[Form 4] Blackstone Inc. Insider Trading Activity

Rhea-AI Filing Summary

Blackstone-affiliated reporting persons filed a Form 4 for transactions in Blackstone Private Real Estate Credit & Income Fund common shares of beneficial interest. On 11/21/2025, they reported two open‑market purchases coded "P", each for 192,604.006 common shares at a price of $25.96 per share, held indirectly.

Following these transactions, the filing shows 16,332,883.454 common shares beneficially owned indirectly in one position and 5,013,119.459 common shares beneficially owned indirectly in another. The explanatory notes describe that the shares are held through entities including BCRED X Holdings LLC and Blackstone Private Multi-Asset Credit and Income Fund, within a broader Blackstone ownership structure, and that most reporting persons disclaim beneficial ownership beyond their economic interest.

Insights

Equity Ownership and Governance Analyst

Large affiliated funds increased holdings via open‑market purchases, signaling added capital commitment but without changing control structure.

The filing reports that the Blackstone-affiliated vehicles **BCRED X Holdings LLC** and **Blackstone Private Multi-Asset Credit and Income Fund (BMACX)** acquired in aggregate **192,604.006** common shares of beneficial interest of **Blackstone Private Real Estate Credit & Income Fund** on 11/21/2025 at a price of $25.96 per share. These were coded as "P" transactions, which denotes purchases, and are treated as indirect ownership by a chain of Blackstone entities, including **Blackstone Inc.** and **Blackstone Group Management L.L.C.**. The filing also identifies the reporting persons as directors and 10% owners of the issuer, underscoring a significant existing ownership position.

Following the transactions, beneficial holdings reported for the two indirect positions stand at **16,332,883.454** and **5,013,119.459** common shares, respectively, reflecting already substantial exposure. The explanation of responses lays out a multi‑layered control and advisory structure across Blackstone credit platforms, and clarifies that many reporting entities disclaim beneficial ownership beyond their pecuniary interest. This language aims to precisely define legal responsibility and avoid unintended admissions of broader control.

The key takeaway is an incremental increase in capital exposure to the fund by large affiliated holders rather than any change in governance rights or strategy. For monitoring, the concrete items are the purchase date 11/21/2025, the price of $25.96 per share, and the updated indirect holdings totals, which help track how actively these affiliated vehicles adjust their positions over time.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Blackstone Holdings IV GP Management (Delaware) L.P.

(Last) (First) (Middle)

C/O THE BLACKSTONE GROUP

345 PARK AVE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Blackstone Private Real Estate Credit & Income Fund [ NONE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares of Beneficial Interest	11/21/2025		P		192,604.006	A	$25.96	16,332,883.454	I	See Footnotes(1)(3)(4)(5)(6)
Common Shares of Beneficial Interest	11/21/2025		P		192,604.006	A	$25.96	5,013,119.459	I	See Footnotes(2)(3)(4)(5)(6)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Blackstone Holdings IV GP Management (Delaware) L.P.

(Last) (First) (Middle)

C/O THE BLACKSTONE GROUP

345 PARK AVE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Holdings IV GP Management L.L.C.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Private Multi-Asset Credit & Income Fund

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Holdings I L.P.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Holdings I/II GP L.L.C.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Inc.

(Last) (First) (Middle)

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Group Management L.L.C.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

SCHWARZMAN STEPHEN A

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Reflects common shares of beneficial interest (the "Common Shares") of Blackstone Private Real Estate Credit and Income Fund (the "Issuer") held directly by BCRED X Holdings LLC ("BCRED X").

2. Reflects securities of the Issuer held directly by Blackstone Private Multi-Asset Credit and Income Fund ("BMACX" and together with BCRED X, the "Blackstone Holders").

3. Blackstone Private Credit Fund is the sole member of BCRED X. Blackstone Private Credit Strategies LLC is the investment adviser of Blackstone Private Credit Fund and BMACX. Blackstone Credit BDC Advisors LLC is the sub-adviser of Blackstone Private Credit Fund. Blackstone Alternative Credit Advisors LP is the sole member of Blackstone Credit BDC Advisors LLC. GSO Capital Partners GP L.L.C. is the general partner of Blackstone Alternative Credit Advisors LP. StoneCo IV Corporation is the sole member of GSO Capital Partners GP L.L.C. Blackstone Holdings IV L.P. is the majority shareholder of StoneCo IV Corporation. Blackstone Holdings IV GP L.P. is the general partner of Blackstone Holdings IV L.P.

4. Blackstone Holdings IV GP Management (Delaware) L.P. is the general partner of Blackstone Holdings IV GP L.P. Blackstone Holdings IV GP Management L.L.C. is the general partner of Blackstone Holdings IV GP Management (Delaware) L.P. Blackstone Inc. is the sole member of Blackstone Holdings IV GP Management L.L.C. Blackstone Holdings I L.P. is the sole member of Blackstone Private Credit Strategies LLC. Blackstone Holdings I/II GP L.L.C. is the general partner of Blackstone Holdings I L.P. Blackstone Inc. is the sole member of Blackstone Holdings I/II GP L.L.C. Blackstone Group Management L.L.C. is the sole holder of the Series II preferred stock of Blackstone Inc. Blackstone Group Management L.L.C. is wholly-owned by Blackstone Inc.'s senior managing directors and controlled by its founder, Stephen A. Schwarzman.

5. Each such Reporting Person may be deemed to beneficially own the Common Shares of the Issuer directly held by the Blackstone Holders directly or indirectly controlled by it or him, but each (other than BCRED X and BMACX to the extent of their respective direct holdings) disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, and this filing shall not be deemed an admission that any of the Reporting Persons (other than BCRED X and BMACX to the extent each directly holds securities of the Issuer) is the beneficial owner of such securities for purposes of Section 16 or any other purpose.

6. Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person.

Remarks:

Because no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed separate Forms 4.

	BLACKSTONE HOLDINGS IV GP MANAGEMENT (DELAWARE) L.P. By: /s/ Victoria Portnoy, Name and Title: Victoria Portnoy, Managing Director - Assistant Secretary of Blackstone Holdings IV GP Management, its general partner	11/24/2025
	BLACKSTONE HOLDINGS IV GP MANAGEMENT L.L.C. By: /s/ Victoria Portnoy, Name and Title: Victoria Portnoy, Managing Director - Assistant Secretary	11/24/2025
	BLACKSTONE PRIVATE MULTI-ASSET CREDIT AND INCOME FUND, By: /s/ Kevin Michel, Name and Title: Kevin Michel, Chief Legal Officer	11/24/2025
	BLACKSTONE HOLDINGS I L.P., By: Blackstone Holdings I/II GP L.L.C., its general partner, By: /s/ Victoria Portnoy, Name and Title: Victoria Portnoy, Managing Director - Assistant Secretary	11/24/2025
	BLACKSTONE HOLDINGS I/II GP L.L.C., By: /s/ Victoria Portnoy, Name and Title: Victoria Portnoy, Managing Director - Assistant Secretary	11/24/2025
	BLACKSTONE INC., By: /s/ Victoria Portnoy, Name and Title: Victoria Portnoy, Managing Director - Assistant Secretary	11/24/2025
	BLACKSTONE GROUP MANAGEMENT L.L.C., By: /s/ Victoria Portnoy, Name and Title: Victoria Portnoy, Managing Director - Assistant Secretary	11/24/2025
	/s/ STEPHEN A. SCHWARZMAN	11/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Blackstone (BX) report in this Form 4 for Blackstone Private Real Estate Credit & Income Fund?

The filing reports that Blackstone-affiliated entities purchased common shares of beneficial interest of Blackstone Private Real Estate Credit & Income Fund in open‑market transactions and now report large indirect beneficial ownership stakes.

How many BCRED common shares were bought and at what price in the Form 4?

The Form 4 discloses two separate purchases, each for 192,604.006 common shares of beneficial interest, with both trades executed at a price of $25.96 per share on 11/21/2025.

What is the reported beneficial ownership after these transactions?

After the reported purchases, the filing shows 16,332,883.454 common shares beneficially owned indirectly in one line item and 5,013,119.459 common shares beneficially owned indirectly in another, reflecting holdings through Blackstone-related entities.

Which entities are listed as holding the BCRED shares in this Blackstone Form 4?

The explanation notes that common shares are held directly by BCRED X Holdings LLC and Blackstone Private Multi-Asset Credit and Income Fund (BMACX), with various Blackstone funds and holding companies standing above them in the ownership chain.

Do the Blackstone reporting persons claim full beneficial ownership of the BCRED shares?

The filing states that each reporting person may be deemed to beneficially own the shares held by the Blackstone holders but, other than BCRED X and BMACX for their direct holdings, they disclaim beneficial ownership except to the extent of their pecuniary interest.

What roles do the reporting persons have in Blackstone Private Real Estate Credit & Income Fund?

The cover information indicates that the reporting persons are listed as a director and 10% owner of Blackstone Private Real Estate Credit & Income Fund, reflecting both governance and significant ownership relationships.