The former couple, who met while filming The Bachelor Winter Games late last year and continued dating in the real world, announced on Monday they decided to go their separate ways in the romance department.
"Wish I didn't have to do this... Unfortunately it's the world we live in, so here it is," Courtney, 31, wrote on Instagram.
"There's probably not many of you who'll understand this or even be able to relate, but Lily and I have chosen not to end our relationship but to continue it as mates. We're best friends and it's become clear to both of us that the emotional side of our relationship just doesn't allow us to be the best versions of ourselves."
In addition to his message to fans, Courtney also posted a video of a deleted The Bachelor Winter Games scene in which the two had been falling in love.
"In my eyes this was the moment our relationship began, 8 months, 2 weeks and 2 days ago. Man time flies... I love ya kid," Courtney continued in his lengthy post.
"At 21 I've never met someone who's lived so many lives, achieved so much and who's still so ambitious and ready take over the world. Since moving here you've lived in about 6 different apts, had 2 cars towed and crushed, you're writing books, a tv series, starring in Amazon shows, studying to be an actress, trying to be an insta hoe, being an insta hoe and you've only had 3 nervous breakdowns. That's impressive!"
Lily shared a heartfelt post of her own on Instagram in which the 21-year-old called her ex-boyfriend a "bloody good man."
"I love Court with every ounce of my being, that long limbed f-ck will be a part of my life for a very long time. You guys watched us fall in love and it was honestly just as magical as it looked in real life. I never thought I'd be the type of woman to fall in love on TV but now I am that b-tch," Lily explained.
"I am a believer. I'm so glad I jumped in an RV with you after making it out of the love cult alive, I wouldn't change a thing Court."
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Once taping of The Bachelor Winter Games wrapped, Courtney and Lily took a road trip across America in an RV and drove all the way to Los Angeles, CA. Following the trip, the pair moved in together in Los Angeles.
Franchise host Chris Harrison called Courtney and Lily "the anchor" of The Bachelor Winter Games during the spinoff's Tell All reunion special that aired back in February.
"Thank you for everything you've done for me. I'm so confident that you'll find every single thing in life that makes you happy, if you can't do it then there's absolutely no hope for the rest of us," Lily continued on Instagram.
"Maybe in another life we'll eat tacos, play tonsil hockey, swim in the ocean and park RV's in post office car parks. I can already feel the 'love is dead' comments brewing but I can promise you guys it is 100 percent alive and well."
Prior to their stint on Winter Games, Courtney competed on Season 2 of The Bachelorette Australia and placed fourth, while Lily tested her luck on Season 3 of The Bachelor New Zealand and finished as the runner-up.