v3.25.2
Loans Receivable (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Loans Receivable, Underlying Real Estate Collateral by Property Types The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions):
June 30, 2025December 31, 2024
Principal OutstandingFair Value% of Fair ValuePrincipal OutstandingFair Value% of Fair Value
Office(1)
$823.7 $515.8 60.8 %$911.5 $518.7 59.1 %
Apartment(1)
157.7 153.8 18.1 %185.0 179.7 20.5 %
Industrial134.3 134.3 15.8 %134.3 134.3 15.3 %
Retail44.0 40.5 4.8 %44.0 40.5 4.6 %
Land4.7 4.7 0.5 %4.6 4.6 0.5 %
$1,164.4 $849.1 100.0 %$1,279.4 $877.8 100.0 %
(1) Includes loans receivable with related parties.
Schedule of Fair Value Based on Risk Ratings
The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of June 30, 2025 (in millions), listed in order of the strength of the risk rating (from strongest to weakest):
June 30, 2025December 31, 2024
Number of LoansFair Value% of Fair ValueNumber of LoansFair Value% of Fair Value
BBB+—— — %2199.0 22.7 %
BBB3280.8 33.1 %1131.5 15.0 %
BBB-—— — %145.3 5.2 %
BB+199.1 11.7 %—— — %
BB—— — %154.7 6.2 %
BB-2160.8 18.9 %133.1 3.8 %
B+271.6 8.4 %—— — %
B188.2 10.4 %3231.6 26.4 %
CCC+140.5 4.8 %117.5 2.0 %
CCC—— — %140.5 4.6 %
CCC-128.5 3.3 %—— — %
CC19.4 1.1 %—— — %
C—— — %126.7 3.0 %
D5— — %6— — %
NR(1)
470.2 8.3 %597.9 11.1 %
21$849.1 100.0 %23$877.8 100.0 %
(1) "NR" designates loans not assigned an internal credit rating. As of June 30, 2025 and December 31, 2024, all loans with NR designations were with related parties. The loans are collateralized by equity interests in real estate investments.
Schedule of Loans Receivable in Nonaccrual Status
The following table represents loans receivable in nonaccrual status as of June 30, 2025 (in millions).
AgingNumber of LoansPrincipal OutstandingFair Value
Past Due - 90 Days +5$280.1 $—