Identifying resilient retail segments for US commercial mortgage lending

We believe the retail sector is in a good position to weather a mild recession. One segment that has consistently demonstrated strength is grocery-anchored retail.

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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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Value Proposition

Aegon AM’s US CML strategies offer investors the opportunity to access a customized strategy to invest in commercial mortgage loans through a time-tested and fully-integrated debt investment platform.

Market opportunity

Typically offers a spread advantage over investment grade corporate bonds


Diversification versus stocks and bonds


Broad investable universe to customize across property type, geography and risk profile


Potential for cash flow stability and capital preservation


Liability duration matching

Investment strategy

Originate and service commercial mortgage loans and manage investment throughout its lifecycle


Create strategies tailored to each client’s objectives, risk tolerance and duration needs


Offer comprehensive reporting & servicing solutions


Robust credit underwriting process utilizing proprietary risk rating model


Emphasis on downside risk protection


Nationwide deal access

Experienced team

17 origination professionals with 15 years average industry experience and 12 years at Aegon AM1


Real Assets investment committee with 25 years average industry experience1


Established long-term industry relationships contribute to certainty of execution


Time-tested 40-year track record through multiple credit cycles


In-depth local market expertise


S&P-rated servicing and special servicing platforms


Core CML

Seeks to provide highly-reliable cash flows with low credit risk


Aims to provide competitive returns compared to traditional fixed income alternatives

Core Plus CML

Seeks to provide reliable monthly cash flows with low-to-moderate credit risk


May include additional underwriting risks compared to core CMLs, such as upcoming lease expirations, in-process rehabilitation, higher vacancy, or marginal tenant credit

Construction/Permanent Loans

Aims to provide access to very high quality CML opportunities prior to construction with fixed rate loan during construction and permanent phases


Generally structured with an interest-only construction period during which the loan is funded through monthly draws, followed by a permanent period, usually with amortization

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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