Rialto adds $7.7mm to LNRs bottom line

Distressed Debt Report:

Miami-based Lennar Corp. posted a profit for its fiscal quarter ending Aug. 31, thanks in part to the work of Rialto Investments, its division dedicated to acquiring distressed assets.

In February, Rialto teamed up with the Federal Deposit Insurance Corp. to acquire a 40% equity interest in 5,500 loans that had been originated by two dozen banks seized by the federal government. Rialto paid $243 million for its share of the loans.