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Loans Receivable
 9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
Loans Receivable Loans Receivable
The Account’s loan receivable portfolio is primarily comprised of mezzanine loans secured by the borrower’s direct and indirect interests in commercial real estate. Mezzanine loans are subordinate to first mortgages on the underlying real estate collateral. The following property types represent the underlying real estate collateral for the Account's mezzanine loans (in millions):
September 30, 2022December 31, 2021
Principal OutstandingFair Value% of Fair ValuePrincipal OutstandingFair Value% of Fair Value
Office(1)
$897.7 $790.8 51.1 %$862.4 $853.4 57.2 %
Apartments(1)
258.9 256.2 16.5 %253.3 252.0 16.9 %
Industrial131.6 131.1 8.5 %161.4 161.3 10.8 %
Hotel125.3 125.3 8.1 %125.3 125.3 8.4 %
Retail245.1 245.1 15.8 %101.7 100.6 6.7 %
$1,658.6 $1,548.5 100.0 %$1,504.1 $1,492.6 100.0 %
(1) Includes loans receivable with related parties.
The Account monitors the risk profile of the loan receivable portfolio with the assistance of a third-party rating service that models the loans and assigns risk ratings based on inputs such as loan-to-value ratios, yields, credit quality of the borrowers, property types of the collateral, geographic and local market dynamics, physical condition of the collateral, and the underlying structure of the loans. Ratings for loans are updated monthly. Assigned ratings can range from AAA to C, with an AAA designation representing debt with the lowest level of credit risk and C representing a greater risk of default or principal loss. Loans that are more than 90 days past due are classified as delinquent and assigned a D rating. Mezzanine debt in good health is typically reflective of a risk rating in the B range (e.g., BBB, BB, or B), as these ratings reflect borrowers' having adequate financial resources to service their financial commitments, but also acknowledging that adverse economic conditions, should they occur, would likely impede on a borrowers' ability to pay.
All borrowers of loans rated C or higher are current as of September 30, 2022.
The following table presents the fair values of the Account's loan portfolio based on the risk ratings as of September 30, 2022 (in millions), listed in order of the strength of the risk rating (from strongest to weakest):
September 30, 2022December 31, 2021
Number of LoansFair Value% of Fair ValueNumber of LoansFair Value% of Fair Value
AA—— — %162.6 4.2 %
AA-—— — %—— — %
A3180.7 11.7 %4248.5 16.6 %
A-146.3 3.0 %—— — %
BBB+3192.3 12.4 %—— — %
BBB2134.8 8.7 %6374.7 25.1 %
BBB-—— — %—— — %
BB+3122.8 7.9 %—— — %
BB382.2 5.3 %10437.8 29.3 %
BB-119.5 1.3 %—— — %
B+397.5 6.3 %—— — %
B158.0 3.8 %5144.3 9.7 %
B-4207.1 13.4 %—— — %
CCC+140.6 2.6 %—— — %
CCC2127.4 8.2 %—— — %
CCC-180.3 5.2 %—— — %
C179.1 5.1 %2154.8 10.4 %
D110.0 0.6 %—— — %
NR(1)
369.9 4.5 %369.9 4.7 %
33$1,548.5 100.0 %31$1,492.6 100.0 %
(1) "NR" designates loans not assigned an internal credit rating. As of September 30, 2022 and December 31, 2021, this is comprised of three loans with related parties. The loans are collateralized by equity interests in real estate investments.

The following table represents loans receivable in nonaccrual status as of September 30, 2022 (in millions, unaudited). Loans are placed in nonaccrual status when a loan is more than 90 days in arrears or at any point when management believes the full collection of principal is doubtful.

AgingNumber of LoansPrincipal OutstandingFair Value
Past Due - 90 Days +1$92.9 $10.0