LNR is a commercial real estate company and one of the first companies to enter the CMBS industry in the early 1990's. LNR has created one of the nation's leading and most respected franchises in the CMBS market. In particular, LNR is one of the leading investors in non-investment grade CMBS bonds. Additionally, LNR has developed two of the most highly regarded Asset Management and Real Estate Asset Management groups in the industry. Through another division, LNR is active in direct equity investing and development of commercial real estate.