v3.26.1
Loans Receivable (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Loans Receivable, Underlying Real Estate Collateral by Property Types The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions):
March 31, 2026December 31, 2025
Principal OutstandingFair Value% of Fair ValuePrincipal OutstandingFair Value% of Fair Value
Office(1)
$491.3 $268.7 47.6 %$672.7 $394.7 57.2 %
Apartment(1)
156.9 153.9 27.3 %157.2 154.1 22.3 %
Industrial136.9 136.9 24.3 %136.8 136.9 19.8 %
Retail(2)
44.0 — — %44.0 — — %
Land4.8 4.8 0.8 %4.7 4.7 0.7 %
$833.9 $564.3 100.0 %$1,015.4 $690.4 100.0 %
(1) Includes loans receivable with related parties.
(2) Property associated with this sector is in default.
Schedule of Fair Value Based on Risk Ratings
The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of March 31, 2026 (in millions), listed in order of the strength of the risk rating (from strongest to weakest):
March 31, 2026December 31, 2025
Number of LoansFair Value% of Fair ValueNumber of LoansFair Value% of Fair Value
A+1$129.3 22.9 %1$127.9 18.5 %
A—— — %139.2 5.7 %
BBB-1102.9 18.2 %2149.3 21.6 %
BB+140.0 7.1 %—— — %
BB146.1 8.2 %199.5 14.4 %
BB-1107.8 19.1 %1107.8 15.6 %
B+—— — %133.8 4.9 %
B287.0 15.4 %153.1 7.7 %
C—— — %19.5 1.4 %
D59.4 1.7 %5— — %
NR(1)
341.8 7.4 %470.3 10.2 %
15$564.3 100.0 %18$690.4 100.0 %
(1) "NR" designates loans not assigned an internal credit rating. As of March 31, 2026 and December 31, 2025, all loans with NR designations were with related parties. The loans are collateralized by equity interests in real estate investments.
Schedule of Loans Receivable in Nonaccrual Status
The following table represents loans receivable in nonaccrual status as of March 31, 2026 (in millions).
AgingNumber of LoansPrincipal OutstandingFair Value
Past Due - 90 Days +6$256.6 $5.3