MIAMI, Nov. 8, 2013 /PRNewswire/ — Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s largest homebuilders, announced that its wholly-owned subsidiaries, Rialto Holdings, LLC (“Rialto”) and Rialto Corporation, had priced an offering of $250 million of senior notes due 2018 (the “Notes”). When they are issued, the Notes will be guaranteed by all of Rialto’s 100% owned subsidiaries, except any Rialto subsidiary that is a party to a warehouse facility, but those guarantees may be released under certain circumstances. Lennar expects the closing of the Notes to occur on November 14, 2013. The Notes will have an interest rate of 7% and will be issued at a price of 100% of their face value.

Rialto intends to use the net proceeds from the offering of the Notes primarily to provide working capital to its subsidiary, Rialto Mortgage Finance, LLC, and for investments in funds or entities managed or advised by Rialto Capital Management, LLC or its subsidiaries. Rialto also intends to use a portion of the proceeds to repay sums previously advanced by Lennar. To the extent the proceeds are not used for these purposes, Rialto will use the proceeds for general corporate purposes.

Rialto is a top-tier, vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure.

The Notes will be offered only to qualified institutional buyers, who are qualified purchasers for the purposes of the Investment Company Act of 1940, in transactions that are exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), under SEC Rule 144A. Neither the Notes nor the guarantees of the Notes have been registered under the Securities Act or the securities laws of any state. The Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. This press release does not, and will not, constitute an offer to sell Notes or the solicitation of an offer to buy Notes, nor may Notes be sold, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Lennar

Lennar Corporation, founded in 1954, is one of the nation’s largest builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of the Company’s homes and others. Lennar’s Rialto Investments segment is a top-tier, vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure. Previous press releases and further information about the Company may be obtained at the “Investor Relations” section of the Company’s website.

Note Regarding Forward-Looking Statements

Some of the statements in this press release are “forward-looking statements,” as that term is defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the offering of the Notes and the intended use of proceeds. These forward-looking statements are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements, including the risk that the offering of the Notes cannot be successfully completed and those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

CONTACT: Allison Bober, Investor Relations, Lennar Corporation, (305) 485-2038

MIAMI, Sept. 28, 2011 /PRNewswire via COMTEX/ — Lennar Corporation (NYSE: LEN and LEN.B) announced today that Jay Mantz has joined its wholly-owned subsidiary, Rialto Capital Management, LLC (“Rialto”), to oversee the company’s Real Estate Investment Management business as Rialto’s President, reporting to Jeff Krasnoff, Rialto’s Chief Executive Officer.

Jay joins Rialto after 18 years with Morgan Stanley where he ran Morgan Stanley’s Real Estate Investing business from 2000 to 2005, helping to create one of the world’s leading investment platforms. Jay was subsequently promoted to global co-head of Morgan Stanley Merchant Banking, which included Real Estate, Private Equity and Infrastructure investing activities.

Mr. Krasnoff said, “We are very excited that Jay has joined us at Rialto. We have worked and invested side-by-side with Jay during his almost two-decade tenure at Morgan Stanley and have had the opportunity to recognize first hand what a great leader and business builder Jay is.”

Stuart Miller, Chief Executive Officer of Lennar, added, “The addition of Jay and his unique capabilities furthers Lennar’s strategy of growing our existing Rialto franchise, and in particular expanding our access to capital and new investment opportunities to create value for our partners and shareholders.”

Mr. Mantz said, “I have known Jeff and Stuart for close to twenty years and am very excited to join what is already a best-in-class operating platform and leader in value investing with outstanding management. I look forward to being a part of the unique growth opportunities ahead for the company.”

MIAMI, Feb 10, 2010 /PRNewswire via COMTEX/ — Lennar Corporation (NYSE: LEN and LEN.B),one of the nation’s largest homebuilders, today announced the closing of two structured transactions with the Federal Deposit Insurance Corporation (“FDIC”).

The transactions represent the purchase of two portfolios of loans with a combined unpaid balance of $3.05 billion. A subsidiary of Lennar, Rialto Capital Advisors, will conduct the day-to-day management and workout of the portfolios. Lennar acquired indirectly 40% managing member interests in the limited liability companies created to hold the loans for approximately $243 million (net of working capital and transaction costs), including up to $5 million to be contributed by the Rialto management team. The FDIC is retaining the remaining 60% equity interest and is providing $627 million of non-recourse financing at 0% interest for 7 years. The transactions include approximately 5,500 distressed residential and commercial real estate loans from 22 failed bank receiverships.

Stuart Miller, President and Chief Executive Officer of Lennar Corporation, said, “Acquiring and working out distressed real estate loans was a large and extremely profitable part of our business during the last major real estate down cycle in the early 1990s. We are pleased to return to this business and honored to partner with the FDIC to manage, work through and add value to these portfolios of real estate loans. We take great pride in understanding market cycles and identifying the opportune point of entry. As we have noted on our quarterly conference calls, we have been carefully preparing to invest in this space for the last two years. Our strong cash position and proven track record in this area enables us to capitalize on this market cycle and create long-term value for our shareholders. We expect these transactions will be accretive to 2010 earnings.”

Jeffrey Krasnoff, Chief Executive Officer of Rialto, added, “We have been assembling and incubating the Rialto management team within Lennar since late 2007. Many on our team have worked together and with Lennar for several decades. Our track record of successfully managing the resolution of distressed real estate loan portfolios puts us in a unique position at this point in the cycle. We are very pleased to be partnering with the FDIC and look forward to the opportunity to build on our business relationship.”