Real estate loan investments and related financing

From July 1, 2025 through August 12, 2025, the Company closed on four real estate loan investments with aggregate outstanding principal of $113.3 million. The investments included three floating rate wholly-originated mortgage loans for $109.8 million which earn interest at one-month Term SOFR, plus a spread ranging from 3.95%-4.45%. The Company also closed on one participation interest in a mezzanine loan for $3.5 million which earns interest at a fixed rate of 14.5%.

The Company utilized a combination of cash on hand and available borrowings on the Repurchase Agreement and Customers Bank Credit Agreement to facilitate the closing of the four real estate loan investments. $22.0 million was borrowed pursuant to the Repurchase Agreement and $87.8 million was borrowed pursuant to the Customers Bank Credit Agreement.

Advisory agreements

On August 8, 2025, the Company entered into the (i) Second Amended and Restated Advisory Agreement (the “BLK A&R Advisory Agreement”) by and between the Company and the BlackRock Advisor and (ii) Second Amended and Restated Advisory Agreement (the “MAM A&R Advisory Agreement” and, together with the BLK A&R Advisory Agreement, the “Advisory Agreements”) by and between the Company and the Monticello Advisor, in each case, in connection with the consideration for services rendered by the Advisors, to amend the calculation of the management fee and the performance fee payable to each Advisor. There is no change in the management fee and performance fee payable by the Company in the aggregate. Pursuant to the Advisory Agreements, the Advisors will continue to manage the Company’s day-to-day operations subject to the supervision of the Company’s board of trustees.