At March 31, 2026 and December 31, 2025, 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
		March 31, 2026		December 31, 2025






32 South State Street(1)	4.48% paid monthly	24.0		24.0		June 6, 2025
Project Sonic(2)	2.00% + SOFR paid monthly	94.0		94.0		June 9, 2026

Reserve at Chino Hills(2)	1.61% + SOFR paid monthly	82.2		82.2		August 9, 2026
Vista Station Office Portfolio(3)	4.20% paid monthly	38.5		38.7		November 1, 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	60.2		60.2		December 9, 2027
1900 K Street, NW(3)	3.93% paid monthly	150.9		151.8		April 1, 2028
One Biscayne(2)	2.45% + SOFR paid monthly	80.0		80.0		September 9, 2028
Ashford Meadows(4)	5.76% paid monthly	64.6		64.6		October 1, 2028
803 Corday(4)	5.76% paid monthly	62.2		62.2		October 1, 2028
Churchill on the Park(4)	5.76% paid monthly	40.5		40.5		October 1, 2028
Carrington Park(4)	5.76% paid monthly	43.8		43.8		October 1, 2028
Five Oak(5)	1.47% + SOFR paid monthly	—		44.2		August 9, 2029














Total Principal Outstanding		$	847.1	$	892.4
Fair Value Adjustment(6)		(37.3)		(62.1)
Total Loans Payable		$	809.8	$	830.3

(1)This loan is currently in default.

(2)The loan is collateralized by a mezzanine loan receivable, which is collateralized by the property listed in the above table.

(3)The mortgage is adjusted monthly for principal payments.

(4)These loans are part of a cross-collateralized credit facility pursuant to the Credit Agreement.

(5)Debt was extinguished as part of the disposition of the collateral property.

(6)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.