v3.26.1
Assets and Liabilities Measured at Fair Value on a Recurring Basis
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets and Liabilities Measured at Fair Value on a Recurring Basis
Valuation Hierarchy: The Account’s fair value measurements are grouped into three levels, as defined by the FASB. The levels are defined as follows:
•Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges.
•Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations.
•Level 3 fair value inputs reflect our best estimate of inputs and assumptions market contract owners would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate.
An asset or liability's categorization within the valuation hierarchy described above is based upon the lowest level of input that is significant to the fair value measurement. Real estate fund investments are excluded from the valuation hierarchy, as these investments are fair valued using their net asset value as a practical expedient since market quotations or values from independent pricing services are not readily available. See Note 1—Organization and Significant Accounting Policies of the Account's 2025 Form 10-K for further discussion regarding the use of a practical expedient for the valuation of real estate funds.
The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3) (in millions):
DescriptionLevel 1: Quoted Prices in Active Markets for Identical AssetsLevel 2: Significant Other Observable InputsLevel 3: Significant Unobservable InputsTotal at March 31, 2026
Real estate properties$— $— $16,023.0 $16,023.0 
Real estate joint ventures— — 5,136.9 5,136.9 
Real estate operating business— — 1,082.0 1,082.0 
Marketable securities:
U.S. government agency notes— 490.7 — 490.7 
U.S treasury securities— 695.5 — 695.5 
Reverse repurchase agreement— 367.5 — 367.5 
Loans receivable(1)
— — 564.3 564.3 
Loans payable— — (809.8)(809.8)
Line of credit— — (160.0)(160.0)
Other unsecured debt— (1,553.9)— (1,553.9)
DescriptionLevel 1: Quoted Prices in Active Markets for Identical AssetsLevel 2: Significant Other Observable InputsLevel 3: Significant Unobservable InputsTotal at December 31, 2025
Real estate properties$— $— $15,975.4 $15,975.4 
Real estate joint ventures— — 5,098.8 5,098.8 
Real estate operating business— — 1,072.6 1,072.6 
Marketable securities:
U.S. government agency notes— 621.1 — 621.1 
U.S. treasury securities— 899.4 — 899.4 
Reverse repurchase agreement— 208.2 — 208.2 
Loans receivable(1)
— — 690.4 690.4 
Loans payable— — (830.3)(830.3)
Line of credit— — (160.0)(160.0)
Other unsecured debt— (1,568.7)— (1,568.7)
(1) Includes loans receivable with related parties.
The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2026 and 2025 (in millions):
Real Estate
Properties		Real Estate
Joint Ventures		Real Estate Operating Business
Loans
Receivable(2)
Total
Level 3
Investments		Loans
Payable		Line of Credit
For the three months ended March 31, 2026
Beginning balance January 1, 2026$15,975.4 $5,098.8 $1,072.6 $690.4 $22,837.2 $(830.3)$(160.0)
Total realized and unrealized gains (losses) included in changes in net assets (63.4)(1.1)9.4 (0.6)(55.7)9.9 — 
    Purchases(1)
299.2 58.4 — 3.3 360.9 — — 
    Sales(188.2)— — — (188.2)— — 
    Settlements(3)
— (19.2)— (128.8)(148.0)10.6 — 
Ending balance March 31, 2026$16,023.0 $5,136.9 $1,082.0 $564.3 $22,806.2 $(809.8)$(160.0)
Real Estate
Properties		Real Estate
Joint Ventures		Real Estate Operating Business
Loans
Receivable(2)
Total
Level 3
Investments		Loans
Payable
For the three months ended March 31, 2025
Beginning balance January 1, 2025$15,607.0 $5,381.4 $931.8 $877.8 $22,798.0 $(1,585.5)
Total realized and unrealized gains (losses) included in changes in net assets(76.2)90.6 (0.2)0.8 15.0 4.3 
    Purchases(1)
186.3 43.6 127.2 2.1 359.2 — 
    Sales(170.8)— — — (170.8)— 
    Settlements(3)
— (281.1)— (28.1)(309.2)225.4 
Ending balance March 31, 2025$15,546.3 $5,234.5 $1,058.8 $852.6 $22,692.2 $(1,355.8)
(1)Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable, and assumption of loans payable.
(2)Includes loans receivable with related parties.
(3)Includes operating income for real estate joint ventures net of distributions, payments of loans receivable, and payments of loans payable.
The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of March 31, 2026.
TypeAsset ClassValuation
Technique(s)
Unobservable
Inputs(1)
Range (Weighted Average)
Real Estate Properties and Joint VenturesOfficeIncome Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
6.8% - 12.8% (8.5%)
5.5% - 9.5% (6.9%)
Income Approach—Direct CapitalizationOverall Capitalization Rate
5.0% - 12.3% (6.9%)
IndustrialIncome Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
6.5% - 8.5% (7.2%)
5.3% - 6.8% (5.7%)
Income Approach—Direct CapitalizationOverall Capitalization Rate
3.8% - 6.3% (5.2%)
ResidentialIncome Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
6.5% - 10.0% (7.0%)
5.3% - 8.5% (5.5%)
Income Approach—Direct CapitalizationOverall Capitalization Rate
4.8% - 7.8% (5.0%)
RetailIncome Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
6.3% - 12.0% (7.4%)
5.3% - 9.5% (6.3%)
Income Approach—Direct CapitalizationOverall Capitalization Rate
5.0% - 9.0% (6.0%)
HotelIncome Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
10.0%
8.0%
Income Approach—Direct CapitalizationOverall Capitalization Rate
7.0%
LandSales Comparison ApproachPrice per projected unit
$55.00 - $142.86 ($101.70)(2)
Real Estate Operating
Business(3)
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Growth Rate
Terminal EBITDA Multiple
13.0%
11.4%
20.0x
Market ApproachEBITDA Multiple
32.0x
Loans Receivable, including those with related partiesOfficeDiscounted Cash Flow
Loan to Value Ratio
Equivalency Rate
55.2% - 124.6% (72.9%)
5.7% - 157.9% (22.9%)
ResidentialDiscounted Cash Flow
Loan to Value Ratio
Equivalency Rate
58.2% - 61.7% (60.6%)
6.5% - 8.3% (7.0%)
Loans PayableOfficeDiscounted Cash Flow
Loan to Value Ratio
Equivalency Rate
41.5% - 79.2% (66.3%)
5.7% - 6.8% (6.6%)
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk Premium Multiple
41.5% - 79.2% (66.3%)
1.1 - 1.8 (1.5)
IndustrialDiscounted Cash Flow
Loan to Value Ratio
Equivalency Rate
30.3% - 40.2% (34.9%)
5.2% - 6.1% (5.7%)
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk Premium Multiple
30.3% - 40.2% (34.9%)
1.1 - 1.1 (1.1)
ResidentialDiscounted Cash Flow
Loan to Value Ratio
Equivalency Rate
44.5% - 72.9% (54.7%)
4.9% - 6.0% (5.3%)
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk Premium Multiple
44.5% - 72.9% (54.7%)
1.2 - 1.5 (1.3)
RetailDiscounted Cash Flow
Loan to Value Ratio
Equivalency Rate
48.0% - 77.0% (53.9%)
5.4% - 7.9% (6.1%)
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk Premium Multiple
48.0% - 77.0% (53.9%)
1.2- 1.7 (1.3)
The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 31, 2025.
TypeAsset ClassValuation
Technique(s)
Unobservable
Inputs(1)
Range (Weighted Average)
Real Estate Properties and Joint VenturesOfficeIncome Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
6.8% - 11.0% (8.5%)
5.5% - 10.3% (6.9%)
Income Approach—Direct CapitalizationOverall Capitalization Rate
5.0% - 12.5% (6.9%)
IndustrialIncome Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
6.5% - 8.1% (7.2%)
5.2% - 6.8% (5.6%)
Income Approach—Direct CapitalizationOverall Capitalization Rate
3.8% - 6.3% (5.2%)
ResidentialIncome Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
6.5% - 9.3% (7.0%)
5.0% - 7.8% (5.5%)
Income Approach—Direct CapitalizationOverall Capitalization Rate
4.8% - 7.0% (5.0%)
RetailIncome Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
6.5% - 12.0% (7.4%)
5.5% - 9.5% (6.3%)
Income Approach—Direct CapitalizationOverall Capitalization Rate
5.0% - 9.0% (6.0%)
HotelIncome Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
10.0%
8.0%
Income Approach—Direct CapitalizationOverall Capitalization Rate
7.8%
LandSales Comparison ApproachPrice per projected unit
$55.00 - $140.00 ($101.00)(2)
Real Estate Operating
Business(3)
Income Approach—Discounted Cash FlowDiscount Rate13.0 %
Terminal Growth Rate11.4 %
Market ApproachEBITDA Multiple
30.3x
Terminal EBITDA Multiple
20.0x
Loans Receivable,
including those with
related parties		OfficeDiscounted Cash Flow
Loan to Value Ratio
Equivalency Rate
55.0% - 73.3% (63.6%)
6.2% - 9.3% (6.7%)
IndustrialDiscounted Cash Flow
Loan to Value Ratio
Equivalency Rate
51.6% - 68.8% (55.9%)
5.3% - 8.3% (6.0%)
ResidentialDiscounted Cash Flow
Loan to Value Ratio
Equivalency Rate
58.3% - 61.7% (60.6%)
7.0% - 8.3% (7.4%)
Loans PayableOfficeDiscounted Cash Flow
Loan to Value Ratio
Equivalency Rate
42.4% - 80.0% (71.4%)
5.8% - 6.7% (6.5%)
Net Present Value
Loan to Value Ratio

Weighted Average Cost of Capital Risk Premium Multiple
42.4% - 80.0% (71.4%)
1.1 - 1.9 (1.7)
IndustrialDiscounted Cash Flow
Loan to Value Ratio
Equivalency Rate
30.3% - 40.6% (35.1%)
5.4% - 5.9% (5.6%)
Net Present Value
Loan to Value Ratio

Weighted Average Cost of Capital Risk Premium Multiple
30.3% - 40.6% (35.1%)

1.1 - 1.1 (1.1)
ResidentialDiscounted Cash Flow
Loan to Value Ratio
Equivalency Rate
44.8% - 72.8% (56.3%)
4.7% - 6.0% (5.2%)
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital
Risk Premium Multiple
44.8% - 72.8% (56.3%)
1.2 - 1.5 (1.3)
TypeAsset ClassValuation
Technique(s)
Unobservable
Inputs(1)
Range (Weighted Average)
RetailDiscounted Cash Flow
Loan to Value Ratio
Equivalency Rate
48.7% - 75.4% (53.9%)
5.5% - 7.3% (6.3%)
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital
Risk Premium Multiple
48.7% - 75.4% (53.9%)
1.2 - 1.6 (1.3)
(1) Equivalency Rate is defined as the prevailing market interest rate used to discount the contractual loan payments.
(2) Calculated per Floor Area Ratio and applied to the planned building area that can be constructed on site.
(3) The fair value measurement was additionally based upon information developed by the third-party valuation provider (including recent transactions), corroborated by the Independent Fiduciary for reasonableness. The valuation of the real estate operating business is then determined based on a weighting of the income approach - discounted cash flow, market approach, and transactions. Transactions for these measurements were utilized in the December 31, 2025 10-K report and not in the current report as of March 31, 2026.
Significant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurements, respectively, with the exception of the price per projected unit for land and terminal growth rate, terminal EBITDA and EBITDA multiple applied to the real estate operating business, for which significant increases (decreases) in isolation would result in significantly higher (lower) fair value measurements, respectively.
Line of Credit: The Account's line of credit and term loans under the Credit Agreement are recorded at par as Management believes par approximates fair value due to the short-term nature of the Credit Agreement.
During the three months ended March 31, 2026 and 2025, there were no transfers between Levels 1, 2 or 3.
The amount of total net unrealized (losses) gains included in changes in net assets relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions):
Real Estate
Properties		Real Estate
Joint
Ventures		Real Estate Operating Business
Loans
Receivable(1)
Total
Level 3
Investments
Loans
Payable
For the Three Months ended March 31, 2026$(2.7)$18.1 $9.4 $(1.0)$23.8 $0.3 
For the Three Months ended March 31, 2025$(67.3)$93.0 $(0.2)$0.8 $26.3 $4.3 
(1) Amount shown is reflective of loans receivable and loans receivable with related parties.