Private company

BlackRock Monticello Debt Real Estate Investment Trust

BlackRock Monticello Debt Real Estate Investment Trust is an American real estate investment trust based in New York, active since 2024.2

Last updated Oct 20, 2026.

Overview

$16.9MRevenue, fiscal 20253
-$2.3MNet income, fiscal 20253
  • IndustryReal Estate Investment Trusts2
  • HeadquartersBaltimore, United States2
  • Incorporated inMD4
  • Business address50 Hudson Yards, New York, Ny 100014
  • Filer category, Emerging growth company4
  • Legal formOther2
  • Kind of organizationReal estate investment trust2
  • LEI529900MD4NJXIL74CO652
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o CSC-Lawyers Incorporating Service Company, 7 St. Paul Street, Suite 820, 21202 Baltimore, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), B255123772

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-13.5%Net margin3
-2.2%Return on equity3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs100¢$16.9M

Out of $16.9M in revenue.3 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$5.3M

Out of $5.3M of cash from operations.3

Financial statements

Fiscal year20242025
Revenue$16.9M3
Operating expenses$19.2M3
Income tax$03
Net income-$2.3M3
Earnings per share-$1.213
Earnings per share (diluted)-$1.213
Shares (weighted, basic)1.9M shares3
Shares (weighted, diluted)1.9M shares3

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Corporate structure

BlackRock Monticello Debt Real Estate Investment Trust sits at the top of its group. 12 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • BlackRock Monticello Debt Real Estate Investment Trust Baltimore, Maryland, United States
    • BLK MAM Holding, LLC Subsidiary · Delaware, United States
    • BLK MAM Liquidity Holdings LLC Subsidiary · Delaware, United States
    • BLKM Funding (TRS), LLC Subsidiary · Delaware, United States
    • BLKM I, LLC Subsidiary · Delaware, United States
    • BLKM II, LLC Subsidiary · Delaware, United States
    • BLKM III (TRS-SUB), LLC Subsidiary · Delaware, United States
    • BLKM III, LLC Subsidiary · Delaware, United States
    • BLKM IV, LLC Subsidiary · Delaware, United States
    • BLKM Residual Portfolio, LLC Subsidiary · Delaware, United States
    • BLKM V, LLC Subsidiary · Delaware, United States
    • BLKM VI, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.

What it owns

What BlackRock Monticello Debt Real Estate Investment Trust reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$4.6M3 Dec 31, 2025$2.0K3 Dec 31, 2024+230750.0%

Properties, in its own words

Our principal office is located at 50 Hudson Yards, New York, NY 10001. As part of the Advisory Agreements, each of the Advisors are responsible for providing office space and office services required in rendering services to us. We consider these facilities to be suitable and adequate for the management and operations of our business.

Item 2 of the 10-K filed Mar 26, 2026.10

Leadership

Who has led BlackRock Monticello Debt Real Estate Investment Trust, and when. Pick a name to see everywhere that person has worked.

Chair

  1. Daniel A. Dunay2025–now

President

  1. Robert P. Karnes2025–now

Chief financial officer

  1. Barry W. Szarvas Jr.2025–now
Board members and other officers (8)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Assistant TreasurerJonathan M. Litt named Aug 13, 202622

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • BLK MAM Holding, LLC Delaware5
  • BLK MAM Liquidity Holdings LLC Delaware5
  • BLK MAM Liquidity Holdings Limited Cayman Islands5
  • BLKM Funding (TRS), LLC Delaware5
  • BLKM I, LLC Delaware5
  • BLKM II, LLC Delaware5
  • BLKM III (TRS-SUB), LLC Delaware5
  • BLKM III, LLC Delaware5
  • BLKM IV, LLC Delaware5
  • BLKM Residual Portfolio, LLC Delaware5
  • BLKM V, LLC Delaware5
  • BLKM VI, LLC Delaware5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 5, 20268-K Unregistered sale of shares23
  2. Sep 30, 20268-K Regulation FD disclosure24
  3. Sep 3, 20268-K Unregistered sale of shares25
  4. Aug 31, 20268-K Regulation FD disclosure26
  5. Aug 7, 20268-K Unregistered sale of shares27
  6. Jul 31, 20268-K Regulation FD disclosure28
  7. Jul 6, 20268-K Unregistered sale of shares29
  8. Jun 30, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure30
  9. Jun 5, 20268-K Unregistered sale of shares31
  10. Jun 5, 20268-K Entered a material agreement; New debt or obligation32
  11. May 29, 20268-K Regulation FD disclosure33
  12. May 26, 20268-K Entered a material agreement; New debt or obligation34
  13. Nov 7, 2024Founded BlackRock Monticello Debt Real Estate Investment Trust is founded2

Filings

81 filings to the SEC since October 2021: 1 annual reports, 6 quarterly reports, 37 major events, 21 insider forms, 3 private raises, 13 other. The latest 20:

  1. Oct 5, 20268-K EDGAR
  2. Sep 30, 20268-K EDGAR
  3. Sep 3, 20268-K EDGAR
  4. Aug 31, 20268-K EDGAR
  5. Aug 13, 2026D/A EDGAR
  6. Aug 7, 20268-K EDGAR
  7. Aug 7, 202610-Q EDGAR
  8. Jul 31, 20268-K EDGAR
  9. Jul 6, 20264 EDGAR
  10. Jul 6, 20264 EDGAR
  11. Jul 6, 20264 EDGAR
  12. Jul 6, 20268-K EDGAR
  13. Jun 30, 20268-K EDGAR
  14. Jun 5, 20268-K EDGAR
  15. Jun 5, 20268-K EDGAR
  16. Jun 3, 20264 EDGAR
  17. May 29, 20268-K EDGAR
  18. May 26, 20268-K EDGAR
  19. May 20, 2026IRANNOTICE EDGAR
  20. May 20, 202610-Q/A EDGAR

The 81 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

9 open-market trades by officers, directors and large owners since October 2021: 9 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 1, 2026Fox MarcTreasurerBuy2,956$25.38$75.0KForm 4
Jul 1, 2026Litt Jonathan MAssistant TreasurerBuy1,636$25.38$41.5KForm 4
Jul 1, 2026Litt Alan GExecutive Vice PresidentBuy18,985$25.38$481.8KForm 4
Jun 1, 2026Troy Thomas FrancisDirectorBuy11,826$25.37$300.0KForm 4
Jan 2, 2026Troy Thomas FrancisDirectorBuy27,864$25.12$699.9KForm 4
Jan 2, 2026Fox MarcTreasurerBuy3,981$25.12$100.0KForm 4
Dec 1, 2025Troy Thomas FrancisDirectorBuy19,945$25.07$500.0KForm 4
Dec 1, 2025Fox MarcTreasurerBuy3,989$25.07$100.0KForm 4
Sep 2, 2025Troy Thomas FrancisDirectorBuy19,968$25.04$500.0KForm 4

From Forms 4 filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jul 1, 2025Raised $349.1 million in a private offering of equity Form D: 955 investors so far Form D

SEC filer profile

How BlackRock Monticello Debt Real Estate Investment Trust is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBlackRock Monticello Debt Real Estate Investment Trust1
  • CIK0002049595
  • Employer ID (EIN)33-659575410
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company10
  • Incorporated inMaryland10
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address50 Hudson Yards, New York, NY 100011
  • Phone212 810-53001
  • Shares outstanding1,655,724 Class F-S Common Shares shares; 5,026,390 Class F-I Common Shares shares; 346,880 Common Class E shares as of Mar 24, 202610
  • Public float$0 as of Dec 31, 20253
  • AuditorDeloitte & Touche LLP, Chicago, Illinois PCAOB ID 34; no auditor attestation of internal control over financial reporting10
  • On EDGAR sinceJan 15, 20251
  • Filings81 in all: 8-K (37), 3 (12), 4 (9), 10-Q (5), UPLOAD (4), 10-12G/A (3), CORRESP (3), D/A (2)1
    All 13 form types

    IRANNOTICE (2), 10-12G (1), 10-K (1), 10-Q/A (1), D (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Latest 8-K (8-K) Oct 5, 2026

Risk factors and legal proceedings

The risks BlackRock Monticello Debt Real Estate Investment Trust names in Item 1A of its 10-K filed Mar 26, 2026: 78 risks under these headings, as written.10

  • Risks Related to Our Private Offering and Our Organizational Structure
  • We have a limited operating history and there is no assurance that we will be able to successfully achieve our investment objectives.
  • There are no assurances that our private offering will raise substantial capital, which may materially adversely affect our ability to achieve our investment objectives.
  • We are dependent on the Advisors and their affiliates, and their key personnel who provide services to us through the Advisory Agreements, and we may not find a suitable replacement for the Advisors if the Advisory Agreements are terminated, or for these key personnel if they leave BlackRock or Monticello or otherwise become unavailable to us.
  • The Advisors manage our portfolio pursuant to very broad investment guidelines and generally are not required to seek the approval of our board of trustees for each investment, financing or asset allocation decision made by it, which may result in our making riskier investments and, in turn, may materially adversely affect our results of operations and financial condition.
  • We may make changes to our business, investment, leverage and financing strategies without shareholder approval.
  • There is no public trading market for our common shares; therefore, your ability to dispose of your common shares will likely be limited to repurchase by us. If you do sell your common shares to us, you may receive less than the price you paid.
  • Our common shares purchased in our private offering will be subject to certain transfer restrictions.
  • Your ability to have your common shares repurchased through our share repurchase plan is limited. We may choose to repurchase fewer common shares than have been requested to be repurchased, or none at all, in our discretion at any time, and the amount of common shares we may repurchase is subject to caps. Further, our board of trustees may make exceptions to, modify or suspend our share repurchase plan if it deems such action to be in our best interest.
  • Economic events may have an adverse effect on our investments and may cause our shareholders to request that we repurchase their common shares, which may materially adversely affect our cash flow and our results of operations and financial condition.
  • We face risks associated with the deployment of our capital.
  • The amount and source of distributions, if any, we may make to our shareholders is uncertain, and we may be unable to generate sufficient cash flows from our operations to make distributions to our shareholders at any time in the future.
The other 67 risks
  • We may pay distributions from sources other than our cash flow from operations, including, without limitation, borrowings, offering net proceeds and the sale of or repayments under our investments, and we have no limits on the amounts we may fund from such sources.
  • Payments to the Advisors in the form of common shares, which the Advisors may elect to receive in lieu of cash in respect of management fees or performance fees or certain expense reimbursements, will dilute future cash available for distribution to our shareholders.
  • Purchases and repurchases of our common shares will not be made based on the current NAV per share as of the date of the purchase or repurchase.
  • Valuations of our investments may reflect estimates of fair value and may not necessarily correspond to realizable value, which could adversely affect the value of your investment.
  • Our NAV per share may change materially if the values of our investments materially change, if the actual operating results for a particular month differ from what we originally budgeted for that month or if there are fluctuations in interest rates.
  • The NAV per share that we publish may not necessarily reflect changes in our NAV that are not immediately quantifiable.
  • NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.
  • Our shareholders generally have limited voting rights.
  • Our Declaration of Trust does not provide for the annual election of trustees by our shareholders, and contains provisions that could make removal of our trustees difficult, which could make it difficult for our shareholders to effect changes to our management.
  • Our Declaration of Trust permits our board of trustees to authorize us to issue preferred shares on terms that may be senior to the rights of the holders of our current common shares or discourage a third party from acquiring us.
  • Your interest in us will be diluted if we issue additional shares.
  • Maryland law and our Declaration of Trust limit our rights and the rights of our shareholders to recover claims against Covered Persons (as defined below), which could reduce your and our recovery against them if they cause us to incur losses.
  • We will not be required to comply with certain reporting requirements, including those relating to auditor’s attestation reports on the effectiveness of our system of internal control over financial reporting, accounting standards and disclosure about our executive compensation, that apply to other public companies.
  • Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act.
  • We depend on the Advisors to develop appropriate systems and procedures to control operational risk.
  • Operational risks, including the risk of cyberattacks, may disrupt our businesses, result in losses or limit our growth.
  • We are subject to risks associated with artificial intelligence (“AI”) and machine learning technology.
  • Uncertainty with respect to the financial stability of the United States could have a significant adverse effect on our business, financial condition and results of operations.
  • Misconduct of employees of the Advisors, their affiliates or third-party service providers could cause significant losses to us.
  • We may face limits on our ability to leverage the Advisors’ knowledge base.
  • Risks Related to Our Investments
  • Our loans and other investments expose us to risks associated with debt-oriented real estate investments generally.
  • The lack of liquidity in our investments may adversely affect our business.
  • Prepayment rates may adversely affect the value of our investment portfolio.
  • Difficulty in redeploying the proceeds from repayments of our loans and investments may cause our financial performance and returns to investors to suffer.
  • The mortgage loans in which we may invest and the mortgage loans underlying the mortgage securities in which we may invest are subject to delinquency, foreclosure and loss, which could result in losses to us.
  • The trend for seniors to delay moving to senior living communities until they require greater care or to forgo moving to senior living communities altogether could have a material adverse effect on our business, financial condition and results of operations.
  • Depressed U.S. housing market conditions and other factors may reduce the willingness or ability of seniors to relocate to the senior living communities of our borrowers.
  • Borrowers who are providers of seniors housing may depend on private pay sources, and events which adversely affect the ability of seniors to afford their resident fees (including downturns in the economy, housing market, consumer confidence, or the equity markets, increased inflation, and unemployment among resident family members) could cause their occupancy, revenues, results of operations, and cash flow to decline, which, in turn, may impair our borrower’s ability to repay principal and interest on our loans.
  • Changes in the reimbursement rates, methods, or timing of payment from government reimbursement programs could adversely affect our borrowers’ revenues, results of operations, and cash flow.
  • Senior housing construction and development, lower industry occupancy, and increased competition, may have an adverse effect on our borrowers’ occupancy, revenues, results of operations, and cash flow.
  • The cost and difficulty of complying with increasing and evolving regulation and enforcement in respect of seniors housing could have an adverse effect on our borrowers’ business, results of operations, and cash flow, which may adversely impact the Company.
  • Multifamily residential investments may subject us to additional risk.
  • We may need to foreclose on certain of the loans we originate or acquire, which could result in losses that harm our results of operations and financial condition.
  • Interest rate fluctuations could reduce our ability to generate income on our investments and may cause losses.
  • The due diligence process that the Advisors undertake in regard to investment opportunities may not reveal all facts that may be relevant in connection with an investment, and if the Advisors incorrectly evaluate the risks of our investments we may experience losses.
  • The properties securing our real estate investments may be subject to unknown liabilities, including liabilities resulting from environmental hazards, that could affect the value of these properties and as a result, our investments.
  • If the Advisors overestimate the yields or incorrectly price the risks of our investments, we may experience losses.
  • Inflation risks may have an adverse impact on our returns.
  • Real estate valuation is inherently subjective and uncertain.
  • Trade negotiations and related government actions may create regulatory uncertainty for us and our borrowers and adversely affect the profitability of our investments.
  • Loans on properties in transition will involve a greater risk of loss than conventional mortgage loans.
  • Risks of cost overruns and noncompletion of renovations of properties in transition may result in significant losses.
  • Investment ratings that we may use are relative and subjective.
  • Investments in non-conforming and non-investment grade rated loans or securities involve increased risk of loss.
  • Any credit ratings assigned to our investments are subject to ongoing evaluations and revisions and we cannot assure you that those ratings will not be downgraded.
  • Our investments are concentrated and are subject to risk of default.
  • Difficult conditions in the mortgage and real estate markets may cause us to experience market losses related to our holdings.
  • We operate in a highly competitive market for investment opportunities and competition may limit our ability to originate and/or acquire desirable investments in our target assets and could also affect the pricing of these assets.
  • If we are unable to successfully integrate new assets or businesses and manage our growth, our results of operations and financial condition may suffer.
  • The subordinate participation interests that we originate or acquire are subject to additional risks related to the privately negotiated structure and terms of the transaction, which may result in losses to us.
  • We may not be able to sell the senior participation interests that we originate or acquire, which may result in losses to us.
  • Mezzanine loans involve greater risks of loss than senior loans secured by income-producing properties.
  • Our Loan Portfolio investments are expected to be recorded at fair value and, as a result, there is uncertainty as to the value of these investments.
  • We may experience a decline in the fair value of our assets.
  • Any distressed loans or investments we make, or loans and investments that later become distressed, may subject us to losses and other risks relating to bankruptcy proceedings.
  • There are increased risks involved with our construction lending activities.
  • Our investments in CMBS are generally subject to losses.
  • We may not control the special servicing of the mortgage loans included in the CMBS in which we invest, and, in such cases, the special servicer may take actions that could adversely affect our interests.
  • With respect to certain mortgage loans included in our CMBS investments, the properties that secure the mortgage loans backing the securitized pool may also secure one or more related mortgage loans that are not in the CMBS, which may conflict with our interests.
  • The Company’s claims may be subordinated to those of other creditors, which may have an adverse effect on the Company’s performance.
  • Dislocations, illiquidity and volatility in the market for commercial real estate as well as the broader financial markets could adversely affect the performance and value of commercial mortgage loans, the demand for CMBS and the value of CMBS investments.
  • The CMBS in which we invest is subject to the risks of the mortgage securities market as a whole and risks of the securitization process.
  • We are subject to the risks relating to increases in prepayment rates of debt underlying CMBS.
  • We may sponsor, and purchase the more junior securities of, CLOs, CMBS and other asset-backed securities and such instruments involve significant risks, including that these securities receive distributions from such securities if they generate enough income to first pay all the investors holding senior tranches and expenses.
  • We may be subject to contingent liabilities.
  • Certain of the Company’s borrowers may depend on the grant, renewal or continuance in force of appropriate contracts, licenses, permits and regulatory approvals and consents.
  • Various jurisdictional licensing requirements will cause us to incur expenses and our failure to be properly licensed may have a material adverse effect on us and our operations.

Legal proceedings

Neither we nor the Advisors are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us or the Advisors. From time to time, we or the Advisors may be a party to certain legal and regulatory proceedings in the ordinary course of business.

The opening of Item 3, Legal Proceedings.10

Sources

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