# EDGAR Filing Document

**Accession Number:** 0002049595
**File Stem:** 0001193125-26-209129
**Filing Date:** 2026-5
**Character Count:** 226710
**Document Hash:** 033ef3f2a90a9a697965d4ed9dc11490
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-209129.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001193125-26-209129

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Monticello Debt Real Estate Investment Trust
- **CENTRAL INDEX KEY:** 0002049595
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 336595754
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56720
- **FILM NUMBER:** 26949029

**BUSINESS ADDRESS:**
- **STREET 1:** 50 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212 810-5300

**MAIL ADDRESS:**
- **STREET 1:** 50 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

?xml version='1.0' encoding='ASCII'? 10-Q

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

------

**FORM** 10-Q

------

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **March 31,** 2026

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the Transition period from __________ to __________.**

**Commission file number** 000-56720

------

BlackRock Monticello Debt Real Estate Investment Trust

(**Exact name of Registrant as specified in Its Charter)**

------

---

| | | |
|:---|:---|:---|
| Maryland | 50 Hudson Yards<br>New York**,** NY 10001 | 33-6595754 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(Address of principal executive offices) (Zip Code)** | **(I.R.S. Employer**<br>**Identification No.)** |

---

**Registrant's telephone number, including area code: (**212**)** 810-5300

------

Securities registered pursuant to Section 12(b) of the Act: None

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of May 5, 2026, the registrant had the following shares outstanding: 347,110 Class E common shares, 5,600,925 Class F-I common shares, and 2,745,561 Class F-S common shares. There are no outstanding Class S common shares, Class T common shares, Class D common shares, Class I common shares, or Class F-D common shares.

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **PART I.** | [<u>FINANCIAL INFORMATION</u>](#part_i_financial_information) |  |
| ITEM 1. | [<u>FINANCIAL STATEMENTS</u>](#item_1_financial_statements) |  |
|  | Condensed Consolidated Financial Statements (Unaudited): |  |
|  | [<u>Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025</u>](#consolidated_balance_sheets_unaudited) | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025</u>](#consolidated_statements_of_oper_and_comp) | 2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Statements of Changes in Redeemable Common Shares and Equity for the Three Months Ended March 31, 2026 and 2025</u>](#consolidated_stat_of_chang_in_equity_una) | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2026 and 2025</u>](#consolidated_statement_of_cash_flows_una) | 4 |
|  | [<u>Notes to Condensed Consolidated Financial Statements</u>](#notes_to_consolidated_financial_stateme) | 5 |
| ITEM 2. | [<u>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</u>](#mda) | 21 |
| ITEM 3. | [<u>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</u>](#item_3_quantitative_and_qualitative_dis) | 30 |
| ITEM 4. | [<u>CONTROLS AND PROCEDURES</u>](#item_4_controls_and_procedures) | 30 |
| **PART II.** | [<u>OTHER INFORMATION</u>](#other_information) | 31 |
| ITEM 1. | [<u>LEGAL PROCEEDINGS</u>](#item_1_legal_proceedings) | 31 |
| ITEM 1A. | [<u>RISK FACTORS</u>](#item_1a_risk_factors) | 31 |
| ITEM 2. | [<u>UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</u>](#item_2_unregistered_sales_of_equity) | 31 |
| ITEM 3. | [<u>DEFAULTS UPON SENIOR SECURITIES</u>](#item_3_defaults_upon_senior_securities) | 31 |
| ITEM 4. | [<u>MINE SAFETY DISCLOSURES</u>](#item_4_mine_safety_disclosures) | 31 |
| ITEM 5. | [<u>OTHER INFORMATION</u>](#item_5_other_information) | 31 |
| ITEM 6. | [<u>EXHIBITS</u>](#item_6_exhibits) | 32 |

---

------

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**BlackRock Monticello Debt Real Estate Investment Trust**

**Condensed Consolidated Balance Sheets (Unaudited)**

**(in thousands, except for share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Assets** |  |  |
| Cash and cash equivalents | $3171 | $4617 |
| Restricted cash | 59 | 803 |
| Real estate loan investments, at fair value | 793499 | 561965 |
| Accrued interest receivable | 5782 | 3801 |
| Other assets | 120 | 329 |
| **Total assets** | $**802631** | $**571515** |
| **Liabilities and Equity** |  |  |
| Debt obligations, at fair value | $616063 | $443213 |
| Accrued interest and fees payable | 1723 | 1042 |
| Due to affiliates | 15066 | 11561 |
| Distribution payable | 1380 | 1437 |
| Shareholder servicing fees payable | 3451 | 1101 |
| Accrued expenses | 2138 | 2115 |
| **Total liabilities** | $**639821** | $**460469** |
| Commitments and contingencies (Note 13) |  |  |
| Redeemable common shares, par value $0.01 per share; 260,080 and 260,080 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively <br>(Note 7) | $6583 | $6531 |
| **Equity** |  |  |
| Common shares - Class E, par value $0.01 per common share, 86,915 and 50,731 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 1 | 1 |
| Common shares - Class F-I, par value $0.01 per common share, 5,038,277 and 4,086,380 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 50 | 41 |
| Common shares - Class F-S, par value $0.01 per common share, 1,658,402 and 512,386 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 16 | 5 |
| Additional paid in capital | 153481 | 106487 |
| Accumulated earnings (deficit) | 2679 | (2019) |
| **Total equity** | $**156227** | $**104515** |
| **Total liabilities, redeemable common shares and equity** | $**802631** | $**571515** |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**BlackRock Monticello Debt Real Estate Investment Trust**

**Condensed Consolidated Statements of Operations (Unaudited)**

**(in thousands, except for share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended<br>March 31, 2026** | **For the Three Months Ended<br>March 31, 2025** |
| **Revenue** |  |  |
| Interest income | $14136 | $— |
| Other income | 2343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | **16479** | **—** |
| **Expenses** |  |  |
| Interest and fees on debt obligations | $7462 | $— |
| Debt issuance costs | 751 |  |
| Organizational costs |  |  |
| Origination fees payable to advisors | 1152 |  |
| General and administrative | 2088 |  |
| Performance fees | 121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | $**11574** | $**—** |
| **Gains (losses) from operations and financing** |  |  |
| Unrealized gain (loss) on real estate loan investments |  |  |
| Unrealized gain (loss) on debt obligations |  |  |
| Total gain (loss) from operations and financing, net |  |  |
| **Net income** | $**4905** | $**—** |
| **Net income per common share, basic and diluted (Note 9)** | $**0.78** | $**—** |
| **Weighted-average common shares outstanding, basic and diluted (Note 9)** | **6320162** | **80** |

---

*See accompanying notes to condensed consolidated financial statements.* 

------

**BlackRock Monticello Debt Real Estate Investment Trust**

**Condensed Consolidated Statements of Changes in Redeemable Common Shares and Equity (Unaudited)**

**(in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Redeemable<br>Common<br>Shares** <sup>(1)</sup> | **Class E<br>Common Shares** | **Class F-I<br>Common Shares** | **Class F-S<br>Common Shares** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Earnings<br>(Deficit)** | **Total Equity** |
| **Balance as of December 31, 2025** | $6531 | $1 | $41 | $5 | $106487 | $(2019) | $104515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares issued |  |  | 9 | 11 | 52226 |  | $52246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | (30) |  |  |  | (3079) |  | $(3079) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | 207 |  |  |  |  | 4698 | $4698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution reinvestment |  |  |  |  | 1354 |  | $1354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions declared on common shares<sup>(2)</sup> | (150) |  |  |  | (3430) |  | $(3430) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares repurchased |  |  |  |  | (52) |  | $(52) |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of redeemable common shares | 25 |  |  |  | (25) |  | $(25) |
| **Balance as of March 31, 2026** | $**6583** | $**1** | $**50** | $**16** | $**153481** | $**2679** | $**156227** |

---

________________________

See notes below

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Redeemable<br>Common<br>Shares** <sup>(1)</sup> | **Class E<br>Common Shares** | **Class F-I<br>Common Shares** | **Class F-S<br>Common Shares** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Earnings<br>(Deficit)** | **Total Equity** |
| **Balance as of December 31, 2024** | $2 | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocation to redeemable non-controlling interest |  |  |  |  |  |  |  |
| **Balance as of March 31, 2025** | $**2** | $**—** | $**—** | $**—** | $**—** | $**—** | $**—** |

---

(1)Redeemable common shares pertain to Class E shares purchased by the Advisors or their affiliates. See Note 7.

(2)The gross per share distributions declared for Class E, Class F-I, and Class F-S were $0.5781, $0.5781 and $0.5781 respectively.

*See accompanying notes to condensed consolidated financial statements.*

------

**BlackRock Monticello Debt Real Estate Investment Trust**

**Condensed Consolidated Statement of Cash Flows (Unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended<br>March 31, 2026** | **For the Three Months Ended<br>March 31, 2025** |
| **Cash flows from operating activities** |  |  |
| Net income | $4905 | $— |
| **Adjustments to reconcile net income to net cash provided by operating activities** |  |  |
| Debt issuance costs | 751 |  |
| Change in assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in accrued interest receivable | (1981) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | 209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued interest payable | 681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses | 23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in due to affiliates | 2074 |  |
| **Net cash provided by operating activities** | **6662** | **—** |
| **Cash flow from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Originations and fundings of real estate loan investments | (231534) |  |
| **Net cash used in investing activities** | **(231534)** | **—** |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares | 53600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under debt obligations | 253545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of debt obligations | (80695) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid | (3637) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | (52) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of debt issuance costs | (79) |  |
| **Net cash provided by financing activities** | **222682** |  |
| **Net change in cash, cash equivalents and restricted cash** | (2190) |  |
| **Cash, cash equivalents and restricted cash, beginning of period** | 5420 | 2 |
| **Cash, cash equivalents and restricted cash, end of period** | $**3230** | $**2** |
| **Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:** |  |  |
| Cash and cash equivalents | 3171 | 2 |
| Restricted cash | 59 |  |
| **Total cash, cash equivalents and restricted cash** | $**3230** | $**2** |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid for interest | 6750 |  |
| **Non-cash financing activities** |  |  |
| Change in accrued debt issuance costs due to affiliates | 672 |  |
| Accrued distributions and repurchases | 1380 |  |
| Change in advanced offering costs due to affiliates | 759 |  |
| Shareholder servicing fees payable | 2350 |  |
| Distribution reinvestment | 1354 |  |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**BlackRock Monticello Debt Real Estate Investment Trust**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**Note 1. Organization**

BlackRock Monticello Debt Real Estate Investment Trust (the "Company") was formed on November 7, 2024 as a Maryland statutory trust and intends to elect and to qualify to be taxed as a real estate investment trust ("REIT") for federal income tax purposes. The Company's sponsors are BlackRock, Inc. ("BlackRock") and MONTICELLOAM, LLC (together with its affiliates, "Monticello") (each, a "Sponsor", and together, the "Sponsors"). BlackRock Financial Management, Inc. (the "BlackRock Advisor"), an affiliate of BlackRock, and MONTICELLOAM, LLC (in its capacity as investment adviser to the Company, the "Monticello Advisor"), serve as the external advisors to the Company (each, an "Advisor" and, together, the "Advisors").

The Company seeks to (1) provide shareholders with current income in the form of regular, stable cash distributions in order to achieve an attractive distribution yield; (2) preserve and protect shareholders' invested capital by focusing on high quality real estate assets that typically have current cash-flow and/or limited business plan risk; (3) reduce downside risk through conservative loan-to-value ratios against high quality real estate assets with meaningful borrower equity or implied equity; and (4) provide an investment alternative for shareholders seeking to allocate a portion of their investment portfolios to real estate loan investments with lower volatility than publicly traded securities and compelling risk-adjusted returns compared to fixed income alternatives.

The Company's primary investment strategy is to originate, acquire, finance, manage and dispose of a portfolio consisting primarily of real estate loan investments, including senior mortgage loans, subordinated debt and other similar investments. The real estate loans are secured by properties located in the United States and include, without limitation seniors housing, multifamily and other commercial real estate assets. To a lesser extent, the Company invests in publicly traded real estate-related debt or securities, private real estate-related debt, and other securities, including collateralized loan obligations and/or cash equivalent investments.

The Company is a "perpetual-life REIT," meaning the Company will be an investment vehicle of indefinite duration, whose shares are intended to be sold monthly on a continuous basis at a price generally equal to the Company's prior month's net asset value ("NAV") per share.

**Note 2. Significant Accounting Policies**

The Company believes the following significant accounting policies, among others, affect its significant estimates and assumptions used in the preparation of the condensed consolidated financial statements.

**Principles of Consolidation and Basis of Presentation**: The accompanying unaudited condensed consolidated financial statements and related notes of the Company are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The unaudited condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries, and all intercompany transactions and balances have been eliminated.

**Use of Estimates:** The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the condensed consolidated Balance Sheets, and the reported amounts of revenues and expenses during the period. Actual results may ultimately differ materially from those estimates.

**Cash and Cash Equivalents:** Cash and cash equivalents represents demand deposits held in banks and investments in overnight money market funds. The Company has bank balances that are in excess of federally insured amounts however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. Cash is carried at cost which approximates fair value. In accordance with the fair value hierarchy under Accounting Standards Codification ("ASC") 820, Fair Value Measurements, cash and cash equivalents are considered level 1.

**Restricted Cash:** The Company maintains cash balances that are restricted as to use, including amounts held in reserve accounts or margin accounts in connection with our debt obligations.

**Fair Value Option:** The Company has elected the fair value option for certain eligible financial assets and liabilities including real estate loan investments, and the Company's debt obligations. The fair value elections were made to create a more direct alignment between the Company's financial reporting and the calculation of NAV per share used to determine the prices at which investors can purchase and redeem common shares of the Company.

The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately on the Company's balance sheets from those instruments using another accounting method.

------

The Company's fair value option elections are made in accordance with the guidance in ASC 825, *Financial Instruments,* that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. In the cases of real estate loan investments for which the fair value option is elected, origination fees, up-front fees and costs related to the origination or acquisition of the real estate loan investments are immediately expensed in earnings as incurred. Unrealized gains and losses on assets and liabilities for which the fair value option has been elected, if any, are also reported in earnings. This is because under the fair value option, a lender reports the instrument at its exit price (i.e., the price that would be received to sell the instrument in an orderly transaction), which reflects the market's assessment of the instrument's cash flows and risks and does not include any entity-specific costs or fees. Similarly, for the Company's debt obligations, debt issuance costs are immediately expensed in earnings.

The Company has elected the fair value option for its real estate loan investments reported in Note 3 and debt obligations reported in Note 4.

**Redeemable Common Shares:** The Company classifies common shares held by the Advisors or their respective affiliates as redeemable common shares on the Condensed Consolidated Balance Sheets at the greater of their carrying amount or their redemption value. Changes in the fair value of redeemable common shares are recorded to additional paid-in capital. Redeemable common shares are also presented as temporary equity in the Condensed Consolidated Balance Sheets as they may be repurchased outside the control of the Company following applicable liquidity dates and subject to certain conditions in accordance with the shareholder's respective subscription agreement (see Note 7).

**Real estate loan investments:** The Company originates or acquires mortgage loans secured by the borrower's interest in underlying real estate. In addition, the Company may acquire subordinate participation interests in mortgage or mezzanine loans originated by our affiliates or in the secondary market. Changes in fair value are recorded as unrealized gain (loss) on real estate loan investments in the Condensed Consolidated Statement of Operations.

**Repurchase agreements:** The Company finances real estate loan investments using repurchase agreements and secures these financing transactions with real estate loan investments. The repurchase agreements are therefore treated as collateralized financing transactions, and recorded at fair value within debt obligations on the Condensed Consolidated Balance Sheets. Changes in the fair value are recorded as unrealized gain (loss) on debt obligations in the Condensed Consolidated Statement of Operations.

**Revenue Recognition:** Interest income on real estate loan investments is accrued based on the outstanding principal amount and contractual terms of the instrument**.** 

Origination fee income is recognized in earnings upon origination of the real estate loan investment and recorded within other income on the Condensed Consolidated Statement of Operations. The origination fee is earned when the performance obligation is satisfied by the Company which occurs when the respective loan amount is transferred to the borrower.

Other non-real estate loan investment interest income is earned on overnight cash investments and is recognized on an accrual basis in other income on the Condensed Consolidated Statement of Operations.

**Interest and fees on debt obligations:** The Company expenses contractual interest due in accordance with repurchase agreements and revolving credit facility agreements as incurred. Minimum utilization and unused fees are expensed as incurred in accordance with the terms of the respective debt agreements.

**Debt issuance costs:** As the Company has elected the fair value option for its debt obligations, debt issuance costs are expensed immediately on the Condensed Consolidated Statement of Operations as debt issuance costs and pertain to legal, commitment, and other up-front lender costs incurred upon entering new debt obligations.

**Income Taxes:** The Company intends to elect to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), commencing with its taxable year ending December 31, 2025. A REIT is subject to several organizational and operational requirements including that it must distribute at least 90% of its REIT taxable income to its shareholders each year. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.

The Company has elected to treat certain subsidiaries as taxable REIT subsidiaries ("TRS") which are subject to federal, state, and local corporate income tax, as applicable. A TRS may hold investments in assets, income streams, or associated expenses that produce non-qualifying items for purposes of REIT compliance. Deferred tax assets, valuation allowance, and deferred tax liabilities are recorded within other assets or other liabilities, as applicable, on our Condensed Consolidated Balance Sheets.

FASB ASC 740, *Income Taxes* ("ASC 740"), requires the evaluation of tax positions taken or expected to be taken to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax impact to be recognized is measured as the largest amount that is greater than 50% likely of being realized upon ultimate settlement, which could result in the Company recording a tax liability that would reduce net assets. The Company has reviewed its tax positions and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the financial statements.

------

**Organization, Offering and Certain Operating Expenses:** The Advisors have agreed to advance all of the Company's organization and offering expenses and certain operating expenses through July 1, 2026, which is the first anniversary of the initial closing that occurred on July 1, 2025 (the "Initial Retail Closing") of the Company's continuous, blind pool private offering (the "Private Offering") that included investors other than the Sponsors and the Advisors.

The organization and offering expenses include the legal costs of structuring and forming the Company, drafting of governing documents, drafting of service provider agreements, and legal and accounting fees related to various SEC filings. Other organization and offering costs include printing, mailing, subscription processing and filing fees and expenses, reasonable bona fide due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of our escrow agent and transfer agent, and expense reimbursements for actual costs incurred by employees of the Dealer Manager (as defined in Note 10) in the performance of wholesaling activities, but exclude upfront selling commissions, dealer manager fees and the shareholder servicing fee.

Certain operating expenses include other general and administrative costs, debt issuance costs, and other costs. Further, the organization, offering and certain operating expenses include costs and expenses eligible for reimbursement of personnel of the Advisors and their affiliates other than those who provide investment advisory services to us or serve as the Company's executive officers. The Company will reimburse the Advisors for all such advanced expenses ratably over the 60 months following July 1, 2026, which is the first anniversary of the Initial Retail Closing. As of March 31, 2026 and December 31, 2025, the Company had $11.8 million and $11.0 million, respectively, of certain advanced expenses which will be ratably paid over the 60 months starting July 1, 2026. Certain costs and expenses were eligible for reimbursement but were not asked to be reimbursed by the Advisors for the year ended December 31, 2025 and the three months ended March 31, 2026.

Organizational and certain operating expenses are recorded to earnings within the Condensed Consolidated Statement of Operations. Offering costs are related to the marketing and selling of the Company's common shares in connection with the private placement and are recorded directly in the Condensed Consolidated Statement of Changes in Redeemable Common Shares and Equity.

**Concentration of Credit Risk:** Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, real estate loan investments and interest receivable. The Company may place cash in excess of insured amounts with high quality financial institutions. The Company performs ongoing analysis of credit risk concentrations in its investment portfolio by evaluating exposure to various markets, underlying property types, term, tenant mix and other credit metrics.

**Segment Reporting:** The Company operates and reports its business as a single reportable segment, which includes originating, acquiring, managing and investing in real estate loan investments, including senior mortgage loans, subordinated debt and other similar investments. The Company's chief operating decision maker ("CODM") is our senior management team, comprised of our chief executive officer, our chief financial officer, and the investment management teams from our Advisors. The CODM makes key operating decisions, evaluates financial results, investment performance, and allocates resources at the consolidated level for the entire portfolio based on consolidated revenues, expenses, and net income as reported on the Condensed Consolidated Statement of Operations. Accordingly, the Company has a single operating and reportable segment and the CODM evaluates profitability using net income. Net income is used by the CODM in assessing the operating performance of the segment. All expense categories on the Condensed Consolidated Statement of Operations are significant and there are no significant segment expenses that require disclosure. The measure of segment assets is reported as total assets in our Condensed Consolidated Balance Sheets.

**Recently Adopted Accounting Standards:** In December 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes, which provides improvements to income tax disclosures by enhancing the transparency around rate reconciliation and income taxes paid by jurisdiction. We adopted this standard as of the annual reporting period beginning January 1, 2025, and applied the new guidance prospectively. Adoption of this standard has not had a material impact on our condensed consolidated financial statements. Refer to Note 11 for our relevant income tax disclosures.

**Accounting Pronouncements Pending Adoption:** In November 2024, the FASB issued Accounting Standards Update No. 2024-03, "Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses", which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the consolidated financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The guidance is to be applied either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

------

**Note 3. Real Estate Loan Investments, at fair value**

The following table summarizes the real estate loan investments, at fair value as of March 31, 2026 and December 31, 2025 ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loan Type** | **Loan Amount** <sup>(1)</sup> | **Principal Balance Outstanding** | **Fair Value** | **Period-end Weighted Average Rate** <sup>(2)(3)</sup> | **Weighted Average Life Remaining (years)** <sup>(4)</sup> |
| **March 31, 2026** |  |  |  |  |  |
| Senior loans | $788784 | $716521 | $716521 | 7.40% | 3.3 |
| Subordinate participation interest<sup>(5)</sup> | 63033 | 62533 | 62533 | 8.24% | 3.6 |
| Mezzanine loans<sup>(6)</sup> | 15564 | 14445 | 14445 | 15.73% | 3.1 |
|  | $867381 | $793499 | $793499 | 7.62% | 3.3 |
| **December 31, 2025** |  |  |  |  |  |
| Senior loans | $566200 | $511237 | $511237 | 7.43% | 3.7 |
| Subordinate participation interest<sup>(5)</sup> | 36783 | 36283 | 36283 | 8.34% | 4.1 |
| Mezzanine loans<sup>(6)</sup> | 15564 | 14445 | 14445 | 15.73% | 3.8 |
|  | $618547 | $561965 | $561965 | 7.70% | 3.7 |

---

(1)Loan amount consists of outstanding principal balance plus unfunded loan commitments.

(2)Generally, real estate loans investments earn interest at the one-month Term Secured Overnight Financing Rate ("SOFR") plus a spread. As of March 31, 2026 and December 31, 2025, floating-rate real estate loan investments represented 99.6% and 99.4%, respectively, of the Company's investment portfolio.

(3)Certain of our floating rate loans are subject to index floors.

(4)Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions, as defined in the respective loan agreement.

(5)For investments in subordinate participation interest in mortgage loans, the Company's subordinate interests are held through junior participations in respective mortgage loans originated by affiliated entities. The Company is entitled to its pro-rata share of interest per the respective participation agreements. The interest rate used as part of the period-end weighted average rate is of the loan originated by the affiliated entity.

(6)Investments are participation interests in mezzanine loans originated by affiliates of the Monticello Advisor.

The following table summarizes the real estate loan investments, at fair value by property type as of March 31, 2026 and December 31, 2025 ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Property Type** | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| Senior housing | $540128 | 68.1% | $360878 | 64.2% |
| Multifamily | 253371 | 31.9% | 201087 | 35.8% |
|  | $793499 | 100.0% | $561965 | 100.0% |

---

The following table summarizes the real estate loan investments, at fair value by geographic location as of March 31, 2026 and December 31, 2025 ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Geographic Location** | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| **United States:** |  |  |  |  |
| South | $344200 | 43.4% | $292200 | 52.0% |
| West | 95950 | 12.1% | 44650 | 8.0% |
| Midwest | 118833 | 15.0% | 78833 | 14.0% |
| North | 234516 | 29.6% | 146282 | 26.0% |
|  | $793499 | 100.0% | $561965 | 100.0% |

---

------

**Note 4. Debt Obligations, at fair value**

The following table presents debt obligations by facility as of March 31, 2026 ($ in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Stated<br>Interest Rate**<sup>(2)</sup> | **Maximum<br>Facility<br>Size**<sup>(3)</sup> | **Available<br>Capacity**<sup>(3)</sup> | **Debt<br>Amount<br>Outstanding** | **Fair Value<br>of Debt** | **Fair<br>Value of<br>Collateral** | **Funding Period End Date** | **Maximum Maturity Date** |
| Natixis Repurchase Agreement<sup>(1)</sup> | 1M SOFR + 1.40% | $250000 | $47696 | $202304 | $202304 | $253371 | 5/23/2027 | 5/23/2029 |
| Customers Bank Credit Agreement<sup>(1)</sup> | 1M SOFR + 2.00% | 360000 | 62123 | 297878 | 297878 | 374850 | 7/30/2028 | 7/30/2030 |
| CIBC Bank USA<sup>(1)</sup> | 1M SOFR + 2.00% | 100000 | 25104 | 74896 | 74896 | 88300 | 10/28/2028 | 10/28/2030 |
|  |  | $710000 | $134923 | $575078 | $575078 | $716521 |  |  |
| **Description** | **Stated<br>Interest Rate**<sup>(2)</sup> | **Maximum<br>Facility<br>Size**<sup>(3)</sup> | **Available<br>Capacity**<sup>(3)</sup> | **Debt<br>Amount<br>Outstanding** | **Fair Value<br>of Debt** | **Fair<br>Value of<br>Collateral** | **Current<br>Maturity<br>Date** | **Maximum<br>Maturity<br>Date** |
| JPM Revolving Credit Facility | 1M SOFR + 1.95% | $42075 | $1090 | $40985 | $40985 | N/A<sup>(4)</sup> | 5/21/2026 | 5/21/2027 |
|  |  | **Total Debt Obligations** | **Total Debt Obligations** | $**616063** | $**616063** |  |  |  |

---

------

See notes below

The following table presents debt obligations by facility as of December 31, 2025 ($ in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Stated<br>Interest Rate**<sup>(2)</sup> | **Maximum<br>Facility<br>Size**<sup>(3)</sup> | **Available<br>Capacity**<sup>(3)</sup> | **Debt<br>Amount<br>Outstanding** | **Fair Value<br>of Debt** | **Fair<br>Value of<br>Collateral** | **Funding Period End Date** | **Maximum Maturity Date** |
| Natixis Repurchase Agreement<sup>(1)</sup> | 1M SOFR + 1.40% | $250000 | $89296 | $160704 | $160704 | $227515 | 5/23/2027 | 5/23/2029 |
| Customers Bank Credit Agreement<sup>(1)</sup> | 1M SOFR + 2.00% | 260000 | 79108 | 180893 | 180893 | 246150 | 7/30/2028 | 7/30/2030 |
| CIBC Bank USA<sup>(1)</sup> | 1M SOFR + 2.00% | 100000 | 25104 | 74896 | 74896 | 88300 | 10/28/2028 | 10/28/2030 |
|  |  | $610000 | $193508 | $416493 | $416493 | $561965 |  |  |
| **Description** | **Stated<br>Interest Rate**<sup>(2)</sup> | **Maximum<br>Facility<br>Size**<sup>(3)</sup> | **Available<br>Capacity**<sup>(3)</sup> | **Debt<br>Amount<br>Outstanding** | **Fair Value<br>of Debt** | **Fair<br>Value of<br>Collateral** | **Current<br>Maturity<br>Date** | **Maximum<br>Maturity<br>Date** |
| JPM Revolving Credit Facility | 1M SOFR + 1.95% | 42075 | 15355 | 26720 | 26720 | N/A<sup>(4)</sup> | 5/21/2026 | 5/21/2027 |
|  |  | **Total Debt Obligations** | **Total Debt Obligations** | $**443213** | $**443213** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Natixis Repurchase Agreement, Customers Bank Credit Agreement and CIBC Credit Agreement (each as defined below) are secured by certain real estate loan investments originated in BLKM I, BLKM III and BLKM IV (each as defined below), respectively, as of March 31, 2026 and December 31, 2025. As of March 31, 2026, the fair value of collateral represents the fair value of only the real estate loan investments which are pledged to secure the borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Represents the stated interest rate. Borrowings under the Company's debt obligations carry interest at one-month Term SOFR plus a spread. On March 31, 2026 and December 31, 2025, one-month Term SOFR was 3.67% and 3.68%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Represents maximum facility size under the initial agreement and remaining available capacity to borrow after taking into account outstanding indebtedness as of March 31, 2026 and December 31, 2025. Debt obligations may provide for increased borrowing capacity subject to the consent of the lender in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The Company's obligations under the JPM Credit Agreement (as defined below) are secured by outstanding capital commitments of the BlackRock Advisor. As of March 31, 2026 and December 31, 2025, the remaining outstanding capital commitment of the BlackRock Advisor was $46.8 million.

------

*Natixis Repurchase Agreement*

On May 23, 2025, BLKM I, LLC (the "BLKM I"), an indirect, wholly-owned special-purpose financing subsidiary of the Company, entered into a Master Repurchase Agreement and Securities Contract (together with the related transaction documents as amended, the "Natixis Repurchase Agreement"), with Natixis, New York Branch ("Natixis"), to finance the acquisition by BLKM I of eligible loans as more particularly described in the Natixis Repurchase Agreement. The Natixis Repurchase Agreement provides for asset purchases by Natixis for up to an initial amount of $250 million, which may be increased to $300 million, subject to the consent of Natixis, in its sole discretion. The funding period end date of the Natixis Repurchase Agreement is May 23, 2027, subject to extension to a date in the future generally not to exceed the repurchase date of the last remaining eligible loan subject to the Natixis Repurchase Agreement, subject to satisfaction of certain customary conditions. In connection with the Natixis Repurchase Agreement, the Company provided a guaranty (the "Natixis Guaranty"), which may become full recourse to the Company upon the occurrence of certain events, such as material breach of covenants, change of control, or reorganization of the guarantor as described in the Natixis Guaranty. The Natixis Guaranty contains operational covenants, and covenants to maintain certain financial ratios and liquidity amounts customary for agreements of this type. The Company was in compliance with all covenants as of March 31, 2026.

*Customers Bank Credit Agreement*

On July 30, 2025, BLKM III, LLC ("BLKM III"), an indirect wholly owned special-purpose financing subsidiary of the Company, entered into a credit agreement (as it may be amended from time to time, the "Customers Bank Credit Agreement") with Customers Bank, as lender, account bank and administrative agent ("Customers"), certain other participating lenders, and MonticelloAM Servicing, LLC, as servicer. In connection with the Customers Bank Credit Agreement, the Company provided a guaranty to Customers that may become full recourse to the Company upon the occurrence of certain events, such as an illegal act, fraud, misappropriation of funds, loan recharacterization by any court, inappropriate loan title or, challenge, deny or repudiate core transaction documents or lender rights as described in the Customers Bank Credit Agreement. During the three months ended March 31, 2026, the Customers Bank Credit Agreement was amended to increase the maximum aggregate commitment to $360.0 million as may be further increased to an amount as agreed between BLKM III and Customers.

BLKM III's obligations under the Customer's Bank Credit Agreement are secured by all right, title and interest in seniors housing commercial real estate loans of BLKM III. The Customers Bank Credit Agreement funding period end date is July 30, 2028, subject to early repayment and customary events of default. Advances under the Customers Bank Credit Agreement generally accrue interest at a rate per annum equal to the Term SOFR for a one-month period plus a margin as agreed upon by the Customers and BLKM III for each transaction. Additionally, the Company pays a commitment fee calculated as a percentage of the maximum facility amount. The fee is paid on the date of each advance until paid in full, and any remaining unpaid fee is due and payable one year following the closing date of the Customers Bank Credit Agreement.

The Customers Bank Credit Agreement contains representations, warranties, covenants to maintain certain financial ratios and liquidity amounts customary for agreements of this type, in addition to events of default and indemnities that are also customary for an agreement of its type. The Company was in compliance with all covenants as of March 31, 2026.

*CIBC Credit Agreement*

On October 28, 2025, BLKM IV, LLC ("BLKM IV"), an indirect wholly-owned special-purpose financing subsidiary of the Company, as borrower, entered into a revolving credit agreement (as it may be amended from time to time, the "CIBC Credit Agreement") with CIBC Bank USA ("CIBC"), as lender and administrative agent, and certain other lenders party thereto. The CIBC Credit Agreement provides for revolving loans of up to an initial maximum amount of $100.0 million, which may be increased up to a maximum of $250.0 million at BLKM IV's request subject to the consent of CIBC and the other lenders, in their sole discretion. The maturity date of the CIBC Credit Agreement is October 28, 2028, and is subject to two, one year extensions, at BLKM IV's request and subject to the payment of an extension fee and other customary conditions. Advances under the CIBC Agreement generally accrue interest at a rate per annum equal to the Term SOFR for a one-month period plus a margin as agreed upon by the CIBC and BLKM IV for each transaction.

In connection with the CIBC Credit Agreement, the Company provided a limited recourse Guaranty (the "Guaranty"), which may become full recourse to the Company upon the occurrence of certain events as described in the Guaranty such as a change in control, bankruptcy, consolidation, fraud or willful misconduct, criminal acts, contest of the enforceability of the loan agreements, or impairing the exercise of lender's rights.

The CIBC Credit Agreement and the Guaranty contain representations, warranties, covenants to maintain certain financial ratios and liquidity amounts customary for agreements of this type, in addition to events of default and indemnities that are also customary for an agreement of its type. The Company was in compliance with all covenants as of March 31, 2026.

*JPM Revolving Credit Facility* 

On May 22, 2025, the Company entered into a revolving credit agreement (as it may be amended from time to time, the "JPM Credit Agreement") with JPMorgan Chase Bank, N.A. ("JPM"), as lender. The JPM Credit Agreement provides for revolving loans of up to a maximum aggregate availability of $42.1 million. The Company's obligations under the JPM Credit Agreement are secured by outstanding capital commitments of the BlackRock Advisor. The JPM Credit Agreement may be increased to an amount as agreed between the Company and JPM, subject to the consent of JPM and other customary conditions. In addition, at no time may the outstanding obligations under the

------

JPM Credit Agreement exceed 90% of the total uncalled capital commitments of the BlackRock Advisor. The JPM Credit Agreement also contains certain operational covenants customary for agreements of this type. As of March 31, 2026, the total uncalled capital commitments of the BlackRock Advisor were $46.8 million and obligations under the JPM Credit Agreement were limited to $42.1 million. The Company is permitted to borrow under the JPM Credit Agreement for any purpose permitted under its constituent documents. The maturity date of the JPM Credit Agreement is May 21, 2026, which may be extended upon the Company's request to a date no longer than 12 months after the then-effective maturity date, subject to the consent of JPM and other customary conditions. The Company was in compliance with all covenants as of March 31, 2026.

***Counterparty Exposure***:

The Company has pledged certain commercial real estate loan investments as collateral for the master repurchase agreement. If a financial institution counterparty were to default on its obligation to return the collateral, the Company would be exposed to potential losses to the extent the fair value of the collateral that the Company has pledged to the counterparty exceeded the amount loaned plus interest due to the counterparty. The following table presents the Company's net exposure to those counterparties where the amount at risk exceeded 10% of shareholders' equity as of March 31, 2026 and December 31, 2025 ($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **March 31, 2026** | **Outstanding Principal** | **Net Counterparty Exposure** | **Life Remaining (Years)** |
| Natixis Repurchase Agreement | $202304 | $51067 | 3.1 |
| **Total** | $202304 | $51067 |  |
| **December 31, 2025** | **Outstanding Principal** | **Net Counterparty Exposure** | **Life Remaining (Years)** |
| Natixis Repurchase Agreement | $160704 | $40383 | 3.4 |
| **Total** | $160704 | $40383 |  |

---

The following table shows the aggregate amount of maturities of our outstanding long-term borrowings over the next five years and thereafter as of March 31, 2026 ($ in thousands):

---

| | |
|:---|:---|
| **Year** | **Debt Obligations**<sup>(1)</sup> |
| 2026 | - |
| 2027 | - |
| 2028 | 208209 |
| 2029 | 314424 |
| 2030 | 52445 |
| Thereafter | - |
| **Total:** | $**575078** |

---

(1)Assumes the earlier of (i) the fully-extended maturity of underlying real estate loan investments or (ii) the maturity of the respective debt facility.

**Note 5. Fair Value Measurements**

Our board of trustees, including a majority of our independent trustees, has adopted valuation guidelines that contain a comprehensive set of methodologies to be used by the Advisors and the Independent Valuation Advisor (as defined herein) in connection with estimating the values of our assets and liabilities. These guidelines are designed to seek to produce a fair and accurate estimate of the price that would be received for our investments in an arm's length transaction between a willing buyer and a willing seller in possession of all material information about our investments. Periodically, our board of trustees, including a majority of our independent trustees, and the Valuation Committee (as defined below) will review the appropriateness of our valuation procedures.

The Company has engaged an Independent Valuation Advisor (the "Independent Valuation Advisor"), which was approved by our board of trustees, including a majority of our independent trustees. Valuations of real estate loan investments and debt obligations are determined by the Advisors (through the Valuation Committee) based on valuations prepared by the Independent Valuation Advisor.

The Advisors have formed a Valuation Committee (the "Valuation Committee"), which approves the proposed estimates of fair value of real estate loan investments and debt obligations. Each Advisor has designated two voting representatives on the Valuation Committee, and these representatives serve as the four voting members of the Valuation Committee, which includes other non-voting members agreed upon by the Advisors.

------

The fair values of our real estate loan investments are determined by the Advisors (through the Valuation Committee), based on valuations prepared by the Independent Valuation Advisor, on a monthly basis. Newly originated or acquired real estate loan investments are initially valued at cost in the month that they are closed, which represents fair value at that time. For each month after the initial month in which a loan investment is closed, the fair value of such investment is determined by the Advisors (through the Valuation Committee), based on valuations prepared by the Independent Valuation Advisor. Valuations of the real estate loan investments reflect changes in interest rates, spreads, collateral value, loan tests (including loan impairment testing) and metrics, risk ratings, and anticipated liquidation timing and proceeds, among others. The fair values are determined by discounting the future contractual cash flows to the present value using a current market interest rate or spread. The current market interest rate is determined through consideration of the interest rates for debt of comparable quality and maturity, and, where applicable, the value of the underlying real estate investment.

The fair values of our debt obligations are determined by the Advisors (through the Valuation Committee), based on valuations prepared by the Independent Valuation Advisor, on a monthly basis. New debt obligations are valued at par in the month that they are closed, which represents fair value at that time. Each month thereafter, the Advisors (through the Valuation Committee), based on valuations prepared by the Independent Valuation Advisor, determine the valuation of debt obligations. Any changes to the fair value of debt obligations reflect changes in interest rates, spreads, and key loan metrics and tests utilizing the collateral value and cash flows, including the estimated liquidation timing and proceeds.

GAAP establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring financial assets and liabilities at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below:

Level I—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level II—Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life.

Level III—Inputs reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

**Fair Value Disclosure**: The following table presents the Company's financial assets and liabilities carried at fair value on a recurring basis in the Condensed Consolidated Balance Sheets by their level in the fair value hierarchy as of March 31, 2026 and December 31, 2025 ($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Level I** | **Level II** | **Level III** |
| **Financial Assets:** |  |  |  |
| &nbsp;&nbsp;Real estate loan investments, at fair value | $— | $— | $793499 |
| **Financial Liabilities:** |  |  |  |
| &nbsp;&nbsp;Debt obligations, at fair value | $— | $— | $616063 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level I** | **Level II** | **Level III** |
| **Financial Assets:** |  |  |  |
| &nbsp;&nbsp;Real estate loan investments, at fair value | $— | $— | $561965 |
| **Financial Liabilities:** |  |  |  |
| &nbsp;&nbsp;Debt obligations, at fair value | $— | $— | $443213 |

---

The following table summarizes changes in Level III real estate loan investments for the three months ended March 31, 2026 ($ in thousands):

---

| | |
|:---|:---|
|  | **Three Months Ended March 31, 2026** |
| **Balance as of December 31, 2025** | $561965 |
| Funding of real estate loan investments | 231534 |
| Net unrealized gain (loss) on real estate loan investments |  |
| **Balance as of March 31, 2026** | $**793499** |

---

------

The following table summarizes changes in Level III debt obligations for the three months ended March 31, 2026 ($ in thousands):

---

| | |
|:---|:---|
|  | **Three Months Ended March 31, 2026** |
| **Balance as of December 31, 2025** | $443213 |
| Proceeds from debt obligations | 253545 |
| Repayments of debt obligations | (80695) |
| Net unrealized gain (loss) on debt obligations |  |
| **Balance as of March 31, 2026** | $**616063** |

---

There were no financial instrument transfers from Level I and II into Level III during the three months ended March 31, 2026.

The following tables contain the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2026 and December 31, 2025 ($ in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Fair Value** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | **Impact to<br>valuation<br>from increase<br>in input** | **Range of Inputs** | **Weighted<br>Average<br>of Inputs** |
| **Financial Assets:** |  |  |  |  |  |  |
| Real estate loan investments | $731499 | Discounted cash flow | Discount Rate | Decrease | 6.4%-16.4% | 7.6% |
| Real estate loan investments | 62000 | Recent transaction price | Transaction price | N/A | N/A | N/A |
| **Total Real estate loan investments, at fair value** | $**793499** |  |  |  |  |  |
| **Financial Liabilities:** |  |  |  |  |  |  |
| Debt obligations | $616063 | Discounted cash flow | Discount Rate | Decrease | 5.1%-5.7% | 5.5% |
| **Total Debt obligations, at fair value** | $**616063** |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Fair Value** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | **Impact to<br>valuation<br>from increase<br>in input** | **Range of Inputs** | **Weighted<br>Average<br>of Inputs** |
| **Financial Assets:** |  |  |  |  |  |  |
| Real estate loan investments | $405315 | Discounted cash flow | Discount Rate | Decrease | 6.4%-15.9% | 7.7% |
| Real estate loan investments | 156650 | Recent transaction price | Transaction price | N/A | N/A | N/A |
| **Total Real estate loan investments, at fair value** | $**561965** |  |  |  |  |  |
| **Financial Liabilities:** |  |  |  |  |  |  |
| Debt obligations | $443213 | Discounted cash flow | Discount Rate | Decrease | 5.1%-5.7% | 5.5% |
| **Total Debt obligations, at fair value** | $**443213** |  |  |  |  |  |

---

**Note 6. Equity**

The Company is authorized to issue an unlimited number of common shares of beneficial interest, par value $0.01 per share, including unlimited common shares classified as Class T shares, unlimited common shares classified as Class S shares, unlimited common shares classified as Class D shares, unlimited common shares classified as Class I shares, unlimited common shares classified as Class F-S shares, unlimited common shares classified as Class F-D shares, unlimited common shares classified as Class F-I shares, and unlimited common shares classified as Class E shares, and an unlimited number of shares classified as preferred shares of beneficial interest, par value $0.01 per share. The Company intends to offer and sell to a limited number of investors its common shares in the Private Offering.

The share classes have different upfront selling commissions, dealer manager fees and ongoing shareholder servicing fees, as well as different management and performance fees. See Note 10.

------

The BlackRock Advisor has agreed to purchase from the Company an aggregate amount of not less than $50 million in Class E shares at a price per share equal to the Company's most recently determined NAV of its Class E shares, or if a NAV has yet to be calculated, then $25.00 (the "Initial BlackRock Investment"). In connection with the Initial BlackRock Investment, the BlackRock Advisor purchased 130,000 Class E shares for $3.25 million at $25.00 per share. Additionally, Monticello Capital Partners, LLC, a Delaware limited liability company and an affiliate of MONTICELLOAM, LLC (the "Monticello Investor" and , together with the BlackRock Advisor, the "Sponsor Investors") also purchased 130,000 Class E shares for $3.25 million at $25.00 per share (the "Initial Monticello Investment" and, together with the Initial BlackRock Investment, the "Initial Sponsor Investments"). Monticello Capital Partners, LLC is owned in equal shares by Alan G. Litt, Jonathan M. Litt and Thomas J. Lally, each of whom is associated with the Company. Alan G. Litt is Executive Vice President, Jonathan M. Litt is the Assistant Treasurer and Thomas J. Lally is a member of the Company's board of trustees. The Class E shares purchased by the Sponsor Investors are considered redeemable common shares and are presented as such in the Condensed Consolidated Statement of Changes in Redeemable Common Shares and Equity.

The per share purchase price for each class of our common shares sold in the Initial Retail Closing was equal to the NAV per share for the Class E shares issued in respect of the Initial BlackRock Investment (which was $24.99 per share). Thereafter, the per share purchase price for each class of our common shares sold in the Private Offering will vary and generally will be equal to the prior month's NAV per share for such class as of the last calendar day of such month, plus applicable upfront selling commissions and dealer manager fees.

The following table details the movement of the outstanding common shares for the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
|  | **Class E<br>Common Shares** | **Class F-I<br>Common Shares** | **Class F-S<br>Common Shares** |
| **Balance as of December 31, 2025** | 50731 | 4086380 | 512386 |
| Common shares issued | 35827 | 908024 | 1138328 |
| Distribution reinvestment | 357 | 45928 | 7688 |
| Common shares repurchased |  | (2054) |  |
| **Balance as of March 31, 2026** | **86915** | **5038277** | **1658402** |

---

The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income in accordance with GAAP, to its shareholders each year to comply with the REIT provisions of the Code. Each class of common shares received the same gross distribution per share during the period.

The aggregate and net distributions declared for each applicable class of common shares for the three months ended March 31, 2026 ($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| **Distributions - Per Share** | **Class E<br>Common Shares** | **Class F-I<br>Common Shares** | **Class F-S<br>Common Shares** |
| Aggregate distribution declared per share | $0.5781 | $0.5781 | $0.5781 |
| Shareholder servicing fee per share |  |  | 0.0536 |
| **Net distribution declared per share** | $**0.5781** | $**0.5781** | $**0.5245** |
|  | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| **Distributions - Amount ($ in thousands):** | **Class E<br>Common Shares** | **Class F-I<br>Common Shares** | **Class F-S<br>Common Shares** |
| Aggregate distribution declared | $199 | $2696 | $755 |
| Shareholder servicing fee |  |  | 69 |
| **Net distribution declared** | $**199** | $**2696** | $**686** |

---

There were no aggregate and net distributions declared for the three months ended March 31, 2025.

------

**Note 7. Redeemable Common Shares**

On December 23, 2024 (date of initial capitalization), the Sponsors invested an aggregate of $2,000 to capitalize the Company, with each Sponsor investing $1,000 in consideration for 40 common shares of beneficial interest, par value $0.01 per share. These common shares were exchanged into an equivalent number of issued and outstanding Class E shares as of March 4, 2025, and are considered redeemable common shares and are presented as such in the Condensed Consolidated Statement of Changes in Redeemable Common Shares and Equity.

In connection with the Initial Sponsor Investments, the Company entered into (i) a subscription agreement, dated March 14, 2025, by and between the Company and the BlackRock Advisor, as amended by Amendment No. 1, dated May 22, 2025, pursuant to which the BlackRock Advisor agreed, from time to time, to purchase from the Company an aggregate amount of not less than $50 million in Class E shares, and (ii) a subscription agreement, dated May 6, 2025, by and between the Company and the Monticello Investor, pursuant to which the Monticello Investor agreed, from time to time, to purchase from the Company an aggregate amount of not less than $3.25 million in Class E shares, in each case, at a price per share equal to the Company's most recently determined NAV of its Class E shares. On May 27, 2025, pursuant to the terms of the Initial Sponsor Investments, the Company issued 130,000 of its Class E shares to each of the Sponsor Investors (260,000 Class E shares in total) at a price per share of $25.00 for an aggregate purchase price of $6.5 million.

On October 16, 2025, the Company entered into each of (i) Amendment No. 2 to the subscription agreement, by and between the Company and the BlackRock Advisor (the "BlackRock Subscription Amendment"), and (ii) Amendment No. 1 to the subscription agreement (the "Monticello Subscription Amendment" and, together with the BlackRock Subscription Amendment, the "Subscription Amendments"), by and between the Company and the Monticello Investor, pursuant to which each of the Sponsor Investors agreed not to submit for repurchase any Class E shares issued to it in respect of their respective Sponsor Investments until December 31, 2028 (the "Sponsor Liquidity Date"). On or following the Sponsor Liquidity Date, each of the Sponsor Investors may, from time to time, request that the Company repurchase an aggregate number of Class E shares issued in respect of the Sponsor Investments equal to the amount available under the 5% quarterly cap of the share repurchase plan of the Company (the "Share Repurchase Plan") at a price per share equal to the most recently determined NAV per Class E share as of the repurchase date, but only during quarters when the Company fully satisfies repurchase requests from all other common shareholders who have properly submitted a repurchase request for such quarter in accordance with the Share Repurchase Plan, as described below (with respect to a repurchase from the BlackRock Advisor, a "BlackRock Repurchase"; with respect to a repurchase from the Monticello Investor, a "Monticello Repurchase"; and collectively, a "Sponsor Repurchase").

Notwithstanding the foregoing, for so long as (i) the BlackRock Advisor or its affiliate acts as the Company's investment advisor, the Company will not effect any BlackRock Repurchase, and (ii) the Monticello Investor or its affiliate acts as the Company's investment advisor, the Company will not effect any Monticello Repurchase, in each case, in any quarter that the full amount of all common shares requested to be repurchased by shareholders other than the Sponsor Investors and their respective affiliates under the Share Repurchase Plan are not repurchased or the Share Repurchase Plan has been suspended. We may fund any sponsor repurchase from sources other than cash flow from operations, including, without limitation, borrowings, offering net proceeds, the sale of assets, and return of capital, and we have no limits on the amounts we may fund from such sources. (See Note 8.)

As of March 31, 2026, all 260,080 Class E shares issued in respect of the Initial Sponsor Investments are considered redeemable common shares as reflected in the Condensed Consolidated Statement of Changes in Redeemable Common Shares and Equity. These common shares are classified in temporary equity given that the Class E shares held by the Sponsor Investors may be repurchased upon request following the applicable liquidity dates and subject to certain conditions as set forth in the Subscription Amendments.

Redeemable common shares are recorded at the greater of (i) their carrying amount, or (ii) their redemption value, which is determined based on the Company's NAV per share of the applicable share class as of the reporting date. Changes in the fair value of redeemable common shares are recorded to additional paid-in capital. For the three months ended March 31, 2026, the total change in the redeemable common shares inclusive of remeasurement was $0.1 million.

The following tables summarize the changes in redeemable common shares as of three months ended March 31, 2026 and March 31 2025:

---

| | |
|:---|:---|
| **Redeemable Common Shares** | **For the Three Months Ended<br>March 31, 2026** |
| **Balance as of December 31, 2025** | 260080 |
| Issuance of redeemable common shares |  |
| **Balance as of March 31, 2026** | **260080** |
|  | **For the Three Months Ended<br>March 31, 2025** |
| **Balance as of December 31, 2024** | 80 |
| Issuance of redeemable common shares | **—** |
| **Balance as of March 31, 2025** | **80** |

---

------

For the three months ended March 31, 2026, the aggregate net distributions declared for redeemable common shares are below:

---

| | |
|:---|:---|
| **Redeemable Common Shares** | **For the Three Months Ended<br>March 31, 2026** |
| Aggregate distribution declared per share | $0.5781 |
| Shareholder servicing fee per share |  |
| **Net distribution declared per share** | $**0.5781** |

---

There were no aggregate and net distributions declared for redeemable common shares for the three months ended March 31, 2025.

**Note 8. Share Repurchase Plan**

On March 4, 2025, the board of trustees adopted the Share Repurchase Plan. Pursuant to the Share Repurchase Plan, shareholders may request on a quarterly basis that the Company repurchase all or a portion of their common shares. The Company is not obligated to repurchase any common shares and may choose to repurchase only some, or even none, of the common shares that have been requested to be repurchased in any particular quarter in its discretion. Repurchases will be made at the transaction price in effect on the repurchase date, which will generally be equal to our prior month's NAV per share, except that common shares that have not been outstanding for at least one year will be repurchased at 95% of the transaction price (an "Early Repurchase Deduction"). The one year holding period is measured from the first calendar day of the month in which the shares were issued to the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction will not apply to shares acquired through our distribution reinvestment plan.

The aggregate NAV of total repurchases of all classes under the Share Repurchase Plan will be limited to no more than 5% of the aggregate NAV per calendar quarter (measured using the aggregate NAV as of the end of the immediately preceding month). Common shares issued to the Advisors pursuant to the Advisory Agreements (as defined in Note 10) or in connection with the Initial Sponsor Investments will not be subject to these repurchase limitations. For the three months ended March 31, 2026 there were $0.1 million in total repurchases. There were no repurchases for the three months ended March 31, 2025.

In the event that the Company determines to repurchase some but not all of the common shares submitted for repurchase during any calendar quarter, common shares repurchased at the end of the calendar quarter will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted after the start of the next calendar quarter, or upon the recommencement of the Share Repurchase Plan, as applicable, subject in each case to the limitations of the Share Repurchase Plan.

**Note 9. Net Income (Loss) Per Common Share**

As of March 31, 2026, there were no dilutive instruments impacting net income per common share, therefore there is no difference between basic and diluted net income per common share. Net income per common share for the three months ended March 31, 2026 and March 31, 2025, respectively, is computed as follows ($ in thousands, except for share and per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For The Three Months Ended March 31, 2026** | **For The Three Months Ended March 31, 2026** | **For The Three Months Ended March 31, 2026** | **For The Three Months Ended March 31, 2026** | **For The Three Months Ended March 31, 2026** |
| **Basic and Diluted:** | **Class E** <sup>(1)</sup> | **Class F-I** | **Class F-S** | **Total** |
| Net income (loss) | $274 | $3709 | $922 | $4905 |
| Weighted-average common shares outstanding, (basic and diluted) | 344269 | 4664394 | 1311499 | 6320162 |
| Basic and Diluted net income (loss) per common share | $0.80 | $0.80 | $0.70 | $0.78 |

---

________________________

See notes below

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For The Three Months Ended March 31, 2025** | **For The Three Months Ended March 31, 2025** | **For The Three Months Ended March 31, 2025** | **For The Three Months Ended March 31, 2025** | **For The Three Months Ended March 31, 2025** |
|  | **Class E** <sup>(1)</sup> | **Class F-I** | **Class F-S** | **Total** |
| **Basic and Diluted:** |  |  |  |  |
| Net income (loss) | $— | $— | $— | $— |
| Weighted-average common shares outstanding, (basic and diluted) | 80 |  |  | 80 |
| Basic and Diluted net income (loss) per common share | $— | $— | $— | $— |

---

<sup>(1)</sup> Class E shares include redeemable common shares issued to the Advisors (Note 7).

------

**Note 10. Related Party Transactions**

The table below presents information regarding due to affiliates as of March 31, 2026 and December 31, 2025 ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Accrued Shareholder servicing fee payable | $3451 | $1101 |
| **Total Shareholder servicing fee payable:** | $3451 | $1101 |
| Advanced organization costs<sup>(1)</sup> | $2652 | $2484 |
| Advanced offering costs<sup>(1)</sup> | 4321 | 3570 |
| Advanced operating expenses<sup>(2)</sup> | 7972 | 5507 |
| Performance fee payable | 121 |  |
| **Total Due to affiliates** | $15066 | $11561 |

---

<sup>(1)</sup> The Company will reimburse the Advisors for certain expenses advanced through July 1, 2026, which is the first anniversary of the Initial Retail Closing of the Private Offering, ratably over the 60 months following July 1, 2026.

<sup>(2)</sup> The Company will reimburse the Advisors for certain expenses advanced through July 1, 2026, which is the first anniversary of the Initial Retail Closing of the Private Offering, ratably over the 60 months following July 1, 2026. Both as of March 31, 2026 and December 31, 2025, certain reimbursable general and administrative expenses included $4.8 million related to operating expense reimbursement subjected to the 60 month repayment schedule.

**Management Fee:** The services to be provided by the Advisors and the compensation to be paid by the Company are set forth in the advisory agreements between the Company and each of the Advisors (the "Advisory Agreements"). Pursuant to the terms of the Advisory Agreements, the Company will pay the Advisors a combined management fee equal to (i) 1.25% of NAV for its Class S shares, Class T shares, Class D shares and Class I shares and (ii)(a) 0.0% of NAV for its Class F-S shares, Class F-D shares and Class F-I shares for the period beginning on the Initial Retail Closing until July 1, 2026, which is the first anniversary of the Initial Retail Closing (such date, the "Reduced Fee Expiration Date"), (b) 0.75% of NAV for its Class F-S shares, Class F-D shares and Class F-I shares for the period from the Reduced Fee Expiration Date until July 1, 2030, which is the fifth anniversary of the Initial Retail Closing, and (c) 1.25% of NAV for its Class F-S shares, Class F-D shares and Class F-I shares thereafter, in each case, per annum, accrued monthly and payable quarterly in arrears.

The management fee may be paid, at each Advisor's election, in cash or Class E shares of the Company, or any combination thereof. The Company will not pay the Advisors a management fee with respect to the Class E shares. As of March 31, 2026, only Class E, Class F-S and Class F-I shares were issued by the Company, and therefore no management fee was earned or paid to the Advisors for the three months ended March 31, 2026.

**Performance Fee:** The Advisors may be entitled to a combined performance fee, which is accrued monthly and payable quarterly (or part thereof that the Advisory Agreements are in effect) in arrears. The performance fee generally will be an amount, not less than zero, equal to (i) 12.5% of cumulative Core Earnings (as defined below) for the immediately preceding four calendar quarters (or such shorter period until the Company has operated for four full calendar quarters) (each such period, a "4-Quarter Performance Measurement Period"), subject to a hurdle rate, expressed as an annual rate of return on adjusted capital, equal to 5.0% (the "Annual Hurdle Rate"), (ii) subject to a 100% catch-up provision (as described below) and minus (iii) the sum of any performance fees paid to the Advisors with respect to the other calendar quarters in the applicable 4-Quarter Performance Measurement Period. As a result, the Advisors generally do not earn the performance fee for any calendar quarter until Core Earnings for the applicable 4-Quarter Performance Measurement Period exceed the Annual Hurdle Rate.

Once Core Earnings in the applicable 4-Quarter Performance Measurement Period exceeds the Annual Hurdle Rate, the Advisors are generally entitled to a "catch-up" fee equal to 100% of the amount of Core Earnings in excess of the Annual Hurdle Rate, until Core Earnings as a percentage of the adjusted capital for such 4-Quarter Performance Measurement Period is equal to 5.714% (the result of (i) the Annual Hurdle Rate divided by (ii) 0.875 (or 1 minus 0.125)). Thereafter, the Advisors are entitled to receive 12.5% of Core Earnings. Proportional performance fee calculation methods apply in the periods prior to the period in which the Company has completed four full calendar quarters.

For purposes of calculating the performance fee, "Core Earnings" means, for the applicable 4-Quarter Performance Measurement Period, the net income (loss) attributable to shareholders of Class S shares, Class T shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares and Class F-I shares, computed in accordance with GAAP, including realized gains (losses) not otherwise included in GAAP net income (loss) and excluding (i) the performance fee, (ii) depreciation, (iii) any unrealized gains or losses for the applicable reporting period, (iv) one-time events pursuant to changes in GAAP, and (v) certain non-cash adjustments and certain material non-cash income or expense items, in each case for this clause (v) after discussions between the Advisors and the Company's independent trustees and approved by a majority of the Company's independent trustees.

The performance fee may be paid, at each Advisor's election, in cash or Class E shares of the Company, or any combination thereof. The Company will not pay the Advisors a performance fee on Class E shares. For the three months ended March 31, 2026, the Company incurred $0.1 million in performance fees which is payable to the Advisors as of March 31, 2026.

------

**Organization and Offering Expenses:** The Advisors have agreed to advance all of the Company's organization and offering expenses including legal, accounting, printing, mailing, subscription processing and filing fees and expenses, reasonable bona fide due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of our escrow agent and transfer agent, and expense reimbursements for actual costs incurred by employees of the Dealer Manager in the performance of wholesaling activities (but excluding upfront selling commissions, dealer manager fees and the shareholder servicing fee) through July 1, 2026, which is the first anniversary of the Initial Retail Closing of the Private Offering. The Company will reimburse the Advisors for all such advanced expenses ratably over the 60 months following July 1, 2026 . Wholesaling compensation expenses of persons associated with the Dealer Manager will be paid by the Advisors without reimbursement from the Company. During the three months ended March 31, 2026, the Advisors did not advance additional organizational expenses. As of March 31, 2026 and December 31, 2025 the Advisors have advanced organizational expenses of $2.7 million and $2.5 million, respectively, and is included as part of due to affiliates on the Condensed Consolidated Balance Sheets. During the three months ended March 31, 2026, the Advisors advanced offering costs of $0.8 million which included $0.6 million of offering costs eligible for reimbursement of the Advisors personnel and its affiliates other than those who provide investment advisory services to us or serve as the Company's executive officers. As of March 31, 2026 and December 31, 2025, the amount due to Advisors for offering expenses $4.3 million and $3.6 million, respectively, which is included as part of due to affiliates on the Condensed Consolidated Balance Sheets.

**Operating Expense Reimbursement:** The Company will reimburse the Advisors and their affiliates for out-of-pocket costs and expenses they incurred in connection with the services they provide, including, but not limited to, (1) the actual cost of goods and services used and obtained, whether payable to an affiliate or a non-affiliated person, including fees paid to administrators, consultants, attorneys, technology providers and other service providers, fees relating to investment valuations and any fees relating to the Company's operations and administration, and brokerage fees paid in connection with the purchase and sale of investments and securities, (2) expenses of managing and operating the Company's investments, whether payable to an affiliate or a non-affiliated person, (3) out-of-pocket expenses in connection with the selection, evaluation, structuring, acquisition, origination and financing of investments, whether or not such investments are acquired and (4) expenses of personnel of the Advisors and their affiliates other than those who provide investment advisory services to us or serve as the Company's executive officers, provided, that the Advisors may be reimbursed for services performed by an executive officer that are outside the scope of such role. As of March 31, 2026 and December 31, 2025, there was $8.0 million and $5.5 million, respectively, in advanced operating expenses which is payable to the Advisors. Included within these balances as of March 31, 2026 and December 31, 2025 are $3.1 million and $2.1 million, respectively, which represent amounts incurred by the Advisor, for which the Advisors are entitled to reimbursement. For the three months ended March 31, 2026, $1.0 million was incurred by the Advisor for operating expenses which were subject to reimbursement. Certain other costs and expenses were eligible for reimbursement but were not asked to be reimbursed by the Advisors for the year ended December 31, 2025 and the three months ended March 31, 2026.

The Company will reimburse the Advisors for certain expenses advanced through July 1, 2026, which is the first anniversary of the Initial Retail Closing of the Private Offering, ratably over the 60 months following July 1, 2026. Operating expenses incurred after July 1, 2026 are intended to be paid by the Company as incurred. For the three months ended March 31, 2026, the Company incurred $22 thousand of certain general and administrative expenses and debt issuance costs advanced by the Advisors subject to the 60 month repayment. Both as of March 31, 2026 and December 31, 2025, the amount due to Advisors for such expenses of $4.8 million is included as part of due to affiliates on the Condensed Consolidated Balance Sheets.

**Origination Fees:** Effective October 16, 2025, the Company receives a pro rata portion (based upon the Company's investment as a percentage of the whole loan) of origination fees paid by a borrower or its affiliate in connection with the origination of each new loan owned in whole or part by the Company, net of certain fees and/or commissions paid to third parties in respect of the origination of such loans (the "net origination fee"). With respect to each originated loan, the Company pays to the Monticello Advisor an amount equal to one-half of the net origination fee received by the Company in respect of such loan (not to exceed 0.50% of the principal amount thereof, assuming that such loan is fully drawn), and retains for the benefit of the Company any remaining net origination fee in respect of such loan. Any extension fees, exit fees, prepayment fees, loan assumption fees, underwriting fees, administration fees and/or similar fees in respect of loans owned in whole or part by the Company or its subsidiaries are retained by the Advisors. For the three months ended March 31, 2026, the Company earned $2.3 million in net origination fees which is recorded within other income on the Condensed Consolidated Statement of Operations. During the three months ended March 31, 2026, $1.2 million of the net origination fee income was owed to the Monticello Advisor and recorded within origination fees payable to advisors on the Condensed Consolidated Statement of Operations.

In addition, and for the avoidance of doubt, the Company reimburses the Advisors for out-of-pocket expenses in connection with the selection, origination and acquisition of investments, whether or not such investments are acquired. No such expenses were incurred or reimbursed for the three months ended March 31, 2026 and March 31, 2025.

**Fees or Reimbursements for Other Services**: The Company may retain certain of the Advisors' affiliates, from time to time, for services relating to Company investments or operations, which may include, but are not limited to, accounting and administration services, tax services, compliance services, reporting services, capital markets services, restructuring services, valuation services, underwriting and diligence services, and special servicing, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing and asset management, property, title and other types of insurance, management consulting and other similar operational and investment matters. Any fees or reimbursements paid to the Advisors' affiliates for any such services will not reduce the management fee. No fees or reimbursements for these services were incurred during the three months ended March 31, 2026.

------

**Upfront Selling Commissions and Dealer Manager Fees:** The Dealer Manager is entitled to receive upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5% of the transaction price of each Class T share sold. The Dealer Manager is entitled to receive upfront selling commissions of up to 3.5% of the transaction price of each Class S share and Class F-S share sold in the primary offering. The Dealer Manager may be entitled to receive upfront selling commissions of up to 1.5% of the transaction price of each Class D share and Class F-D share sold in the primary offering. The Dealer Manager anticipates that all or a portion of the upfront selling commissions and dealer manager fees will be retained by, or reallowed (paid) to, participating broker-dealers.

No upfront selling commissions or dealer manager fees are paid with respect to purchases of Class I, Class F-I, Class E shares or on shares of any class purchased under the Company's distribution reinvestment plan.

**Shareholder Servicing Fees:** BlackRock Investments, LLC, a broker-dealer affiliated with the BlackRock Advisor, will act as the dealer manager for the offering of shares (the "Dealer Manager") pursuant to a dealer manager agreement between the Company and the Dealer Manager. In addition, the Dealer Manager will engage third party broker-dealers and registered investment advisers to participate in the distribution of the offering of shares.

The Company will pay the Dealer Manager shareholder servicing fees over time for ongoing services rendered to shareholders by participating broker-dealers or broker-dealers servicing investors' accounts equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•with respect to outstanding Class T shares, 0.85% per annum of the aggregate NAV of outstanding Class T shares, consisting of a financial adviser shareholder servicing fee of 0.65% per annum, and a dealer manager shareholder servicing fee of 0.20% per annum. Amounts paid for shareholder servicing fee and the dealer manager shareholder servicing fee may be adjusted as long as it does not exceed 0.85% per annum of the NAV of such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•with respect to outstanding Class S shares and Class F-S shares, 0.85% per annum of the aggregate NAV of outstanding Class S shares and Class F-S shares, respectively; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•with respect to outstanding Class D shares and Class F-D shares, 0.25% per annum of the aggregate NAV of outstanding Class D shares and Class F-D shares, respectively.

The Company will not pay a shareholder servicing fee with respect to outstanding Class I, Class F-I or Class E shares.

The Company accrues as an offering cost, the estimated amount of shareholder service fees payable to the Dealer Manager over the estimated investment period of each holder of the respective shares. Accrued shareholder servicing fees were $3.5 million and $1.1 million as of March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026, the Company accrued $2.4 million and paid $9 thousand in shareholder service fees.

**Note 11. Income Taxes**

The Company intends to elect to be taxed as a REIT under Sections 856 through 860 of the Code commencing with the taxable year ended December 31, 2025. The Company believes that it is organized and operates in such a manner as to qualify for treatment as a REIT and intends to continue to operate in the foreseeable future in such a manner that the Company will remain qualified as a REIT for income tax purposes. A REIT is required by U.S. federal income tax law to distribute annually at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and pay tax at regular corporate rates to the extent that a REIT annually distributes less than 100% of its net taxable income. It is generally the Company's policy that it will distribute 100% of its REIT taxable income. To the extent there is any undistributed REIT taxable income at the end of a year, the Company will distribute such shortfall within the next year as permitted by the Code. Upon filing, the Company's tax returns for three years from the date filed are subject to examination.

The Company and its direct subsidiary, BLKM Funding (TRS) LLC, have made a joint election to treat the subsidiary as a TRS. As such, the TRS is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon its taxable income. As of March 31, 2026, no valuation allowance was established.

**Note 12. Economic Dependency**

The Company is dependent on the Advisors and their affiliates for certain services that are essential to it, including the sale of the Company's common shares, investment acquisition and disposition decisions, and certain other responsibilities. In the event that the Advisors and/or their affiliates are unable or unwilling to provide such services, the Company would be required to find alternative advisors and service providers.

------

**Note 13. Commitments and Contingencies**

As of March 31, 2026, the Company was not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

*Real Estate Loan Commitments*

As of March 31, 2026, the Company had $73.9 million of unfunded commitments related to real estate loan investments. The timing and amounts of future loan fundings under these commitments are uncertain as these commitments may relate to loans for construction costs, capital expenditures, leasing costs, interest and carry costs, among others. As such, the timing and amounts of future fundings depend on the progress and performance of the underlying assets of our loans. Certain of our lenders are contractually obligated to fund their ratable portion of these loan commitments over time, while other lenders have some degree of discretion over future loan funding obligations. The total unfunded commitment is expected to be funded over the remaining tenors of these loans.

**Note 14. Subsequent Events**

The Company has evaluated the impact of all subsequent events through the date the condensed consolidated financial statements were available for issuance.

*Private Offering*

In connection with the Company's continuous private offering, on April 1, 2026, the Company sold an aggregate of 646,159.53 common shares for consideration of $16,223,625 to third party investors of the Company. The sale consisted of 379,750.62 of Class F-I shares and 266,408.91 Class F-S shares for consideration of $9,526,500 and $6,670,000, respectively, net of applicable upfront selling commissions and dealer manager fees.

Additionally, on May 1, 2026, the Company sold an aggregate of 984,529.88 common shares for consideration of $24,961,800.00 to third party investors of the Company. The sale consisted of 168,333.69 of Class F-I and 816,196.19 of Class F-S for consideration of $4,256,250.00 and $20,575,000.00, respectively, net of applicable upfront selling commissions and dealer manager fees. The offer and sale of the shares was exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2) and Rule 506 of Regulation D promulgated thereunder.

*Dividends*

On April 30, 2026, the Company declared distributions for each class of its common shares in the amount per share set forth below:

---

| | | | |
|:---|:---|:---|:---|
| **Per Share** | **Gross Distribution** | **Shareholder <br>Servicing Fee** | **Net Distribution** |
| Class F-I Common Shares | $0.1927 | $— | $0.1927 |
| Class E Common and Redeemable Shares | $0.1927 | $— | $0.1927 |
| Class F-S Common Shares | $0.1927 | $0.0178 | $0.1749 |

---

------

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS** **OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*References herein to "BlackRock Monticello Debt Real Estate Investment Trust.," "Company," "we," "us," or "our" refer to BlackRock Monticello Debt Real Estate Investment Trust and its subsidiaries unless the context specifically requires otherwise.*

*The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed under Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 (as amended, the "2025 Annual Report"), filed with U.S. Securities and Exchange Commission (the "SEC").*

**Forward-Looking Statements**

Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q may include statements as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of the assets in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of the investments that we make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to raise sufficient capital to execute our investment and lending strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to source adequate investment and lending opportunities to efficiently deploy capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our current and expected financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of global and national economic and market conditions generally upon our operating results, including, but not limited to, changes with respect to inflation, interest rate changes and supply chain disruptions, and changes in government rules, regulations and fiscal policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our cash resources, financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing and amount of cash flows, distributions and dividends, if any, from our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with the Advisors (as defined below) or any of their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy and its effect on the assets in which we may invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our use of financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Advisors to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Advisors or their affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to structure investments in a tax-efficient manner and the effect of changes to tax legislation and our tax position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the tax status of the assets in which we may invest.

In addition, words such as "may," "will," "should," "target," "project," "estimate," "continue," "anticipate," "believe," "expect" or "intend" or the negatives thereof or other variations thereon or comparable terminology indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "*Item 1A. Risk Factors*" section of the 2025 Annual Report filed with the SEC and elsewhere in this Quarterly Report on Form 10-Q. Other factors that could cause actual results to differ materially include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the economy, particularly those affecting the real estate industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated with possible disruption in our operations or the economy generally due to terrorism, war and military conflicts, natural disasters and climate-related risks, epidemics or other events having a broad impact on the economy;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse conditions in the areas where our investments or the properties underlying such investments are located and local real estate conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our portfolio's concentration in certain industries and geographies, and, as a consequence, our aggregate return may be substantially affected by adverse economic or business conditions affecting that particular type of asset or geography;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•limitations on our business and our ability to satisfy requirements to maintain our exclusion from registration under the Investment Company Act of 1940, as amended, or to qualify as and maintain our qualification as a real estate investment trust ("REIT") for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•since there is no public trading market for our common shares, repurchase of common shares by us will likely be the only way to dispose of your shares. Our share repurchase plan provides shareholders with the opportunity to request that we repurchase their common shares on a quarterly basis, but we are not obligated to repurchase any common shares and may choose to repurchase only some, or even none, of our common shares that have been requested to be repurchased in any particular calendar quarter in our discretion. In addition, repurchases will be subject to available liquidity and other significant restrictions. Further, our board of trustees may make exceptions to, modify and suspend our share repurchase plan if, in its reasonable determination, it deems such action to be in our best interest. As a result, our common shares should be considered as having only limited liquidity and at times may be illiquid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•distributions are not guaranteed and may be funded from sources other than cash flow from operations, including, without limitation, borrowings, offering proceeds, the sale of our assets, and repayments of our real estate debt investments, and we have no limits on the amounts we may fund from such sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the purchase and repurchase prices for our common shares are generally based on our prior month's net asset value ("**NAV**") and are not based on any public trading market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•future changes in laws or regulations and conditions in our operating areas.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this Quarterly Report on Form 10-Q. Moreover, we assume no duty and do not undertake to update the forward-looking statements.

**Overview**

We are a Maryland statutory trust formed on November 7, 2024 and we intend to elect to be taxed as a REIT for federal income tax purposes, commencing with our taxable year ended December 31, 2025. We are externally co-managed by (i) BlackRock Financial Management, Inc. (the "BlackRock Advisor"), an affiliate of BlackRock, and (ii) MONTICELLOAM, LLC (in its capacity as investment adviser to the Company, the "Monticello Advisor", each, an "Advisor" and, together, the "Advisors").

Our investment objectives are to invest primarily in assets that will enable us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide shareholders with current income in the form of regular, stable cash distributions in order to achieve an attractive distribution yield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preserve and protect shareholders' invested capital by focusing on high quality real estate assets that typically have current cash-flow and/or limited business plan risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reduce downside risk through conservative loan-to-value ratios against high quality real estate assets with meaningful borrower equity or implied equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide an investment alternative for shareholders seeking to allocate a portion of their investment portfolios to real estate debt with lower volatility than publicly traded securities and compelling risk-adjusted returns compared to fixed income alternatives.

We cannot assure you that we will achieve our investment objectives. See "Item 1A. Risk Factors".

Our primary investment strategy is to originate, acquire, finance, manage and dispose of a portfolio consisting primarily of real estate debt investments, including senior mortgage loans, subordinated debt and other similar investments (the "Loan Portfolio"). Our real estate loans are generally secured by properties located in the United States and include, without limitation, seniors housing, multifamily and other commercial real estate assets.

To a lesser extent, we expect to invest in publicly traded real estate related debt or securities, private real estate-related debt, and other securities, including collateralized loan obligations ("CLOs") and/or cash and cash equivalent investments (collectively, the "Liquid Investments Portfolio").

------

The Monticello Advisor serves as our investment manager with respect to the Loan Portfolio and the BlackRock Advisor serves as our investment manager with respect to the Liquid Investments Portfolio.

Our board of trustees has ultimate oversight and policy-making authority over us, including responsibility for governance, financial controls, compliance and disclosure. Pursuant to the advisory agreements between the Company and each of the Advisors, however, we have delegated to the Advisors the authority to source, evaluate and monitor our investment opportunities and make decisions related to the acquisition, management, financing and disposition of our assets, in accordance with our investment objectives, guidelines, policies and limitations, subject to oversight by our board of trustees.

We are structured as a non-listed, perpetual-life REIT, and therefore our securities are not listed on a national securities exchange and, as of the date of this Quarterly Report on Form 10-Q, there is no plan to list our securities on a national securities exchange. We are organized as a holding company and conduct our business primarily through our various subsidiaries. We intend to elect to be taxed as a REIT under the Internal Revenue Code of 1986 (the "Code") for federal income tax purposes and generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our REIT taxable income to shareholders and qualify as a REIT.

We are not aware of any material trends or uncertainties, favorable or unfavorable, other than national economic conditions affecting real estate generally, that may be reasonably anticipated to have a material impact on either capital resources or the revenues or income to be derived from our real estate-related debt investments or real estate-related securities, other than those referred to in this Form 10-Q.

**Accounting Policies**

See Note 2 - "Significant Accounting Policies" in the condensed consolidated financial statements included in this Form 10-Q for a discussion of accounting policies that impact the Company.

**Critical Accounting Estimates**

The preparation of our condensed consolidated financial statements in accordance with GAAP involves significant judgments and assumptions and requires estimates about matters that are inherently uncertain. These judgments will affect our reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our condensed consolidated financial statements. See below for a summary of the accounting policy election for the fair value option for real estate loan investments and our debt obligations which we believe is most affected by our judgments, estimates, and assumptions. Also refer to Note 2 – "*Significant Accounting Policies*" within the condensed consolidated financial statements for further descriptions of such accounting policies.

**Fair Value Option** 

The guidance in ASC 825 provides a fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. In the cases of real estate loan investments for which the fair value option is elected, origination fees, up-front fees and costs related to the origination or acquisition of the real estate loan investments are immediately expensed in earnings as incurred. Unrealized gains and losses on assets and liabilities for which the fair value option has been elected, if any, are also reported in earnings. This is because under the fair value option, a lender reports the instrument at its exit price (i.e., the price that would be received to sell the instrument in an orderly transaction), which reflects the market's assessment of the instrument's cash flows and risks and does not include any entity-specific costs or fees. Similarly, for the Company's debt obligations, debt issuance costs are immediately expensed in earnings.

As discussed in Note 2 – "*Significant Accounting Policies*" to our financial statements, the Company has elected the fair value option for certain eligible financial assets and liabilities including real estate loan investments and debt obligations. The fair value elections were made to create a more direct alignment between the Company's financial reporting and the calculation of net asset value per share used to determine the prices at which investors can purchase and redeem shares of the Company's common shares.

The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately on the Company's Condensed Consolidated Balance Sheets from those instruments using another accounting method.

**Recent Accounting Developments**

Refer to Note 2 – *"Significant Accounting Policies*" within the condensed consolidated financial statements for a discussion of recent accounting developments and the expected impact to the Company.

------

**Q1 2026 Highlights**

***Capital Activity and Distributions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Raised $52.2 million of gross proceeds from the issuance of common shares, in addition to $1.4 million of distributions reinvested in the Company's common shares during the three months ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Declared distributions totaling approximately $3.6 million for the three months ended March 31, 2026, of which $1.4 million was reinvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Repurchased $0.1 million of Class F-I common shares.

***Investing Activity***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Originated 5 floating rate senior commercial real estate loans with a total commitment amount of $222.3 million and total outstanding principal amount of $205.0 million for the three months ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Invested in 3 loan participations with a total commitment amount of $26.3 million, and total outstanding principal amount of $26.3 million as of March 31, 2026.

***Financing Activity***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Upsized the credit agreement (as it may be amended from time to time, the "Customers Bank Credit Agreement") with Customers Bank, as lender, account bank and administrative agent, certain other participating lenders, and MonticelloAM Servicing, LLC, as servicer, by $100 million for a maximum aggregate commitment of $360 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Received borrowings of $254 million from our debt obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Repaid $81 million of borrowing from our debt obligations

------

**Portfolio**

As of March 31, 2026, the Company had originated 21 senior commercial real estate loans with a total commitment amount of $788.8 million and total outstanding principal amount of $716.5 million and invested in 12 loan participations, including 9 subordinate participation interests in a floating rate mortgage loans, 2 participations in variable rate mezzanine loans, and 1 participation interest in a fixed rate mezzanine loan for a total commitment amount of $78.6 million and total outstanding principal amount of $77.0 million.

The following table details the statistics of our Loan Portfolio as of March 31, 2026:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property<br>Type** | **Location** | **Origination<br>Date** | **Stated<br>Interest Rate**<sup>(3)</sup> | **Original<br>Loan<br>Amount** | **Current<br>Principal<br>Outstanding** | **Fair<br>Value** | **Unfunded<br>Commitments** | **Payment<br>Terms** <sup>(4)</sup> | **Current<br>Maturity<br>Date** | **Maximum<br>Maturity<br>Date**<sup>(5)</sup> |
| Senior Housing | Maryland | 3/31/2026<sup>(1)</sup> | 1M SOFR + 4.55% | $20000 | $20000 | $20000 | N/A | Monthly, I/O-A | 3/31/2029 | 3/31/2030 |
| Senior Housing | Washington | 3/27/2026 | 1M SOFR + 4.25% | 40000 | 40000 | 40000 | N/A | Monthly, I/O-A | 3/27/2029 | 9/27/2029 |
| Senior Housing | New Jersey | 3/26/2026<sup>(1)</sup> | 1M SOFR + 4.75% | 2000 | 2000 | 2000 | N/A | Monthly, I/O-A | 5/30/2027 | 5/30/2028 |
| Senior Housing | New York | 2/27/2026<sup>(1)</sup> | 1M SOFR + 4.25% | 4250 | 4250 | 4250 | N/A | Monthly, I/O-A | 8/27/2028 | 2/27/2029 |
| Senior Housing | Colorado | 2/4/2026 | 1M SOFR + 4.85% | 11300 | 11300 | 11300 | N/A | Monthly, I/O-A | 2/4/2029 | 2/4/2029 |
| Senior Housing | Illinois | 1/23/2026 | 1M SOFR + 4.15% | 40000 | 40000 | 40000 | 4000 | Monthly, I/O-A | 1/23/2029 | 1/23/2029 |
| Multifamily | Florida | 1/15/2026 | 1M SOFR + 2.65% | 52000 | 52000 | 52000 | N/A | Monthly, I/O | 2/1/2029 | 2/1/2031 |
| Senior Housing | Pennsylvania | 1/14/2026 | 1M SOFR + 3.85% | 61700 | 61700 | 61700 | 13300 | Monthly, I/O-A | 7/14/2029 | 1/14/2030 |
| Senior Housing | South Carolina | 12/31/2025 | 1M SOFR + 3.75% | 19300 | 19300 | 19300 | N/A | Monthly, I/O-A | 1/1/2028 | 1/1/2029 |
| Senior Housing | Kentucky | 12/31/2025 | 1M SOFR + 3.85% | 11150 | 11150 | 11150 | 2500 | Monthly, I/O-A | 1/1/2029 | 1/1/2029 |
| Senior Housing | Pennsylvania | 12/29/2025 | 1M SOFR + 3.90% | 12800 | 12800 | 12800 | 1500 | Monthly, I/O-A | 12/29/2027 | 12/29/2028 |
| Senior Housing | Florida | 12/19/2025<sup>(1)</sup> | 1M SOFR + 3.75% | 2300 | 2300 | 2300 | N/A | Monthly, I/O-A | 12/19/2027 | 12/19/2028 |
| Senior Housing | Illinois | 12/17/2025<sup>(6)</sup> | 1M SOFR + 3.75% | 52000 | 52000 | 52000 | 8000 | Monthly, I/O-A | 12/17/2027 | 12/17/2028 |
| Multifamily | Texas | 12/10/2025 | 1M SOFR + 3.00% | 28700 | 28700 | 28700 | 1800 | Monthly, I/O | 1/1/2028 | 1/1/2030 |
| Multifamily | California | 12/4/2025 | 1M SOFR + 2.75% | 30400 | 30400 | 30400 | N/A | Monthly, I/O | 1/1/2028 | 1/1/2030 |
| Senior Housing | Illinois | 11/26/2025<sup>(1)</sup> | 1M SOFR + 3.95% | 2000 | 2000 | 2000 | 92 | Monthly, I/O-A | 11/26/2028 | 11/26/2029 |
| Senior Housing | Wisconsin,<br>Ohio | 10/31/2025 | 1M SOFR + 3.85% | 23500 | 23500 | 23500 | 5000 | Monthly, I/O-A | 4/30/2028 | 10/31/2028 |
| Senior Housing | Virginia | 10/30/2025<sup>(1)</sup> | 1M SOFR + 4.50% | 20000 | 20000 | 20000 | N/A | Monthly, I/O-A | 10/30/2028 | 10/30/2030 |
| Senior Housing | California | 9/30/2025 | 1M SOFR + 3.85% | 14250 | 14250 | 14250 | 5500 | Monthly, I/O-A | 9/30/2027 | 9/30/2028 |
| Senior Housing | New York | 8/29/2025<sup>(1)</sup> | 1M SOFR + 4.85% | 2150 | 2150 | 2150 | N/A | Monthly, I/O-A | 9/20/2026 | 9/20/2027 |
| Multifamily | Virginia | 8/27/2025 | 1M SOFR + 2.80% | 35130 | 35130 | 35130 | 2720 | Monthly, I/O | 10/1/2027 | 10/1/2029 |
| Senior Housing | Rhode Island,<br>Massachusetts | 8/20/2025 | 1M SOFR + 4.40% | 54000 | 54000 | 54000 | 16000 | Monthly, I/O-A | 8/20/2027 | 8/20/2028 |
| Senior Housing | North Carolina | 8/13/2025 | 1M SOFR + 4.25% | 13400 | 13400 | 13400 | N/A | Monthly, I/O-A | 8/13/2028 | 8/13/2029 |
| Senior Housing | Kentucky | 8/7/2025 | 1M SOFR + 3.95% | 19250 | 19250 | 19250 | 6100 | Monthly, I/O-A | 8/7/2028 | 8/7/2028 |
| Senior Housing | North Carolina | 8/6/2025 | 1M SOFR + 4.45% | 45600 | 45600 | 45600 | N/A | Monthly, I/O-A | 8/6/2027 | 8/6/2028 |
| Senior Housing | North Carolina | 8/6/2025 | 1M SOFR + 4.45% | 44900 | 44900 | 44900 | N/A | Monthly, I/O-A | 8/6/2027 | 8/6/2028 |
| Senior Housing | New York | 8/4/2025<sup>(2)</sup> | FIXED 14.50% | 3475 | 3475 | 3475 | 869 | Monthly, I/O-A | 8/4/2029 | 8/4/2029 |
| Senior Housing | New York | 6/27/2025<sup>(1)</sup> | 1M SOFR + 4.25% | 8500 | 8500 | 8500 | 118 | Monthly, I/O-A | 6/26/2028 | 6/26/2028 |
| Senior Housing | North Carolina | 6/27/2025<sup>(2)</sup> | 1M SOFR + 12.13% | 6000 | 6000 | 6000 | N/A | Monthly, I/O-A | 6/27/2028 | 6/27/2029 |
| Multifamily | Florida | 6/6/2025 | 1M SOFR + 2.65% | 41500 | 41500 | 41500 | N/A | Monthly, I/O | 7/1/2028 | 7/1/2030 |
| Senior Housing | Kentucky | 6/6/2025<sup>(2)</sup> | 1M SOFR + 11.74% | 4970 | 4970 | 4970 | 251 | Monthly, I/O-A | 12/6/2028 | 12/6/2028 |
| Senior Housing | Wisconsin | 5/30/2025<sup>(1)</sup> | 1M SOFR + 4.55% | 1333 | 1333 | 1333 | 290 | Monthly, I/O-A | 5/30/2027 | 5/30/2028 |
| Multifamily | Maryland | 5/29/2025 | 1M SOFR + 2.65% | 65641 | 65641 | 65641 | 5843 | Monthly, I/O | 6/1/2027 | 6/1/2030 |
|  |  |  |  | $793499 | $793499 | $793499 | $73882 |  |  |  |

---

(1)Investment is a subordinate participation interest in a mortgage loan originated by affiliates of the Monticello Advisor.

(2)Investment is a participation interest in a mezzanine loan originated by affiliates of the Monticello Advisor.

(3)Represents the stated interest rate on the whole loan. Unless otherwise noted, mortgage loans earn interest at the one-month Term Secured Overnight Financing Rate ("SOFR") plus a spread. On March 31, 2026, the one-month Term SOFR was 3.67%. For investments in subordinate participation interests in mortgage loans, the Company's subordinate interests are held through junior participations in the respective mortgage loans originated by affiliated entities. The Company is entitled to its pro-rata share of interest per the respective participation agreements. The stated interest rate is of the loan originated by the affiliated entity.

(4)Payment terms are interest only (I/O), or initially interest only and amortize at a future period in accordance with the terms of the respective agreements (I/O-A).There are no loans with liens or with principal amounts or interest in delinquency as of March 31, 2026.

(5)Maximum maturity date assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are typically subject to satisfaction of certain predefined conditions as defined in the respective loan agreements.

------

**Results of Operations**

The following table sets forth information regarding our Condensed Consolidated Results of Operations for the three months ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended<br>March 31, 2026** | **For the Three Months Ended<br>March 31, 2025** |
| **Revenue** |  |  |
| Interest income | $14136 | $— |
| Other income | 2343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | **16479** | **—** |
| **Expenses** |  |  |
| Interest and fees on debt obligations | $7462 | $— |
| Debt issuance costs | 751 |  |
| Organizational costs |  |  |
| Origination fees payable to advisors | 1152 |  |
| General and administrative | 2088 |  |
| Performance fees | 121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | $**11574** | $**—** |
| **Gains (losses) from operations and financing** |  |  |
| Unrealized gain (loss) on real estate loan investments |  |  |
| Unrealized gain (loss) on debt obligations |  |  |
| Total gain (loss) from operations and financing, net |  |  |
| **Net income** | $**4905** | $**—** |
| **Net income per common share, basic and diluted (Note 9)** | $**0.78** | $**—** |
| **Weighted-average common shares outstanding, basic and diluted (Note 9)** | **6320162** | **80** |

---

The Company was formed on November 7, 2024 and the initial retail closing occurred on July 1, 2025 (the "Initial Retail Closing"). As such, results of operations from the three months ended March 31, 2025 period are not comparable to the three months ended March 31, 2026.

**Revenues**

During the three months ended March 31, 2026, revenues totaled approximately $16.5 million, consisting of interest income on our real estate loan investments. Other income pertained primarily to $2.3 million in loan origination fees.

**Expenses**

*Interest and fees on debt obligations*

During the three months ended March 31, 2026, interest and fees on debt obligations were approximately $7.5 million, consisting of primarily interest expense and other minimum utilization fees on our debt obligations.

*Debt issuance costs*

During the three months ended March 31, 2026, the Company incurred approximately $0.8 million of debt issuance costs which was primarily related to commitment and other legal costs associated with the upsizing of our debt obligations. As the Company has elected the fair value option for debt obligations, debt issuance costs are immediately reflected in the Condensed Consolidated Statement of Operations and the costs became the Company's liability upon the Initial Retail Closing. Certain debt issuance costs were advanced by the Company's Advisors and will be subject to reimbursement by the Company in accordance with its policy for organization, offering and certain operating expenses as disclosed in Note 2 - "Significant Accounting Policies" to our condensed consolidated financial statements in this Form 10-Q.

*Origination fees payable to the advisors*

During the three months ended March 31, 2026, the Company incurred $1.2 million of net origination fees due to the advisors as defined in Note 10.

*General and administrative* 

During the three months ended March 31, 2026, the Company incurred approximately $2.1 million of general and administrative costs, which were related to professional fees, trustee fees and costs associated with personnel of the Advisors and their affiliates other than those who provide investment advisory services to the Company. Certain general and administrative expenses were also advanced by the Company's Advisors and will be subject to reimbursement by the Company in accordance with its policy for organization, offering and certain operating expenses as disclosed in Note 2 - "Significant Accounting Policies" to our condensed consolidated financial statements in this Form 10-Q.

------

*Performance and management fees* 

During the three months ended March 31, 2026, the Company incurred approximately $0.1 million of performance fees due to the Advisors.

**Liquidity and Capital Resources**

Liquidity is a measure of our ability to meet our cash requirements, including ongoing commitments to repay borrowings, fund and maintain our assets and operations, make new investments where appropriate, pay distributions to our shareholders and other general business needs. We closely monitor our liquidity position and believe that we have sufficient current liquidity and access to additional liquidity to meet our financial obligations for at least the next 12 months.

The BlackRock Advisor and Monticello Capital Partners, LLC, an affiliate of the Monticello Advisor (the "Monticello Investor"), have agreed to purchase from us an aggregate amount of not less than $50.0 million, in the case of the BlackRock Advisor, and $3.3 million in the case of the Monticello Investor, in each case, in Class E shares of the Company, at a price per share equal to the Company's most recently determined NAV of its Class E shares. As of March 31, 2026, the remaining capital commitment of the BlackRock Advisor was $46.8 million and the Monticello Investor has fully funded its commitment. We expect to generate cash primarily from (i) the net proceeds of our continuous private offering, (ii) cash flows from our operations, (iii) existing borrowing facilities and any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities.

Our primary uses of cash will be for (i) origination or acquisition of commercial mortgage loans and other commercial debt investments, commercial mortgage-backed securities and other commercial real estate-related debt investments in accordance with our investment guidelines, (ii) the cost of operations (including the management fee and performance fee), (iii) debt service of any borrowings, (iv) periodic repurchases, including under our share purchase plan (as described herein), and (v) cash distributions to the holders of our shares to the extent authorized by our board of trustees and declared by us.

The Company will seek to enter into additional bank debt, credit facility, and / or other financing arrangements on at least customary and market terms; however, such incurrence would be subject to prevailing market conditions, the Company's liquidity requirements, contractual and regulatory restrictions and other factors.

As of March 31, 2026, certain subsidiaries of the Company have entered into (i) a Master Repurchase Agreement and Securities Contract (together with the related transaction documents as amended, the "Natixis Repurchase Agreement"), with Natixis, New York Branch ("Natixis"), and (ii) the Customers Bank Credit Agreement with Customers Bank and (iii) a revolving credit agreement (as it may be amended from time to time, the "CIBC Credit Agreement") with CIBC Bank USA ("CIBC"), as lender and administrative agent, and certain other lenders party thereto, in each case where such subsidiaries have pledged loans as collateral and the Company has provided certain limited recourse guarantees. Under the Natixis Repurchase Agreement, Customers Bank Credit Agreement and CIBC Credit Agreement, the Company and its subsidiaries are permitted to borrow as much as $250 million, $360 million and $100 million, respectively, based on the value of the loans pledged as collateral and the maximum advance rates attributed to each loan by the lender. The Company has also entered into a revolving credit agreement (as it may be amended from time to time, the "JPM Credit Agreement") with JPMorgan Chase Bank, N.A. ("JPM"), as lender with an aggregate borrowing capacity of $42.1 million secured by outstanding commitments of the BlackRock Advisor. As of March 31, 2026, the Company has $616.1 million in outstanding debt. See Note 4 – "*Debt Obligations, at fair value*" to our condensed consolidated financial statements in this Form 10-Q.

Our primary sources of liquidity include cash and cash equivalents and available borrowings under our debt facilities. The following table summarizes amounts available under these sources as of March 31, 2026 ($ in thousands):

---

| | |
|:---|:---|
|  | **March 31, 2026** |
| Cash and cash equivalents | $3171 |
| Unutilized borrowing capacity - repurchase agreements | 134923 |
| Available borrowings on revolving credit facility<sup>(1)</sup> | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liquidity and capital resources | $139184 |

---

<sup>(1)</sup> Excludes the remaining capital commitment of the BlackRock Advisor in the amount of $46.8 million.

*Cash Flows - For the three months ended March 31, 2026*

We experienced a $2.2 million net decrease in cash and cash equivalents during the three months ended March 31, 2026, reflecting cash provided by operating activities of $6.7 million, cash used in investing activities of ($231.5) million, and cash provided by financing activities of $222.7 million.

------

Net cash provided by operating activities of $6.7 million was driven by an increase in interest income from the origination of 5 new mortgage loans and 3 participation interests in mortgage loans. Interest income was offset by an increase in interest expense primarily on the Company's increased borrowings on the Natixis Repurchase Agreement, Customers Bank Credit Agreement and CIBC Credit Agreement.

Net cash used in investing activities of ($231.5) million was primarily driven by the origination of $205.0 million of mortgage loans and the purchase of $26.3 million of participation interests in mortgage and mezzanine loans originated by affiliates of the Monticello Advisor.

Net cash provided by financing activities of $222.7 million was driven by aggregate borrowings of $253.5 million pursuant to the Natixis Repurchase Agreement, the Customers Bank Credit Agreement, the CIBC Credit Agreement, and the JPM Credit Agreement, in addition to the receipt of $53.6 million in proceeds from the issuance of Class E, Class F-S and Class F-I common shares. The increase in proceeds was offset by $80.7 million in principal repayments on the Company's debt obligations, payment of $0.1 million of debt issuance costs, $0.1 million in common share repurchases and $3.7 million of distributions paid to common shareholders.

**Distribution Policy**

Any distributions we make will be at the discretion of our board of trustees, considering factors such as our earnings, cash flow, capital needs and general financial condition. As a result, our distribution rates and payment frequency may vary from time to time.

Our board of trustees' discretion as to the payment of distributions will be directed, in substantial part, by its determination to cause us to comply with the REIT requirements. To maintain our qualification as a REIT, we generally are required to make aggregate annual distributions to our shareholders of at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains.

We intend to continue to declare monthly distributions for each class of common shares then-outstanding, which will be paid in the subsequent month and will be the same gross distribution per share for each class. The net distribution may vary for each class based on the applicable shareholder servicing fee, which is deducted from the gross distribution per share.

The table below details the net distribution for each of our share classes for the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Record date** | **Class E<br>Common Shares** <sup>(1)</sup> | **Class F-I<br>Common Shares** | **Class F-S<br>Common Shares** |
| January 31, 2026 | $0.1927 | $0.1927 | $0.1746 |
| February 28, 2026 | 0.1927 | 0.1927 | 0.1749 |
| March 31, 2026 | 0.1927 | 0.1927 | 0.1750 |
| **Total** | $0.5781 | $0.5781 | $0.5245 |

---

<sup>(1)</sup> Includes distributions on Class E shares held by the Advisors and/or affiliates.

The following table summarizes our distributions declared during the three months ended March 31, 2026 ($ in thousands):

---

| | | |
|:---|:---|:---|
| **Distributions** | **Amount** | **%** |
| Payable in cash | $2227 | 62% |
| Reinvested in shares<sup>(1)</sup> | 1354 | 38% |
| **Total distributions** | $3581 | 100% |
| **Sources of Distributions** | **Amount** | **%** |
| Cash flows from operating activities | $3581 | 100% |
| **Total sources of distributions** | $3581 | 100% |
| Total cash flows from operating activities<sup>(2)</sup> | $6662 |  |

---

<sup>(1)</sup> Shareholders may elect to have their distributions reinvested in common shares through our distribution reinvestment plan.

<sup>(2)</sup> Cash flows from operating activities are supported by expense payments advanced from the Advisors. See Note 10 to our condensed consolidated financial statements in this Form 10-Q.

**Net Asset Value and NAV Per Share Calculation**

Each class of our common shares will have an undivided interest in our assets and liabilities, other than class-specific fees and expenses, such as shareholder servicing fees, the management fee and the performance fee. In accordance with the valuation guidelines, the Administrator will calculate our NAV per share for each class as of the last calendar day of each month, using a process that reflects several components, including the estimated fair value of (1) Loan Portfolio and Liquid Investments Portfolio investments and other investments owned by us and (2) any other assets and liabilities. Because shareholder servicing fees, the management fee and the performance fee allocable to a specific class of shares will only be included in the NAV calculation for that class, the NAV per share for our classes of shares may differ.

------

Our NAV for each class of common shares is calculated by our fund administrator (the "Administrator") with the assistance of the Advisors based on the valuations of our investments, the addition of any other assets (such as cash on hand), and the deduction of any liabilities, including, as applicable with respect to any particular class of shares, the accrual of any management fees and performance fees to the Advisors, and will also include the deduction of any ongoing shareholder servicing fees specifically applicable to such class of common shares. The Advisors review and approve the NAV.

The monthly NAV for each class of shares will be based on the fair values of our investments, the addition of any other assets (such as cash on hand), and the deduction of any liabilities (including allocated/accrued management fees, performance fees and the deduction of any shareholder servicing fees specifically applicable to such class of shares). At the end of each month, before taking into consideration class-specific expense accruals for that month, any change in our aggregate NAV (whether an increase or decrease) is allocated among each class of shares based on each class's relative percentage of the previous aggregate NAV plus issuances of shares that were effective on the first calendar day of such month. The NAV calculation is available generally within 15 calendar days after the end of the applicable month. Changes in monthly NAV includes, without limitation, accruals of our net portfolio income, interest expense, the management fee, the performance fee, distributions, unrealized/realized gains and losses on assets and liabilities, any applicable operating, organization and offering expenses and any expense reimbursements. Changes in monthly NAV also includes material non-recurring events, such as capital expenditures and material investments and dispositions occurring during the month. Notwithstanding anything herein to the contrary, the Advisors may in their discretion consider material market data and other information that becomes available after the end of the applicable month in valuing our assets and liabilities and calculating our NAV for a particular month. On an ongoing basis, the Administrator and the Advisors will adjust the accruals to reflect actual operating results and the outstanding receivable, payable and other account balances resulting from the accumulation of monthly accruals for which financial information is available. The operating expenses and organization and offering expenses which are advanced by the Advisors to be reimbursed by us will not be included in such calculations until reimbursed to the Advisors.

Following the aggregation of the fair values of our investments, the addition of any other assets and the deduction of any other liabilities, the Administrator incorporates any class-specific adjustments to our NAV, including additional issuances and repurchases of our common shares and accruals of class-specific expenses. For each applicable class of shares, the shareholder servicing fee is calculated as a percentage of the aggregate NAV for such class of shares. The declaration of distributions will reduce the NAV for each class of our common shares in an amount equal to the accrual of our liability to pay such distributions. NAV per share for each class is calculated by dividing such class's NAV at the end of each month by the number of shares outstanding for that class at the end of such month.

The Advisors have agreed to advance all organization and offering expenses (other than upfront selling commissions, dealer manager fees and shareholder servicing fees) and certain of our operating expenses on our behalf through the first anniversary of the Initial Retail Closing. We will reimburse the Advisors for all such advanced costs and expenses ratably over the 60 months following the first anniversary of the Initial Retail Closing. For purposes of calculating our NAV, the organization and offering expenses and certain operating expenses paid by the Advisors through the first anniversary of the Initial Retail Closing will not be deducted as an expense until reimbursed by the Company. After the first anniversary of the Initial Retail Closing, we will reimburse the Advisors for any organization and offering expenses and operating expenses that it incurs on behalf of us as and when incurred (or promptly thereafter).

The combination of the NAV of each class of our common shares will equal the aggregate fair values of our assets, less our liabilities, including liabilities related to class-specific expenses.

Net portfolio income and unrealized/realized gains on assets and liabilities for any month will be allocated proportionately among the share classes according to the respective NAVs of the classes, inclusive of the impact of the additional issuances and repurchases of our common shares (including additional shares issued via the distribution reinvestment plan) executed at the beginning of the month.

The following table provides a breakdown of the major components of our total NAV as of March 31, 2026 ($ in thousands, except per share data):

---

| | |
|:---|:---|
| **Components of NAV** | **March 31, 2026** |
| Cash and cash equivalents | $3171 |
| Restricted cash | 59 |
| Real estate loan investments, at fair value | 793499 |
| Other assets | 120 |
| Accrued interest receivable | 5782 |
| Debt obligations, at fair value | (616063) |
| Accrued interest and fees payable | (1723) |
| Accrued expenses | (2138) |
| Operating expenses due to affiliates | (3276) |
| Distribution payable | (1380) |
| Shareholder servicing fees payable | (69) |
| **Net asset value** | $**177980** |
| **Number of outstanding shares** | **7043674** |

---

------

The following table reconciles shareholders' equity and redeemable common shares per our Condensed Consolidated Balance Sheet in accordance with accounting principles generally accepted in the United States of America ("GAAP") to our NAV (dollars in thousands):

---

| | |
|:---|:---|
| **$ in Thousands** | **March 31, 2026** |
| Common shareholder's equity and redeemable common shares | $162810 |
| Adjustments: |  |
| Organization, offering and other advanced operating expenses due to affiliates <sup>(1)</sup> | 11789 |
| Shareholder servicing fees payable <sup>(2)</sup> | 3381 |
| **Net asset value** | $**177980** |

---

(1)The Advisors have agreed to advance organizational, offering, and other certain operating expenses on the Company's behalf. The Advisors will be reimbursed for such costs over a 60-month period beginning July 1, 2026, the first anniversary date of the Initial Retail Closing. Under GAAP, these expenses have been accrued as a liability. For purposes of calculating NAV, such costs will be recognized as they are repaid to the Advisors over the 60-month reimbursement period.

(2)Under GAAP, an estimate of the full cost of the shareholder servicing fees over the estimated investment period of each shareholder in the applicable share class is accrued as an offering cost at the time of share issuance. For purposes of NAV, we recognize the shareholder servicing fee as a reduction of NAV on a monthly basis.

The following table provides a breakdown of our total NAV and NAV per share by class as of March 31, 2026 ($ and shares in thousands, except per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NAV per share** | **Class E<br>Common Shares** | **Class F-I<br>Common Shares** | **Class F-S<br>Common Shares** | **Total** |
| Net asset value | $8783 | $127391 | $41806 | $177980 |
| Number of outstanding shares | 346995 | 5038277 | 1658402 | 7043674 |
| NAV Per Share as of December 31, 2025 | $25.31 | $25.28 | $25.21 |  |

---

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

As a smaller reporting company, as defined in Rule 12b-2 under the Securities Exchange Act of 1934, (as amended, the "Exchange Act"), we are not required to provide the information required under this item.

**ITEM 4. CONTROL** **S AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in the Company's reports under the Exchange Act is recorded, processed, and summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to the Company's management, including its President and Chief Financial Officer ("CFO"), as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurances of achieving the desired control objectives. An evaluation of the effectiveness of the design and operation of our "disclosure controls and procedures" (as defined in Rule 13a-15(e) under the Exchange Act), as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our President and CFO. Based upon this evaluation, our President and CFO have concluded that our disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our President and CFO, as appropriate to allow timely decisions regarding required disclosure.

**Changes in Internal Controls Over Financial Reporting**

There have been no changes in our "internal control over financial reporting" (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2026, we were not involved in any material legal proceedings.

**ITEM 1A. RISK FACTORS**

For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors discussed in Item 1A. Risk Factors in the 2025 Annual Report filed with the SEC, as amended. As of March 31, 2026, there have been no material changes from the risk factors set forth in Item 1A. Risk Factors in the 2025 Annual Report.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

*Share Repurchase Plan*

Under the Company's share repurchase plan, shareholders may request repurchase all or a portion of their shares each quarter. The Company is not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any quarter at the Company's discretion. To the extent the Company chooses to repurchase shares in any quarter, it will only repurchase shares as of the second to last business day of the applicable quarter (each such date, a "Repurchase Date").

Repurchases will be made at the transaction price in effect on the Repurchase Date, except for shares that have not been outstanding for at least one year will be repurchased at 95% of the transaction price (the "Early Repurchase Deduction"). The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, qualified disability, or divorce of the shareholder.

The aggregate NAV of total repurchases of common shares will be limited to no more than 5% of the Company's aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to shareholders as of the end of the immediately preceding month).

The board of trustees of the Company may modify or suspend the share repurchase plan if it deems such action to be in the Company's best interest and the best interest of its shareholders.

During the quarter ended March 31, 2026, 2,054 shares were repurchased pursuant to the Company's share repurchase plan.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5.** **OTHER INFORMATION**

*Amended and Restated Bylaws*

Effective May 5, 2026, the board of trustees of the Company adopted amended and restated bylaws of the Company (the "Amended and Restated Bylaws") to, among other things, provide for the establishment of an affiliate transactions committee and amend certain requirements relating to quorum, voting and consents in lieu of meetings in connection therewith.

The foregoing description of the Amended and Restated Bylaws does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated Bylaws, a copy of which is filed as Exhibit 3.3 to this Quarterly Report on Form 10-Q and incorporated herein by reference.

------

**ITEM 6.** **EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 3.1 | [<u>Certificate of Trust of the Company, dated November 7, 2024 (filed as Exhibit 3.1 to the Company's Registration Statement on Form 10 filed on January 15, 2025 and incorporated by reference herein)</u>](https://www.sec.gov/Archives/edgar/data/2049595/000119312525007032/d900272dex31.htm) |
| 3.2 | [<u>Third Amended and Restated Declaration of Trust of the Company, dated as of June 30, 2025 (filed as Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q filed on November 13, 2025 and incorporated by reference herein)</u>](https://www.sec.gov/Archives/edgar/data/2049595/000119312525280604/ck0002049595-ex3_2.htm) |
| 3.3\* | [<u>Amended and Restated Bylaws of the Company, dated as of May 5, 2026</u>](ck0002049595-ex3_3.htm) |
| 4.1 | [<u>Distribution Reinvestment Plan of the Company (filed as Exhibit 4.1 to the Company's Registration Statement on Form 10 filed on March 14, 2025 and incorporated by reference herein)</u>](https://www.sec.gov/Archives/edgar/data/2049595/000119312525054892/d900272dex41.htm) |
| 4.2 | [<u>Share Repurchase Plan, effective June 30, 2025 (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed on July 7, 2025 and incorporated by reference herein)</u>](https://www.sec.gov/Archives/edgar/data/2049595/000119312525156175/d63473dex41.htm) |
| 31.1\* | [<u>Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](ck0002049595-ex31_1.htm) |
| 31.2\* | [<u>Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](ck0002049595-ex31_2.htm) |
| 32.1\*\* | [<u>Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](ck0002049595-ex32_1.htm) |
| 32.2\*\* | [<u>Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](ck0002049595-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

\* Filed herewith

\*\* Furnished herewith

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| BlackRock Monticello Debt Real Estate Investment Trust | BlackRock Monticello Debt Real Estate Investment Trust |
| May 6, 2026 | /s/ Robert P. Karnes |
| Date | Robert P. Karnes |
|  | President<br>(Principal Executive Officer) |
| May 6, 2026 | /s/ Barry W. Szarvas Jr. |
| Date | Barry W. Szarvas Jr. |
|  | Chief Financial Officer<br>(Principal Financial Officer and Principal<br>Accounting Officer) |

---

------

## Exhibit 3.3

**Exhibit 3.3**

**<u>BLACKROCK MONTICELLO DEBT REAL ESTATE INVESTMENT TRUST</u>**

**<u>AMENDED AND RESTATED BYLAWS</u>**

**ARTICLE I**

**OFFICES**

Section 1. <u>PRINCIPAL OFFICE</u>. The principal office of the Trust in the State of Maryland shall be located at such place as the Board of Trustees (the "Board") may designate.

Section 2. <u>ADDITIONAL OFFICES</u>. The Trust may have additional offices, including a principal executive office, at such places as the Board may from time to time determine or the business of the Trust may require.

**ARTICLE II**

**MEETINGS OF SHAREHOLDERS**

Section 1. <u>PLACE</u>. All meetings of shareholders shall be held at the principal executive office of the Trust or at such other place as shall be set in accordance with these Bylaws and stated in the notice of the meeting.

Section 2. <u>ANNUAL MEETING</u>. There shall be no requirement to hold an annual meeting of the shareholders in any year.

Section 3. <u>SPECIAL MEETINGS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Each of the chairperson of the Board, the chief executive officer, the president, the Board or a majority of the Independent Trustees (as defined in the Amended and Restated Declaration of Trust of the Trust (as amended from time to time, the "Declaration of Trust") may call a special meeting of shareholders. Except as provided in subsection (b)(4) of this Section 3, a special meeting of shareholders shall be held on the date and at the time and place set by the chairperson of the Board, chief executive officer, president, the Board or a majority of the Independent Trustees, whoever has called the meeting. Subject to subsection (b) of this Section 3, a special meeting of shareholders shall also be called by the secretary of the Trust for the purposes of removing one or more Trustees and, subject to any Trustee qualifications required by the Declaration of Trust or these Bylaws, filling the resulting vacancy on the Board upon the written request of shareholders entitled to cast not less than a majority of all the votes entitled to be cast on such matter at such meeting (the "Special Meeting Percentage"). Shareholders may not request a special meeting for any other purpose or the consideration of any other matter. Notwithstanding the foregoing or subsection (b) of this Section 3, in the event there are no Trustees, any shareholder may call a special meeting for the purpose of electing Trustees to be held on the date and at the time and place (and with a record date) set by any officer of the Trust (or, if there are no officers of the Trust or the officers of the Trust fail to set a date, time, place and record date for the meeting within ten days after the shareholder calls the special meeting, by the

------

shareholder calling the meeting); provided that the meeting date set by an officer shall not be more than 90 days after the shareholder called such special meeting.

(b) <u>Shareholder-Requested Special Meetings</u>. (1) Any shareholder of record seeking to have shareholders request a special meeting shall, by sending written notice to the secretary (the "Record Date Request Notice") by registered mail, return receipt requested, request the Board to fix a record date to determine the shareholders entitled to request a special meeting (the "Request Record Date"). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more shareholders of record as of the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the date of signature of each such shareholder (or such agent) and shall set forth all information relating to each such shareholder, each individual whom the shareholder proposes to nominate for election as a trustee and each matter proposed to be acted on at the meeting that would be required to be disclosed in connection with the solicitation of proxies for the election of trustees or the election of each such individual, as applicable in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such a solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "Exchange Act"). Upon receiving the Record Date Request Notice, the Board may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board. If the Board, within ten days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth day after the first date on which a Record Date Request Notice is received by the secretary.

(2) In order for any shareholder to request a special meeting to act on any matter that may properly be considered at a meeting of shareholders, one or more written requests for a special meeting (collectively, the "Special Meeting Request") signed by shareholders of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than the Special Meeting Percentage shall be delivered to the secretary. In addition, the Special Meeting Request shall (a) set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to the removal of one or more Trustees and filling the resulting vacancy on the Board as set forth in the Record Date Request Notice received by the secretary), (b) bear the date of signature of each such shareholder (or such agent) signing the Special Meeting Request, (c) set forth (i) the name and address, as they appear in the Trust's books, of each shareholder signing such request (or on whose behalf the Special Meeting Request is signed), (ii) the class, series and number of all shares of beneficial interest of the Trust that are owned beneficially or of record by each such shareholder, and (iii) the nominee holder for, and number of, shares of beneficial interest of the Trust owned beneficially but not of record by such shareholder, (d) be sent to the secretary by registered mail, return receipt requested, and (e) be received by the secretary within 60 days after the Request Record Date. Any requesting shareholder (or agent duly authorized in a writing accompanying the revocation of the Special Meeting Request) may revoke his, her or its request for a special meeting at any time by written revocation delivered to the secretary.

------

(3) The secretary shall inform the requesting shareholders of the reasonably estimated cost of preparing and mailing or delivering the notice of the meeting (including the Trust's proxy materials). The secretary shall not be required to call a special meeting upon shareholder request and such meeting shall not be held unless, in addition to the documents required by paragraph (2) of this Section 3(b), the secretary receives payment of such reasonably estimated cost prior to the preparation and mailing or delivery of such notice of the meeting.

(4) In the case of any special meeting called by the secretary upon the request of shareholders (a "Shareholder-Requested Meeting"), such meeting shall be held at such place, date and time as may be designated by the Board; <u>provided</u>, however, that the date of any Shareholder-Requested Meeting shall be not more than 90 days after the record date for such meeting (the "Meeting Record Date"); and <u>provided</u> <u>further</u> that if the Board fails to designate, within ten days after the date that a valid Special Meeting Request is actually received by the secretary (the "Delivery Date"), a date and time for a Shareholder-Requested Meeting, then such meeting shall be held at 2:00 p.m., local time, on the 90<sup>th</sup> day after the Meeting Record Date or, if such 90<sup>th</sup> day is not a Business Day (as defined below), on the first preceding Business Day; and <u>provided</u> <u>further</u> that in the event that the Board fails to designate a place for a Shareholder-Requested Meeting within ten days after the Delivery Date, then such meeting shall be held at the principal executive office of the Trust. In fixing a date for a Shareholder-Requested Meeting, the Board may consider such factors as it deems relevant, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for the meeting and any plan of the Board to call a special meeting. In the case of any Shareholder-Requested Meeting, if the Board fails to fix a Meeting Record Date that is a date within 30 days after the Delivery Date, then the close of business on the 30<sup>th</sup> day after the Delivery Date shall be the Meeting Record Date. The Board may revoke the notice for any Shareholder-Requested Meeting in the event that the requesting shareholders fail to comply with the provisions of paragraph (3) of this Section 3(b).

(5) If written revocations of the Special Meeting Request have been delivered to the secretary and the result is that shareholders of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered, and not revoked, requests for a special meeting on the matter to the secretary: (i) if the notice of meeting has not already been delivered, the secretary shall refrain from delivering the notice of the meeting and send to all requesting shareholders who have not revoked such requests written notice of any revocation of a request for a special meeting on the matter, or (ii) if the notice of meeting has been delivered and if the secretary first sends to all requesting shareholders who have not revoked requests for a special meeting on the matter written notice of any revocation of a request for the special meeting and written notice of the Trust's intention to revoke the notice of the meeting or for the chair of the meeting to adjourn the meeting without action on the matter, (A) the secretary may revoke the notice of the meeting at any time before ten days before the commencement of the meeting or (B) the chair of the meeting may call the meeting to order and adjourn the meeting without acting on the matter. Any request for a special meeting received after a revocation by the secretary of a notice of a meeting shall be considered a request for a new special meeting.

(6) The chairperson of the Board, chief executive officer, president or Board may appoint regionally or nationally recognized independent inspectors of elections to act as the agent of the

------

Trust for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the secretary. For the purpose of permitting the inspectors to perform such review, no such purported Special Meeting Request shall be deemed to have been received by the secretary until the earlier of (i) five Business Days after actual receipt by the secretary of such purported request and (ii) such date as the independent inspectors certify to the Trust that the valid requests received by the secretary represent, as of the Request Record Date, shareholders of record entitled to cast not less than the Special Meeting Percentage. Nothing contained in this paragraph (6) shall in any way be construed to suggest or imply that the Trust or any shareholder shall not be entitled to contest the validity of any request, whether during or after such five Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).

(7) For purposes of these Bylaws, "Business Day" shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

Section 4. <u>NOTICE</u>. Not less than ten nor more than 90 days before each meeting of shareholders, the secretary shall give to each shareholder entitled to vote at such meeting, and to each shareholder not entitled to vote who is entitled to notice of the meeting, notice stating the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by any statute, the purpose for which the meeting is called. Notice may be provided by mail, by presenting it to such shareholder personally, by leaving it at the shareholder's residence or usual place of business, by electronic transmission or by any other means permitted by Maryland law. If mailed, such notice shall be deemed to be given when deposited in the United States mail addressed to the shareholder at the shareholder's address as it appears on the records of the Trust, with postage thereon prepaid. If transmitted electronically, such notice shall be deemed to be given when transmitted to the shareholder by an electronic transmission to any address or number of the shareholder at which the shareholder receives electronic transmissions. The Trust may give a single notice to all shareholders who share an address, which single notice shall be effective as to any shareholder at such address, unless such shareholder objects to receiving such single notice or revokes a prior consent to receiving such single notice. Failure to give notice of any meeting to one or more shareholders, or any irregularity in such notice, shall not affect the validity of any meeting fixed in accordance with this Article II or the validity of any proceedings at any such meeting.

No business shall be transacted at a special meeting of shareholders except as specifically designated in the notice. The Trust may postpone or cancel a meeting of shareholders by making a public announcement (as defined herein) of such postponement or cancellation prior to the meeting. Notice of the date, time and place to which the meeting is postponed shall be given not less than ten days prior to such date and otherwise in the manner set forth in this Section 4. For purposes of these Bylaws, "Public Announcement" means disclosure in (A) a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other widely circulated news or wire service or (B) a document publicly filed by the Trust with the Securities and Exchange Commission pursuant to the Exchange Act.

------

Section 5. <u>ORGANIZATION AND CONDUCT</u>. Every meeting of shareholders shall be conducted by an individual appointed by the Board to be chair of the meeting or, in the absence of such appointment or appointed individual, by one of the following officers present at the meeting in the following order: the chairperson, the chief executive officer, the president, the vice presidents in their order of rank and, within each rank, in their order of seniority, the secretary or, in the absence of such officers, a chair chosen by the shareholders by the vote of a majority of the votes cast by shareholders present in person or by proxy. The secretary or, in the secretary's absence, an individual appointed by the Board or, in the absence of such appointment, an individual appointed by the chair of the meeting, shall act as secretary. In the event that the secretary presides at a meeting of shareholders, an individual appointed by the Board or the chair of the meeting shall record the minutes of the meeting. Even if present at the meeting, the individual holding the office named herein may delegate to another individual the power to act as chair or secretary of the meeting. The order of business and all other matters of procedure at any meeting of shareholders shall be determined by the chair of the meeting. The chair of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of the chair and without any action by the shareholders, are appropriate for the proper conduct of the meeting, including, without limitation: (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance or participation at the meeting to shareholders of record of the Trust, their duly authorized proxies and such other individuals as the chair of the meeting may determine; (c) recognizing speakers at the meeting and determining when and for how long speakers and any individual speaker may address the meeting; (d) determining when and for how long the polls should be opened and when the polls should be closed and when announcement of the results shall be made; (e) maintaining order and security at the meeting; (f) removing any shareholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chair of the meeting; (g) concluding a meeting or recessing or adjourning the meeting to a later date and time and at a place either (1) announced at the meeting or (2) provided at a future time through means announced at the meeting; and (h) complying with any state and local laws and regulations concerning safety and security. Unless otherwise determined by the chair of the meeting, meetings of shareholders shall not be required to be held in accordance with the rules of parliamentary procedure.

Section 6. <u>QUORUM</u>. At any meeting of shareholders, the presence in person or by proxy of shareholders entitled to cast one-third of all the votes entitled to be cast at such meeting on any matter shall constitute a quorum (unless the Board, when setting a meeting, determines that a greater percentage (but not more than a majority of all the votes entitled to be cast at such meeting on any matter) shall constitute a quorum for such meeting); but this section shall not affect any requirement under the Declaration of Trust for the vote necessary for the approval of any matter. If such quorum is not established at any meeting of the shareholders, the chair of the meeting may adjourn the meeting *sine die* or from time to time to a date not more than 120 days after the original record date without notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally convened. The date, time and place of the meeting, as reconvened, shall be either (a) announced at the meeting or (b) provided at a future time through means announced at the meeting.

------

The shareholders present either in person or by proxy, at a meeting that has been duly called and at which a quorum has been established, may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of enough shareholders to leave fewer than would be required to establish a quorum.

Section 7. <u>VOTING</u>. A nominee for election by the shareholders as trustee shall be elected as a trustee only if such nominee receives the affirmative vote of a plurality of the total votes cast at a meeting of shareholders duly called and at which a quorum is present. The affirmative vote of a majority of the votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to approve any other matter that may properly come before the meeting, unless more than a majority of the votes cast is required by the Declaration of Trust. Unless otherwise provided by the Declaration of Trust, each outstanding share of beneficial interest, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of shareholders. Voting on any question or in any election may be viva voce unless the chair of the meeting shall order that voting be by ballot or otherwise.

Section 8. <u>PROXIES</u>. A holder of record of shares of beneficial interest of the Trust may cast votes in person or by proxy executed by the shareholder or by the shareholder's duly authorized agent in any manner permitted by law. Such proxy or evidence of authorization of such proxy shall be filed with the secretary of the Trust before or at the meeting. No proxy shall be valid more than eleven months after its date, unless otherwise provided in the proxy.

Section 9. <u>VOTING OF SHARES BY CERTAIN HOLDERS</u>. Shares of beneficial interest of the Trust registered in the name of a corporation, partnership, trust, limited liability company or other entity, if entitled to be voted, may be voted by the president or a vice president, general partner, trustee or managing member thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such shares pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or agreement of the partners of a partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such shares. Any trustee or fiduciary may vote shares of beneficial interest registered in the name of such person in the capacity of such trustee or fiduciary, either in person or by proxy.

Shares of beneficial interest of the Trust directly or indirectly owned by it shall not be voted at any meeting and shall not be counted in determining the total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and shall be counted in determining the total number of outstanding shares at any given time.

The Board may adopt any procedure it deems appropriate by which a shareholder may certify in writing to the Trust that any shares of beneficial interest registered in the name of the shareholder are held for the account of a specified person other than the shareholder. The procedure shall set forth the class of shareholders who may make the certification, the purpose for which the certification may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record date, the time after the record date within which the certification must be received by the Trust; and any other provisions with respect to the

------

procedure that the Board considers necessary or desirable. On receipt by the Trust of such certification, the person specified in the certification shall be regarded as, for the purposes set forth in the certification, the shareholder of record of the specified shares of beneficial interest in place of the shareholder who makes the certification.

Section 10. <u>INSPECTORS</u>. The Board or the chair of the meeting may appoint, before or at the meeting, one or more inspectors for the meeting (or one or more entities that designate individuals as inspectors to act at the meeting) or any postponement or adjournment thereof and any successor to the inspector. Except as otherwise provided by the chair of the meeting, the inspectors, if any, shall (a) determine the number of shares of beneficial interest represented at the meeting in person or by proxy and the validity and effect of proxies, (b) receive and tabulate all votes, ballots or consents, (c) report such tabulation to the chair of the meeting, (d) hear and determine all challenges and questions arising in connection with the right to vote, and (e) do such acts as are proper to fairly conduct the election or vote. Each such report shall be in writing and signed by the inspector or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the report of the inspectors. The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be <u>prima</u> <u>facie</u> evidence thereof.

Section 11. <u>REMOTE COMMUNICATION</u>. Notwithstanding anything to the contrary in these Bylaws, the Board or an authorized officer of the Trust may determine at any time, including, without limitation, after the calling of any meeting of shareholders, that any meeting of shareholders be held solely by means of remote communication or both at a physical location and by means of remote communication. Notwithstanding anything to the contrary in these Bylaws, if it is determined after notice of the meeting has been sent to shareholders that participation by shareholders in the meeting shall or may be conducted by means of remote communication, notice thereof may be provided at any time by press release or any other means of public communication not prohibited by law. Shareholders and proxy holders entitled to be present and to vote at the meeting that are not physically present at such a meeting but participate by means of remote communication shall be considered present in person for all purposes under these Bylaws and may vote at such a meeting. Subject to any guidelines or procedures that the Board may adopt, any meeting at which shareholders or proxy holders are permitted to participate by means of remote communication shall be conducted in accordance with the following, unless otherwise permitted by applicable law or regulation: (a) the Trust shall implement reasonable measures to verify that each person considered present and authorized to vote at the meeting by means of remote communication is a shareholder or proxy holder; (b) the Trust shall implement reasonable measures to provide the shareholders and proxy holders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the shareholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with the proceedings; and (c) in the event any shareholder or proxy holder votes or takes other action at the meeting by means of remote communication, a record of the vote or other action shall be maintained by the Trust.

Section 12. <u>SHAREHOLDERS' CONSENT IN LIEU OF MEETING</u>. Except as provided in the following sentence with respect to the election of Trustees, any action required or permitted to be taken at any meeting of shareholders by the Declaration of Trust or these Bylaws may be taken without a meeting (a) if a unanimous consent setting forth the action is given in

------

writing or by electronic transmission by each shareholder entitled to vote on the matter and filed with the minutes of proceedings of the shareholders or (b) if the action is advised, and submitted to the shareholders for approval, by the Board and a consent in writing or by electronic transmission of shareholders entitled to cast not less than the minimum number of votes that would be necessary to authorize or take the action at a meeting of shareholders at which all shareholders entitled to vote were present and voted is delivered to the Trust in accordance with the Maryland Statutory Trust Act. If the election of Trustees is advised, and submitted to the shareholders for approval, by the Board or if there are no Trustees, the election of Trustees may be effected without a meeting if a consent in writing or by electronic transmission of shareholders entitled to cast a majority of the votes entitled to be cast generally in the election of Trustees is delivered to the Trust. The Trust shall give notice of any action taken by less than unanimous consent to each shareholder not later than ten days after the effective time of such action.

Section 13. <u>ADVANCE NOTICE OF SHAREHOLDER NOMINEES FOR TRUSTEE AND OTHER SHAREHOLDER PROPOSALS</u>.

(a) <u>General</u>. Only such business shall be conducted at a special meeting of shareholders as shall have been brought before the meeting pursuant to the Trust's notice of meeting. Nominations of individuals for election to the Board may be made at a special meeting of shareholders at which Trustees are to be elected only (i) by or at the direction of the Board, (ii) by a shareholder that has requested that a special meeting be called for the purpose of electing Trustees in compliance with Section 3 of this Article II or (iii) provided that the special meeting has been called in accordance with Section 3(a) of this Article II for the purpose of electing Trustees, by any shareholder of the Trust who is a shareholder of record at the record date set by the Board for the purpose of determining shareholders entitled to vote at the special meeting, at the time of giving of notice provided for in this Section 13 and at the time of the special meeting (and any postponement or adjournment thereof), who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the notice procedures set forth in this Section 13. In the event the Trust calls a special meeting of shareholders for the purpose of electing one or more individuals to the Board, any shareholder may nominate an individual or individuals (as the case may be) for election as a Trustee as specified in the Trust's notice of meeting, if the shareholder's notice, containing the information required by paragraph (b) of this Section 13 is delivered to the secretary at the principal executive office of the Trust not earlier than the 120th day prior to such special meeting and not later than 5:00 p.m., Eastern Time, on the later of the 90th day prior to such special meeting or the tenth day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. The postponement or adjournment of a special meeting (or public announcement thereof) shall not commence a new time period for the giving of a shareholder's notice as described above.

(b) <u>Information Required</u>.

(1) A shareholder's notice shall set forth as to each individual whom the shareholder proposes to nominate for election as a Trustee (each, a "Proposed Nominee"), all information relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election of the Proposed Nominee as a Trustee in an election contest (even if an election contest is not involved), or would otherwise be required in connection with

------

such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act.

(2) A shareholder's notice shall set forth as to the shareholder giving the notice and any Proposed Nominee (i) the class, series and number of all shares of beneficial interest or other securities of the Trust (collectively, the "Company Securities"), if any, that are owned (beneficially or of record) by such shareholder or Proposed Nominee, the date on which each such Company Security was acquired and the investment intent of such acquisition, and any short interest (including any opportunity to profit or share in any benefit from any decrease in the price of such shares or other security) in any Company Securities of any such person, and (ii) the nominee holder for, and number of, any Company Securities owned beneficially but not of record by such shareholder or Proposed Nominee.

**ARTICLE III**

**BOARD OF TRUSTEES**

Section 1. <u>GENERAL POWERS AND QUALIFICATIONS</u>. Except as otherwise provided in the Declaration of Trust, the business and affairs of the Trust shall be managed under the direction of the Board.

Section 2. <u>NUMBER, ELECTION AND TERM OF TRUSTEES</u>. The number of Trustees constituting the entire Board may be changed from time to time by a two-thirds majority of the entire Board; provided, however, that the number of Trustees shall in no event be fewer than three (3), nor more than fifteen (15). At all times, except for a period of up to 60 days after the death, removal or resignation of, or other vacancy involving, an Independent Trustee pending the election of a successor Independent Trustee, a majority of the Board shall be Independent Trustees. Trustees need not be shareholders of the Trust. Each Trustee shall serve until his or her resignation, removal, death or adjudication of legal incompetence or the election and qualification of his or her successor. A vacancy on the Board for any reason other than removal for "cause" by the shareholders may be filled only by a vote of a majority of the remaining Trustees; provided, that any vacancy involving an Independent Trustee may be filled only by a vote of a majority of the remaining Independent Trustees, even if the remaining Independent Trustees do not constitute a quorum. If a Trustee is removed by Shareholders for "cause" as set forth in the Declaration of Trust or if there are no Trustees, the successors to the Trustees shall be elected by the Shareholders; provided that, for so long as (i) BlackRock (as defined in the Declaration of Trust) or its affiliate acts as investment advisor to the Trust as permitted by Section 6.7 of the Declaration of Trust, BlackRock shall have the right to designate one (1) trustee for election to the Board and (ii) Monticello (as defined in the Declaration of Trust) or its affiliate acts as investment advisor to the Trust as permitted by Section 6.7 of the Declaration of Trust, Monticello shall have the right to designate one (1) trustee for election to the Board. No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his or her term unless the Trustee is specifically removed pursuant to the Declaration of Trust at the time of the decrease.

Section 3. <u>RESIGNATION</u>. A Trustee of the Trust may resign at any time by giving written notice of his, her or its resignation to the Board or the Chairperson of the Board or the President or the Secretary of the Trust. Any resignation shall take effect immediately upon its

------

receipt or at such later time as specified in the resignation. Acceptance of a resignation shall not be necessary to make it effective unless the resignation states otherwise.

Section 4. <u>PLACE OF MEETINGS</u>. Meetings of the Board may be held at any place that the Board may from time to time determine or that is specified in the notice of the meeting, or by means of remote communication as set forth in Section 13 hereof, if so designated by the Board.

Section 5. <u>REGULAR MEETINGS</u>. The Board may establish regular meetings at any time in its sole discretion. The Board may provide, by resolution, the time and place of regular meetings of the Board without other notice than such resolution.

Section 6. <u>SPECIAL MEETINGS</u>. Special meetings of the Board may be called by or at the request of the chairperson of the Board, the lead Independent Trustee (if any), the chief executive officer, the president or a majority of the Trustees then in office.

Section 7. <u>NOTICE OF SPECIAL MEETINGS</u>. Notice of each special meeting of the Board shall be given by the secretary as hereinafter provided. Each notice shall state the time and place of the meeting, or that the meeting is being held by means of remote communication, and shall be delivered to each Trustee, either personally or by telephone or other standard form of telecommunication or electronic transmission, at least twenty-four (24) hours before the time at which the meeting is to be held, or by first-class mail, postage prepaid, addressed to the Trustee at his residence or usual place of business, and mailed at least three (3) days before the date on which the meeting is to be held.

Section 8. <u>QUORUM AND VOTING</u>. A majority of the Trustees then in office shall constitute a quorum for the transaction of business, provided that, if less than a majority of such Trustees is present at such meeting, a majority of the Trustees present may adjourn the meeting from time to time without further notice, and provided further that if, pursuant to applicable law, the Declaration of Trust or these Bylaws, the vote of a majority or other percentage of a specified group of Trustees is required for action, a quorum must also include a majority or such other percentage of such group, except as set forth in these Bylaws. Except as otherwise expressly required by the Declaration of Trust or these Bylaws, the action of a majority of the Trustees present at any meeting at which a quorum is present shall be the action of the Board. The Trustees present at a meeting that has been duly called and at which a quorum has been established may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of enough Trustees to leave fewer Trustees than required to establish a quorum. If enough Trustees have withdrawn from a meeting to leave fewer Trustees than required to establish a quorum, but the meeting is not adjourned, the action of a majority of that number of Trustees necessary to constitute a quorum at such meeting shall be the action of the Board, unless the concurrence of a greater proportion is required for such action by applicable law, the Declaration or these Bylaws. As it pertains to certain transactions described in Article XIII of the Declaration of Trust, and to the extent provided in resolutions adopted by the Board, the action of any member of the affiliate transactions committee (as described in Section 11 of this Article III) shall be deemed to be (i) the action of the Board and (ii) the action of each of the Independent Trustees if such member is an Independent Trustee.

------

Section 9. <u>CHAIRPERSON OF THE BOARD</u>. The Board may designate from among its members a chairperson of the Board, who shall not, solely by reason of such designation, be an officer of the Trust. The Board may designate the chairperson of the Board as an executive or non-executive chairperson. The chairperson of the Board shall perform such duties as may be assigned to him or her by these Bylaws or the Board.

Section 10. <u>ORGANIZATION</u>. The chairperson of the Board shall preside at each meeting of the Board. In the absence or inability of the chairperson of the Board to act, the president (if a Trustee), or, in the president's absence or inability to act, another Trustee chosen by a majority of the Trustees present, shall act as chair of the meeting and preside at the meeting. The secretary (or, in the secretary's absence or inability to act, any person appointed by the chair) shall act as secretary of the meeting and keep the minutes of the meeting.

Section 11. <u>COMMITTEES</u>. The Board may designate one (1) or more committees of the Board, including, but not limited to, an executive committee, an audit committee, an affiliate transactions committee, an investment committee, and a nominating committee, each consisting of one (1) or more Trustees, provided that each committee consists of at least a majority of Independent Trustees. To the extent provided in resolutions adopted by the Board with respect to a committee, such committee (i) shall have and may exercise the powers of the Board, including the Independent Trustees, in the management of the business and affairs of the Trust and (ii) may take action by the action of any member of such committee, by a majority of the members of such committee or such other authorized percentage. Any committee or committees shall have the name or names determined from time to time by resolutions adopted by the Board. Each committee shall keep regular minutes of its meetings and provide those minutes to the Board when required. To the extent not otherwise inconsistent with the charter of a committee adopted by the Board, the members of a committee present at any meeting, whether or not they constitute a quorum, may appoint a Trustee to act in the place of an absent member.

Section 12. <u>CONSENT OF TRUSTEES IN LIEU OF A MEETING</u>. Any action required or permitted to be taken at any meeting of the Board may be taken without a meeting if a majority of the members of the Board, as the case may be, consent thereto in writing or by electronic transmission, and the consent or consents, in paper or electronic form, are filed with the minutes of the proceedings of the Board. Any action required or permitted to be taken at any meeting of any committee of the Board may be taken without a meeting if a majority of the members of the committee, or, to the extent provided in the resolutions or charter of the committee adopted by the Board with respect to such committee, such other number or percentage, consents thereto in writing or by electronic transmission and the consent or consents, in paper or electronic form, are filed with the minutes of the proceedings of the committee.

Section 13. <u>REMOTE COMMUNICATION</u>. Meetings of the Board or any committee of the Board may be conducted by means of remote communication or both at a physical location and by means of remote communication. Members of the Board or any committee of the Board may participate remotely in any Board or committee meeting via communications equipment by means of which all persons participating in the meeting can hear each other at the same time. Participation by such means shall constitute presence in person at the meeting.

------

Section 14. <u>COMPENSATION</u>. Each Trustee shall be entitled to receive compensation, if any, as may from time to time be fixed by the Board, including a fee for each meeting of the Board or any committee thereof, regular or special, that such Trustee attends. Trustees may also be reimbursed by the Trust for all reasonable expenses incurred in traveling to and from the place of a Board or committee meeting.

Section 15. <u>RATIFICATION</u>. The Board or the shareholders may ratify any act or inaction (an "Act") by the Trust or its officers to the extent that the Board or the shareholders could have originally authorized the Act and, if so ratified, such Act shall have the same force and effect as if originally duly authorized, and such ratification shall be binding upon the Trust and its shareholders. Any Act questioned in any shareholders' derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a Trustee, officer or shareholder, non-disclosure, miscomputation, the application of improper principles or practices of accounting or otherwise, may be ratified, before or after judgment, by the Board or by the shareholders, and such ratification shall constitute a bar to any claim or execution of any judgment in respect of such questioned Act.

Section 16. <u>EMERGENCY PROVISIONS</u>. Notwithstanding any other provision in the Declaration of Trust or these Bylaws, this Section 16 shall apply during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the Board under Article III of these Bylaws cannot readily be obtained (an "Emergency"). During an Emergency, unless otherwise provided by the Board, (i) a meeting of the Board or a committee thereof may be called by any Trustee or officer by any means feasible under the circumstances; (ii) notice of any meeting of the Board or a committee thereof during such an Emergency may be given less than 24 hours prior to the meeting to as many Trustees and by such means as may be feasible at the time, including publication, television or radio; and (iii) the number of Trustees necessary to constitute a quorum shall be one-third of the entire Board or committee thereof.

Section 17. <u>GOVERNANCE</u>. The Board may from time to time require all of its members (including any individual nominated to serve as a Trustee) to agree in writing as to matters of corporate governance, business ethics and confidentiality, as amended and supplemented from time to time in the discretion of the Board, while such persons serve as a Trustee.

Section 18. <u>RELIANCE</u>. Each Trustee, officer, employee or agent of the Trust shall, in the performance of his or her duties with respect to the Trust, be entitled to rely on any information, opinion, report or statement, including any financial statement or other financial data, prepared or presented by an officer or employee of the Trust whom the Trustee, officer, employee or agent reasonably believes to be reliable and competent in the matters presented, by a lawyer, certified public accountant or other person, as to a matter that the Trustee, officer, employee or agent reasonably believes to be within the person's professional or expert competence, or, with respect to a Trustee, by a committee of the Board on which the Trustee does not serve, as to a matter within its designated authority, if the Trustee reasonably believes the committee to merit confidence.

Section 19. <u>CERTAIN RIGHTS OF TRUSTEES, OFFICERS, EMPLOYEES AND AGENTS</u>. A Trustee, officer, employee or agent shall have no responsibility to devote his or her full time to the affairs of the Trust. Any Trustee, officer, employee or agent, in his or her personal

------

capacity or in a capacity as an affiliate, employee or agent of any other person, or otherwise, may have business interests and engage in business activities similar to, in addition to or in competition with those of or relating to the Trust.

**ARTICLE IV**

**OFFICERS**

Section 1. <u>GENERAL PROVISIONS</u>. The Board may, from time to time, appoint and remove officers, employees and other agents of the Trust, to serve at the pleasure of the Board, with such powers and duties as the Board may determine. The officers of the Trust may include one or more chief executive officers, presidents, vice presidents, chief operating officers, chief financial officers, treasurers, secretaries, and such other officers with such powers and duties as the Board shall deem necessary or desirable. The officers of the Trust, if any, shall be appointed by the Board, except that the chief executive officer or president may from time to time appoint one or more vice presidents or other subordinate officers. The duties of the officers of the Trust shall be as set forth in these Bylaws and as from time to time prescribed by the Board or, in the case of any officer other than the chief executive officer or president, chief executive officer or president. Each officer shall serve until his or her successor is appointed and qualifies or until his or her death or his or her resignation or removal in the manner hereinafter provided. Any two or more offices except president and vice president may be held by the same person. Appointment of an officer or agent shall not of itself create contract rights between the Trust and such officer or agent. In the absence of any other appointment of such officers, solely for the purpose of executing and attesting any amendment to the Certificate of Trust or any other document required by law to be executed and/or attested by one or more officers of the Trust, the chairperson of the Board shall be the chief executive officer and president of the Trust and any individual signing as such at the direction of the Board shall be the secretary of the Trust.

Section 2. <u>REMOVAL AND RESIGNATION</u>. Any officer or agent of the Trust may be removed, with or without cause, by the Board, and any subordinate officer or agent of the Trust may be removed, with or without cause, by the chief executive officer or president of the Trust, but any such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer of the Trust may resign at any time by delivering his or her resignation to the Board, or to the chief executive officer, president or secretary of the Trust, if one is then appointed. Any resignation shall take effect immediately upon its receipt or at such later time specified in the resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Trust.

Section 3. <u>CHIEF EXECUTIVE OFFICER</u>. The Board may designate one or more chief executive officers. The chief executive officer shall have general responsibility for implementation of the policies of the Trust, as determined by the Board, and for the management of the business and affairs of the Trust. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Board or by these Bylaws to some other officer or agent of the Trust or shall be required by law to be otherwise executed; and in general shall perform all responsibilities and duties incident

------

to the office of chief executive officer and such other responsibilities and duties as may be prescribed by the Board from time to time.

Section 5. <u>CHIEF OPERATING OFFICER</u>. The Board may designate one or more chief operating officers. The chief operating officer shall have the responsibilities and duties as determined by the Board or chief executive officer.

Section 6. <u>CHIEF FINANCIAL OFFICER</u>. The Board may designate one or more chief financial officers. The chief financial officer shall have the responsibilities and duties as determined by the Board or chief executive officer.

Section 7. <u>PRESIDENT</u>. In the absence of an chief executive officer, one or more presidents shall in general supervise and control all of the business and affairs of the Trust. In the absence of a designation of a chief operating officer by the Board, the president shall be the chief operating officer. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Board or by these Bylaws to some other officer or agent of the Trust or shall be required by law to be otherwise executed; and in general shall perform all responsibilities and duties incident to the office of president and such other responsibilities and duties as may be prescribed by the Board from time to time.

Section 8. <u>VICE PRESIDENTS</u>. In the absence of the president or in the event of a vacancy in such office, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election or, in the absence of any designation, then in the order of their election) shall perform the responsibilities and duties of the president and when so acting shall have all the powers of and be subject to all the restrictions upon the president; and shall perform such other responsibilities and duties as from time to time may be assigned to such vice president by the chief executive officer, the president or the Board. The Board may designate one or more vice presidents as executive vice president, senior vice president, or vice president for particular areas of responsibility.

Section 9. <u>SECRETARY</u>. One or more secretaries shall (a) keep the minutes of the proceedings of the shareholders, the Board and committees of the Board, if any, in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be custodian of the trust records and of the seal of the Trust; (d) keep a register of the post office address of each shareholder, which shall be furnished to the secretary by such shareholder; (e) have general charge of the share transfer books of the Trust; and (f) in general perform such other responsibilities and duties as from time to time may be assigned to him or her by the chief executive officer, the president or the Board.

Section 10. <u>TREASURER</u>. One or more treasurers shall have the custody of the funds and securities of the Trust, shall keep full and accurate accounts of receipts and disbursements in books belonging to the Trust, shall deposit all moneys and other valuable effects in the name and to the credit of the Trust in such depositories as may be designated by the Board and in general perform such other responsibilities and duties as from time to time may be assigned to him or her

------

by the chief executive officer, the president or the Board. In the absence of a designation of a chief financial officer by the Board, the treasurer shall be the chief financial officer of the Trust.

The treasurer shall disburse the funds of the Trust as may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the president and Board, at the regular meetings of the Board, if any, or whenever it may so require, an account of all his or her transactions as treasurer and of the financial condition of the Trust.

Section 11. <u>COMPENSATION</u>. The compensation of the officers shall be fixed from time to time by or under the authority of the Board, except that the chief executive officer or president may, from time to time, set the compensation for any vice president or other subordinate officer. No officer shall be prevented from receiving such compensation by reason of the fact that he or she is also a Trustee.

**ARTICLE V**

**CONTRACTS, CHECKS AND DEPOSITS**

Section 1. <u>CONTRACTS</u>. The Board may authorize any officer or agent of the Trust or the Board to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Trust and such authority may be general or confined to specific instances. Any agreement, loan, note, deed, mortgage, lease or other document shall be valid and binding upon the Trust when duly authorized or ratified by action of the Board and executed by an authorized person.

Section 2. <u>CHECKS AND DRAFTS</u>. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Trust shall be signed by such officer or agent of the Trust or the Board in such manner as shall from time to time be determined by the Board.

Section 3. <u>DEPOSITS</u>. All funds of the Trust not otherwise employed shall be deposited or invested from time to time to the credit of the Trust as the Board, the chief executive officer, the president, the chief financial officer, or any other officer or agent of the Trust or the Board designated by the Board may determine.

**ARTICLE VI**

**SHARES**

Section 1. <u>CERTIFICATES</u>. Except as may be otherwise provided by the Board or any officer of the Trust, shareholders of the Trust are not entitled to certificates evidencing the shares of beneficial interest held by them. In the event that the Trust issues shares of beneficial interest evidenced by certificates, such certificates shall be in such form as prescribed by the Board or a duly authorized officer. There shall be no differences in the rights and obligations of shareholders based on whether or not their shares are evidenced by certificates.

------

Section 2. <u>TRANSFERS</u>. All transfers of shares shall be made on the books of the Trust, by the holder of the shares, in person or by his or her attorney, in such manner as the Board or any officer of the Trust may prescribe and, if such shares are certificated, upon surrender of certificates duly endorsed. The issuance of a new certificate upon the transfer of certificated shares is subject to the determination of the Board or an officer of the Trust that such shares shall no longer be evidenced by certificates.

The Trust shall be entitled to treat the holder of record of any share of beneficial interest as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise expressly provided by the laws of the State of Maryland.

Notwithstanding the foregoing, transfers of shares of any class or series of beneficial interest will be subject in all respects to the Declaration of Trust and all of the terms and conditions contained therein.

Section 3. <u>REPLACEMENT CERTIFICATE</u>. The Board or any officer or agent of the Trust may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Trust alleged to have been lost, destroyed, stolen or mutilated, upon the making of an affidavit of that fact by the person claiming the certificate to be lost, destroyed, stolen or mutilated; provided, however, if such shares have ceased to be certificated, no new certificate shall be issued unless requested in writing by such shareholder and the Board or an officer of the Trust has determined that such certificates may be issued. Unless otherwise determined by the Board or an officer or agent of the Trust, the owner of such lost, destroyed, stolen or mutilated certificate or certificates, or his or her legal representative, shall be required, as a condition precedent to the issuance of a new certificate or certificates, to give the Trust a bond in such sums as it may direct as indemnity against any claim that may be made against the Trust.

Section 4. <u>FIXING OF RECORD DATE</u>. The Board may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of shareholders for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than 90 days and, in the case of a meeting of shareholders, not less than ten days, before the date on which the meeting or particular action requiring such determination of shareholders of record is to be held or taken.

When a record date for the determination of shareholders entitled to notice of and to vote at any meeting of shareholders has been set as provided in this section, such record date shall continue to apply to the meeting if adjourned or postponed, except if the meeting is adjourned or postponed to a date more than 120 days after the record date originally fixed for the meeting, in which case a new record date for such meeting may be determined as set forth herein.

Section 5. <u>SHARE LEDGER</u>. The Trust shall maintain at its principal office or at the office of its counsel, accountants or transfer agent, an original or duplicate share ledger containing

------

the name and address of each shareholder and the number of shares of each class held by such shareholder.

Section 6. <u>FRACTIONAL SHARES; ISSUANCE OF UNITS</u>. The Board may authorize the Trust to issue fractional shares or authorize the issuance of scrip, all on such terms and under such conditions as it may determine. Notwithstanding any other provision of the Declaration of Trust or these Bylaws, the Board may authorize the Trust to issue units consisting of different securities of the Trust. Any security issued in a unit shall have the same characteristics as any identical securities issued by the Trust, except that the Board may provide that for a specified period securities of the Trust issued in such unit may be transferred on the books of the Trust only in such unit.

**ARTICLE VII**

**ACCOUNTING YEAR**

The Board shall have the power, from time to time, to fix the fiscal year of the Trust.

**ARTICLE VIII**

**DISTRIBUTIONS**

Section 1. <u>AUTHORIZATION</u>. Dividends and other distributions upon the shares of beneficial interest of the Trust may be authorized by the Board, subject to the provisions of law and the Declaration of Trust. Dividends and other distributions may be paid in cash, property or shares of beneficial interest of the Trust, subject to the provisions of law and the Declaration of Trust.

Section 2. <u>CONTINGENCIES</u>. Before payment of any dividends or other distributions, there may be set aside out of any assets of the Trust available for dividends or other distributions such sum or sums as the Board may from time to time, in its sole and absolute discretion, think proper as a reserve fund for contingencies, for equalizing dividends, for repairing or maintaining any property of the Trust or for such other purpose as the Board shall determine, and the Board may modify or abolish any such reserve.

**ARTICLE IX**

**SEAL**

Section 1. <u>SEAL</u>. The Board may authorize the adoption of a seal by the Trust. The seal, if any, shall contain the name of the Trust and the year of its formation and the words "Formed Maryland." The Board may authorize one or more duplicate seals and provide for the custody thereof.

Section 2. <u>AFFIXING SEAL</u>. Whenever the Trust is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, rule or regulation

------

relating to a seal to place the word "(SEAL)" adjacent to the signature of the person authorized to execute the document on behalf of the Trust.

**ARTICLE X**

**WAIVER OF NOTICE**

Whenever any notice of a meeting is required to be given pursuant to the Declaration of Trust or these Bylaws or pursuant to applicable law, a waiver thereof in writing or by electronic transmission, given by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice of such meeting, unless specifically required by statute. The attendance of any person at any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been lawfully called or convened.

**ARTICLE XI**

**AMENDMENT OF BYLAWS**

The Board shall have the exclusive power, at any time, to adopt, amend, alter or repeal any provision of these Bylaws and to make new Bylaws.

**ARTICLE XII**

**INVESTMENT POLICY**

Subject to the provisions of the Declaration of Trust, the Board may from time to time adopt, amend, revise or terminate any policy or policies with respect to investments by the Trust as it shall deem appropriate in its sole discretion.

**ARTICLE XIII**

**MISCELLANEOUS**

All references to the Declaration of Trust shall include all amendments and supplements thereto.

***As adopted May 5, 2026***

------

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

**PURSUANT TO 17 CFR 240.13A-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Robert P. Karnes, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of BlackRock Monticello Debt Real Estate Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 6, 2026 | /s/ Robert P. Karnes |
|  | Robert P. Karnes |
|  | President<br>(Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

**PURSUANT TO 17 CFR 240.13A-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Barry W. Szarvas Jr., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of BlackRock Monticello Debt Real Estate Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 6, 2026 | /s/ Barry W. Szarvas Jr. |
|  | Barry W. Szarvas Jr. |
|  | Chief Financial Officer<br>(Principal Financial Officer and Principal Accounting Officer) |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of BlackRock Monticello Debt Real Estate Investment Trust (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Robert P. Karnes President of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Robert P. Karnes |
| Robert P. Karnes |
| President<br>(Principal Executive Officer) |
| May 6, 2026 |

---

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

------

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of BlackRock Monticello Debt Real Estate Investment Trust (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Barry W. Szarvas Jr., Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Barry W. Szarvas Jr. |
| Barry W. Szarvas Jr. |
| Chief Financial Officer |
| (Principal Financial Officer and Principal Accounting Officer) |
| May 6, 2026 |

---

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

------