BlackRock Monticello Debt Real Estate Investment Trust

CIK:0002049595|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Interest income	$ 17,247	$ 742	$ 31,383	$ 742
Other income	1,267	5	3,610	5
Total revenue	18,514	747	34,993	747
Expenses
Interest and fees on debt obligations	8,363	554	15,825	554
Debt issuance costs	2,124	0	2,875	0
Origination fees payable to advisors	613	0	1,765	0
General and administrative	1,929	191	4,017	191
Performance fees	311	0	432	0
Total expenses	13,340	745	24,914	745
Gains (losses) from operations and financing
Unrealized gain (loss) on real estate loan investments	0	0	0	0
Unrealized gain (loss) on debt obligations	0	0	0	0
Total gain (loss) from operations and financing, net	0	0	0	0
Net income	$ 5,174	$ 2	$ 10,079	$ 2
Net income per common share, basic	$ 0.6	$ 0.02	$ 1.35	$ 0.03
Net income per common share, diluted	$ 0.6	$ 0.02	$ 1.35	$ 0.03
Weighted-average common shares outstanding, basic	8,630,417	100,080	7,481,672	50,356
Weighted-average common shares outstanding, diluted	8,630,417	100,080	7,481,672	50,356

Condensed Consolidated Statement of Cash Flows (Unaudited)	6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Cash flows from operating activities
Net income	$ 10,079,000	$ 2,000
Adjustments to reconcile net income to net cash provided by operating activities
Debt issuance costs	2,875,000	0
Change in assets and liabilities
(Increase) decrease in accrued interest receivable	(3,466,000)	(425,000)
(Increase) decrease in due from affiliate	0	(59,000)
(Increase) decrease in other assets	321,000	0
Increase (decrease) in accrued interest payable	801,000	223,000
Increase (decrease) in accrued expenses and other liabilities	(277,000)	216,000
Increase (decrease) in due to affiliates	4,440,000	0
Net cash provided by operating activities	14,773,000	(43,000)
Cash flow from investing activities
Originations and fundings of real estate loan investments	(338,902,000)	(127,453,000)
Principal repayments received on real estate loan investments	182,000	0
Net cash used in investing activities	(338,720,000)	(127,453,000)
Cash flows from financing activities
Proceeds from issuance of common shares	129,551,000	6,500,000
Borrowings under debt obligations	371,693,000	122,320,000
Repayment of debt obligations	(151,395,000)	0
Distributions paid	(8,098,000)	0
Repurchase of common shares	(15,052,000)
Payment of debt issuance costs	(921,000)	0
Net cash provided by financing activities	325,778,000	128,820,000
Net change in cash, cash equivalents and restricted cash	1,831,000	1,324,000
Cash, cash equivalents and restricted cash, beginning of period	5,420,000	2,000
Cash, cash equivalents and restricted cash, end of period	7,251,000	1,326,000
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	5,628,000	1,326,000
Restricted cash	1,623,000	0
Total cash, cash equivalents and restricted cash	7,251,000	1,326,000
Supplemental disclosure of cash flow information:
Cash paid for interest	14,962,000	316,000
Non-cash financing activities
Change in accrued debt issuance costs due to affiliates	1,954,000	0
Accrued distributions	1,760,000	0
Change in advanced offering costs due to affiliates	1,470,000	0
Shareholder servicing fees payable	6,289,000	0
Common shares repurchase payable	15,000,000
Distribution reinvestment	$ 2,973,000	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 5,628	$ 4,617
Restricted cash	1,623	803
Real estate loan investments, at fair value	900,685	561,965
Accrued interest receivable	7,267	3,801
Other assets	8	329
Total assets	915,211	571,515
Liabilities and Equity
Debt obligations, at fair value	663,511	443,213
Accrued interest and fees payable	1,843	1,042
Due to affiliates	19,425	11,561
Distribution payable	1,760	1,437
Shareholder servicing fees payable	7,390	1,101
Accrued expenses and other liabilities	16,838	2,115
Total liabilities	710,767	460,469
Commitments and contingencies (Note 13)
Redeemable common shares	6,608	6,531
Equity
Additional paid in capital	190,064	106,487
Accumulated earnings (deficit)	7,686	(2,019)
Total equity	197,836	104,515
Total liabilities, redeemable common shares and equity	915,211	571,515
Class E shares
Liabilities and Equity
Shareholder servicing fees payable	0
Equity
Common shares value	1	1
Class F-I shares
Equity
Common shares value	49	41
Class F-S shares
Equity
Common shares value	$ 36	$ 5