Senior Director, Credit Research Analyst, CMBS

We’re determined to make a difference and are proud to be an insurance company that goes well beyond coverages and policies. Working here means having every opportunity to achieve your goals – and to help others accomplish theirs, too. Join our team as we help shape the future.

HIMCO (The Hartford Investment Management Company) is seeking a highly motivated and analytically rigorous credit professional to join the Commercial Mortgage-Backed Securities (CMBS) team within Securitized Products as a Sr. Director, Credit Research Analyst, with 10+ years of relevant experience. Exceptional candidates with a minimum of 5 years of experience may be considered for a Director, Associate Credit Research Analyst role, depending on experience and qualifications. This individual will play a senior investment role in managing approximately $5 billion of CMBS assets across HIMCO’s client portfolios, spanning Agency and Non-Agency strategies. The Credit Research Analyst will report to the CMBS Sector Head and will own credit coverage, underwriting and surveillance across Conduit, SASB (single-asset single-borrower), and Agency CMBS. The role evaluates, recommends and monitors investments across the capital structure.

This is an opportunity for an experienced credit professional to take on significant investment responsibility, serve as a senior credit voice to portfolio managers and senior leadership, and help shape the team’s research processes. This position is based in our Hartford, CT office on a full-time hybrid schedule (in the office Tuesday, Wednesday and Thursday; remote Monday and Friday).

Core Responsibilities

Investment Underwriting & Diligence

• Underwrite new-issue and secondary Conduit and SASB investment opportunities

• Evaluate the risk/return profile of tranches across the capital structure and make investment recommendations to portfolio managers

• Develop and enhance property-type credit frameworks and contribute to the build-out of AI-enhanced underwriting workflows to complement the team’s underwriting process

Cash Flow Modeling & Analytics

• Run scenario cash flow analysis, stress testing and sensitivity analysis for new investments and existing holdings using Trepp, Bloomberg and internal models

• Build, maintain or enhance models for loss forecasting, extension risk and fair value

• Develop and maintain loan-level multi-path stress testing methodology

Portfolio & Market Surveillance

• Take ownership of forward-looking credit surveillance across a portfolio of CMBS holdings, anticipating emerging risks before they show up in reported performance

• Proactively identify holdings at risk of credit deterioration or extension, and recommend Watch List actions (adding, upgrading or downgrading risk levels) and sale candidates ahead of the market

• Anticipate loan outcomes, including workouts, modifications, receiverships, note sales and liquidations, by engaging with servicers and monitoring property-level developments, and quantify the expected impact on bond-level recovery

• Develop and maintain forward-looking views on CRE fundamentals, spreads, issuance trends and property-type dynamics, and translate them into portfolio positioning and sector recommendations

Communication & Collaboration

• Present watchlist reviews and asset-level credit summaries in the monthly Securitized Watch List meeting and to senior leadership

• Contribute to weekly market recaps, quarterly client commentary and sector insight publications

• Work with HIMCO’s private real estate team to share property-type views and asset-level underwriting

• Partner with the CMBS trader to gather market color and support primary and secondary execution

• Help build, document and continuously improve repeatable research, surveillance and reporting processes, including data-driven and automated tools

• Mentor junior analysts and help develop the team’s skills

Required Qualifications

• Bachelor’s degree required

• 10+ years of relevant experience in CMBS or commercial real estate credit research, underwriting, surveillance, trading or structuring at a buy-side firm, investment bank or rating agency preferred; candidates with a minimum of 5 years of relevant experience may be considered for the Director, Associate Credit Research Analyst level

• Deep knowledge of Conduit, SASB and Agency CMBS structures, including waterfall mechanics, credit enhancement, extension risk, and bond pricing conventions

• Strong grounding in commercial real estate fundamentals, property valuation, CRE market cycles and commercial mortgage underwriting

• Strong analytical and financial modeling skills, including structured finance cash flow analysis

• Proficiency in Excel, Bloomberg and Trepp

• Excellent writing and presentation skills, with the ability to turn complex credit stories into concise, executive-ready conclusions

• Sound credit judgment, exceptional attention to detail and the ability to manage multiple deliverables on recurring deadlines

• Demonstrates curiosity, initiative and a strong work ethic

• Ability to work independently while collaborating effectively within a team

• Ability and willingness to travel as required

Preferred Qualifications

• MBA, CFA or other advanced investment-related designation

• Experience with CoStar, Green Street, and BlackRock/Aladdin

• Familiarity with artificial intelligence platforms such as Microsoft Copilot

• Experience mentoring or training junior analysts

About the Firm:

Hartford Investment Management Company (HIMCO) is the asset management arm of The Hartford Insurance Group, Inc. HIMCO is an insurance asset manager with approximately $120 billion in assets under management across the public fixed income, equity, and private markets (as of March 31, 2026). The firm manages assets on behalf of The Hartford, as well as insurance, sub-advisory and other institutional clients.

As a condition of your employment for HIMCO, you will be required to affirm to HIMCO’s Code of Ethics and understand that you will be required to comply with the disclosure of accounts, holdings and pre-clearance of trades for the accounts of you and your household family members as more fully described in the Code of Ethics Key Points. If you will be deemed to be a “Covered Associate” under HIMCO’s Pay to Play Policy, you will also need to disclose all political contributions that you have given within the past 2 calendar years.

Compensation

The listed annualized base pay range is primarily based on analysis of similar positions in the external market. Actual base pay could vary and may be above or below the listed range based on factors including but not limited to performance, proficiency and demonstration of competencies required for the role. The base pay is just one component of The Hartford’s total compensation package for employees. Other rewards may include short-term or annual bonuses, long-term incentives, and on-the-spot recognition. The annualized base pay range for this role is:

The posted salary range reflects our ability to hire at different position titles and levels depending on background and experience.

Equal Opportunity Employer/Sex/Race/Color/Veterans/Disability/Sexual Orientation/Gender Identity or Expression/Religion/Age

About Us | Our Culture | What It’s Like to Work Here | Perks & Benefits

About Us

Every day, a day to do right.

Showing up for people isn’t just what we do. It’s who we are – and have been for more than 200 years. We’re devoted to finding innovative ways to serve our customers, communities and employees—continually asking ourselves what more we can do.

Is our policy language as simple and inclusive as it can be? Can we better help businesses navigate our ever-changing world? What else can we do to destigmatize mental health in the workplace? Can we make our communities more equitable?

That we can rise to the challenge of these questions is due in no small part to our company values that our employees have shaped and defined.

And while how we contribute looks different for each of us, it’s these values that drive all of us to do more and to do better every day.

About Us

Our Culture

What It’s Like to Work Here

Perks & Benefits