How recession proof are commercial mortgage investments?

We examine recent US commercial mortgage loan credit performance and the potential for excess additions to property supply that might threaten credit performance in the quarters ahead.  We find very little cause for concern, except in the office sector.

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Key Characteristics

  • Experienced team with knowledge in underwriting and structuring a wide variety of risks

  • Deep market access to opportunities across the US

  • Portfolios tailored to individual client needs

  • In-house servicing and special servicing platforms rated by S&P1


  • Origination of high-quality senior lien loans across core, core plus and construction/permanent strategies.


  • Using a disciplined, repeatable and transparent investment process, the team strives to deliver relative value to investors though disciplined underwriting and pricing of loans tailored to each client’s objective and risk profile.


  • Market coverage across the US with an emphasis on primary and secondary markets.


  • Time-tested investment process, relationship base and pipeline of opportunities.


  • Diversified portfolio across geographies, property types, duration, and risk.


  • Experienced team (industry experience averaging 16 years2) with deep market access with coverage across the US with in-depth local experience.


  • Supported by in-house S&P-rated servicing and special servicing platforms that can manage loans through a variety of economic cycles and market conditions.1


1Agency ratings do not reflect favorable client responses or ignore unfavorable client responses. Aegon Real Assets US has paid Standard & Poor’s to conduct their rating. This rating is not indicative of future performance. Information regarding Standard & Poor’s rating system and criteria is available at as of April 2022.


2Years of experience reflects average industry experience attained on January 1, 2023.


For prospective investors in the US, the strategy is offered by Aegon RA. For prospective investors in Europe, this strategy is offered by Aegon AM NL and sub-advised by Aegon RA. For prospective investors, in the UK, this strategy is offered by Aegon AM UK and sub-advised by Aegon RA.

Commercial mortgage loans: The missing piece in the LDI puzzle?


Carefully underwritten commercial mortgage lending  strategies can serve as an attractive addition to LDI investor portfolio allocations. Commercial mortgage loans can offer a variety of benefits including diversification, relative value to investment grade corporate bonds and liability duration matching.

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Leadership Team

Lara Osterhaus

Lara Osterhaus

Global Head of Real Assets and Global Head of Real Assets Debt

Lara Osterhaus is Aegon Asset Management’s global head of the Real Assets (RA) responsible for strategic and operational management, debt and equity strategies and the US and European based teams.

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Karissa Anderson

Karissa Anderson

Head of CML Production

Karissa Anderson is head of Commercial Mortgage Loan (CML) production and oversees the origination, management, and policies of the commercial mortgage operations in the US.

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Sarah Swartzendruber

Sarah Swartzendruber

Managing Director, US Real Estate Asset Management

Sarah Swartzendruber is managing director, US real estate asset management responsible for real assets debt and equity asset management, which includes teams managing performing and non-performing mortgage loans and real estate equity assets. 

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