Blackstone Holdings Amends 13D/A for Real Estate Credit Fund

TL;DR

**Blackstone Holdings just updated its stake in the Real Estate Credit Fund, watch for strategic shifts.**

AI Summary

Blackstone Holdings I/II GP L.L.C. filed an amended Schedule 13D/A on March 23, 2026, regarding its beneficial ownership in Blackstone Private Real Estate Credit & Income Fund. This filing updates previous disclosures, indicating a change in ownership or control that could impact the fund's governance or strategic direction. For investors, this matters because significant changes in ownership by a major entity like Blackstone can signal shifts in confidence or future plans for the fund, potentially affecting its stability and investment performance.

Why It Matters

This filing signals a potential shift in control or influence over the Blackstone Private Real Estate Credit & Income Fund, which could affect its future operations and investor returns.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership can introduce uncertainty regarding future management and strategic direction, posing a moderate risk to existing shareholders.

Analyst Insight

Investors should monitor future filings from Blackstone Holdings I/II GP L.L.C. regarding the Blackstone Private Real Estate Credit & Income Fund for further details on changes in beneficial ownership or strategic intent, as this could impact the fund's performance.

Key Numbers

• 2026-03-23 — Filing Date (The date the amended Schedule 13D/A was filed with the SEC.)
• 0001213900-26-032976 — SEC Accession No. (Unique identifier for this specific filing.)
• 0001464695 — CIK of Filer (Central Index Key for Blackstone Holdings I/II GP L.L.C.)
• 0002049733 — CIK of Subject Company (Central Index Key for Blackstone Private Real Estate Credit & Income Fund.)

Key Players & Entities

• Blackstone Holdings I/II GP L.L.C. (company) — the entity filing the Schedule 13D/A
• Blackstone Private Real Estate Credit & Income Fund (company) — the subject company of the Schedule 13D/A
• 0001464695 (person) — CIK for Blackstone Holdings I/II GP L.L.C.
• 0002049733 (person) — CIK for Blackstone Private Real Estate Credit & Income Fund
• 2026-03-23 (dollar_amount) — the filing date of the Schedule 13D/A

Forward-Looking Statements

• Blackstone Holdings I/II GP L.L.C. will continue to be a significant beneficial owner of Blackstone Private Real Estate Credit & Income Fund. (Blackstone Holdings I/II GP L.L.C.) — high confidence, target: 2027-03-23
• The filing indicates a strategic review or adjustment in Blackstone's investment in the fund. (Blackstone Private Real Estate Credit & Income Fund) — medium confidence, target: 2026-09-23

FAQ

Key Financial Figures

• $50,000,000 — hase price for BCRED X's investment was $50,000,000 and the aggregate purchase price for BM
• $25,000,000 — rchase price for BMACX's investment was $25,000,000. BCRED X and BMACX were deemed to acqui

Filing Documents

• primary_doc.html (SCHEDULE 13D/A)
• primary_doc.xml (SCHEDULE 13D/A) — 29KB
• 0001213900-26-032976.txt ( ) — 31KB

Security and Issuer

Item 1. Security and Issuer (a) Title of Class of Securities: Common Shares of Beneficial Interest (b) Name of Issuer: Blackstone Private Real Estate Credit & Income Fund (c) Address of Issuer's Principal Executive Offices: 345 Park Avenue, New York, NEW YORK , 10154.

Comment

Item 1 Comment: This Amendment No. 8 ("Amendment No. 8") amends and supplements the initial Schedule 13D filed with the Securities and Exchange Commission on June 27, 2025; as amended by Amendment No. 1 filed with the Securities and Exchange Commission on July 18, 2025; as amended by Amendment No. 2 filed with the Securities and Exchange Commission on August 22, 2025; as amended by Amendment No. 3 filed with the Securities and Exchange Commission on September 22, 2025; as amended by Amendment No. 4 filed with the Securities and Exchange Commission on October 21, 2025; as amended by Amendment No. 5 filed with the Securities and Exchange Commission on November 24, 2025; as amended by Amendment No. 6 filed with the Securities and Exchange Commission on December 22, 2025; as amended by Amendment No. 7 filed with the Securities and Exchange Commission on February 24, 2026 (as amended, the "Schedule 13D") relating to the common shares of beneficial interest ("Common Shares") of Blackstone Private Real Estate Credit and Income Fund (the "Issuer"). Except as set forth herein, the Schedule 13D remains in full force and effect. Each capitalized term used but not defined herein has the meaning ascribed to such term in the Schedule 13D.

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration

of the Schedule 13D is hereby amended and supplemented to add the following

Item 3 of the Schedule 13D is hereby amended and supplemented to add the following: On March 1, 2026, BCRED X and BMACX subscribed for 1,912,045.889 and 956,022.945 Common Shares, respectively. The aggregate purchase price for BCRED X's investment was $50,000,000 and the aggregate purchase price for BMACX's investment was $25,000,000. BCRED X and BMACX were deemed to acquire the securities on March 20, 2026, when the net asset value of the Common Shares was determined. The source of funds for the purchase of the Common Shares by both BCRED X and BMACX was from working capital.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer (a) Items 5(a)-(c) of the Schedule 13D are hereby amended and restated in their entirety as follows: The information set forth in the cover pages of this Schedule 13D are hereby incorporated by reference into this Item 5. Calculation of the percentage of Common Shares beneficially owned is based on 35,136,818.254 Common Shares outstanding as of March 20, 2026 as disclosed by the Issuer to the Reporting Persons. The aggregate number and percentage of Common Shares beneficially owned by each Reporting Person and, for each Reporting Person, the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 11 and row 13 of the cover pages of this Schedule 13D and are incorporated herein by reference. BCRED X directly holds 18,628,294.597 Common Shares. 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. 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. 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 Holdings I L.P. is the sole member of Blackstone

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