MIGOYA CARLOS A. 4

What Happened
Carlos A. Migoya, a director of Millrose Properties, Inc. (MRP), was granted 5,639 restricted stock units (RSUs) on May 13, 2026. The RSUs were issued at $0.00 per unit (no cash paid) and will convert 1-for-1 into shares of Class A common stock upon vesting. This is an award/grant (code A) — a form of compensation — rather than an open-market purchase or sale.

Key Details

• Transaction date and price: May 13, 2026; grant price $0.00 (RSUs awarded).
• Quantity granted: 5,639 RSUs.
• Vesting terms (from footnote): RSUs vest into Class A common stock on the earlier of (i) the first anniversary of the grant or (ii) the Issuer's next annual stockholder meeting, subject to Migoya’s continuous service as a director through the vesting date.
• Shares owned after transaction: Not specified in this Form 4 filing.
• Filing timeliness: Reported on the same date as the grant (timely).
• Effect: No immediate sale or proceeds; actual economic value depends on Millrose’s stock price at vesting and any applicable tax withholding.

Context
RSUs are a common form of director/executive compensation that do not represent immediately tradable shares until they vest. Such awards are routine and reflect compensation practices rather than an explicit buy/sell signal. The eventual number of shares delivered and their value will depend on vesting and Millrose’s future share price.