BlackRock Monticello Debt Real Estate Investment Trust

A private, perpetual-life REIT investing primarily in multifamily and seniors housing debt co-sponsored by BlackRock and MONTICELLOAM, LLC.*

NAV Information1

NAV per share as of July 31, 2025. (1 $ in thousands)

Share Class

Net asset value

Outstanding common shares

NAV per share

Class F-I

$54,046,600.73

2,159,807.89

$25.0238

Class E

$6,512,291.60

260,079.70

$25.0396

Total

$60,558,892.33

2,419,887.59

SEC Filings

See all filings on EDGAR

To view all remaining SEC filings and historical documents on the fund, view the EDGAR collection of resources.

FUND GOVERNANCE & MORE

Trustees and Officers

Jill S. Hatton

Independent Trustee

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Thomas F. Troy

Independent Trustee

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Larry LaGrone

Independent Trustee

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Robert P. Karnes

President

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Thomas J. Lally

Trustee

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Daniel Dunay

Executive Chairperson

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Jonathan C. Diorio

Vice President

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Marc A. Fox

Treasurer

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Alan G. Litt

Executive Vice President

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Jonathan M. Litt

Assistant Treasurer

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Gregory J. McManus

Vice President

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James E. Rehlaender III

Executive Vice President

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Brandon I. Rosenblum

Vice President

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Barry W. Szarvas Jr.

Chief Financial Officer

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Robert J. Weiss

Secretary, General Counsel

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Troy Wismer

Vice President, Tax

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*BlackRock Monticello Debt Real Estate Investment Trust is not available to members of the public, and no offering is made or should be inferred.
1 Represents the NAV per share of the applicable class of BlackRock Monticello Debt REIT’s (the “REIT”) common shares as of July 31, 2025. Repurchases under the share repurchase plan will be effected at a repurchase price equal to the transaction price on the applicable repurchase date (which will generally be equal to our prior month’s NAV per share), subject to any early repurchase deduction. The NAV per share presented is rounded to two decimal places. NAV is calculated in accordance with the valuation guidelines approved by our board of trustees. NAV is not a measure used under generally accepted accounting principles in the United States (“GAAP”), and the valuations of and certain adjustments made to our assets and liabilities used in the determination of NAV may differ from GAAP. You should not consider NAV to be equivalent to shareholders’ equity or any other GAAP measure.

Please refer here for more information on BlackRock’s privacy policy.

Material related to the REIT is provided for informational purposes only and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Reliance upon information in this material is at the sole risk and discretion of the reader. The material was prepared without regard to specific objectives, financial situation or needs of any investor.

Complete information on the risks associated with the REIT are set out in its registration statement on Form 10 (as amended), and any such updated factors included in the REIT’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.

USWAH0825U/S-4742665

Jill S. Hatton

Jill S. Hatton has served as an independent trustee since March 2025. Ms. Hatton has over 40 years of institutional real estate investment experience and currently serves as Chair of the Mass PRIM Real Estate and Timber Committee, Member of the New York State Teachers Real Estate Committee, and Vice Chairperson and Commissioner of the Boston Zoning Commission. Previously, Ms. Hatton was a Director at the University of Wisconsin Foundation Board (2007-2020) and was Chair of both Investment and Alternatives Committees. She also served as an Advisor to the University of Wisconsin Foundation Investment and Alternatives Committees from 2020-2023. Ms. Hatton was President and CEO of GE Capital Investment Advisors and Managing Director of SSR Realty Advisors, Inc., which was acquired by BlackRock in 2005. Ms. Hatton retired from BlackRock in 2008 as a Managing Director of BlackRock Real Estate. Ms. Hatton is a Counselor of Real Estate (CRE) and former Chair of the CRE New England Chapter. Ms. Hatton has been a full member of the Urban Land Institute since 1994 and recently served as Governing Trustee (2016-­2020), Founder and Chair of Urban Development Mixed Use (UDMUC) Platinum Product Council (2017-2020), Chair of Urban Development Mixed Use (UDMUC) Red Product Council and member of the Executive Committee of the ULI Women’s Leadership Initiative. Ms. Hatton earned a MS in Business in Real Estate Appraisal and Investment Analysis in 1982 and a BBA with Majors in Real Estate and Finance awarded with Honors and Distinction in 1981, both from the University of Wisconsin Madison. She received the Outstanding University of Wisconsin Real Estate Alumnus Award in 2010 and was a Teaching Assistant under Professor James A. Graaskamp in 1981-82. She also currently serves on the University of Wisconsin Astronomy Board of Visitors and previously served as Treasurer and on the Board of Directors at the Community Music Center of Boston.

We believe that Ms. Hatton’s extensive institutional real estate investment experience brings valuable experience to our board of trustees.

Thomas F. Troy

Thomas F. Troy has served as an independent trustee since March 2025. Mr. Troy is a seasoned executive with nearly 40 years of experience in capital markets, banking, wealth, and asset management. He served as Vice-Chairman of UBS Asset Management Americas, Inc. (“UBS Asset Management”) from January 2018 to June 2021. In this role, Mr. Troy helped provide innovation and thought leadership in key areas such as sustainable and impact investing and platform and product creation for UBS Asset Management, which is one of the largest asset managers globally with over $1.2 trillion in invested assets and with locations in 23 markets. From 2010 to 2017, Mr. Troy served as Head of Capital Markets and Sales for UBS Wealth Management Americas, Inc., where he led the strategic growth and build-out of the sales and trading functions to support high net worth and ultra-high net worth clients. Prior to joining UBS Wealth Management Americas, Inc., Mr. Troy served as Principal at Gardenia Global Advisors, LLC from 2006 to 2010, where he was responsible for managing money and risk. Mr. Troy has also served as Principal at Bear Wagner Specialists, Inc. from 2004 to 2006, where he was responsible for marketing new issues to institutional clients. Mr. Troy previously held a variety of positions at Merrill Lynch & Co., Inc. from 1983 to 2003, including Head, Securities Services Division, where he was responsible for managing the firm’s $1.4 billion prime brokerage, clearing, lending and futures businesses and Head, Institutional Equities, where he oversaw all secondary and primary sales, trading and capital markets activities across the firm’s cash and derivative products. Mr. Troy currently serves as a member of the Advisory Board of Holy Cross College and a member of the Center for Global Collaboration and Health Initiatives. Mr. Troy received a B.A. in Economics and Accounting from Holy Cross College and an MBA from Stern School of Business, New York University.

We believe that Mr. Troy’s extensive experience in capital markets, banking, wealth and asset management as well as his history in overseeing sustainable and impact investments for large asset managers bring valuable experience to our board of trustees.

Larry LaGrone

Larry LaGrone has served as an independent trustee since March 2025. Mr. LaGrone has worked in banking since 1977, with a primary focus throughout his career in special servicing and troubled commercial real estate assets. He most recently served as Vice President of Portfolio Risk Management for Fannie Mae until his retirement in September 2024. In this role, Mr. LaGrone’s responsibilities included all aspects of asset management and special servicing of the $470 billion multifamily portfolio. Mr. LaGrone received a BS in Management and Economics from Southeastern Oklahoma State University.

We believe that Mr. LaGrone’s extensive experience in banking, real estate and asset management, as well as his history in overseeing sustainable and impact investments for large asset managers, brings valuable experience to our board of trustees.

Robert P. Karnes

Robert P. Karnes has served as our President since January 2025. Mr. Karnes is a Managing Director of BlackRock. Mr. Karnes is Global Head of Real Estate Debt and is a member of the Private Debt Executive Committee. Mr. Karnes is responsible for the strategy, investment, and portfolio management of real estate debt investments globally. Prior to joining BlackRock in 2011, he was chief investment officer and partner of Hillenbrand Partners, directing deal sourcing, investment, and portfolio management activities for the firm’s high yield real estate debt portfolio. Previously, he was executive director of Morgan Stanley, where he oversaw real estate investment and portfolio management activities for the firm’s proprietary, fixed-income distressed debt business in Europe and Asia. Mr. Karnes was also previously with First Chicago Capital Corporation, a leading buyer of subordinate CMBS and high yield real estate debt. Mr. Karnes began his career at First Chicago in real estate portfolio and construction finance. Mr. Karnes earned a BBA degree from the University of Notre Dame and an MBA degree from the Kellogg Graduate School of Management at Northwestern University. He is a member of the Commercial Real Estate Finance Council, the Urban Land Institute, the Kellogg Real Estate Advisory Council and the Fitzgerald Institute for Real Estate at the University of Notre Dame.

Thomas J. Lally

Thomas J. Lally has served as a member of our board of trustees since November 2024. Mr. Lally is Principal, Co-Founder, and Board Member of MONTICELLOAM, LLC since inception in 2014. Mr. Lally leverages over thirty years of experience in the mortgage securitization field to help navigate the firm through different credit cycles and guide the firm’s lending operations. Prior to co-founding MONTICELLOAM, Mr. Lally served as Managing Director and trader of mortgage-backed securities at Ladder Capital. His previous experience includes key positions as Managing Director in multifamily and commercial origination and trading at notable firms such as First Boston, Merrill Lynch, Daiwa Securities, Greystone, and UBS/Principal Finance. Mr. Lally earned a Bachelor of Arts degree from the College of the Holy Cross.

We believe that Mr. Lally’s extensive experience in capital markets in the multifamily and seniors housing space brings valuable experience to our board of trustees.

Daniel Dunay

Daniel Dunay has served as the Executive Chairperson of our board of trustees since March 2025. Mr. Dunay is Chief Operating Officer of Global Product Solutions for BlackRock and is responsible for enabling BlackRock’s product and commercial priorities globally. Previously, he was Head of Americas Financial Institutions, BlackRock’s insurance asset management distribution franchise in the region. Additionally, Mr. Dunay has served as Head of Pricing Strategy and Analytics and Global Head of Compensation & Benefits at the firm. He started at BlackRock as a member of the Corporate Planning team, where he focused on special projects in Finance including support of mergers & acquisitions activity and compensation-related financial analysis. Prior to joining BlackRock in 2013, Mr. Dunay was a principal at Centerview Partners, a boutique investment bank, where he helped provide financial and strategic advice to major financial institutions. He previously worked in Citi’s Investment Banking Division, where he was a member of the Financial Institutions M&A group. Mr. Dunay holds an AB, magna cum laude in economics, from Harvard College.

We believe that Mr. Dunay’s extensive capital raising and finance experience brings valuable experience to our board of trustees.

Jonathan C. Diorio

Jonathan C. Diorio has served as our Vice President since January 2025. Mr. Diorio, Managing Director of BlackRock, is a member of BlackRock’s Product and Platform Group. Jon is responsible for product management, development and strategy within Blackrock’s US Wealth Advisory (“USWA”).  USWA delivers BlackRock’s full set of capabilities including iShares, alpha seeking and alternative products to wealth management firms and financial advisors in the US. Jon’s team partners across BlackRock to deliver market and portfolio insights, develop commercial priorities, drive new product development and manage BlackRock’s wealth product line. Jon oversees BlackRock’s Alternatives for wealth business. He is responsible for product and platform placement and driving adoption for alternatives in wealth. Jon is a member of BlackRock’s Global Operating Committee and the US Wealth Advisory Executive Committee. Prior to joining BlackRock, Jon held various roles at Deutsche Bank focused on product strategy and product management for the wealth market. Jon earned a BA degree in Finance from Loyola University and an MBA degree with a concentration in Finance and Economics from NYU Stern School of Business.  In addition, he earned the Certified Investment Management Analyst designation through the Investment Management Consultants Association in conjunction with the Wharton School of the University of Pennsylvania.  Jon has his series 6,63,7, and 24 licenses.

Marc A. Fox

Marc A. Fox has served as our Treasurer since January 2025. Marc Fox serves as Treasurer and is MONTICELLOAM’s Chief Operating Officer. Previously, Mr. Fox served as Chief Financial Officer for Starwood Credit REIT from July 2023 to November 2024 and as a consultant for Starwood Capital earlier in 2023. Prior to his experience at Starwood Capital, Mr. Fox served as the Chief Financial Officer for Greystone & Co from June 2021 to November 2022, where he was responsible accounting and financial reporting. Prior to his time at Greystone & Co, Mr. Fox was the Chief Financial Officer at Ladder Capital Finance (NYSE: LADR) from November 2008 to May 2021, where he was responsible for the finance, accounting, financial reporting, investor relations and tax functions. Before joining Ladder Capital Finance, Mr. Fox served as Executive Vice President and Treasurer of GMAC Commercial Mortgage and Capmark Financial Group from August 1997 to November 2008, where he was responsible for all cash and debt management, asset and liability management, accounts payable and banking relationships. Mr. Fox received a B.S. degree in economics and a M.B.A. from The Wharton School at the University of Pennsylvania.

Alan G. Litt

Alan G. Litt has served as our Executive Vice President since January 2025. Mr. Litt is Principal, Co-Founder, and Board Member of MONTICELLOAM, LLC since inception in 2014. With over thirty years of experience as a developer, owner/operator, and lender in the multifamily and seniors housing industry, Mr. Litt plays a key role in guiding the firm’s strategic initiatives and lending operations. Prior to co-founding MONTICELLOAM, Mr. Litt served as President and Chairman of The Kohl Companies, overseeing the development, ownership, and operation of skilled nursing facilities and multifamily housing, including market-rate and affordable housing financed through low-income housing and historic tax credits. Mr. Litt has extensive expertise in navigating regulated businesses and has held various advisory roles, including serving as Advisory Council for Provident Bank. He also provides consulting services to several not-for-profit religious, healthcare, and educational organizations in the New York Metropolitan Area. Alan G. Litt is the brother of Jonathan M. Litt, an executive officer of the Company. Mr. Litt earned a Bachelor of Science degree in Finance from New York University.

Jonathan M. Litt

Jonathan M. Litt has served as our Assistant Treasurer since January 2025. Mr. Litt is Principal, Co-Founder, and Board Member of MONTICELLOAM, LLC since inception in 2014. Mr. Litt has over thirty years of experience as an owner/operator and lender in the multifamily and seniors housing industry. At MONTICELLOAM, Mr. Litt oversees all operations and investor relations at the firm, in addition to acting as Chief Compliance Officer, managing MONTICELLOAM’s regulatory adherence in its policies and procedures. Mr. Litt also leads MONTICELLOAM’s seniors housing advisory services and workout group. Prior to his current role, he served as Chief Executive Officer of Kohl Construction Group while concurrently holding the position of Executive Vice President at Kohl Solutions, overseeing the development and operations of seniors housing, affordable housing, mixed-use, and industrial properties throughout the Mid-Atlantic region. He is an Executive Board Member of the Grateful Americans Charity, which provide resources that support programs aimed at ending Veteran homelessness and suicide and combating Post Traumatic Stress Disorder (PTSD). Jonathan M. Litt is the brother of Alan G. Litt, an executive officer of the Company. Mr. Litt earned a Bachelor of Science degree from Ithaca College.

Gregory J. McManus

Gregory J. McManus has served as our Vice President since January 2025. Mr. McManus is a Board Member of MONTICELLOAM, LLC, where he has been a member of the organization for over three years in roles ranging from Chief Growth Officer, Chief Operating Officer, and Portfolio Manager for the $4+ billion Greystone Senior Debt Fund.  In 2024, Mr. McManus stepped away from the COO role to become a Board Member of MONTICELLOAM, LLC but retained his responsibilities as Portfolio Manager for MONTICELLOAM investments and any future fund vehicles. Prior to MONTICELLOAM, Mr. McManus was CEO of a private real estate investor and developer. He was also previously CEO of Rockwood Real Estate Advisors, a national investment sales platform, and held the same role at Ventras Holdings, a CDO management company. Mr. McManus also spent 10 years in various roles including Chief Financial Officer at Capmark and head of capital markets at GMAC Commercial Real Estate.  Mr. McManus earned a bachelor’s degree from Seton Hall University and an MBA from the Leonard N. Stern School of Business at New York University.

James E. Rehlaender III

James E. Rehlaender III  has served as our Executive Vice President since January 2025. Mr. Rehlaender, a Director of BlackRock, is a senior member of the Real Estate Debt investment team with a focus on capital markets activities and portfolio management. He is responsible for sourcing investment opportunities, capital markets strategy and execution as well as guiding overall investment and business strategy. Mr. Rehlaender was previously a senior member of the Financial Markets Advisory business (“FMA”). During his tenure with FMA, he served as a portfolio manager and advisor with specializations in the commercial real estate, financial services, infrastructure and shipping sectors in the US and EMEA. In his position as a portfolio manager and asset class expert in the advisory business, he was responsible for serving a wide range of clients including official institutions, insurance companies, pension funds, banks, hedge funds and private equity funds on valuation, risk assessment and strategy for their existing investment portfolios as well as new investment opportunities. He began his career in real estate investment banking. Mr. Rehlaender graduated from Duke University with a Bachelor of Arts in psychology and a minor in economics.

Brandon I. Rosenblum

Brandon I. Rosenblum has served as our Vice President since January 2025. Mr. Rosenblum serves as Senior Managing Director and is the Head of Asset Management. With over fifteen years of experience, Mr. Rosenblum leads all multi-family and healthcare commercial real estate investment portfolio analysis, surveillance, and relationship management. Prior to joining the Company in October 2018, Mr. Rosenblum spent eight years at BlackRock as a Director of Internal Audit, specializing in risk management and alternative assets. Mr. Rosenblum started his career at Deloitte as a Structured Finance Analyst and Senior Financial Statement Auditor, responsible for coverage of real estate, private equity/credit funds, hedge funds, and securitized assets. Mr. Rosenblum holds a CPA license in the State of New York, a Bachelor’s of Accountancy, Cum Laude, from George Washington University, and a Master’s of Science in Technology Management from Columbia University.

Barry W. Szarvas Jr.

Barry W. Szarvas Jr. has served as our Chief Financial Officer since February 2025 and is a Managing Director of BlackRock. As CFO, Barry is responsible for accounting, financial reporting and regulatory oversight for the Company. Barry’s prior experience spans 30+ years across asset management, investment banking and public accounting. Prior to returning to BlackRock in February 2025, Barry was with Cerberus Capital Management as a Senior Managing Director and Chief Accounting Officer for their investment products since July 2024. Prior to that role, Mr. Szarvas was at BlackRock for six years including serving as a Managing Director and CFO for their real estate, private equity, and private credit funds. Prior to his time with BlackRock, Mr. Szarvas spent over a decade at Goldman Sachs, including serving as Vice President of Alternative Investment and Management Selection and as Vice President Merchant Bank, Real Estate, with responsibilities over financial reporting, regulatory reporting, and operational due diligence. Barry also has over ten years of professional experience in public accounting with various firms. Mr. Szarvas earned a B.S. degree in accounting from the University of Scranton and is a licensed Certified Public Accountant in New Jersey.

Robert J. Weiss

Robert J. Weiss has served as our Secretary, General Counsel since January 2025. Mr. Weiss, Managing Director and Senior Counsel of BlackRock, is Head of Legal for Real Estate in the United States providing guidance on all aspects of law applicable to the real estate investment advisory business in the United States. Prior to joining BlackRock in March 2005, he was an Associate at Heller Ehrman LLP where he advised corporate clients in mergers and acquisitions, corporate finance and securities matters. Mr. Weiss earned both his JD and BA from the University of Michigan.

Troy Wismer

Troy Wismer has served as our Vice President, Tax since January 2025. Mr. Wismer is a Vice President of Tax at BlackRock where he is responsible for overseeing tax issues for accounts managed by BlackRock Real Estate for the past 14 years. Mr. Wismer joined BlackRock in 2011. Previously, he was with PricewaterhouseCoopers LLP for 8 years, the last 5 years of which were with their Real Estate Tax Group where he was responsible for providing tax compliance and consulting services for various real estate funds and the initial 3 years of which were with their large corporate compliance group. Prior to his tenure at PricewaterhouseCoopers LLP, Mr. Wismer worked with a local CPA firm providing audit and tax services to individuals and small and midsize businesses. Mr. Wismer received a B.S. from LaSalle University in 1997 and received his CPA license from Pennsylvania in 2001, which is currently inactive.