The Account owns interests in several real estate properties through joint ventures and receives distributions and allocations of profits and losses from the joint ventures based on the Account’s ownership interest in those investments. Several of these joint ventures have loans payable collateralized by the properties owned by the aforementioned joint ventures. At March 31, 2026, the Account held investments in joint ventures with ownership interest percentages that ranged from 2.0% to 98.78%. Certain joint ventures are subject to adjusted distribution percentages when earnings in the investment reach a predetermined threshold.

A condensed summary of the gross financial position and results of operations of the combined joint ventures is shown below (millions):


	For the Three Months Ended March 31,
	2026		2025
Operating Revenue and Expenses
Revenues	$	262.8	$	279.9
Expenses	168.7		187.9
Excess of revenues over expenses	$	94.1	$	92.0