Darren Richman

Chief Executive Officer and President, Millrose Properties, Inc.

Search every verified Darren Richman interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Darren Richman, CEO and president of Millrose Properties, discussed the company's land banking model and its operations in a November 2025 podcast appearance. He stated that Millrose, spun off from homebuilder Lennar Corp. in February 2025, works with Lennar and 11 other builders to improve capital efficiency by separating land development from home construction. Richman said the company is selective about partnering with builders, noting that some still view land banking through a historical risk-mitigation lens, and that Millrose prefers builders who embrace the capital-efficiency approach. Richman also addressed the company's performance since its spin-off, saying the market has grown more comfortable with the business model after initial skepticism. He said Millrose has dispelled questions about the quality of land it received from Lennar, citing hundreds of millions of dollars in land transactions on preconfigured schedules. He compared the separation of land ownership and homebuilding to past divestitures in the auto industry, arguing that such separation can reduce cyclicality and improve valuations. He also said that land acquisition and entitlement are key constraints on housing supply, and that land banking can help bring more housing online.