Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

As of March 31, 2026 and December 31, 2025, the Account had the following immediately callable commitments, inclusive of recallable distributions, to purchase additional interests in its real estate funds or provide additional funding through its loans receivable investments (in millions):


		Commitment Expiration	March 31, 2026(5)		December 31, 2025(5)

Real Estate Funds(1)
	JCR Capital - REA Preferred Equity Parallel Fund	08/2025(2)	9.9		9.9
	Silverpeak NRE FundCo LLC	12/2025(2)(3)	37.1		37.1
	Silverpeak NRE FundCo 3 LLC	12/2026(3)	38.3		30.5
	Townsend Group Value-Add Fund	12/2026(2)	25.3		29.7
	Silverpeak NRE FundCo 2 LLC	12/2026(2)(3)	35.9		51.5
	SP V - II, LLC	09/2029(2)	5.5		6.4
	Silverpeak NRE FundCo 4 LLC	02/2028	169.1		—
			$	321.1	$	165.1
Loans Receivable(4)


	MRA Hub 34 Holding, LLC	05/2026	1.4		1.5


	One Biscayne Tower Senior Loan	07/2028	28.7		30.3
	One Biscayne Tower Mezzanine	07/2028	9.5		10.0
			$	39.6	$	41.8



	TOTAL COMMITMENTS		$	360.7	$	206.9

(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 agreement.

(2)The commitment and investment terms for this fund have expired; however the remaining unfunded equity relates solely to existing investments where capital is still required. No new investments will be made. The commitment expiration date has been updated to reflect the end of the investment term.

(3)Commitment expiration date represents the Recallable Commitment Termination date

(4)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.

(5)Funds commitments could include cumulative recallable commitments.