Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments—As of June 30, 2025 and December 31, 2024, the Account had the following immediately callable commitments to purchase additional interests in its real estate funds or provide additional funding through its loans receivable investments (in millions):


		Commitment Expiration	June 30, 2025		December 31, 2024

Real Estate Funds(1)




	JCR Capital - REA Preferred Equity Parallel Fund	08/2025(2)	9.9		11.5
	Silverpeak NRE FundCo 3 LLC	12/2026(3)	10.4		31.9
	Townsend Group Value-Add Fund	12/2026(2)	29.7		29.7
	Silverpeak NRE FundCo LLC	12/2025(4)	3.7		4.3
	SP V - II, LLC	09/2029(4)	6.4		6.4
	Silverpeak NRE FundCo 2 LLC	12/2026(3)	22.7		22.7

			$	82.8	$	106.5
Loans Receivable(5)














	Project Sonic Senior Loan	06/2026	1.9		1.9
	Project Sonic Mezzanine	06/2026	0.6		0.6


	One Biscayne Tower Senior Loan	07/2025	22.8		25.1
	One Biscayne Tower Mezzanine	07/2025	7.6		8.3
	MRA Hub 34 Holding, LLC	08/2025	1.5		1.5
	The Reserve at Chino Hills	08/2025	—		0.9
	735 Watkins Mill	08/2025	4.6		4.7
			$	39.0	$	43.0
Real Estate Operating Business
	DataBank	03/2025	—		$	126.0
			$	—	$	126.0
	TOTAL COMMITMENTS		$	121.8	$	275.5

(1)Additional capital can be called during the commitment period at any time. The commitment period can only be extended by the manager with the consent of the Account. The commitment expiration date is reflective of the most recent signed agreement between the Account and the fund manager, including any side letter agreements.

(2)Commitment terms have expired for these funds, however, outstanding equity to fund are tied to existing deals where the capital will be required. There will be no new deals to fund. Commitment expiration is updated to end of investment terms.

(3)Commitment expiration date represents the Recallable Commitment Term expiration date.

(4)Commitment terms have expired for these funds, however, outstanding equity to fund are tied to existing deals where the capital will be

required. There will be no new deals to fund. Commitment expiration is updated to end of investment term. End of investment term is

defined as the 10th anniversary of the initial closing.

(5)Advances from the Account can be requested during the commitment period at any time. The commitment expiration date is reflective of

the most recent signed agreement between the Account and the borrower, including any side letter agreements. Certain loans contain

extension clauses on the term of the loan that do not require the Account's prior consent. If elected, the Account's commitment may be

extended through the extension term.

Contingencies—In the normal course of business, the Account may be named, from time to time, as a defendant or may be involved in various legal actions, including arbitration, class actions and other litigation.

The Account establishes an accrual for all litigation and regulatory matters when it believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be higher or lower than the amounts accrued for those matters.

As of the date of this report, management of the Account does not believe that the results of any such claims or litigation, individually or in the aggregate, will have a material effect on the Account’s business, financial position or results of operations.