DoubleLine Portfolio Managers Morris Chen and Robert Stanbrook join host Stewart Foley on the InsuranceAUM podcast to discuss commercial mortgage loans (CMLs) and how they can be structured to fit the unique needs of insurance balance sheets. Mr. Chen, who has been with DoubleLine since its inception in 2009, provides context on firm employees’ decades of experience in CMBS and commercial real estate (CRE) debt. In addition, Mr. Stanbrook reviews the three legs of the stool that anchor DoubleLine’s underwriting philosophy — collateral, borrower and sponsor quality, and loan structure. A key theme throughout is that unlike most fixed-income products, CMLs offer a high degree of customizability that allows managers to build around an insurer’s specific yield, duration, ratings migration and capital efficiency needs rather than fitting clients into a predefined box.
Messrs. Chen and Stanbrook also address common misconceptions in the market, notably that smaller insurers can’t access meaningful CML diversification. They make the case that the middle-market CRE lending space is well suited for smaller balance sheets and remains less crowded than larger loan markets. The conversation closes with reflections on what sets managers apart – with both portfolio managers emphasizing that high-touch client service, open communication and a genuine understanding of each insurer’s evolving needs are ultimately what differentiate a great CML manager from a good one.
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. 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.
