Form 4: Blackstone Entities Boost Stake in Private Real Estate Credit & Income Fund

Blackstone Holdings I L.P. and related entities reported the acquisition of over 1.18 million common shares in Blackstone Private Real Estate Credit & Income Fund for approximately $30 million, increasing their indirect beneficial ownership.

Summary

• Blackstone Holdings I L.P., along with related entities including Blackstone Holdings I/II GP L.L.C., Blackstone Inc., Blackstone Group Management L.L.C., and Stephen A. Schwarzman, reported a purchase of common shares in Blackstone Private Real Estate Credit & Income Fund.
• On July 18, 2025, 1,189,532.117 Common Shares of Beneficial Interest were acquired at a price of $25.22 per share.
• This transaction represents an investment of approximately $30,000,000.
• Following the transaction, the reporting persons indirectly beneficially own a total of 5,972,314.102 Common Shares of Beneficial Interest.
• These shares are held indirectly through BCRED X Holdings LLC (4,178,770.858 shares) and Blackstone Private Multi-Asset Credit and Income Fund (1,793,543.244 shares).
• The reporting persons disclaim beneficial ownership of the reported securities, except to the extent of their pecuniary interest.

Sentiment

Score: 8

Explanation: The acquisition of a substantial number of shares by a major owner and its affiliates, including the founder, indicates strong internal confidence and is generally perceived as a very positive signal for the fund's future performance.

Positives

• A significant investment by a 10% owner and related entities, including the founder, Stephen A. Schwarzman, indicates confidence in the Blackstone Private Real Estate Credit & Income Fund.
• The acquisition of 1,189,532.117 common shares at $25.22 per share represents a substantial capital commitment of approximately $30 million.

Future Outlook

NA

Industry Context

This transaction reflects an internal capital allocation within the broader Blackstone ecosystem, specifically increasing exposure to its Private Real Estate Credit & Income Fund. It aligns with Blackstone's strategy of managing and investing in various alternative asset classes, including real estate credit.

Related Party Transactions

• The transaction involves the acquisition of shares in Blackstone Private Real Estate Credit & Income Fund by entities and individuals affiliated with Blackstone Inc., including Blackstone Holdings I L.P., Blackstone Holdings I/II GP L.L.C., Blackstone Group Management L.L.C., and Stephen A. Schwarzman. This constitutes a transaction between related parties within the broader Blackstone corporate structure.

Stakeholder Impact

• Shareholders: The increased ownership by key Blackstone entities and its founder may be perceived positively, signaling strong internal conviction and potentially boosting investor confidence.
• Fund Management: Reinforces alignment of interests between the fund's management (Blackstone affiliates) and its investors.

Key Dates

Keywords

Blackstone, SEC Form 4, Beneficial Ownership, Insider Trading, Equity Purchase, Real Estate Credit, Investment Fund, Stephen A. Schwarzman, Blackstone Private Real Estate Credit & Income Fund