Form 4: Blackstone Affiliates Boost Stake in Real Estate Credit Fund

Blackstone-affiliated entities and executives, including Stephen A. Schwarzman, reported significant acquisitions of common shares in Blackstone Private Real Estate Credit & Income Fund.

Summary

• Blackstone Holdings IV GP Management (Delaware) L.P. and other affiliated entities reported the acquisition of common shares of beneficial interest in Blackstone Private Real Estate Credit & Income Fund.
• The transactions are scheduled for October 21, 2025, and involve two separate acquisitions.
• One acquisition is for 8,634,070.625 shares at a price of $25.77 per share.
• Another acquisition is for 679,084.206 shares at a price of $25.77 per share.
• Following these transactions, the indirect beneficial ownership by BCRED X Holdings LLC will be 16,140,279.448 shares.
• Blackstone Private Multi-Asset Credit and Income Fund (BMACX) will hold 4,820,515.453 shares indirectly.
• The reporting persons, including Blackstone Inc. and Stephen A. Schwarzman, disclaim beneficial ownership except to the extent of their pecuniary interest.

Sentiment

Score: 8

Explanation: The significant planned acquisition of shares by multiple affiliated entities and the founder, Stephen A. Schwarzman, indicates strong internal confidence and a positive outlook for the fund.

Positives

• Significant planned acquisition of common shares by Blackstone-affiliated entities and key personnel, including founder Stephen A. Schwarzman, signals strong confidence in the Blackstone Private Real Estate Credit & Income Fund.
• The transactions represent a substantial planned investment of approximately $240.1 million into the fund.

Future Outlook

No forward-looking statements or guidance are provided in this Form 4 filing beyond the planned transaction.

Industry Context

The planned acquisition of shares by affiliated entities in a private real estate credit fund reflects continued internal investment and confidence in the alternative asset management sector, particularly within private credit and real estate strategies, which have seen increased institutional interest.

Comparison to Industry Standards

• The significant planned insider buying by a major alternative asset manager like Blackstone into one of its own funds is a strong signal, often interpreted more positively than similar actions by smaller, less established firms.
• While specific comparable transactions are not detailed, large-scale internal investments by fund sponsors are generally viewed favorably, aligning management and shareholder interests.

Related Party Transactions

• The reported transactions involve the planned acquisition of shares by entities affiliated with Blackstone Inc., the parent company of the fund's investment adviser, which are considered related parties.

Stakeholder Impact

• Shareholders may view the significant planned insider buying as a positive signal of management's confidence in the fund's future performance and stability.
• The increased ownership by affiliated entities reinforces alignment of interests between the fund's managers and its investors.

Key Dates

Recommendation

The substantial planned insider buying by Blackstone's affiliated entities and its founder, Stephen A. Schwarzman, signals a high degree of confidence in the Blackstone Private Real Estate Credit & Income Fund. Such significant internal investment, totaling approximately $240.1 million, suggests that those closest to the fund believe it is undervalued or has strong future prospects. This strong alignment of interests and conviction from a leading alternative asset manager warrants a 'strong buy' recommendation for investors seeking exposure to this fund.

Keywords

Blackstone, Real Estate Credit, Private Credit, Fund, SEC Form 4, Insider Buying, Beneficial Ownership, Stephen A. Schwarzman, Investment Fund, Credit Fund