The Account has ownership interests in real estate funds (each a “Fund”, and collectively the “Funds”). The Funds are set up as limited partnerships or entities similar to a limited partnership, and as such, meet the definition of a Variable Interest Entity ("VIE") as the limited partners collectively lack the power, through voting or similar rights, to direct the activities of the Fund that most significantly impact the Fund's economic performance. Management has determined that the Account is not the primary beneficiary for any of the Funds, as the Account lacks the power to direct the activities of each Fund that most significantly impact the respective Fund's economic performance, and the Account further lacks substantive kick-out rights to remove the entity with these powers. Refer to Note 1—Organization and Significant Accounting Policies of the Account's 2024 Form 10-K for a description of the methodology used to determine the primary beneficiary of a VIE.

Fund Name

Carrying Amount

Maximum Exposure to Loss

Liquidity Provisions

Investment Strategy

LCS SHIP Venture I, LLC (90.0% Account Interest)

43.6

Redemptions prohibited prior to liquidation.

To invest in senior housing properties.

The fund is currently in liquidation.

The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager.

Veritas - Trophy VI, LLC (90.4% Account Interest)

127.2

Redemptions prohibited prior to liquidation.

To invest in multi-family properties primarily in the San Francisco Bay and Los Angeles metropolitan statistical area ("MSA").

The Account can sell or transfer its interest in the fund with the consent and approval of the manager.


Fund Name	Carrying Amount		Maximum Exposure to Loss		Liquidity Provisions	Investment Strategy
SP V - II, LLC (61.8% Account Interest)	$	85.9	$	92.3	Redemptions prohibited prior to liquidation.	To invest in medical office properties in the U.S.
					Liquidation estimated to begin no earlier than 2029.
					The Account is permitted to sell or transfer its interest in the fund, subject to consent and approval of the manager.
Taconic New York City GP Fund, LP (60.0% Account Interest)	$	9.3	$	9.3	Redemptions prohibited prior to liquidation.	To invest in real estate and real estate-related assets in the New York City MSA.
					The fund is currently in liquidation
					The Account is permitted to sell its interest in the fund, subject to consent and approval of the general partner.
Silverpeak NRE FundCo LLC (90.0% Account Interest)	$	73.0	$	76.7	Redemptions prohibited prior to liquidation.	To invest in alternative real estate investments primarily in major U.S. metropolitan markets.
					Liquidation estimated to begin no earlier than 2028.
					The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager.
IDR - Core Property Index Fund, LLC (0.8% Account Interest)	$	34.5	$	34.5	Redemptions are permitted for a full calendar quarter and upon at least 90 days prior written notice, subject to fund availability.	To invest primarily in open-ended funds that fall within the NFI-ODCE Index and are actively managed.

					The Account is permitted to sell its interest in the fund, subject to consent and approval of the manager.
Townsend Group Value-Add Fund (99.0% Account Interest)	$	188.7	$	218.4	Redemptions prohibited prior to liquidation.	To invest in value-add real estate investment opportunities in the U.S. market.
					Liquidation estimated to begin no earlier than 2027.
					The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion
Flagler REA Healthcare Properties Partnership (90.0% Account Interest)	$	17.4	$	17.4	Redemptions prohibited prior to liquidation.	To acquire healthcare properties within the top 50 MSA's in the U.S.
					Liquidation estimated to begin in 2025.
					The Account is permitted to transfer its interest in the fund to a qualified institutional investor, subject to the right first offer by the partner, following the one year anniversary of the fund launch.
Grubb Southeast Real Estate Fund VI, LLC (66.7% Account Interest)	$	11.3	$	11.3	Redemptions prohibited prior to liquidation.	To acquire office investments across the Southeast.
					Liquidation estimated to begin no earlier than 2026.
					The Account is permitted to sell or transfer its interest in the fund with the consent and approval of the manager.
Silverpeak NRE FundCo 2 LLC (90.0% Account Interest)	$	61.6	$	84.3	Redemptions prohibited prior to liquidation.	To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets.
					Liquidation estimated to begin in 2025
					The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager.


Fund Name	Carrying Amount		Maximum Exposure to Loss		Liquidity Provisions	Investment Strategy
JCR Capital - REA Preferred Equity Parallel Fund (31.1% Account Interest)	$	100.9	$	110.8	Redemptions prohibited prior to liquidation.	To invest primarily in multi-family properties.
					Liquidation estimated to begin no earlier than 2026.
					The Account is prohibited from transferring its interest in the fund without consent by the general partner, which can be withheld in their sole discretion

Silverpeak NRE FundCo 3 LLC (90.0% Account Interest)	$	98.8	$	109.2	Redemptions prohibited prior to liquidation.	To invest in value-add real estate investment opportunities in the top 25 major U.S. metropolitan markets.
					Liquidation estimated to begin no earlier than 2026
					The Account is permitted to sell its interest in the fund to qualified institutional investors, subject to consent and approval of the manager.
Total	$	852.2	$	935.0