Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

As of September 30, 2025 and December 31, 2024, 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, 2025		December 31, 2024

Real Estate Funds(1)
	JCR Capital - REA Preferred Equity Parallel Fund	08/2025(2)	9.9		11.5
	Silverpeak NRE FundCo 3 LLC	12/2026(4)	5.5		31.9
	Townsend Group Value-Add Fund	12/2026(3)	29.7		29.7
	Silverpeak NRE FundCo LLC	12/2025(5)	2.7		4.3
	SP V - II, LLC	09/2029(5)	6.5		6.4
	Silverpeak NRE FundCo 2 LLC	12/2026(4)	15.7		22.7

			$	70.0	$	106.5
Loans Receivable(6)
	One Biscayne Tower Senior Loan	07/2028	30.8		25.1
	One Biscayne Tower Mezzanine	07/2028	10.2		8.3
	MRA Hub 34 Holding, LLC	11/2025	1.5		1.5
	The Reserve at Chino Hills	08/2025	—		0.9
	735 Watkins Mill	08/2025	—		4.7
	Project Sonic Senior Loan	06/2026	—		1.9
	Project Sonic Mezzanine	06/2026	—		0.6
			$	42.5	$	43.0
Real Estate Operating Business
	DataBank	03/2025	—		$	126.0
			$	—	$	126.0
	TOTAL COMMITMENTS		$	112.5	$	275.5

(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)The commitment and investment period has ended for this fund. The remaining commitment value is reflective of funding commitments made on deals that are currently in process. There will be no new deals to fund. Commitment expiration date was updated to reflect the end of the investment term.

(3)Commitment terms have expired for these funds, however, outstanding equity to fund is tied to existing deals where the capital will be required. There will be no new deals to fund. Commitment expiration is updated to end of investment terms.

(4)Commitment expiration date represents the Recallable Commitment Term expiration date.

(5)Commitment terms have expired for these funds, however, outstanding equity to fund are tied to existing deals where the capital will be

required. There will be no new deals to fund. Commitment expiration is updated to end of investment term. End of investment term is

defined as the 10th anniversary of the initial closing.

(6)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.

TIAA REAL ESTATE ACCOUNT 10-Q