Note 4. Debt Obligations, at fair value

Natixis Repurchase Agreement

On May 23, 2025, BLKM I, LLC (the “BLKM I”), an indirect, wholly-owned special-purpose financing subsidiary of the Company, entered into a Master Repurchase Agreement and Securities Contract (together with the related transaction documents as amended, the “Natixis Repurchase Agreement”), with Natixis, New York Branch (“Natixis”), to finance the acquisition by BLKM I of eligible loans as more particularly described in the Natixis Repurchase Agreement. On June 24, 2026, BLKM I and Natixis entered into that certain First Amendment to Master Repurchase Agreement and Securities Contract (the “Natixis First Amendment”) and that certain Second Amendment to Fee Letter (the “Second Amended Fee Letter” and, together with the Natixis First Amendment, the “June 2026 Amendments”). The June 2026 Amendments further increased the maximum facility amount under the Repurchase Agreement from $250 million to $500 million. The Natixis First Amendment extended the funding expiration date from May 23, 2027 to June 24, 2028, subject to early termination as provided in the Natixis First Amendment. In connection with the Natixis Repurchase Agreement, the Company provided a guaranty (the "Natixis Guaranty"), which may become full recourse to the Company upon the occurrence of certain events, such as material breach of covenants, change of control, or reorganization of the guarantor as described in the Natixis Guaranty. The Natixis Guaranty contains operational covenants, and covenants to maintain certain financial ratios and liquidity amounts customary for agreements of this type. The Company was in compliance with all covenants as of June 30, 2026.

Customers Bank Credit Agreement

On July 30, 2025, BLKM III, LLC (“BLKM III”), an indirect wholly owned special-purpose financing subsidiary of the Company, entered into a credit agreement (as it may be amended from time to time, the “Customers Bank Credit Agreement”) with Customers Bank, as lender, account bank and administrative agent (“Customers”), certain other participating lenders, and MonticelloAM Servicing, LLC, as servicer. In connection with the Customers Bank Credit Agreement, the Company provided a guaranty to Customers that may become full recourse to the Company upon the occurrence of certain events, such as an illegal act, fraud, misappropriation of funds, loan recharacterization by any court, inappropriate loan title or challenge, deny or repudiate core transaction documents or lender rights as described in the Customers Bank Credit Agreement. During the three months ended March 31, 2026, the Customers Bank Credit Agreement was amended to increase the maximum aggregate commitment to $360.0 million as may be further increased to an amount as agreed between BLKM III and Customers.

BLKM III’s obligations under the Customer’s Bank Credit Agreement are secured by all right, title and interest in seniors housing commercial real estate loans of BLKM III. The Customers Bank Credit Agreement funding period end date is July 30, 2028, subject to early repayment and customary events of default. Advances under the Customers Bank Credit Agreement generally accrue interest at a rate per annum equal to the Term SOFR for a one-month period plus a margin as agreed upon by the Customers and BLKM III for each transaction. Additionally, the Company pays a commitment fee calculated as a percentage of the maximum facility amount. The fee is paid on the date of each advance until paid in full, and any remaining unpaid fee is due and payable one year following the closing date of the Customers Bank Credit Agreement.

The Customers Bank Credit Agreement contains representations, warranties, covenants to maintain certain financial ratios and liquidity amounts customary for agreements of this type, in addition to events of default and indemnities that are also customary for an agreement of its type. The Company was in compliance with all covenants as of June 30, 2026.

CIBC Credit Agreement

On October 28, 2025, BLKM IV, LLC (“BLKM IV”), an indirect wholly-owned special-purpose financing subsidiary of the Company, as borrower, entered into a revolving credit agreement (as it may be amended from time to time, the “CIBC Credit Agreement”) with CIBC Bank USA (“CIBC”), as lender and administrative agent, and certain other lenders party thereto. The CIBC Credit Agreement provides for revolving loans of up to an initial maximum amount of $100.0 million, which may be increased up to a maximum of $250.0 million at BLKM IV’s request subject to the consent of CIBC and the other lenders, in their sole discretion. The maturity date of the CIBC Credit Agreement is October 28, 2028, and is subject to two, one year extensions, at BLKM IV’s request and subject to the payment of an extension fee and other customary conditions. Advances under the CIBC Agreement generally accrue interest at a rate per annum equal to the Term SOFR for a one-month period plus a margin as agreed upon by the CIBC and BLKM IV for each transaction.

In connection with the CIBC Credit Agreement, the Company provided a limited recourse Guaranty (the “CIBC Guaranty”), which may become full recourse to the Company upon the occurrence of certain events as described in the CIBC Guaranty such as a change in control, bankruptcy, consolidation, fraud or willful misconduct, criminal acts, contest of the enforceability of the loan agreements, or impairing the exercise of lender’s rights.

The CIBC Credit Agreement and the CIBC Guaranty contain representations, warranties, covenants to maintain certain financial ratios and liquidity amounts customary for agreements of this type, in addition to events of default and indemnities that are also customary for an agreement of its type. The Company was in compliance with all covenants as of June 30, 2026.

Nomura Repurchase Agreement

On June 4, 2026, BLKM V, LLC (“BLKM V”), an indirect, wholly-owned special-purpose financing subsidiary of the Company, as seller, entered into a master repurchase agreement (as it may be amended from time to time, the “Nomura Repurchase Agreement”) with Nomura Corporate Funding Americas, LLC (“NCFA”). The Nomura Repurchase Agreement provides for asset purchases by NCFA for an initial

maximum aggregate purchase price of $250.0 million. The initial maturity date of the Nomura Repurchase Agreement is June 4, 2029, with one twelve-month extension option to June 4, 2030, subject to satisfaction of certain customary conditions. BLKM V’s obligations under the Nomura Repurchase Agreement are secured by a first priority security interest in the purchased assets, and by a pledge of equity interests of BLKM V. Pursuant to the Nomura Repurchase Agreement, borrowings under the Nomura Repurchase Agreement accrue interest at a per annum rate equal to the Term SOFR for a one month period, plus a margin as agreed upon by NCFA and BLKM V for each transaction and BLKM V pays a fee on each draw day equal to 25 basis points on the amount funded by the Nomura Repurchase Agreement. In connection with the Nomura Repurchase Agreement, the Company provided a Guaranty (the “Nomura Guaranty”), which may become full recourse to the Company upon the occurrence of certain events as described in the Nomura Guaranty. The Normura Repurchase Agreement and the Normura Guaranty contain representations, warranties, covenants to maintain certain financial ratios and liquidity amounts customary for agreements of this type, in addition to events of default and indemnities that are also customary for an agreement of its type. The Company was in compliance with all covenants as of June 30, 2026.

ConnectOne Credit Facility

On June 1, 2026, BLKM VI, LLC (“BLKM VI”), an indirect, wholly-owned special-purpose financing subsidiary of the Company, entered into a credit and security agreement (as it may be amended from time to time, the “ConnectOne Credit Agreement”) as borrower, with ConnectOne Bank, as administrative agent and account bank (“ConnectOne”), the Company, as guarantor, MonticelloAM Servicing, LLC, as servicer, and certain other lenders party thereto. The maximum aggregate commitment under the ConnectOne Credit Agreement is $100.0 million, which may be increased up to a total amount of $150.0 million at BLKM VI’s request subject to the consent of ConnectOne, in its sole discretion and the lenders providing such increase. The ConnectOne Credit Agreement will mature on June 1, 2029, and may be extended by BLKM VI for two additional twelve-month terms subject to the payment of an extension fee and other customary conditions. The ConnectOne Credit Agreement will be secured by a first priority perfected security interest in the assets of BLKM VI, including BLKM VI’s interest in eligible commercial real estate loans, and by a pledge of equity interests of BLKM VI. Advances under the ConnectOne Credit Agreement generally accrue interest at a rate per annum equal to the Term SOFR for a one-month period, subject to a SOFR floor of 3.00% per annum, plus an applicable spread, determined in accordance with the ConnectOne Credit Agreement. Additionally, BLKM VI is required to pay a commitment fee and a non-usage fee in connection with the ConnectOne Credit Agreement. The ConnectOne Credit Agreement contain representations, warranties, covenants to maintain certain financial ratios and liquidity amounts customary for agreements of this type, in addition to events of default and indemnities that are also customary for an agreement of its type. The Company was in compliance with all covenants as of June 30, 2026.

JPM Revolving Credit Facility

On May 22, 2025, the Company entered into a revolving credit agreement (as it may be amended from time to time, the “JPM Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPM”), as lender. The JPM Credit Agreement provides for revolving loans of up to a maximum aggregate availability of $42.1 million. The Company’s obligations under the JPM Credit Agreement are secured by outstanding capital commitments of the BlackRock Advisor. The JPM Credit Agreement may be increased to an amount as agreed between the Company and JPM, subject to the consent of JPM and other customary conditions. In addition, at no time may the outstanding obligations under the JPM Credit Agreement exceed 90% of the total uncalled capital commitments of the BlackRock Advisor. The JPM Credit Agreement also contains certain operational covenants customary for agreements of this type. On May 21, 2026, the Company and JPM entered into the First Amendment to the JPM Credit Agreement (the “JPM First Amendment”). Pursuant to the JPM First Amendment, (i) the maturity date of the JPM Credit Agreement is May 21, 2027, which may be extended upon the Company’s request to a date no longer than 12 months after the then-effective maturity date, subject to the consent of JPM and other customary conditions, and (ii) the applicable margin under the JPM Credit Agreement was modified. In addition, the applicable spread was decreased from 1.95% to 1.85%. As of June 30, 2026, the total uncalled capital commitments of the BlackRock Advisor were $46.8 million and obligations under the JPM Credit Agreement were limited to $42.1 million. The Company is permitted to borrow under the JPM Credit Agreement for any purpose permitted under its constituent documents. The Company was in compliance with all covenants as of June 30, 2026.

Counterparty Exposure:

The Company has pledged certain commercial real estate loan investments as collateral for the master repurchase agreements. If a financial institution counterparty were to default on its obligation to return the collateral, the Company would be exposed to potential losses to the extent the fair value of the collateral that the Company has pledged to the counterparty exceeded the amount loaned plus interest due to the counterparty. The following table presents the Company’s net exposure to those counterparties where the amount at risk exceeded 10% of shareholders’ equity as of June 30, 2026 and December 31, 2025 ($ in thousands):