BlackRock Monticello Debt Real Estate Investment Trust earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 7, 2026
Q2 2026 Revenue up 2378% year over year to $18.5M · 28¢ of every $1 of revenue kept as net profit · operating margin 27.9%
BlackRock Monticello Debt Real Estate Investment Trust made $18.5M in Q2 2026 (25× Y/Y). Operating margin 27.9%, net earnings $5.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 7, 2026.
Revenue$18.5M
Year over year25×
Operating margin27.9%
Net earnings$5.2M
Operating cash flow$8.1M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $18.5M in Q2 2026, up 2378% year over year and up 12% from the previous quarter.
Operating profit was $5.2M, a 27.9% margin (up 27.7 points year over year). Of the extra revenue versus Q2 2025, 29% reached operating profit, above the 0% margin then. Total costs grew 1691% against revenue growth of 2378%. The fastest-growing cost line was Other operating costs (+1960%). Net earnings were $5.2M, up 258600% year over year. The effective tax rate was 0.0%.
Operating cash flow was $8.1M, 157% of net earnings. Working capital and other items added $2.9M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 7, 2026
$18.5M
25×
27.9%
$5.2M
$8.1M
Q1 2026
10-Q
May 6, 2026
$16.5M
—
29.8%
$4.9M
$6.7M
Q4 2025
10-K
Mar 26, 2026
$10.9M
—
1.7%
$181K
$4.0M
Q3 2025
10-Q
Nov 14, 2025
$5.3M
—
-47.0%
−$2.5M
$1.4M
Q2 2025
10-Q
Aug 12, 2025
$747K
—
0.3%
$2K
−$43K
Charts
Latest (Q2 2026): Y/Y +400%, Q/Q +12%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income $5.2M, Operating cash flow $8.1M.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
About BlackRock Monticello Debt Real Estate Investment Trust
BlackRock Monticello Debt Real Estate Investment Trust (the “Company”) was formed on November 7, 2024 as a Maryland statutory trust and intends to elect and to qualify to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. The Company’s sponsors are BlackRock, Inc. (“BlackRock”) and MONTICELLOAM, LLC (together with its affiliates, “Monticello”) (each, a “Sponsor”, and together, the “Sponsors”). BlackRock Financial Management, Inc. (the “BlackRock Advisor”), an affiliate of BlackRock, and MONTICELLOAM, LLC (in its capacity as investment adviser to the Company, the “Monticello Advisor”), serve as the external advisors to the Company (each, an “Advisor” and, together, the “Advisors”).
In its own words, from its 10-Q, filed Aug 7, 2026.
BlackRock Monticello Debt Real Estate Investment Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: 25× against the peers' median +14%. Operating margin: 27.9% against the peers' median 20.6%.
Company
Quarter
Revenue
Y/Y
Op. margin
BlackRock Monticello Debt Real Estate Investment Trust