At June 30, 2025 and December 31, 2024, the Account had outstanding loans payable secured by the following properties (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Property | | Annual Interest Rate and Payment Frequency | | Principal
Amounts Outstanding as of | | Maturity | | June 30, 2025 | | December 31, 2024 | | | | | | | | | | | 1401 H Street NW(6) | | 7.00% paid monthly | | $ | — | | | $ | 115.0 | | | February 5, 2025 | Circa Green Lake(1) | | 3.71% paid monthly | | — | | | 52.0 | | | March 5, 2025 | Union - South Lake Union(1) | | 3.66% paid monthly | | — | | | 57.0 | | | March 5, 2025 | Holly Street Village(1) | | 3.65% paid monthly | | — | | | 81.0 | | | May 1, 2025 | Henley at Kingstowne(1)(2) | | 3.60% paid monthly | | — | | | 64.8 | | | May 1, 2025 | 32 South State Street(3) | | 4.48% paid monthly | | 24.0 | | | 24.0 | | | June 6, 2025 | One Biscayne(4) | | 2.45% + SOFR paid monthly | | 100.0 | | | 100.0 | | | July 9, 2025 | Reserve at Chino Hills(4) | | 1.61% + SOFR paid monthly | | 82.2 | | | 82.2 | | | August 9, 2025 | Project Sonic(4) | | 2.00% + SOFR paid monthly | | 94.0 | | | 94.0 | | | September 9, 2025 | Vista Station Office Portfolio(2) | | 4.20% paid monthly | | 39.2 | | | 39.8 | | | November 1, 2025 | Spring House Innovation Park(4) | | 1.36% + SOFR paid monthly | | 71.2 | | | 71.2 | | | July 9, 2026 | | Marketplace at Mill Creek | | 3.82% paid monthly | | 39.6 | | | 39.6 | | | September 11, 2027 | | Overlook At King Of Prussia | | 3.82% paid monthly | | 40.8 | | | 40.8 | | | September 11, 2027 | | Winslow Bay | | 3.82% paid monthly | | 25.8 | | | 25.8 | | | September 11, 2027 | | Liberty Park | | 1.80% + SOFR paid monthly | | 59.8 | | | 59.8 | | | December 9, 2027 | 1900 K Street, NW(2) | | 3.93% paid monthly | | 153.5 | | | 155.0 | | | April 1, 2028 | Ashford Meadows(5) | | 5.76% paid monthly | | 64.6 | | | 64.6 | | | October 1, 2028 | 803 Corday(5) | | 5.76% paid monthly | | 62.2 | | | 62.2 | | | October 1, 2028 | Churchill on the Park(5) | | 5.76% paid monthly | | 40.5 | | | 40.5 | | | October 1, 2028 | Carrington Park(5) | | 5.76% paid monthly | | 43.8 | | | 43.8 | | | October 1, 2028 | | Five Oak | | 1.47% + SOFR paid monthly | | 44.2 | | | 44.2 | | | August 9, 2029 | 99 High Street(6) | | 7.90% paid monthly | | — | | | 277.0 | | | March 1, 2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Principal Outstanding | | | | $ | 985.4 | | | $ | 1,634.3 | | | | Fair Value Adjustment(7) | | | | (52.1) | | | (48.8) | | | | | Total Loans Payable | | | | $ | 933.3 | | | $ | 1,585.5 | | | |
(1)The principal amount of the outstanding debt was paid off during the first and second quarter of 2025. (2)The mortgage is adjusted monthly for principal payments. (3)This loan is currently in default. (4)The loan is collateralized by a mezzanine loan receivable, which is collateralized by the property listed in the above table. (5)These loans are part of a cross-collateralized credit facility pursuant to the Credit Agreement. (6)Debt was extinguished as part of the disposition of the collateral property. (7)The fair value adjustment consists of the difference (positive or negative) between the principal amount of the outstanding debt and the fair value of the outstanding debt. See Note 1 - Organization and Significant Accounting Policies.
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