Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Commitments—As of September 30, 2022 and December 31, 2021, the Account had the following immediately callable commitments to purchase additional interests in its real estate funds or provide additional funding through its loans receivable investments (in millions):

		Commitment Expiration	September 30, 2022		December 31, 2021
Real Estate Funds(1)
	JCR Capital - REA Preferred Equity Parallel Fund	12/2022	$	56.1	$	75.3
	Silverpeak NRE FundCo 2 LLC	12/2022	32.1		43.7
	Silverpeak NRE FundCo LLC	12/2022	29.6		37.3
	Silverpeak NRE FundCo 3 LLC	06/2023	70.0		—
	SP V - II, LLC	08/2023	10.0		12.9
	Veritas Trophy VI, LLC	08/2023	16.0		20.6
	Taconic New York City GP Fund	11/2023	4.2		4.2
	Flagler - REA Healthcare Properties Partnership	02/2025	1.3		1.2
	Townsend Group Value-Add Fund	12/2026	89.7		125.9
			$	309.0	$	321.1
Loans Receivable(2)
	BREP VIII Industrial Mezzanine	03/2022	$	—	$	22.4
	311 South Wacker Mezzanine	08/2022	—		2.2
	San Diego Office Portfolio Senior Loan	08/2022	—		6.8
	San Diego Office Portfolio Mezzanine	08/2022	—		2.2
	1330 Broadway Mezzanine	09/2022	—		10.9
	Liberty Park Mezzanine	11/2022	2.6		2.6
	Colony New England Hotel Portfolio Senior Loan	11/2022	14.1		14.1
	Colony New England Hotel Portfolio Mezzanine	11/2022	4.7		4.7
	Exo Apartments Mezzanine	01/2023	2.4		2.4
	SCG Oakland Portfolio Mezzanine	03/2023	5.4		6.1
	Five Oak Mezzanine	03/2023	1.6		1.6
	MRA Hub 34 Holding, LLC	08/2023	1.5		1.5
	5 Points Towers Mezzanine	03/2024	3.7		4.2
	The Stratum Senior Loan	05/2024	1.8		2.0
	The Stratum Mezzanine	05/2024	0.6		0.7
	Spring House Innovation Park Senior Loan	07/2024	28.0		38.0
	Spring House Innovation Park Mezzanine	07/2024	9.3		12.7
	Project Sonic Senior Loan	06/2025	3.9		—

	Commitment Expiration	September 30, 2022		December 31, 2021
Project Sonic Mezzanine	06/2025	1.3		—
One Biscayne Tower Senior Loan	07/2025	31.8		—
One Biscayne Tower Mezzanine	07/2025	10.6		—
The Reserve at Chino Hills	08/2025	14.5		20.0
Sixth and Main Senior Loan	11/2025	6.1		6.9
Sixth and Main Mezzanine	11/2025	3.5		3.7
		$	147.4	$	165.7
TOTAL COMMITMENTS		$	456.4	$	486.8

(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 agreements.

(2)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.

Contingencies—In the normal course of business, the Account may be named, from time to time, as a defendant or may be involved in various legal actions, including arbitration, class actions and other litigation.

The Account establishes an accrual for all litigation and regulatory matters when it believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be higher or lower than the amounts accrued for those matters.

As of the date of this report, management of the Account does not believe that the results of any such claims or litigation, individually or in the aggregate, will have a material effect on the Account’s business, financial position or results of operations.