v3.25.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Callable 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 ExpirationJune 30, 2025December 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 Loan06/20261.9 1.9 
Project Sonic Mezzanine06/20260.6 0.6 
One Biscayne Tower Senior Loan07/202522.8 25.1 
One Biscayne Tower Mezzanine07/20257.6 8.3 
MRA Hub 34 Holding, LLC08/20251.5 1.5 
The Reserve at Chino Hills08/2025— 0.9 
735 Watkins Mill08/20254.6 4.7 
$39.0 $43.0 
Real Estate Operating Business
DataBank03/2025— $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.