a) of Appendix A
“Rule 144A”		1.1(a) of Appendix A
“Rule 144A Global Note”		2.1(b) of Appendix A
“Rule 144A Notes”		2.1(a) of Appendix A
“Surviving Person”		5.01(a)(1)
“Suspended Covenant”		4.18(a)
“Suspended Provisions”		4.18(a)
“Suspension Date”		4.18(a)
“Suspension Event”		4.18(a)
“Suspension Event Notice”		4.18(a)
“Suspension Period”		4.18(b)
“Triggering Lien”		4.13(a)
“Triggering Secured Indebtedness”		4.13(a)
“Unrestricted Global Note”		1.1(a) of Appendix A
“U.S. person”		1.1(a) of Appendix A


Year	Notes Redemption Percentage
2027		103.188	%
2028		101.594	%
2029 and thereafter		100.000	%


MILLROSE PROPERTIES, INC.

By:		/s/ Darren Richman
		Name: Darren Richman
		Title: Chief Executive Officer and President

MILLROSE PROPERTIES SPE LLC

By: Millrose Properties, Inc., its sole member

By:		/s/ Darren Richman
		Name: Darren Richman
		Title: Chief Executive Officer and President

CITIBANK, N.A., as Trustee

By:		/s/ Keri-anne Marshal
		Name: Keri-anne Marshall
		Title: Senior Trust Officer


Term:		Defined in Section:
“Agent Members”		2.1(c)
“Automatic Exchange”		2.3(e)
“Automatic Exchange Date”		2.3(e)
“Automatic Exchange Notice”		2.3(e)
“Automatic Exchange Notice Date”		2.3(e)
“Definitive Notes Legend”		2.3(d)
“Global Note”		2.1(b)
“Global Notes Legend”		2.3(d)
“OID Legend”		2.3(d)
“Regulation S Global Note”		2.1(b)
“Regulation S Notes”		2.1(a)
“Restricted Global Note”		2.3(e)
“Restricted Notes Legend”		2.3(d)
“Rule 144A Global Note”		2.1(b)
“Rule 144A Notes”		2.1(a)


(I) or (we) assign and transfer this Note to:
		(Insert assignee’s legal name)


Your Signature:
		(Sign exactly as your name appears on the face of this Note)


(1)	☐	to the Issuer; or

(2)	☐	to the Registrar for registration in the name of the Holder, without transfer; or

(3)	☐	pursuant to an effective registration statement under the Securities Act; or

(4)	☐	to a Person that the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) that purchases for its own account or for the account of a qualified institutional buyer and to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A; or

(5)	☐	outside the United States of America in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act; or

(6)	☐	pursuant to Rule 144 under the Securities Act or another available exemption from registration under the Securities Act.


No. [A-__] [S-__]		[$ ]


and irrevocably appoint


Signature Guarantee*:


Signature Guarantee:

Date: ________________________

Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee
				Signature of Signature Guarantor


		$ _______________		(integral multiples of $1,000, provided that the unpurchased portion must be in a minimum principal amount of $2,000)


[NAME OF GUARANTEEING SUBSIDIARY]

By:
		Name:
		Title:

MILLROSE PROPERTIES, INC.

By:
		Name:
		Title:

CITIBANK, N.A., as Trustee

By:
		Name:
		Title: