Amended and Restated Advisory Agreement between the Company and MONTICELLOAM, LLC, dated as of May 6, 2025

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AMENDED AND RESTATED ADVISORY AGREEMENT

BETWEEN

BLACKROCK MONTICELLO DEBT REAL ESTATE INVESTMENT TRUST

AND

MONTICELLOAM, LLC

TABLE OF CONTENTS

Page

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 MONTICELLOAM, LLC, a Delaware corporation (the “Monticello 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 Blackrock Financial Management, Inc., a Delaware limited liability company (the “BlackRock Advisor” and, together with the Monticello Advisor, the “Advisors”), to serve as its advisor with respect to the Trust’s investments that comprise the Liquid Investments Portfolio on the terms and subject to the conditions set forth in the agreement effecting such appointment (the “BlackRock Advisory Agreement”);

WHEREAS, the Trust desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Monticello Advisor and to have the Monticello Advisor serve as its advisor with respect to the Loan 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 Monticello 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 Advisory Agreement” shall have the meaning set forth in the preamble of this Agreement.

“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 Monticello Advisor in connection with performing its duties hereunder or the breach of a material provision of this Agreement by the Monticello 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 Monticello 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 BlackRock Advisory Agreement, the occurrence of which results in the termination of the BlackRock Advisory Agreement by the BlackRock 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 Advisor Expenses” shall have the meaning set forth in Section 11(a).

“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.

(a) serving as an advisor to the Trust with respect to the Loan Portfolio;

(b) serving as an advisor to the Trust with respect to the establishment and periodic review of the Investment Guidelines for the Trust’s investments, financing activities and operations (other than with respect to the Liquid Investments Portfolio);

(c) managing the Trust’s day-to-day operations;

(d) sourcing, evaluating and monitoring the Trust’s investment opportunities and executing the acquisition, origination, management, financing and disposition of the Trust’s assets, in each case, only with respect to such investments that comprise the Loan Portfolio and in accordance with the Investment Guidelines and the Trust’s investment policies, strategies, objectives and limitations, subject to oversight by the Board;

(e) with respect to prospective acquisitions, originations, purchases, sales, exchanges or other dispositions of investments that comprise or will comprise the Loan Portfolio, conducting negotiations on the Trust’s behalf with borrowers, sellers, purchasers and other counterparties and, if applicable, their respective agents, advisors and representatives, and determining the structure and terms of such transactions;

(f) with respect to the Loan Portfolio, providing the Trust with portfolio management and other related services (other than loan servicing and related services);

(g) serving as an advisor to the Trust with respect to decisions regarding any of the Trust’s financings, hedging activities or borrowing relating to the Loan Portfolio, including (1) assisting the Trust in developing criteria for financing that is specifically tailored to the Trust’s investment objectives related to the Loan Portfolio, (2) advising the Trust with respect to obtaining appropriate financing for the investments that comprise the Loan Portfolio (which, in accordance with applicable law and the terms and conditions of this Agreement and the Declaration of Trust and Bylaws, as applicable, may include financing by the BlackRock Advisor, the Monticello Advisor or their respective Affiliates), (3) negotiating and entering into, on the Trust’s behalf, financing arrangements (including one or more credit facilities), repurchase agreements, interest rate or currency swap agreements, hedging arrangements, foreign exchange transactions, derivative transactions, and other agreements and instruments required or appropriate in connection with the Trust’s activities related to the Loan Portfolio;

(h) supporting the Blackrock Advisor in operational services provided to the Trust;

(i) engaging and supervising, on the Trust’s behalf and at the Trust’s expense, independent contractors, advisors, consultants, attorneys, accountants, administrators, auditors, appraisers, independent valuation agents, escrow agents and other service providers (which may include Affiliates of either of the Advisors) that provide various services with respect to the Trust, including, without limitation, accounting, investment banking, securities brokerage, mortgage brokerage, credit analysis, risk management services, asset management services, loan servicing, other financial, legal or accounting services, due diligence services, underwriting review services, and all other services (including custody and transfer agent and registrar services) as may be required by the Trust’s activities or investments (or potential investments);

(j) communicating on the Trust’s behalf with the holders of any of the Trust’s equity or debt securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders;

(k) advising the Trust in connection with policy decisions to be made by the Board, particularly those related to the Loan Portfolio;

(l) providing the daily management of the Trust, including performing and supervising the various administrative functions reasonably necessary for the management of the Trust;

(m) engaging one or more sub-advisors with respect to the management of the Loan Portfolio, including, where appropriate, Affiliates of the Monticello Advisor;

(n) evaluating and recommending to the Board hedging strategies and engaging in hedging activities on the Trust’s behalf, consistent with the Trust’s qualification as a REIT and with the Investment Guidelines;

(o) investing and reinvesting any moneys and securities of the Trust (excluding investments related to the Liquid Investments Portfolio but including investing in short‑term investments (for example money market accounts and other interest-bearing accounts) pending

investment in other investments, payment of fees, costs and expenses, or payments of dividends or Distributions to the Shareholders) and advising the Trust as to its capital structure and capital raising;

(p) together with the BlackRock Advisor, determining valuations for the assets and liabilities of the Trust and supervising the calculation of, as of the last day of each month, the NAV per Common Share in accordance with the Valuation Guidelines, and in connection therewith, obtain appraisals performed by a third party appraisal firms, as needed, or conduct fair valuation determinations concerning the value of the Trust’s assets and liabilities;

(q) together with the BlackRock Advisor, providing input in connection with the appraisals and/or valuation reports of the Trust’s investments, as needed;

(r) monitoring the Trust’s investments in the Loan Portfolio for events that may be expected to have a material impact on the most recent estimated values;

(s) together with the BlackRock Advisor, monitoring each appraiser’s and/or valuation advisor’s valuation process to ensure that it complies with the Valuation Guidelines;

(t) delivering to, or maintaining on behalf of, the Trust copies of appraisals and/or valuation reports obtained in connection with its investments in the Loan Portfolio, if any;

(u) making from time to time, or at any time reasonably requested by the Board, reports to the Board of its performance of services to the Trust under this Agreement, including reports with respect to conflicts of interest involving the Monticello Advisor or any of its Affiliates and the Trust;

(v) subject to Section 7(ii), advising the Trust regarding the Trust’s ability to elect REIT status, and thereafter the Trust’s ability to maintain its status as a REIT, and monitoring compliance with the various REIT qualification tests and other rules set out in the Code and the regulations promulgated thereunder;

(w) taking all necessary actions to enable the Trust to make required tax filings and reports, including soliciting Shareholders for required information to the extent provided by the REIT provisions of the Code;

(x) assisting the Trust in maintaining the registration of the Shares under federal and state securities laws, as applicable, with respect to any offering and complying with all federal, state and local regulatory requirements applicable to the Trust with respect to any offering and the Trust’s business activities (including the Sarbanes-Oxley Act of 2002, as amended), including, with respect to any offering, preparing or causing to be prepared all supplements to the PPM and financial statements and all reports and documents, if any, required under the Securities Act of 1933, as amended, and the Exchange Act; and

(y) performing such other services from time to time in connection with the management of the Trust’s investment activities (other than relating to the Liquid Investments Portfolio) as the Board shall reasonably request and/or the Monticello Advisor shall deem appropriate under the particular circumstances;

provided that, in each case and notwithstanding anything to the contrary in this Agreement, (i) the BlackRock Advisor, rather than the Monticello Advisor, is solely responsible for providing the services described above, as appropriate, to the Trust to the extent that they relate to, or arise from, the Liquid Investments Portfolio (and the Monticello Advisor shall not be responsible for supervising the BlackRock Advisor or any other service provider in respect of such services), (ii) in connection with the Monticello Advisor providing the services hereunder, the Monticello Advisor shall be entitled to rely on the information provided by the BlackRock Advisor relating to the Liquid Investments Portfolio and shall not be responsible for the accuracy of such information provided by the BlackRock Advisor, (iii) the Monticello Advisor shall not be required to provide the services described above to the extent that its ability to provide such services is dependent on the BlackRock Advisor providing information to it or performing services relating to the Liquid Investments Portfolio and such information has not been provided or is incomplete or such services have not been performed and (iv) to the extent that the BlackRock Advisory Agreement provides that the BlackRock Advisor will perform any of the services described above, the Monticello Advisor and the BlackRock Advisor will perform such services together.

(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 Monticello Advisor or Persons not Affiliated with the Monticello 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 Monticello Advisor or its Affiliates including, without limitation, an allocable portion (as determined by the Monticello 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 Monticello 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 Monticello Advisor or a non‑Affiliated Person (other than Monticello Advisor Expenses);

(vii) the compensation and expenses of the Trustees (excluding those trustees who are directors, officers or employees of the Monticello 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 Monticello 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 Monticello 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 Monticello Advisor and its Affiliates relating to the Trust’s activities (including the Trust’s pro rata share of the costs of the Monticello Advisor and its Affiliates of regulatory expenses that relate to the Trust and Other Monticello 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 Monticello Advisor elects to carry for itself and its personnel (other than Trustees and officers insurance covering Monticello 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 Monticello 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

MONTICELLOAM, LLC

By: /s/ Jonathan Litt

Name: Jonathan Litt

Title: Treasurer