The DoubleLine Commercial Real Estate Debt ETF (DCRE), an actively managed exchange-traded fund invested in high-quality commercial mortgage-backed securities (CMBS), has delivered excess return with less volatility and a smaller maximum drawdown than its benchmark, the Bloomberg US Aggregate Bond 1-3 Year Index, and supplemental corporate and CMBS indices for the three years ended March 31. Over DCRE’s since-inception performance ended March 31, the two-year U.S. Treasury yield experienced multiple directional shifts, ranging between 5.22% and 3.38%. Commercial real estate (CRE) underwent its own sea changes. CRE suffered significant repricing and liquidity contraction as Federal Reserve rate hikes in 2022 and 2023 placed stress on regional banks, while the office CRE sector experienced a durable reduction in demand post-pandemic. Since second quarter 2024, CRE has staged an uneven recovery, characterized by improving transaction volumes and the reopening of capital markets favoring property types with resilient cash flows and low cyclical sensitivity. DCRE delivered its main objectives of current income and capital preservation, as well as its secondary objective of long-term capital appreciation, during an environment of varying two-year Treasury yields and significant change in CRE credit fundamentals and market conditions.
Mr. Chen joined DoubleLine at its inception in 2009. He is a Portfolio Manager leading the CMBS/CRE Debt Investment team and CRE New Investment Review Group, and is responsible for the oversight and management of all CRE Debt related investments at DoubleLine. Mr. Chen is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees providing valued insight into the CMBS sector. He is also an active participant and speaker at CREFC events. Prior to DoubleLine, Mr. Chen was a Vice President at TCW where he was responsible for CMBS credit analysis and trading from 2004-2009. He holds a BS in Business Administration with concentrations in Business Development and Finance from the University of California, Riverside.
Mr. Cho joined DoubleLine in 2013. He is a Portfolio Manager responsible for the CMBS credit platform at DoubleLine and participates in the CRE New Investment Review Group. Prior to DoubleLine, he was an Investment Associate at H/2 Capital Partners covering a broad range of real estate credit opportunities. Previous to that, Mr. Cho worked in real estate acquisitions as a Director at Jamison Properties and began his career as an Investment Banking Analyst at Lehman Brothers. He holds a B.A. in Economics from Stanford and an MBA from the Wharton School at the University of Pennsylvania. Mr. Cho is a member of the Founder’s Circle of SPIRE (Stanford Professionals in Real Estate).
Mr. Stanbrook joined DoubleLine in 2019. He is a Portfolio Manager responsible for the CRE loan platform as well as DoubleLine’s CRE CLO portfolios. Mr. Stanbrook is also a CRE sector specialist on DoubleLine’s Responsible Investment Team, overseeing and monitoring the Responsible Investment integration framework for the CMBS/CRE group. Prior to DoubleLine, he was a Principal and Chief Credit Officer with Narrative Capital Management. Previous to that, Mr. Stanbrook was a Vice President at Colony Capital with day-to-day oversight of origination and underwriting for a $3b bridge lending platform. He began his career in Origination & Acquisitions roles at Karlin Asset Management/Calmwater Capital. Mr. Stanbrook holds a B.A. in Business Administration from Loyola Marymount University.
