Amended and Restated Advisory Agreement between the Company and BlackRock Financial Management, Inc., dated as of May 6, 2025

AMENDED AND RESTATED ADVISORY AGREEMENT

BETWEEN

BLACKROCK MONTICELLO DEBT REAL ESTATE INVESTMENT TRUST

AND

BLACKROCK FINANCIAL MANAGEMENT, INC.

TABLE OF CONTENTS

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AMENDED AND RESTATED ADVISORY AGREEMENT

THIS AMENDED AND RESTATED ADVISORY AGREEMENT (this “Agreement”), dated as of May 6, 2025 (the “Effective Date”), is by and among BlackRock Monticello Debt Real Estate Investment Trust, a Maryland statutory trust (the “Trust”), and BlackRock Financial Management, Inc., a Delaware corporation (the “BlackRock Advisor”). Capitalized terms used herein shall have the meanings ascribed to them in Section 1 below.

W I T N E S S E T H

WHEREAS, the Trust intends to qualify as a REIT, and to invest its funds in (i) a portfolio consisting primarily of real estate debt investments, including senior mortgage loans, subordinated debt and other similar investments (the “Loan Portfolio”) and (ii) publicly traded real estate-related debt or securities, private real estate-related debt, and other securities, including collateralized loan obligations and/or cash and cash equivalent investments (collectively, “Liquid Investments Portfolio”), in each case, as permitted by the terms of Sections 856 through 860 of the Code;

WHEREAS, as of the date hereof, the Trust will also appoint MONTICELLOAM, LLC, a Delaware limited liability company (the “Monticello Advisor” and, together with the BlackRock Advisor, the “Advisors”), to serve as its advisor with respect to the Trust’s investments that comprise the Loan Portfolio on the terms and subject to the conditions set forth in the agreement effecting such appointment (the “Monticello Advisory Agreement”);

WHEREAS, the Trust desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the BlackRock Advisor and to have the BlackRock Advisor serve as its advisor with respect to the Liquid Investments Portfolio and to undertake the other duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the board of trustees of the Trust (the “Board”), all as provided herein; and

WHEREAS, the BlackRock Advisor is willing to undertake to render such services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties agree as follows:

“4-Quarter Performance Measurement Period” shall have the meaning set forth in Section 10(b).

“Acquisition Expenses” shall mean any and all expenses incurred by the Trust, the Advisors or any of their respective Affiliates either in connection with the selection, evaluation, structuring, acquisition, origination, financing and development of any investments, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, accounting fees and expenses and title insurance premiums and the costs of performing due diligence.

“Adjusted Capital” means cumulative net proceeds generated from sales of Class S Common Shares, Class F-S Common Shares, Class T Common Shares, Class D Common Shares, Class F-D Common Shares, Class I Common Shares and Class F-I Common Shares (including proceeds from the distribution reinvestment plan) reduced for any Distributions deemed to be a return of paid-in capital paid to such Shareholders and amounts paid to such Shareholders for share repurchases pursuant to the Trust’s share repurchase plan.

“Advisors” shall have the meaning set forth in the preamble of this Agreement.

“Affiliate” shall have the meaning set forth in the Declaration of Trust.

“Agreement” shall have the meaning set forth in the preamble of this Agreement.

“Annual Hurdle Rate” shall have the meaning set forth in Section 10(b).

“BlackRock” means, collectively, BlackRock, Inc., a Delaware corporation, and any Affiliate thereof.

“BlackRock Advisor” shall have the meaning set forth in the preamble of this Agreement.

“BlackRock Advisor Expenses” shall have the meaning set forth in Section 11(a).

“Board” shall have the meaning set forth in the preamble of this Agreement.

“Bylaws” shall mean the bylaws of the Trust, as amended from time to time.

“Cause” shall mean (a) with respect to the termination of this Agreement by the Trust, fraud, criminal conduct, willful misconduct or willful or gross negligent breach of fiduciary duty by the BlackRock Advisor in connection with performing its duties hereunder or the breach of a material provision of this Agreement by the BlackRock Advisor after notice of such breach and a reasonable time to cure (to the extent that such breach is curable) or (b) with respect to the termination of this Agreement by the BlackRock Advisor, material breach by the Trust of (x) this Agreement after notice of such breach and reasonable time to cure (to the extent that such breach is curable) or (y) the Monticello Advisory Agreement, the occurrence of which results in the termination of the Monticello Advisory Agreement by the Monticello Advisor.

“CEA” shall mean the U.S. Commodity Exchange Act, as amended.

“Change of Control” shall mean any event (including, without limitation, issue, transfer or other disposition of shares of the Trust, merger, share exchange or consolidation) after which any “person” (as that term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d‑3 of the Exchange Act), directly or indirectly, of securities of the Trust representing greater than 50% or more of the combined voting power of Trust’s then outstanding securities, respectively; provided, that, a Change of Control shall not be deemed to occur as a result of any widely distributed offering of the Shares.

“Class D Common Shares” shall have the meaning set forth in the Declaration of Trust.

“Class E Common Shares” shall have the meaning set forth in the Declaration of Trust.

“Class F-D Common Shares” shall have the meaning set forth in the Declaration of Trust.

“Class F-I Common Shares” shall have the meaning set forth in the Declaration of Trust.

“Class F-S Common Shares” shall have the meaning set forth in the Declaration of Trust.

“Class I Common Shares” shall have the meaning set forth in the Declaration of Trust.

“Class S Common Shares” shall have the meaning set forth in the Declaration of Trust.

“Class T Common Shares” shall have the meaning set forth in the Declaration of Trust.

“Code” shall mean the Internal Revenue Code of 1986, as amended.

“Common Shares” shall have the meaning set forth in the Declaration of Trust.

“Core Earnings” shall mean for the applicable 4-Quarter Performance Measurement Period, the net income (loss) attributable to shareholders of Class S Common Shares, Class T Common Shares, Class D Common Shares, Class I Common Shares, Class F-S Common Shares, Class F-D Common Shares and Class F-I Common 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 Independent Trustees and approved by a majority of the Independent Trustees.

“Dealer Manager” shall mean BlackRock Investments, LLC, or such other Person selected by the Board to act as the dealer manager or distribution agent.

“Declaration of Trust” shall mean the Second Amended and Restated Declaration of Trust of the Trust, dated as of May 6, 2025, as it may be amended, supplemented or restated from time to time.

“Distributions” shall mean any distributions, pursuant to Section 7.7 of the Declaration of Trust, by the Trust to owners of Common Shares, including distributions that may constitute a return of capital for federal income tax purposes.

“Effective Date” shall have the meaning set forth in the preamble of this Agreement.

“Effective Termination Date” shall have the meaning set forth in Section 14(b).

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

“GAAP” shall mean generally accepted accounting principles as in effect in the United States of America from time to time.

“Independent Trustee” shall have the meaning set forth in the Declaration of Trust.

“Initial Period” shall mean any period in which the NAV of the Trust (measured as of the end of such month prior to effecting any repurchases, if applicable) is less than $2 billion.

“Initial Retail Closing” shall mean the initial closing of the Trust’s continuous private offering pursuant to the PPM that includes investors other than BlackRock, Monticello and the Advisors.

“Investment Company Act” shall mean the Investment Company Act of 1940, as amended.

“Investment Guidelines” shall mean the investment guidelines adopted by the Board, as amended from time to time, pursuant to which the Advisors have discretion to acquire and dispose of investments for the Trust without the prior approval of the Board.

“Liquid Investments Portfolio” shall have the meaning set forth in the preamble of this Agreement.

“Loan Portfolio” shall have the meaning set forth in the preamble of this Agreement.

“Management Fee” shall have the meaning set forth in Section 10(a).

“Monticello” means, collectively, MONTICELLOAM, LLC, a Delaware limited liability company, and any Affiliate thereof (including, for the avoidance of doubt, Monticello Capital Partners LLC).

“Monticello Advisor” shall have the meaning set forth in the preamble of this Agreement.

“Monticello Advisory Agreement” shall have the meaning set forth in the preamble of this Agreement.

“NAV” shall have the meaning set forth in the Declaration of Trust.

“Notice of Proposal to Negotiate” shall have the meaning set forth in Section 14(b).

“Organization and Offering Expenses” shall have the meaning set forth in the Declaration of Trust.

“Origination Fees” shall mean loan origination fees, extension fees, exit fees, prepayment fees, loan assumption fees, underwriting fees, administration fees and/or other similar fees paid by borrowers in connection with the origination of each new loan by the Trust.

“Other Accounts” shall mean, collectively, Other BlackRock Accounts and Other Monticello Accounts.

“Other BlackRock Accounts” shall mean any investment funds, REITs, vehicles, separately managed accounts, products or other similar arrangements sponsored, advised or managed by BlackRock or its affiliates, whether currently in existence or subsequently established

(in each case, including any related successor funds, alternative vehicles, supplemental capital vehicles, surge funds, overflow funds, co-investment vehicles and other entities formed in connection with BlackRock side-by-side or additional general partner investments with respect thereto).

“Other Monticello Accounts” shall mean any investment funds, REITs, vehicles, separately managed accounts, products or other similar arrangements sponsored, advised or managed by Monticello or its affiliates, including entities set up for the benefit of affiliates of the Monticello Advisor and its related persons, whether currently in existence or subsequently established (in each case, including any related successor funds, alternative vehicles, supplemental capital vehicles, surge funds, overflow funds, co-investment vehicles and other entities formed in connection with Monticello side-by-side or additional general partner investments with respect thereto).

“Performance Fee” shall have the meaning set forth in Section 10(b).

“Person” shall mean an individual, corporation, business trust, estate, trust, partnership, joint venture, limited liability company or other legal entity.

“Post-Initial Period” shall mean any period in which the NAV of the Trust (measured as of the end of such month prior to effecting any repurchases, if applicable) is equal to or greater than $2 billion.

“PPM” shall have the meaning set forth in the Declaration of Trust.

“Reduced Fee Expiration Date” shall have the meaning set forth in Section 10(a).

“REIT” shall have the meaning set forth in the Declaration of Trust.

“Shares” shall have the meaning set forth in the Declaration of Trust.

“Shareholder” shall have the meaning set forth in the Declaration of Trust.

“Shareholder Servicing Fee” shall mean the shareholder servicing fee payable to the Dealer Manager and reallowable to soliciting dealers with respect to Shares, as applicable and as described in the PPM.

“Termination Date” shall mean the date of termination of this Agreement or expiration of this Agreement in the event this Agreement is not renewed for an additional term.

“Termination Notice” shall have the meaning set forth in Section 14(b).

“Trust” shall have the meaning set forth in the preamble of this Agreement.

“Trustees” shall have the meaning set forth in the Declaration of Trust.

“Upfront Sales Load” shall have the meaning set forth in the Declaration of Trust.

“Valuation Guidelines” shall mean the valuation guidelines of the Trust as have been adopted by the Board, as amended from time to time.

(i) Organization and Offering Expenses;

(ii) Acquisition Expenses;

(iii) fees, costs and expenses in connection with the issuance and transaction costs incident to the trading, origination, settling, disposition and financing of the Trust’s investments (whether or not consummated), including brokerage commissions, hedging costs, prime brokerage fees, custodial expenses, clearing and settlement charges, and other investment costs fees and expenses actually incurred in connection with the pursuit, making, holding, originating, settling, monitoring or disposing of actual or potential investments;

(iv) the cost of goods and services used by the Trust and obtained from either Affiliates of the BlackRock Advisor or Persons not Affiliated with the BlackRock Advisor, including fees paid to administrators, consultants, attorneys, technology providers and other services providers, and brokerage fees paid in connection with the origination, acquisition and/or sale of investments;

(v) all fees, costs and expenses of legal, tax, accounting, consulting, auditing (including internal audit), finance, administrative, investment banking, capital market, transfer agency, escrow agency, custody, prime brokerage, asset management, data, technology, financial reporting, valuation, client services, hedging and currency management, transfer pricing, investment and fund structuring, provision of money laundering reporting officer (MLRO) and related services, and other non‑investment advisory services rendered to the Trust by the BlackRock Advisor or its Affiliates including, without limitation, an allocable portion (as determined by the BlackRock Advisor) of the salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans and insurance with respect to all personnel of the BlackRock Advisor who provide services to the Trust, other than those who provide investment advisory services to the Trust or serve as executive officers or Trustees of the Trust (but solely in respect of their service as executive officers or Trustees of the Trust), as described in Section 9;

(vi) expenses of acquiring, originating, managing and disposing the Trust’s investments, whether payable to an Affiliate of the BlackRock Advisor or a non‑Affiliated Person (other than BlackRock Advisor Expenses);

(vii) the compensation and expenses of the Trustees (excluding those trustees who are directors, officers or employees of the BlackRock Advisor (but

solely in respect of their service as Trustees)) and the cost of liability insurance to indemnify the Trustees and officers and expenses incurred in connection with preparation of materials for meetings of the Board and its committees as well as subsequent compensation and expenses incurred in relation to such meetings of the Board and its committees;

(viii) interest and fees and expenses arising out of borrowings made by the Trust, including, but not limited to, costs associated with the establishment and maintenance of any of the Trust’s credit facilities, other financing arrangements, or other indebtedness of the Trust (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Trust’s securities offerings, whether or not any facilities arrangements or indebtedness are implemented or such securities are offered;

(ix) expenses connected with communications to holders of the Trust’s securities or securities of any subsidiary of the Trust and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all costs of preparing and filing required reports with the SEC, the costs payable by the Trust to any transfer agent and registrar, expenses in connection with the listing and/or trading of the Trust’s securities on any exchange, the fees payable by the Trust to any such exchange in connection with its listing, costs of preparing, printing and mailing the Trust’s annual report to the Shareholders and proxy materials, if any, with respect to any meeting of the Shareholders and any other reports or related statements;

(x) the Trust’s allocable share of costs associated with technology‑related expenses, including without limitation, any computer software or hardware, electronic equipment or purchased information technology services from third‑party vendors or Affiliates of the BlackRock Advisor, technology service providers and related software/hardware utilized in connection with the Trust’s investment and operational activities;

(xi) the Trust’s allocable share of expenses incurred by managers, officers, personnel and agents of the BlackRock Advisor for travel on the Trust’s behalf and other out‑of‑pocket expenses incurred by them in connection with the purchase, financing, refinancing, sale or other disposition of an investment;

(xii) expenses relating to compliance-related matters and regulatory filings relating to the Trust’s activities (including, without limitation, expenses relating to the preparation and filing of Form PF, Form ADV, reports to be filed with the U.S. Commodity Futures Trading Commission, reports, disclosures, and/or other regulatory filings of the BlackRock Advisor and its Affiliates relating to the Trust’s activities (including the Trust’s pro rata share of the costs of the BlackRock Advisor and its Affiliates of regulatory expenses that relate to the Trust and Other BlackRock Accounts));

(xiii) the costs of any litigation involving the Trust or its assets and the amount of any judgments or settlements paid in connection therewith, trustees and officers liability or other insurance and indemnification or extraordinary expense or liability relating to the affairs of the Trust;

(xiv) all taxes and statutory, regulatory or license fees or other governmental charges;

(xv) all insurance costs incurred in connection with the operation of the Trust’s business, including, for example, directors and officers’ insurance (or the equivalent thereof) in respect of the Trustees and officers of the Trust, except for the costs attributable to the insurance that the BlackRock Advisor elects to carry for itself and its personnel (other than Trustees and officers insurance covering BlackRock personnel in respect of their serving as Trustees and officers of the Trust and other than as provided in clause (v) above);

(xvi) expenses incurred in connection with maintaining the status of the Trust as a REIT or the payments of interest, dividends or Distributions in cash or any other form authorized or caused to be made by the Board to or on account of holders of the Trust’s securities, including, without limitation, in connection with any distribution reinvestment plan;

(xvii) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Trust, or against any Trustee or officer of the Trust or in his or her capacity as such for which the Trust is required to indemnify such Trustee or officer by any court or governmental agency;

(xviii) expenses incurred in connection with the formation, organization, continuation, liquidation and/or restructuring of any corporation, partnership, joint venture or other entity through which the Trust’s investments are made or in which any such entity invests; and

(xix) expenses incurred related to industry association memberships or related to employees of the BlackRock Advisor attending industry conferences, to the extent doing so on behalf of the Trust.

(i) pay over to the Trust all money collected and held for the account of the Trust pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled;

(ii) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

(iii) deliver to the Board all assets, including all investments, and documents of the Trust then in the custody of the BlackRock Advisor; and

(iv) cooperate with, and take all reasonable actions requested by, the Trust and Board in making an orderly transition of the advisory function.

Any party may at any time give notice in writing to the other parties of a change in its address for the purposes of this Section 21(a).

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Advisory Agreement as of the date and year first above written.

BlackRock Monticello Debt Real Estate Investment Trust

By: /s/ Robert P. Karnes

Name: Robert P. Karnes

Title: President

BlackRock Financial Management, Inc.

By: /s/ Brendan Kyne

Name: Brendan Kyne

Title: Managing Director