# EDGAR Filing Document

**Accession Number:** 0002049733
**File Stem:** 0002049733-26-000021
**Filing Date:** 2026-5
**Character Count:** 231117
**Document Hash:** 678bb9f6c95d3f23a1db56676fe08475
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002049733-26-000021.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0002049733-26-000021

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 80

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Private Real Estate Credit & Income Fund
- **CENTRAL INDEX KEY:** 0002049733

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01853
- **FILM NUMBER:** 26968339

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 000-000-0000

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Blackstone Private Real Estate Credit Fund
- **DATE OF NAME CHANGE:** 20241223

?xml version='1.0' encoding='ASCII'? brec-20260331

<u>[Table of C](#i673a7713afb64f7db14b2dc89846cbb8_7)[ontents](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_____________________________________________________________________________________________________________________________________________________

**FORM 10-Q**

_____________________________________________________________________________________________________________________________________________________

**(Mark One)**

⌧ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**OR**

□ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from __________ to __________**

**Commission File Number 814-01853**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![Screenshot 2025-11-03 093950.jpg](brec-20260331_g1.jpg)<br>

**Blackstone Private Real Estate Credit and Income Fund**

**(Exact name of Registrant as specified in its Charter)**

_____________________________________________________________________________________________________________________________________________________

---

| | |
|:---|:---|
| **Delaware** | **33-6657275** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| **345 Park Avenue,** <br>**New York, New York** | **10154** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (212) 583-5000**

**N/A**

**(Former name, former address and former fiscal year, if changed since last report)**

________________________

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **None** | **None** | **None** |

---

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No □

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧ No □

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | □ | Accelerated filer | □ |
| Non-accelerated filer | ⌧ | Smaller reporting company | □ |
| | | Emerging growth company | ⌧ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes □&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes □&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

The number of shares of Registrant's common shares of beneficial interest ("Common Shares"), $0.01 par value per share, outstanding as of April 30, 2026 was 36,668,212. Common Shares outstanding exclude May 2026 subscriptions since the issuance price is not yet finalized at this time.

------

<u>[Table of C](#i673a7713afb64f7db14b2dc89846cbb8_7)[ontents](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **[PART I](#i673a7713afb64f7db14b2dc89846cbb8_13)** | **[FINANCIAL INFORMATION](#i673a7713afb64f7db14b2dc89846cbb8_13)** | |
| [Item 1.](#i673a7713afb64f7db14b2dc89846cbb8_16) | Financial Statements | [4](#i673a7713afb64f7db14b2dc89846cbb8_19) |
|  | <u>[Consolidated Financial Statements (unaudited)](#i673a7713afb64f7db14b2dc89846cbb8_16)</u> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement](#i673a7713afb64f7db14b2dc89846cbb8_19)[s](#i673a7713afb64f7db14b2dc89846cbb8_19)[of Assets and Liabilities as of](#i673a7713afb64f7db14b2dc89846cbb8_19)</u><u>March 31, 2026 and December 31, 2025</u> | [4](#i673a7713afb64f7db14b2dc89846cbb8_19) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement](#i673a7713afb64f7db14b2dc89846cbb8_22)[of Operations for the](#i673a7713afb64f7db14b2dc89846cbb8_22)</u><u>Three Months Ended March 31, 2026</u> | [5](#i673a7713afb64f7db14b2dc89846cbb8_22) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement](#i673a7713afb64f7db14b2dc89846cbb8_25)[of Changes in Net Assets for the](#i673a7713afb64f7db14b2dc89846cbb8_25)</u> <u>Three Months Ended March 31, 2026</u> | [6](#i673a7713afb64f7db14b2dc89846cbb8_25) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement of Cash Flows for the](#i673a7713afb64f7db14b2dc89846cbb8_28)</u><u>Three Months Ended March 31, 2026</u> | [7](#i673a7713afb64f7db14b2dc89846cbb8_28) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Schedule](#i673a7713afb64f7db14b2dc89846cbb8_31)[s](#i673a7713afb64f7db14b2dc89846cbb8_31)[of Investments as of](#i673a7713afb64f7db14b2dc89846cbb8_31)</u><u>March 31, 2026 and December 31, 2025</u> | 8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements](#i673a7713afb64f7db14b2dc89846cbb8_37)</u> | [20](#i673a7713afb64f7db14b2dc89846cbb8_37) |
| [Item 2.](#i673a7713afb64f7db14b2dc89846cbb8_85) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i673a7713afb64f7db14b2dc89846cbb8_85)</u> | [44](#i673a7713afb64f7db14b2dc89846cbb8_85) |
| [Item 3.](#i673a7713afb64f7db14b2dc89846cbb8_121) | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i673a7713afb64f7db14b2dc89846cbb8_121)</u> | [53](#i673a7713afb64f7db14b2dc89846cbb8_121) |
| [Item 4.](#i673a7713afb64f7db14b2dc89846cbb8_142) | <u>[Controls and Procedures](#i673a7713afb64f7db14b2dc89846cbb8_142)</u> | [55](#i673a7713afb64f7db14b2dc89846cbb8_124) |
| **[PART II](#i673a7713afb64f7db14b2dc89846cbb8_127)** | **[OTHER INFORMATION](#i673a7713afb64f7db14b2dc89846cbb8_127)** |  |
| [Item 1.](#i673a7713afb64f7db14b2dc89846cbb8_130) | <u>[Legal Proceedings](#i673a7713afb64f7db14b2dc89846cbb8_130)</u> | [56](#i673a7713afb64f7db14b2dc89846cbb8_130) |
| [Item 1A.](#i673a7713afb64f7db14b2dc89846cbb8_133) | <u>[Risk Factors](#i673a7713afb64f7db14b2dc89846cbb8_133)</u> | [56](#i673a7713afb64f7db14b2dc89846cbb8_133) |
| [Item 2.](#i673a7713afb64f7db14b2dc89846cbb8_136) | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i673a7713afb64f7db14b2dc89846cbb8_136)</u> | [56](#i673a7713afb64f7db14b2dc89846cbb8_136) |
| [Item 3.](#i673a7713afb64f7db14b2dc89846cbb8_139) | <u>[Defaults upon Senior Securities](#i673a7713afb64f7db14b2dc89846cbb8_139)</u> | [56](#i673a7713afb64f7db14b2dc89846cbb8_139) |
| [Item 4.](#i673a7713afb64f7db14b2dc89846cbb8_142) | <u>[Mine Safety Disclosures](#i673a7713afb64f7db14b2dc89846cbb8_142)</u> | [56](#i673a7713afb64f7db14b2dc89846cbb8_142) |
| [Item 5.](#i673a7713afb64f7db14b2dc89846cbb8_145) | <u>[Other Information](#i673a7713afb64f7db14b2dc89846cbb8_145)</u> | [56](#i673a7713afb64f7db14b2dc89846cbb8_145) |
| [Item 6.](#i673a7713afb64f7db14b2dc89846cbb8_148) | <u>[Exhibits](#i673a7713afb64f7db14b2dc89846cbb8_148)</u> | [57](#i673a7713afb64f7db14b2dc89846cbb8_148) |
| <u>[Signatures](#i673a7713afb64f7db14b2dc89846cbb8_151)</u> |  | [58](#i673a7713afb64f7db14b2dc89846cbb8_151) |

---

------

<u>[Table of C](#i673a7713afb64f7db14b2dc89846cbb8_7)[ontents](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS; RISK FACTOR SUMMARY**

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blackstone Private Real Estate Credit and Income Fund (together, with its consolidated subsidiaries, the "Company," "BREC," "we," "us" or "our"), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the performance of properties securing or underlying our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in political, economic or real estate market conditions, the inflation and interest rate environment or conditions affecting the financial and capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to raise sufficient capital and repurchase shares to execute our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and expected financial arrangements and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our cash resources, financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and amount of cash flows, distributions and dividends, if any, from our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the demand for liquidity for the repurchase of shares and the repurchase of shares in the discretion of the Board of Trustees of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with Blackstone Real Estate Special Situations Advisors L.L.C. (the "Adviser") or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dependence of our future success on the general economy and its effect on our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to qualify for and maintain our qualification as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and as a business development company ("BDC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing, form and amount of any distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of fluctuations in interest rates on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation of our investments, particularly those having no liquid trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of changes to generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of changes to tax legislation and, generally, our tax position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Adviser and its affiliates to attract and retain highly talented professionals.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled "*Risk Factors*" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the Company's periodic filings with the United States Securities and Exchange Commission (the "SEC"). These projections and forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

------

<u>[Table of C](#i673a7713afb64f7db14b2dc89846cbb8_7)[ontents](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**PART I - FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Statements of Assets and Liabilities**

**(in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **ASSETS** | | |
| Investments at fair value |  |  |
| Non-controlled/non-affiliated investments (cost basis of $1,945,794 and $1,516,173, respectively) | $1955403 | $1528317 |
| Total investments at fair value (cost basis of $1,945,794 and $1,516,173, respectively) | 1955403 | 1528317 |
| Cash and cash equivalents | 23065 | 38330 |
| Restricted cash | 2436 | 2415 |
| Interest receivable from non-controlled/non-affiliated investments | 7757 | 7405 |
| Receivable for investment sold | 14390 |  |
| Derivative assets at fair value | 1585 | 26 |
| Other assets | 3988 | 1287 |
| **Total assets** | $2008624 | $1577780 |
| **LIABILITIES** |  |  |
| Secured debt, net | $1079724 | $817510 |
| Derivative liabilities at fair value | 447 | 1376 |
| Due to affiliates | 1753 | 1715 |
| Distribution payable | 6507 | 5274 |
| Accrued expenses and other liabilities | 2507 | 5540 |
| **Total liabilities** | 1090938 | 831415 |
| Commitments and contingencies (Note 10) |  |  |
| **NET ASSETS** |  |  |
| Common Shares, $0.01 par value (35,136,818 and 28,630,433 shares issued and outstanding, respectively) | 351 | 286 |
| Additional paid-in capital | 899951 | 730017 |
| Distributable earnings | 17384 | 16062 |
| **Total net assets** | 917686 | 746365 |
| **Total liabilities and net assets** | $2008624 | $1577780 |

---

---

| | | |
|:---|:---|:---|
| **NET ASSET VALUE PER SHARE** | **March 31, 2026** | **December 31, 2025** |
| Net assets | $917686 | $746365 |
| Common Shares outstanding ($0.01 par value, unlimited shares authorized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35136818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28630433 |
| Net asset value per share | $26.12 | $26.07 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Statement of Operations**

**(in thousands)**

**(Unaudited)**

---

| | |
|:---|:---|
| | **Three Months Ended March 31, 2026** |
| &nbsp;&nbsp;**Investment income:** | |
| &nbsp;&nbsp;From non-controlled/non-affiliated investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $30920 |
| &nbsp;&nbsp;**Total investment income** | 30920 |
| &nbsp;&nbsp;**Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 10810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general & administrative | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of continuous offering costs | 201 |
| &nbsp;&nbsp;**Total expenses** | 12854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense support | (1408) |
| &nbsp;&nbsp;**Net expenses** | 11446 |
| &nbsp;&nbsp;**Net investment income before tax expense** | 19474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 156 |
| &nbsp;&nbsp;**Net investment income after tax expense** | 19318 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized gain (loss):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (2084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (1177) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net unrealized loss** | (772) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized gain (loss):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain** | 798 |
| &nbsp;&nbsp;**Net realized and unrealized gain** | 26 |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | $19344 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Statement of Changes in Net Assets**

**(in thousands)**

**(Unaudited)**

---

| | |
|:---|:---|
| | **Three Months Ended March 31, 2026** |
| **Operations:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $19318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain | (772) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 798 |
| Net increase in net assets resulting from operations | 19344 |
| **Distributions to common shareholders:** |  |
| Net decrease in net assets resulting from distributions | (18023) |
| **Share transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 170000 |
| Net increase from share transactions | 170000 |
| Total increase in net assets | 171321 |
| Net assets, beginning of period | 746365 |
| **Net assets, end of period** | $917686 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Statement of Cash Flows**

**(in thousands)**

**(Unaudited)**

---

| | |
|:---|:---|
| | **Three Months Ended March 31, 2026** |
| **Cash flows from operating activities:** | |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | $19344 |
| &nbsp;&nbsp;Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized loss on investments | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain on derivative instruments | (2489) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized loss on foreign currency transactions | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on investments | (917) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized loss on foreign currency transactions | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium on investments | (1952) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of offering costs | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal fundings of investments in loans and other notes | (535884) |
| &nbsp;&nbsp;&nbsp;&nbsp;Origination and other fees received on investments in loans and other notes | 5371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal collections from investments in loans and other notes | 19323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments in debt securities | (84352) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale/repayment of investments in debt securities | 168212 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable from non-controlled/non-affiliated investments | (352) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (2902) |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | (479) |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investment sold | (14390) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (3033) |
| **Net cash used in operating activities** | (430485) |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings of secured debt | 818725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of secured debt | (556197) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares | 170000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid in cash | (16789) |
| **Net cash provided by financing activities** | 415739 |
| **Net decrease in cash, cash equivalents, and restricted cash** | (14746) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign exchange rate changes on cash and cash equivalents | (498) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash, at beginning of period | 40745 |
| **Cash and cash equivalents, and restricted cash end of period** | $25501 |
| Reconciliation of cash, cash equivalents and restricted cash to the consolidated statement of assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $23065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 2436 |
| **Total Cash and cash equivalents, and restricted cash** | $25501 |
| **Supplemental information and non-cash activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid during the period | $11153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excise taxes paid | $202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan and other note principal payments held by servicer, net | $174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution payable | $6507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued but unpaid deferred financing costs | $518 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**March 31, 2026**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Reference Rate** | **Spread** | **Floor** | **Interest Rate**<sup>(1)</sup> | **Acquisition Date/<br>Origination Date** | **Maturity Date**<sup>(2)</sup> | **Outstanding** <br>**Principal Balance**<sup>(7)</sup> | **Cost Basis** | **Unfunded<br>Commitment** | **Fair Value** | **% of Net Assets** |
| **Investments — non-controlled/non-affiliated**<sup>(3)</sup> | **Investments — non-controlled/non-affiliated**<sup>(3)</sup> | | | | | | | | | | |
| **Investments in loans and other notes**<sup>(4)</sup> | | | | | | | | | | | |
| **Senior loans** | | | | | | | | | | | |
| &nbsp;&nbsp;KKR AIP V<sup>(5)</sup> | SOFR | 2.65% | 2.75% | 6.32% | 10/28/2025 | 11/9/2030 | $201000 | $199306 | $– | $201000 | 21.9% |
| &nbsp;&nbsp;Karlin Multifamily Portfolio<sup>(5)</sup> | SOFR | 2.60% | 2.75% | 6.27% | 10/15/2025 | 11/9/2030 | 198151 | 196627 | 6849 | 198151 | 21.6 |
| &nbsp;&nbsp;CBREIM Logistics Portfolio<sup>(5)</sup> | SOFR | 2.15% | 2.50% | 5.82% | 3/30/2026 | 4/9/2031 | 193153 | 191214 | 6847 | 191208 | 20.8 |
| &nbsp;&nbsp;Ardan<sup>(5)</sup> | SOFR | 2.05% | 2.50% | 5.73% | 3/27/2026 | 4/9/2031 | 103130 | 102237 | 8870 | 102234 | 11.1 |
| &nbsp;&nbsp;Colorado Housing Portfolio<sup>(5)</sup> | SOFR | 2.35% | 2.75% | 6.02% | 11/26/2025 | 12/9/2030 | 97500 | 96636 | – | 97500 | 10.6 |
| &nbsp;&nbsp;Faropoint Atlantic<sup>(5)</sup> | SOFR | 2.32% | 2.75% | 5.99% | 2/2/2026 | 2/9/2031 | 89200 | 88355 | – | 88308 | 9.6 |
| &nbsp;&nbsp;Cypress Ridge<sup>(5)</sup> | SOFR | 2.50% | 2.75% | 6.17% | 11/25/2025 | 12/9/2030 | 71950 | 71360 | 2050 | 71950 | 7.8 |
| &nbsp;&nbsp;Ridge Hill<sup>(5)</sup> | SOFR | 3.35% | 3.00% | 7.02% | 9/24/2025 | 10/9/2030 | 63070 | 62511 | 14053 | 63070 | 6.9 |
| &nbsp;&nbsp;The Journal Phase I<sup>(5)</sup> | SOFR | 2.89% | 3.25% | 6.56% | 6/30/2025 | 7/9/2030 | 59079 | 58682 | 921 | 59079 | 6.4 |
| &nbsp;&nbsp;1100 Peachtree<sup>(5)</sup> | SOFR | 3.65% | 3.00% | 7.32% | 5/27/2025 | 6/9/2030 | 35450 | 35115 | 15800 | 35366 | 3.9 |
| &nbsp;&nbsp;Stella on the Park<sup>(5)</sup> | SOFR | 2.75% | 3.00% | 6.42% | 7/17/2025 | 8/9/2030 | 33433 | 33157 | 2367 | 33433 | 3.6 |
| &nbsp;&nbsp;Sterling Plaza<sup>(5)</sup> | SOFR | 3.45% | 3.00% | 7.12% | 7/31/2025 | 8/9/2030 | 30885 | 30614 | 3795 | 30885 | 3.4 |
| &nbsp;&nbsp;1305 West 7th Street<sup>(5)</sup> |  |  |  | 4.49% | 6/18/2025 | 6/24/2029 | 25531 | 24229 | 2500 | 24870 | 2.7 |
| &nbsp;&nbsp;4700-4738 Cherry Hill Road<sup>(5)</sup> |  |  |  | 4.10% | 6/18/2025 | 7/1/2032 | 26094 | 23472 | – | 23974 | 2.6 |
| &nbsp;&nbsp;Lot 600 Fingerboard Road<sup>(5)</sup> |  |  |  | 6.44% | 6/18/2025 | 10/12/2032 | 14929 | 14934 | – | 15013 | 1.6 |
| &nbsp;&nbsp;43490 Yukon Drive<sup>(5)</sup> |  |  |  | 7.00% | 6/18/2025 | 6/1/2027 | 11378 | 11383 | – | 11378 | 1.2 |
| &nbsp;&nbsp;3-26 Kent Towne Market<sup>(5)</sup> |  |  |  | 4.75% | 6/18/2025 | 7/15/2032 | 11224 | 10426 | – | 10738 | 1.2 |
| &nbsp;&nbsp;528-556 First Colonial Road<sup>(5)</sup> |  |  |  | 3.99% | 6/18/2025 | 4/13/2027 | 9919 | 9660 | – | 9707 | 1.1 |
| &nbsp;&nbsp;6420 Coventry Way<sup>(5)</sup> |  |  |  | 3.55% | 6/18/2025 | 10/5/2030 | 7029 | 6395 | – | 6521 | 0.7 |
| &nbsp;&nbsp;5009 Westone Plaza Drive<sup>(5)</sup> |  |  |  | 6.57% | 6/18/2025 | 6/30/2026 | 6519 | 6510 | – | 6518 | 0.7 |
| &nbsp;&nbsp;6420 Coventry Way 2<sup>(5)</sup> |  |  |  | 4.40% | 6/18/2025 | 10/5/2030 | 5549 | 5215 | – | 5323 | 0.6 |
| &nbsp;&nbsp;8520 Rainswood Drive<sup>(5)</sup> |  |  |  | 6.00% | 6/18/2025 | 6/1/2027 | 4905 | 4884 | 705 | 4905 | 0.5 |
| &nbsp;&nbsp;18200-18250 Flower Hill Way<sup>(5)</sup> |  |  |  | 4.99% | 6/18/2025 | 12/27/2033 | 4226 | 4232 | – | 4454 | 0.5 |
| &nbsp;&nbsp;1101-1125 Nelson Street<sup>(5)</sup> |  |  |  | 5.25% | 6/18/2025 | 10/17/2029 | 3385 | 3267 | – | 3310 | 0.4 |
| &nbsp;&nbsp;1519 Wisconsin Avenue NW<sup>(5)</sup> |  |  |  | 4.15% | 6/18/2025 | 5/20/2032 | 3164 | 2864 | – | 2896 | 0.3 |
| &nbsp;&nbsp;52 Souder Road<sup>(5)</sup> |  |  |  | 6.99% | 6/18/2025 | 3/20/2030 | 2802 | 2804 | – | 2802 | 0.3 |
| &nbsp;&nbsp;1710 17th Street NE<sup>(5)</sup> | SOFR | 2.50% |  | 6.27% | 6/18/2025 | 11/2/2030 | 2729 | 2705 | – | 2709 | 0.3 |
|  |  |  |  |  |  |  | $1315384 | $1298794 | $64757 | $1307302 | 142.3% |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**March 31, 2026**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mezzanine loans and B-notes** | | | | | | | | | | | |
| &nbsp;&nbsp;Azalea Multifamily Portfolio | SOFR | 4.76% |  | 8.43% | 8/8/2025 | 8/9/2030 | $70000 | $69695 | $– | $70000 | 7.6% |
| &nbsp;&nbsp;Sherrin Multifamily | SOFR | 4.75% |  | 8.42% | 10/9/2025 | 10/9/2030 | 50000 | 49774 | – | 50000 | 5.5 |
| &nbsp;&nbsp;Eagle & West | SOFR | 5.45% |  | 9.12% | 6/11/2025 | 6/9/2030 | 40000 | 40000 | – | 40000 | 4.4 |
| &nbsp;&nbsp;Lincoln Square North |  |  |  | 9.86% | 3/11/2026 | 4/1/2031 | 40000 | 39725 | – | 39722 | 4.3 |
| &nbsp;&nbsp;77 Commercial |  |  |  | 9.00% | 12/9/2025 | 1/6/2031 | 27500 | 27500 | – | 27500 | 3.0 |
| &nbsp;&nbsp;Iron Mountain Manassas |  |  |  | 12.98% | 1/9/2026 | 1/9/2031 | 28375 | 27156 | – | 27098 | 3.0 |
| &nbsp;&nbsp;Natura Gardens |  |  |  | 8.12% | 10/14/2025 | 11/1/2030 | 22700 | 22448 | – | 22700 | 2.5 |
| &nbsp;&nbsp;Puck Building |  |  |  | 10.00% | 5/20/2025 | 10/1/2034 | 15000 | 14932 | 9375 | 15000 | 1.6 |
| &nbsp;&nbsp;*ECI Multifamily Portfolio* |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ECI Mezzanine fixed rate loan |  |  |  | 8.26% | 5/9/2025 | 6/9/2030 | 12000 | 11982 | – | 12000 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;ECI Mezzanine variable rate loan | SOFR | 4.46% | 3.00% | 8.13% | 5/9/2025 | 6/9/2030 | 3000 | 2978 | – | 3000 | 0.3 |
|  |  |  |  |  |  |  | $308575 | $306190 | $9375 | $307020 | 33.5% |
| **Credit-linked notes** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;UK Mortgage Portfolio<sup>(6)</sup> | SONIA | 7.00% |  | 10.73% | 3/27/2026 | 10/30/2037 | $74071 | $74071 | $– | $74071 | 8.1% |
|  |  |  |  |  |  |  | $74071 | $74071 | $– | $74071 | 8.1% |
| **Investments in debt securities** |  |  |  |  |  |  |  |  |  |  |  |
| **CMBS** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ICNQ 2024-MF E<sup>(5)</sup> |  |  |  | 6.35% | 3/25/2026 | 12/10/2034 | $17717 | $17640 | $– | $17677 | 1.9% |
| &nbsp;&nbsp;BX 2021-RISE G<sup>(5)</sup> | SOFR | 3.06% | 2.95% | 6.74% | 8/7/2025 | 11/15/2036 | 13948 | 13975 | – | 13933 | 1.5 |
| &nbsp;&nbsp;RFR 2025-SGRM E<sup>(5)</sup> |  |  |  | 7.27% | 2/3/2026 | 3/11/2041 | 13030 | 13120 | – | 13122 | 1.4 |
| &nbsp;&nbsp;BSTN 2025-HUB HRR |  |  |  | 9.09% | 9/29/2025 | 4/13/2041 | 11393 | 11393 | – | 11387 | 1.2 |
| &nbsp;&nbsp;CSTL 2024-GATE E<sup>(5)</sup> |  |  |  | 6.96% | 3/12/2026 | 11/10/2041 | 11024 | 11120 | – | 11140 | 1.2 |
| &nbsp;&nbsp;TAURS 2025-UK3A E<sup>(5)(6)</sup> | SONIA | 3.80% |  | 7.73% | 6/26/2025 | 7/20/2035 | 9353 | 9741 | – | 9311 | 1.0 |
| &nbsp;&nbsp;BBCMS 2025-C35 E |  |  |  | 3.50% | 7/10/2025 | 7/15/2058 | 17295 | 8517 | – | 9117 | 1.0 |
| &nbsp;&nbsp;BBCMS 2025-C35 KRR |  |  |  | 6.17% | 7/10/2025 | 7/15/2058 | 24022 | 8357 | – | 8465 | 0.9 |
| &nbsp;&nbsp;BMARK 2025-B41 JRR |  |  |  | 6.34% | 8/15/2025 | 7/15/2068 | 21238 | 7721 | – | 7851 | 0.9 |
| &nbsp;&nbsp;BSTN 2025-HUB E<sup>(5)</sup> |  |  |  | 6.65% | 9/29/2025 | 4/13/2041 | 6986 | 6986 | – | 6953 | 0.8 |
| &nbsp;&nbsp;BMARK 2025-B41 F |  |  |  | 3.50% | 8/15/2025 | 7/15/2068 | 12135 | 5931 | – | 6521 | 0.7 |
| &nbsp;&nbsp;RFR 2025-SGRM F<sup>(5)</sup> |  |  |  | 8.23% | 1/16/2026 | 3/11/2041 | 6291 | 6479 | – | 6380 | 0.7 |
| &nbsp;&nbsp;BBCMS 2025-C35 JRR |  |  |  | 6.17% | 7/10/2025 | 7/15/2058 | 11531 | 5583 | – | 5733 | 0.6 |
| &nbsp;&nbsp;MHC 2021-MHC G<sup>(5)</sup> | SOFR | 3.32% | 3.20% | 6.99% | 7/11/2025 | 4/15/2038 | 5600 | 5600 | – | 5598 | 0.6 |
| &nbsp;&nbsp;SREIT 2021-MFP2 F<sup>(5)</sup> | SOFR | 2.73% | 2.62% | 6.41% | 6/4/2025 | 11/15/2036 | 4401 | 4402 | – | 4398 | 0.5 |
| &nbsp;&nbsp;WFCM 2016-LC24 B<sup>(5)</sup> |  |  |  | 3.62% | 9/11/2025 | 10/15/2049 | 4000 | 3827 | – | 3878 | 0.4 |
| &nbsp;&nbsp;COMM 2025-180W E<sup>(5)</sup> |  |  |  | 7.36% | 7/28/2025 | 8/10/2042 | 3640 | 3622 | – | 3649 | 0.4 |
| &nbsp;&nbsp;BMARK 2025-B41 G |  |  |  | 3.50% | 8/15/2025 | 7/15/2068 | 9102 | 3643 | – | 3645 | 0.4 |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**March 31, 2026**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments in debt securities (continued)** | | | | | | | | | | | |
| &nbsp;&nbsp;**CMBS (continued)** | | | | | | | | | | | |
| &nbsp;&nbsp;CSTL 2026-GATE3 E<sup>(5)</sup> |  |  |  | 6.34% | 3/16/2026 | 2/10/2043 | 3655 | 3662 | – | 3616 | 0.4 |
| &nbsp;&nbsp;SLG 2026-PAT E<sup>(5)</sup> |  |  |  | 6.25% | 3/20/2026 | 2/15/2039 | 3422 | 3422 | – | 3383 | 0.4 |
| &nbsp;&nbsp;SHR 2024-LXRY D<sup>(5)</sup> | SOFR | 3.60% | 3.60% | 7.27% | 2/12/2026 | 10/15/2041 | 2839 | 2846 | – | 2830 | 0.3 |
| &nbsp;&nbsp;BSTN 2025-HUB D<sup>(5)</sup> |  |  |  | 5.75% | 3/13/2026 | 4/13/2041 | 2548 | 2548 | – | 2539 | 0.3 |
| &nbsp;&nbsp;MHP 2021-STOR G<sup>(5)</sup> | SOFR | 2.86% | 2.75% | 6.54% | 5/20/2025 | 7/15/2038 | 2250 | 2250 | – | 2249 | 0.3 |
| &nbsp;&nbsp;BX 2022-AHP E<sup>(5)</sup> | SOFR | 3.04% | 3.04% | 6.71% | 8/8/2025 | 1/17/2039 | 1833 | 1810 | – | 1829 | 0.2 |
| &nbsp;&nbsp;BLP 2024-IND2 E<sup>(5)</sup> | SOFR | 3.69% | 3.69% | 7.36% | 5/20/2025 | 3/15/2041 | 1722 | 1722 | – | 1712 | 0.2 |
| &nbsp;&nbsp;NYC 2025-300P E<sup>(5)</sup> |  |  |  | 7.39% | 11/13/2025 | 7/13/2042 | 1582 | 1613 | – | 1589 | 0.2 |
| &nbsp;&nbsp;BX 2020-VIVA E<sup>(5)</sup> |  |  |  | 3.55% | 3/26/2026 | 3/11/2044 | 1630 | 1478 | – | 1476 | 0.2 |
| &nbsp;&nbsp;SHR 2024-LXRY E<sup>(5)</sup> | SOFR | 4.45% | 4.45% | 8.12% | 6/25/2025 | 10/15/2041 | 1221 | 1223 | – | 1222 | 0.1 |
| &nbsp;&nbsp;EURO 41X E<sup>(5)(6)</sup> | SONIA | 3.50% |  | 3.63% | 2/6/2026 | 1/23/2036 | 1110 | 1146 | – | 1103 | 0.1 |
| &nbsp;&nbsp;JPMCC 2022-DATA E<sup>(5)</sup> |  |  |  | 3.92% | 2/3/2026 | 6/10/2042 | 869 | 734 | – | 728 | 0.1 |
| &nbsp;&nbsp;EQUS 2021-EQAZ E<sup>(5)</sup> | SOFR | 2.56% | 2.30% | 6.24% | 3/18/2026 | 10/15/2038 | 398 | 395 | – | 397 |  |
| &nbsp;&nbsp;BX 2021-LBA GJV<sup>(5)</sup> | SOFR | 3.36% | 3.00% | 7.04% | 5/1/2025 | 2/15/2036 | 287 | 281 | – | 286 |  |
| &nbsp;&nbsp;UBSCM 2017-C4 C |  |  |  | 4.53% | 11/14/2025 | 10/15/2050 | 208 | 193 | – | 196 |  |
| &nbsp;&nbsp;INV 2024-IND E | SOFR | 4.24% | 4.24% | 7.91% | 9/17/2025 | 11/15/2041 | 178 | 178 | – | 177 |  |
| &nbsp;&nbsp;CPTS 2019-CPT E |  |  |  | 3.00% | 2/12/2026 | 11/13/2039 | 145 | 129 | – | 126 |  |
|  |  |  |  |  |  |  | $228603 | $173287 | $– | $174216 | 18.9% |
| **RMBS**<sup>(6)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GSMBS 2023-CCM1 B2<sup>(5)</sup> |  |  |  | 7.36% | 7/17/2025 | 8/25/2053 | $6792 | $6762 | $– | $6785 | 0.7% |
| &nbsp;&nbsp;PRKCM 2023-AFC2 B2<sup>(5)</sup> |  |  |  | 8.14% | 6/11/2025 | 6/25/2058 | 4786 | 4786 | – | 4771 | 0.5 |
| &nbsp;&nbsp;VISIO 2023-2 B2<sup>(5)</sup> |  |  |  | 7.71% | 8/4/2025 | 10/25/2058 | 4624 | 4623 | – | 4620 | 0.5 |
| &nbsp;&nbsp;COLT 2025-6 B1<sup>(5)</sup> |  |  |  | 7.21% | 3/19/2026 | 8/25/2070 | 3500 | 3501 | – | 3524 | 0.4 |
| &nbsp;&nbsp;COLT 2024-7 B2<sup>(5)</sup> |  |  |  | 7.12% | 9/16/2025 | 12/26/2069 | 3478 | 3492 | – | 3459 | 0.4 |
| &nbsp;&nbsp;NRZT 2024-NQM1 B2<sup>(5)</sup> |  |  |  | 7.92% | 9/4/2025 | 3/25/2064 | 3290 | 3313 | – | 3306 | 0.4 |
| &nbsp;&nbsp;BRAVO 2024-NQM3 B2<sup>(5)</sup> |  |  |  | 8.33% | 7/9/2025 | 3/25/2064 | 3256 | 3309 | – | 3296 | 0.4 |
| &nbsp;&nbsp;COLT 2024-2 B2<sup>(5)</sup> |  |  |  | 8.36% | 7/16/2025 | 4/25/2069 | 2500 | 2537 | – | 2508 | 0.3 |
| &nbsp;&nbsp;VERUS 2024-5 B2<sup>(5)</sup> |  |  |  | 7.80% | 1/21/2026 | 6/25/2069 | 2509 | 2553 | – | 2499 | 0.3 |
| &nbsp;&nbsp;PRKCM 2024-AFC1 B2<sup>(5)</sup> |  |  |  | 8.22% | 9/3/2025 | 3/25/2059 | 2035 | 2062 | – | 2057 | 0.2 |
| &nbsp;&nbsp;BRAVO 2024-NQM5 B2<sup>(5)</sup> |  |  |  | 8.08% | 7/17/2025 | 6/25/2064 | 2000 | 2028 | – | 2019 | 0.2 |
| &nbsp;&nbsp;JPMMT 2024-VIS2 B2<sup>(5)</sup> |  |  |  | 7.69% | 1/21/2026 | 11/25/2064 | 1693 | 1714 | – | 1684 | 0.2 |
| &nbsp;&nbsp;COLT 2024-INV3 B2<sup>(5)</sup> |  |  |  | 7.85% | 8/5/2025 | 9/25/2069 | 1420 | 1429 | – | 1424 | 0.2 |
| &nbsp;&nbsp;COLT 2024-6 B2<sup>(5)</sup> |  |  |  | 7.47% | 9/3/2025 | 11/25/2069 | 1335 | 1345 | – | 1332 | 0.2 |
| &nbsp;&nbsp;BRAVO 2024-NQM6 B2<sup>(5)</sup> |  |  |  | 8.01% | 8/13/2025 | 8/1/2064 | 1300 | 1316 | – | 1314 | 0.1 |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**March 31, 2026**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in debt securities (continued)** | | | | | | | | | | |
| **RMBS**<sup>(6)</sup> **(continued)** | | | | | | | | | | |
| &nbsp;&nbsp;PRKCM 2023-AFC3 B2<sup>(5)</sup> |  |  | 7.78% | 6/11/2025 | 9/25/2058 | 1250 | 1249 | – | 1246 | 0.1 |
| &nbsp;&nbsp;HOMES 2024-AFC1 B1<sup>(5)</sup> |  |  | 6.89% | 12/16/2025 | 8/25/2059 | 1181 | 1160 | – | 1177 | 0.1 |
| &nbsp;&nbsp;BRAVO 2023-NQM7 B2<sup>(5)</sup> |  |  | 7.87% | 1/23/2026 | 9/25/2063 | 1058 | 1068 | – | 1067 | 0.1 |
| &nbsp;&nbsp;CIM 2025-I1 B1B<sup>(5)</sup> |  |  | 7.53% | 1/26/2026 | 10/25/2069 | 1038 | 1057 | – | 1047 | 0.1 |
| &nbsp;&nbsp;COLT 2025-1 B2<sup>(5)</sup> |  |  | 7.10% | 1/8/2026 | 1/25/2070 | 766 | 774 | – | 758 | 0.1 |
| &nbsp;&nbsp;GCAT 2024-NQM2 B2<sup>(5)</sup> |  |  | 7.95% | 7/17/2025 | 6/25/2059 | 713 | 720 | – | 723 | 0.1 |
| &nbsp;&nbsp;COLT 2025-5 B2<sup>(5)</sup> |  |  | 7.49% | 11/17/2025 | 5/25/2070 | 578 | 582 | – | 574 | 0.1 |
| &nbsp;&nbsp;DRMT 2025-INV1 B1 |  |  | 6.68% | 11/4/2025 | 11/25/2060 | 569 | 569 | – | 564 | 0.1 |
| &nbsp;&nbsp;MSRM 2024-NQM5 B1B<sup>(5)</sup> |  |  | 7.34% | 11/7/2025 | 10/25/2069 | 487 | 491 | – | 485 | 0.1 |
| &nbsp;&nbsp;COLT 2025-INV2 B2 |  |  | 7.10% | 11/21/2025 | 2/25/2070 | 226 | 225 | – | 224 |  |
| &nbsp;&nbsp;COLT 2025-3 B2 |  |  | 7.29% | 11/21/2025 | 3/25/2070 | 211 | 211 | – | 209 |  |
|  |  |  |  |  |  | $52595 | $52876 | $– | $52672 | 5.9% |
| **Term Loans** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BAYCLU REF TLB 1L 01/2033 | SOFR | 3.25% | 6.91% | 3/4/2026 | 2/4/2033 | $18765 | $18673 | $– | $18714 | 2.0% |
|  |  |  |  |  |  | $18765 | $18673 | $– | $18714 | 2.0% |
| **Corporate debt** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CPKLN 6.875 2032 REGS<sup>(5)(6)</sup> |  |  | 6.88% | 10/14/2025 | 8/28/2032 | $10379 | $10466 | $– | $10391 | 1.1% |
| &nbsp;&nbsp;SERVAT FRN 04/23/2030<sup>(6)</sup> | EURIBOR | 6.25% | 8.28% | 10/9/2025 | 4/23/2030 | 1037 | 1075 | – | 1066 | 0.1 |
|  |  |  |  |  |  | $11416 | $11541 | $– | $11457 | 1.2% |
| **Interest-only securities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BBCMS 2025-C35 XE |  |  | 2.67% | 7/10/2025 | 7/15/2058 | $17295 | $2485 | $– | $2592 | 0.3% |
| &nbsp;&nbsp;BMARK 2025-B41 XF |  |  | 2.84% | 8/15/2025 | 7/15/2068 | 12135 | 2133 | – | 2085 | 0.2 |
| &nbsp;&nbsp;BMARK 2025-B41 XG |  |  | 2.84% | 8/15/2025 | 7/15/2068 | 9102 | 1446 | – | 1433 | 0.2 |
| &nbsp;&nbsp;COMM 2025-180W X<sup>(5)</sup> |  |  | 1.35% | 7/28/2025 | 8/10/2042 | 10024 | 988 | – | 537 | 0.1 |
|  |  |  |  |  |  | $48556 | $7052 | $– | $6647 | 0.8% |
| **CLOs** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KREF 2022-FL3 D<sup>(5)(6)</sup> | SOFR | 2.80% | 6.48% | 1/23/2026 | 2/17/2039 | $3300 | $3310 | $– | $3304 | 0.4% |
|  |  |  |  |  |  | $3300 | $3310 | $– | $3304 | 0.4% |
| **Total investments — non-controlled/non-affiliated** | **Total investments — non-controlled/non-affiliated** |  |  |  |  | $2061265 | $1945794 | $74132 | $1955403 | 213.1% |
| **Total investments** | **Total investments** |  |  |  |  | $2061265 | $1945794 | $74132 | $1955403 | 213.1% |
| **Cash and cash equivalents** | **Cash and cash equivalents** |  |  |  |  |  |  |  |  |  |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management |  | 3.53% |  |  | $20414 | $20414 | $– | $20414 | 2.2% |
| Other cash and cash equivalents | Other cash and cash equivalents |  |  |  |  | 2651 | 2651 | – | 2651 | 0.3 |
| **Total investments, cash and cash equivalents** | **Total investments, cash and cash equivalents** |  |  |  |  | $2084330 | $1968859 | $74132 | $1978468 | 215.6% |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**March 31, 2026**

**(in thousands)**

**(Unaudited)**

(1)For variable rate investments, which bear interest at a rate that is determined by reference to a benchmark index rate, primarily one-month term Secured Overnight Financing Rate ("SOFR"), the interest rate includes SOFR and other index rates, as applicable, in effect for each investment as of March 31, 2026. In certain cases, the interest rate is reflective of interest rate floors.

(2)Maturity date is based on the fully extended maturity date of the instrument for investments in loans and other notes or rated final distribution date for investments in debt securities; however, investments may be repaid before such date.

(3)Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"), the Company is generally deemed to "control" a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or holds the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is generally deemed an "affiliated person" of a portfolio company if the Company owns 5% or more of the portfolio company's outstanding voting securities. As of March 31, 2026, the Company did not own more than 5% of a portfolio company's outstanding voting securities.

(4)Investments in loans and other notes were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser, as the Valuation Designee (refer to Note 2 and Note 8), pursuant to the Company's valuation policy.

(5)All or a portion of the Company's investment has been pledged as collateral under the Company's secured debt agreements.

(6)These investments are not qualifying assets under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2026, non-qualifying assets represented 7.6% of the Company's total assets as calculated in accordance with regulatory requirements.

(7)For interest-only securities, the outstanding principal balance represents the notional amount of such securities.

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**March 31, 2026**

**(in thousands)**

**(Unaudited)**

**ADDITIONAL INFORMATION**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**Interest Rate Derivatives**<sup>(1)</sup> | **Counterparty** | **Company Receives**<sup>(2)</sup> | **Company Pays** | **Maturity Date** | **Notional Amount** | **Fair Value** | **Unrealized Gain (Loss)**<sup>(3)</sup> |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 4/1/2031 | $20500 | $136 | $136 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.3% | 9/8/2027 | 20000 | 75 | 75 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.3% | 10/27/2030 | 2500 | 29 | 29 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 12/10/2030 | 6500 | 28 | 28 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 5/17/2030 | 4000 | 24 | 24 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 1/8/2031 | 4200 | 20 | 20 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.3% | 5/20/2029 | 3500 | 20 | 20 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.5% | 2/2/2031 | 3300 | 5 | 5 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.7% | 8/19/2034 | 7500 | (3) | (3) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.8% | 7/14/2034 | 8500 | (21) | (21) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/17/2029 | 7000 | (23) | (23) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/6/2029 | 9000 | (23) | (23) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/4/2029 | 12000 | (28) | (28) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/9/2029 | 14000 | (36) | (36) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.7% | 7/15/2032 | 76580 | (312) | (312) |
| **Total interest rate swaps** |  |  |  |  | $199080 | $(109) | $(109) |

---

(1)For interest rate swap agreements, the Company generally does not receive any upfront payments or receipts.

(2)For interest rate swap agreements, the Company generally receives one-month term SOFR.

(3)The unrealized gain (loss) represents the life-to-date change in fair value for each interest rate swap.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**Foreign Currency Derivatives** | **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Fair Value** | **Unrealized Gain (Loss)**<sup>(1)</sup> |
| Foreign currency forward contract | Royal Bank of Canada | USD | 75130 | GBP | 56000 | 6/15/2026 | $1066 | $1066 |
| Foreign currency forward contract | Royal Bank of Canada | USD | 2843 | GBP | 2079 | 4/28/2026 | 101 | 101 |
| Foreign currency forward contract | Royal Bank of Canada | USD | 1081 | EUR | 900 | 4/30/2026 | 43 | 43 |
| Foreign currency forward contract | Royal Bank of Canada | USD | 2208 | GBP | 1652 | 6/10/2026 | 30 | 30 |
| Foreign currency forward contract | Royal Bank of Canada | USD | 318 | GBP | 236 | 8/3/2026 | 7 | 7 |
| **Total foreign currency forward contracts** | **Total foreign currency forward contracts** |  |  |  |  |  | $1247 | $1247 |

---

(1)The unrealized gain (loss) represents the life-to-date change in fair value for each foreign currency forward.

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Reference Rate** | **Spread** | **Floor** | **Interest Rate**<sup>(1)</sup> | **Acquisition Date/<br>Origination Date** | **Maturity Date**<sup>(2)</sup> | **Outstanding** <br>**Principal Balance**<sup>(7)</sup> | **Cost Basis** | **Unfunded<br>Commitment** | **Fair Value** | **% of Net Assets** |
| **Investments — non-controlled/non-affiliated**<sup>(3)</sup> | **Investments — non-controlled/non-affiliated**<sup>(3)</sup> | | | | | | | | | | |
| **Investments in loans and other notes**<sup>(4)</sup> | | | | | | | | | | | |
| **Senior loans** | | | | | | | | | | | |
| &nbsp;&nbsp;KKR AIP V<sup>(5)</sup> | SOFR | 2.65% | 2.75% | 6.43% | 10/28/2025 | 11/9/2030 | $201000 | $199146 | $- | $201000 | 26.9% |
| &nbsp;&nbsp;Karlin Multifamily Portfolio<sup>(5)</sup> | SOFR | 2.60% | 2.75% | 6.38% | 10/15/2025 | 11/9/2030 | 195556 | 193889 | 9444 | 195556 | 26.2 |
| &nbsp;&nbsp;Colorado Housing Portfolio<sup>(5)</sup> | SOFR | 2.35% | 2.75% | 6.13% | 11/26/2025 | 12/9/2030 | 97500 | 96557 | - | 97500 | 13.1 |
| &nbsp;&nbsp;Cypress Ridge<sup>(5)</sup> | SOFR | 2.50% | 2.75% | 6.28% | 11/25/2025 | 12/9/2030 | 71200 | 70556 | 2800 | 71200 | 9.5 |
| &nbsp;&nbsp;Ridge Hill<sup>(5)</sup> | SOFR | 3.35% | 3.00% | 7.13% | 9/24/2025 | 10/9/2030 | 61937 | 61323 | 15186 | 61937 | 8.3 |
| &nbsp;&nbsp;The Journal Phase I<sup>(5)</sup> | SOFR | 2.89% | 3.25% | 6.67% | 6/30/2025 | 7/9/2030 | 58272 | 57832 | 1728 | 58272 | 7.8 |
| &nbsp;&nbsp;1100 Peachtree<sup>(5)</sup> | SOFR | 3.65% | 3.00% | 7.43% | 5/27/2025 | 6/9/2030 | 33625 | 33343 | 7750 | 33625 | 4.5 |
| &nbsp;&nbsp;Stella on the Park<sup>(5)</sup> | SOFR | 2.75% | 3.00% | 6.53% | 7/17/2025 | 8/9/2030 | 33392 | 33087 | 2408 | 33392 | 4.5 |
| &nbsp;&nbsp;Sterling Plaza<sup>(5)</sup> | SOFR | 3.45% | 3.00% | 7.23% | 7/31/2025 | 8/9/2030 | 30658 | 30360 | 4022 | 30658 | 4.1 |
| &nbsp;&nbsp;1305 West 7th Street<sup>(5)</sup> |  |  |  | 4.49% | 6/18/2025 | 6/24/2029 | 25645 | 24237 | 2500 | 24880 | 3.3 |
| &nbsp;&nbsp;4700-4738 Cherry Hill Road<sup>(5)</sup> |  |  |  | 4.10% | 6/18/2025 | 7/1/2032 | 26235 | 23494 | - | 23924 | 3.2 |
| &nbsp;&nbsp;6905-6955 Oakland Mills Road<sup>(5)</sup> | SOFR | 1.80% |  | 5.76% | 6/18/2025 | 12/20/2029 | 18470 | 17922 | - | 17955 | 2.4 |
| &nbsp;&nbsp;Lot 600 Fingerboard Road<sup>(5)</sup> |  |  |  | 6.44% | 6/18/2025 | 10/12/2032 | 14993 | 14999 | - | 14993 | 2.0 |
| &nbsp;&nbsp;43490 Yukon Drive<sup>(5)</sup> |  |  |  | 7.00% | 6/18/2025 | 6/1/2027 | 11438 | 11444 | - | 11438 | 1.5 |
| &nbsp;&nbsp;3-26 Kent Towne Market<sup>(5)</sup> |  |  |  | 4.75% | 6/18/2025 | 7/15/2032 | 11278 | 10445 | - | 10695 | 1.4 |
| &nbsp;&nbsp;528-556 First Colonial Road<sup>(5)</sup> |  |  |  | 3.99% | 6/18/2025 | 4/13/2027 | 9995 | 9671 | - | 9718 | 1.3 |
| &nbsp;&nbsp;5009 Westone Plaza Drive<sup>(5)</sup> |  |  |  | 6.57% | 6/18/2025 | 6/30/2026 | 6558 | 6539 | - | 6551 | 0.9 |
| &nbsp;&nbsp;6420 Coventry Way<sup>(5)</sup> |  |  |  | 3.55% | 6/18/2025 | 10/5/2030 | 7091 | 6417 | - | 6538 | 0.9 |
| &nbsp;&nbsp;6420 Coventry Way 2<sup>(5)</sup> |  |  |  | 4.40% | 6/18/2025 | 10/5/2030 | 5588 | 5234 | - | 5336 | 0.7 |
| &nbsp;&nbsp;8520 Rainswood Drive<sup>(5)</sup> |  |  |  | 6.00% | 6/18/2025 | 6/1/2027 | 4928 | 4903 | 705 | 4928 | 0.7 |
| &nbsp;&nbsp;18200-18250 Flower Hill Way<sup>(5)</sup> |  |  |  | 4.99% | 6/18/2025 | 12/27/2033 | 4262 | 4267 | - | 4455 | 0.6 |
| &nbsp;&nbsp;1101-1125 Nelson Street<sup>(5)</sup> |  |  |  | 5.25% | 6/18/2025 | 10/17/2029 | 3406 | 3279 | - | 3313 | 0.4 |
| &nbsp;&nbsp;1519 Wisconsin Avenue NW<sup>(5)</sup> |  |  |  | 4.15% | 6/18/2025 | 5/20/2032 | 3185 | 2870 | - | 2884 | 0.4 |
| &nbsp;&nbsp;52 Souder Road<sup>(5)</sup> |  |  |  | 6.99% | 6/18/2025 | 3/20/2030 | 2845 | 2847 | - | 2845 | 0.4 |
| &nbsp;&nbsp;1710 17th Street NE<sup>(5)</sup> | SOFR | 2.50% |  | 6.46% | 6/18/2025 | 11/2/2030 | 2790 | 2763 | - | 2768 | 0.4 |
|  |  |  |  |  |  |  | $941847 | $927424 | $46543 | $936361 | 125.4% |
| **Mezzanine loans** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Azalea Multifamily Portfolio | SOFR | 4.76% |  | 8.51% | 8/8/2025 | 8/9/2030 | $70000 | $69678 | $- | $70000 | 9.4% |
| &nbsp;&nbsp;Sherrin Multifamily | SOFR | 4.75% |  | 8.50% | 10/9/2025 | 10/9/2030 | 50000 | 49762 | - | 50000 | 6.7 |
| &nbsp;&nbsp;Eagle & West | SOFR | 5.45% |  | 9.20% | 6/11/2025 | 6/9/2030 | 40000 | 40000 | - | 40000 | 5.4 |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in loans**<sup>(4)</sup> **(continued)** | | | | | | | | | | | |
| **Mezzanine loans (continued)** | | | | | | | | | | | |
| &nbsp;&nbsp;77 Commercial |  |  |  | 9.00% | 12/9/2025 | 1/6/2031 | 27500 | 27500 | - | 27500 | 3.7 |
| &nbsp;&nbsp;Natura Gardens |  |  |  | 8.12% | 10/14/2025 | 11/1/2030 | 22700 | 22434 | - | 22700 | 3.0 |
| &nbsp;&nbsp;Puck Building |  |  |  | 10.00% | 5/20/2025 | 10/1/2034 | 15000 | 14930 | 9375 | 15000 | 2.0 |
| &nbsp;&nbsp;*ECI Multifamily Portfolio* |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ECI Mezzanine fixed rate loan |  |  |  | 8.26% | 5/9/2025 | 6/9/2030 | 12000 | 11981 | - | 12000 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;ECI Mezzanine variable rate loan | SOFR | 4.46% | 3.00% | 8.24% | 5/9/2025 | 6/9/2030 | 3000 | 2977 | - | 3000 | 0.4 |
|  |  |  |  |  |  |  | $240200 | $239262 | $9375 | $240200 | 32.2% |
| **Investments in debt securities** |  |  |  |  |  |  |  |  |  |  |  |
| **CMBS** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;SHRN 2025-MF18 E⁽⁵⁾ | SOFR | 2.95% | 2.95% | 6.70% | 10/7/2025 | 10/15/2040 | $45000 | $45000 | $- | $45021 | 6.0% |
| &nbsp;&nbsp;RFR 2025-SGRM E⁽⁵⁾ |  |  |  | 7.27% | 9/10/2025 | 3/11/2041 | 17915 | 18037 | - | 18270 | 2.5 |
| &nbsp;&nbsp;BX 2021-RISE G⁽⁵⁾ | SOFR | 3.06% | 2.95% | 6.81% | 8/7/2025 | 11/15/2036 | 13948 | 13974 | - | 13927 | 1.9 |
| &nbsp;&nbsp;BSTN 2025-HUB HRR |  |  |  | 9.74% | 9/29/2025 | 4/13/2041 | 11393 | 11393 | - | 11452 | 1.5 |
| &nbsp;&nbsp;CSTL 2024-GATE E⁽⁵⁾ |  |  |  | 6.96% | 11/13/2025 | 11/10/2041 | 11024 | 11121 | - | 11279 | 1.5 |
| &nbsp;&nbsp;ICNQ 2024-MF E⁽⁵⁾ |  |  |  | 6.35% | 10/14/2025 | 12/10/2034 | 10927 | 10780 | - | 10963 | 1.5 |
| &nbsp;&nbsp;ELP 2025-ELP E⁽⁵⁾ |  |  |  | 6.45% | 11/14/2025 | 11/13/2042 | 10500 | 10522 | - | 10543 | 1.4 |
| &nbsp;&nbsp;TAURS 2025-UK3A E<sup>(5)(6)</sup> | SONIA | 3.80% |  | 7.88% | 6/26/2025 | 7/20/2035 | 9540 | 9741 | - | 9529 | 1.3 |
| &nbsp;&nbsp;BBCMS 2025-C35 E |  |  |  | 3.50% | 7/10/2025 | 7/15/2058 | 17295 | 8450 | - | 9056 | 1.2 |
| &nbsp;&nbsp;BBCMS 2025-C35 KRR |  |  |  | 6.17% | 7/10/2025 | 7/15/2058 | 24022 | 8419 | - | 8667 | 1.2 |
| &nbsp;&nbsp;BMARK 2025-B41 JRR |  |  |  | 6.34% | 8/15/2025 | 7/15/2068 | 21238 | 7832 | - | 7586 | 1.0 |
| &nbsp;&nbsp;NYC 2025-77C E |  |  |  | 6.26% | 12/8/2025 | 1/10/2038 | 7096 | 7096 | - | 7124 | 1.0 |
| &nbsp;&nbsp;BSTN 2025-HUB E⁽⁵⁾ |  |  |  | 7.13% | 9/29/2025 | 4/13/2041 | 6986 | 6986 | - | 7026 | 0.9 |
| &nbsp;&nbsp;BMARK 2025-B41 F |  |  |  | 3.50% | 8/15/2025 | 7/15/2068 | 12135 | 5895 | - | 6461 | 0.9 |
| &nbsp;&nbsp;BSTN 2025-HUB D⁽⁵⁾ |  |  |  | 6.16% | 10/29/2025 | 4/13/2041 | 6000 | 6000 | - | 6054 | 0.8 |
| &nbsp;&nbsp;BBCMS 2025-C35 JRR |  |  |  | 6.17% | 7/10/2025 | 7/15/2058 | 11531 | 5537 | - | 5724 | 0.8 |
| &nbsp;&nbsp;BMP 2024-MF23 E | SOFR | 3.39% | 3.39% | 7.14% | 12/16/2025 | 6/15/2041 | 5654 | 5672 | - | 5663 | 0.8 |
| &nbsp;&nbsp;MHC 2021-MHC G⁽⁵⁾ | SOFR | 3.32% | 3.20% | 7.07% | 7/11/2025 | 4/15/2038 | 5600 | 5600 | - | 5606 | 0.8 |
| &nbsp;&nbsp;FS 2023-4SZN D⁽⁵⁾ |  |  |  | 9.08% | 6/3/2025 | 11/10/2039 | 5243 | 5415 | - | 5437 | 0.7 |
| &nbsp;&nbsp;SHR 2024-LXRY D⁽⁵⁾ | SOFR | 3.60% | 3.60% | 7.35% | 6/18/2025 | 10/15/2041 | 5110 | 5122 | - | 5125 | 0.7 |
| &nbsp;&nbsp;BFLD 2025-660F D⁽⁵⁾ | SOFR | 2.75% | 2.75% | 6.50% | 10/21/2025 | 11/15/2042 | 5000 | 5000 | - | 5023 | 0.7 |
| &nbsp;&nbsp;BX 2025-VLT6 D⁽⁵⁾ | SOFR | 2.59% | 2.59% | 6.34% | 9/3/2025 | 3/15/2042 | 4986 | 4981 | - | 4952 | 0.7 |
| &nbsp;&nbsp;ARZ 2024-BILT F⁽⁵⁾ |  |  |  | 8.27% | 6/12/2025 | 6/11/2039 | 4770 | 4905 | - | 4916 | 0.7 |
| &nbsp;&nbsp;SREIT 2021-MFP2 F⁽⁵⁾ | SOFR | 2.73% | 2.62% | 6.48% | 6/4/2025 | 11/15/2036 | 4401 | 4402 | - | 4398 | 0.6 |
| &nbsp;&nbsp;INV 2024-IND D⁽⁵⁾ | SOFR | 3.09% | 3.09% | 6.84% | 6/12/2025 | 11/15/2041 | 4400 | 4395 | - | 4395 | 0.6 |
| &nbsp;&nbsp;SFO 2021-555 E⁽⁵⁾ | SOFR | 3.01% | 2.90% | 6.76% | 12/8/2025 | 5/15/2038 | 3899 | 3838 | - | 3864 | 0.5 |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in debt securities (continued)** | | | | | | | | | | | |
| **CMBS (continued)** | | | | | | | | | | | |
| &nbsp;&nbsp;WFCM 2016-LC24 B⁽⁵⁾ |  |  |  | 3.62% | 9/11/2025 | 10/15/2049 | 4000 | 3825 | - | 3853 | 0.5 |
| &nbsp;&nbsp;COMM 2025-180W E⁽⁵⁾ |  |  |  | 7.36% | 7/28/2025 | 8/10/2042 | 3640 | 3621 | - | 3682 | 0.5 |
| &nbsp;&nbsp;BMARK 2025-B41 G |  |  |  | 3.50% | 8/15/2025 | 7/15/2068 | 9102 | 3611 | - | 3634 | 0.5 |
| &nbsp;&nbsp;RFR 2025-SGRM F⁽⁵⁾ |  |  |  | 8.23% | 12/15/2025 | 3/11/2041 | 2721 | 2793 | - | 2784 | 0.4 |
| &nbsp;&nbsp;CSTL 2025-GATE2 E⁽⁵⁾ |  |  |  | 6.35% | 10/23/2025 | 11/10/2042 | 2521 | 2521 | - | 2515 | 0.3 |
| &nbsp;&nbsp;MHP 2021-STOR G⁽⁵⁾ | SOFR | 2.86% | 2.75% | 6.62% | 5/20/2025 | 7/15/2038 | 2250 | 2250 | - | 2243 | 0.3 |
| &nbsp;&nbsp;SCG 2025-DLFN E | SOFR | 2.95% | 2.95% | 6.70% | 11/4/2025 | 3/15/2035 | 2000 | 2006 | - | 1988 | 0.3 |
| &nbsp;&nbsp;BX 2022-AHP E⁽⁵⁾ | SOFR | 3.04% | 3.04% | 6.79% | 8/8/2025 | 1/17/2039 | 1863 | 1839 | - | 1857 | 0.3 |
| &nbsp;&nbsp;BLP 2024-IND2 E⁽⁵⁾ | SOFR | 3.69% | 3.69% | 7.44% | 5/20/2025 | 3/15/2041 | 1722 | 1722 | - | 1719 | 0.2 |
| &nbsp;&nbsp;SCG 2025-SNIP E⁽⁵⁾ | SOFR | 3.40% | 3.40% | 7.15% | 9/9/2025 | 9/15/2042 | 1680 | 1680 | - | 1684 | 0.2 |
| &nbsp;&nbsp;NYC 2025-300P E⁽⁵⁾ |  |  |  | 7.39% | 11/13/2025 | 7/13/2042 | 1582 | 1613 | - | 1603 | 0.2 |
| &nbsp;&nbsp;ARES1 2025-IND3 E⁽⁵⁾ | SOFR | 3.55% | 3.55% | 7.30% | 8/21/2025 | 4/15/2042 | 1415 | 1415 | - | 1416 | 0.2 |
| &nbsp;&nbsp;SHR 2024-LXRY E⁽⁵⁾ | SOFR | 4.45% | 4.45% | 8.20% | 6/25/2025 | 10/15/2041 | 1221 | 1223 | - | 1230 | 0.2 |
| &nbsp;&nbsp;EQUS 2021-EQAZ E⁽⁵⁾ | SOFR | 2.56% | 2.30% | 6.32% | 6/10/2025 | 10/15/2038 | 398 | 395 | - | 397 | 0.1 |
| &nbsp;&nbsp;BX 2021-LBA GJV⁽⁵⁾ | SOFR | 3.11% | 3.00% | 6.87% | 5/1/2025 | 2/15/2036 | 287 | 281 | - | 284 | 0.0 |
| &nbsp;&nbsp;UBSCM 2017-C4 C |  |  |  | 4.53% | 11/14/2025 | 10/15/2050 | 208 | 193 | - | 196 | 0.0 |
| &nbsp;&nbsp;INV 2024-IND E | SOFR | 4.24% | 4.24% | 7.99% | 9/17/2025 | 11/15/2041 | 178 | 178 | - | 178 | 0.0 |
|  |  |  |  |  |  |  | $322401 | $267279 | $- | $269324 | 36.4% |
| **RMBS**<sup>(6)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GSMBS 2023-CCM1 B2⁽⁵⁾ |  |  |  | 7.41% | 7/17/2025 | 8/25/2053 | $6792 | $6763 | $- | $6773 | 0.9% |
| &nbsp;&nbsp;PRKCM 2023-AFC2 B2⁽⁵⁾ |  |  |  | 8.15% | 6/11/2025 | 6/25/2058 | 4786 | 4787 | - | 4804 | 0.6 |
| &nbsp;&nbsp;VISIO 2023-2 B2⁽⁵⁾ |  |  |  | 7.71% | 8/4/2025 | 10/25/2058 | 4624 | 4624 | - | 4622 | 0.6 |
| &nbsp;&nbsp;COLT 2025-6 B1⁽⁵⁾ |  |  |  | 7.21% | 6/13/2025 | 8/25/2070 | 3500 | 3501 | - | 3546 | 0.5 |
| &nbsp;&nbsp;COLT 2024-7 B2⁽⁵⁾ |  |  |  | 7.14% | 9/16/2025 | 12/26/2069 | 3478 | 3492 | - | 3483 | 0.5 |
| &nbsp;&nbsp;NRZT 2024-NQM1 B2⁽⁵⁾ |  |  |  | 7.98% | 9/4/2025 | 3/25/2064 | 3290 | 3313 | - | 3305 | 0.4 |
| &nbsp;&nbsp;BRAVO 2024-NQM3 B2⁽⁵⁾ |  |  |  | 8.33% | 7/9/2025 | 3/25/2064 | 3256 | 3309 | - | 3312 | 0.4 |
| &nbsp;&nbsp;NRZT 2023-NQM1 B1⁽⁵⁾ |  |  |  | 7.49% | 7/8/2025 | 10/25/2063 | 3000 | 3006 | - | 3024 | 0.4 |
| &nbsp;&nbsp;COLT 2024-2 B2⁽⁵⁾ |  |  |  | 8.35% | 7/16/2025 | 4/25/2069 | 2500 | 2537 | - | 2531 | 0.3 |
| &nbsp;&nbsp;PRKCM 2024-AFC1 B2⁽⁵⁾ |  |  |  | 8.40% | 9/3/2025 | 3/25/2059 | 2035 | 2063 | - | 2073 | 0.3 |
| &nbsp;&nbsp;BRAVO 2024-NQM5 B2⁽⁵⁾ |  |  |  | 8.08% | 7/17/2025 | 6/25/2064 | 2000 | 2028 | - | 2031 | 0.3 |
| &nbsp;&nbsp;RCKT 2024-CES2 B2⁽⁵⁾ |  |  |  | 9.58% | 6/17/2025 | 4/25/2044 | 1922 | 1981 | - | 1982 | 0.3 |
| &nbsp;&nbsp;PRPM 2024-NQM3 B1⁽⁵⁾ |  |  |  | 7.40% | 9/12/2025 | 8/25/2069 | 1500 | 1512 | - | 1519 | 0.2 |
| &nbsp;&nbsp;COLT 2024-INV3 B2⁽⁵⁾ |  |  |  | 7.87% | 8/5/2025 | 9/25/2069 | 1420 | 1429 | - | 1433 | 0.2 |
| &nbsp;&nbsp;COLT 2024-6 B2 |  |  |  | 7.48% | 9/3/2025 | 11/25/2069 | 1335 | 1345 | - | 1343 | 0.2 |
| &nbsp;&nbsp;BRAVO 2024-NQM6 B2⁽⁵⁾ |  |  |  | 8.00% | 8/13/2025 | 8/1/2064 | 1300 | 1316 | - | 1322 | 0.2 |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in debt securities (continued)** | | | | | | | | | | |
| **RMBS**<sup>(6)</sup> **(continued)** | | | | | | | | | | |
| &nbsp;&nbsp;PRKCM 2023-AFC3 B2⁽⁵⁾ |  |  | 7.77% | 6/11/2025 | 9/25/2058 | 1250 | 1249 | - | 1255 | 0.2 |
| &nbsp;&nbsp;HOMES 2024-AFC1 B1⁽⁵⁾ |  |  | 6.89% | 12/16/2025 | 8/25/2059 | 1181 | 1160 | - | 1184 | 0.2 |
| &nbsp;&nbsp;GCAT 2024-NQM2 B2⁽⁵⁾ |  |  | 7.96% | 7/17/2025 | 6/25/2059 | 713 | 720 | - | 724 | 0.1 |
| &nbsp;&nbsp;COLT 2025-5 B2 |  |  | 7.51% | 11/17/2025 | 5/25/2070 | 578 | 581 | - | 579 | 0.1 |
| &nbsp;&nbsp;DRMT 2025-INV1 B1 |  |  | 6.68% | 11/4/2025 | 11/25/2060 | 569 | 569 | - | 565 | 0.1 |
| &nbsp;&nbsp;MSRM 2024-NQM5 B1B⁽⁵⁾ |  |  | 7.37% | 11/7/2025 | 10/25/2069 | 487 | 491 | - | 484 | 0.1 |
| &nbsp;&nbsp;COLT 2025-INV2 B2 |  |  | 7.10% | 11/21/2025 | 2/25/2070 | 226 | 225 | - | 224 | 0.0 |
| &nbsp;&nbsp;COLT 2025-3 B2 |  |  | 7.29% | 11/21/2025 | 3/25/2070 | 211 | 211 | - | 210 | 0.0 |
|  |  |  |  |  |  | $51953 | $52212 | $- | $52328 | 7.1% |
| **Corporate debt**<sup>(6)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CPKLN 6.875 2032 REGS<sup>(5)</sup> |  |  | 6.88% | 10/14/2025 | 8/28/2032 | $10587 | $10466 | $- | $10578 | 1.4% |
| &nbsp;&nbsp;PK 4.875 2029 144A |  |  | 4.88% | 11/19/2025 | 5/15/2029 | 2937 | 2838 | - | 2864 | 0.4 |
| &nbsp;&nbsp;PK 5.875 2028 144A |  |  | 5.88% | 11/20/2025 | 10/1/2028 | 2308 | 2302 | - | 2307 | 0.3 |
| &nbsp;&nbsp;SERVAT FRN 04/23/2030 | EURIBOR | 6.25% | 8.29% | 10/9/2025 | 4/23/2030 | 1057 | 1077 | - | 1082 | 0.1 |
| &nbsp;&nbsp;PEB 6.375 10/15/2029 144A |  |  | 6.38% | 11/18/2025 | 10/15/2029 | 822 | 832 | - | 841 | 0.1 |
|  |  |  |  |  |  | $17711 | $17515 | $- | $17672 | 2.3% |
| **Interest-only securities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BBCMS 2025-C35 XE |  |  | 2.67% | 7/10/2025 | 7/15/2058 | $17295 | $2555 | $- | $2651 | 0.4% |
| &nbsp;&nbsp;BMARK 2025-B41 XF |  |  | 2.84% | 8/15/2025 | 7/15/2068 | 12135 | 2075 | - | 2136 | 0.3 |
| &nbsp;&nbsp;BMARK 2025-B41 XG |  |  | 2.84% | 8/15/2025 | 7/15/2068 | 9102 | 1402 | - | 1465 | 0.2 |
| &nbsp;&nbsp;COMM 2025-180W X⁽⁵⁾ |  |  | 1.35% | 7/28/2025 | 8/10/2042 | 10024 | 852 | - | 569 | 0.1 |
|  |  |  |  |  |  | $48556 | $6884 | $- | $6821 | 1.0% |
| **CLOs** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MF1 2022-FL9 C⁽⁵⁾ | SOFR | 3.70% | 7.43% | 5/1/2025 | 6/19/2037 | $2878 | $2878 | $- | $2884 | 0.4% |
| &nbsp;&nbsp;LNCR 2022-CRE7 C<sup>(6)</sup> | SOFR | 2.50% | 6.44% | 11/18/2025 | 1/17/2037 | 1000 | 1000 | - | 996 | 0.1% |
| &nbsp;&nbsp;MF1 2022-FL8 C<sup>(6)</sup> | SOFR | 2.20% | 5.93% | 6/24/2025 | 2/19/2037 | 448 | 441 | - | 444 | 0.1% |
|  |  |  |  |  |  | $4326 | $4319 | $- | $4324 | 0.6% |
| **Term Loans** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BAYCLU TL B 1L 06/2031 | SOFR | 3.75% | 7.41% | 6/4/2025 | 6/27/2031 | $1281 | $1278 | $- | $1287 | 0.2% |
|  |  |  |  |  |  | $1281 | $1278 | $- | $1287 | 0.2% |
| **Total investments — non-controlled/non-affiliated** | **Total investments — non-controlled/non-affiliated** |  |  |  |  | $1628275 | $1516173 | $55918 | $1528317 | 205.2% |
| **Total investments** |  |  |  |  |  | $1628275 | $1516173 | $55918 | $1528317 | 205.2% |
| **Cash and cash equivalents** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dreyfus Government Cash Management |  |  | 3.65% |  |  | $38157 | $38157 | $- | $38157 | —% |
| &nbsp;&nbsp;Other cash and cash equivalents |  |  |  |  |  | 173 | 173 | - | 173 |  |
| **Total investments, cash and cash equivalents** |  |  |  |  |  | $1666605 | $1554503 | $55918 | $1566647 | 205.2% |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

(1)For variable rate investments, which bear interest at a rate that is determined by reference to a benchmark index rate, primarily one-month term Secured Overnight Financing Rate ("SOFR"), the interest rate includes SOFR and other index rates, as applicable, in effect for each investment as of December 31, 2025. In certain cases, the interest rate is reflective of interest rate floors.

(2)Maturity date is based on the fully extended maturity date of the instrument for investments in loans and other notes or rated final distribution date for investments in debt securities; however investments may be repaid before such date.

(3)Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"), the Company is generally deemed to "control" a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or holds the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is generally deemed an "affiliated person" of a portfolio company if the Company owns 5% or more of the portfolio company's outstanding voting securities. As of December 31, 2025, the Company did not own more than 5% of a portfolio company's outstanding voting securities.

(4)Investments in loans and other notes were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser, as the Valuation Designee (refer to Note 2 and Note 8), pursuant to the Company's valuation policy.

(5)All or a portion of the Company's investment has been pledged as collateral under the Company's secured debt agreements.

(6)These investments are not qualifying assets under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, non-qualifying assets represented 5.3% of the Company's total assets as calculated in accordance with regulatory requirements.

(7)For interest-only securities, the outstanding principal balance represents the notional amount of such securities.

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(in thousands)**

**ADDITIONAL INFORMATION**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Interest Rate Derivatives**<sup>(1)</sup> | **Counterparty** | **Company Receives**<sup>(2)</sup> | **Company Pays** | **Maturity Date** | **Notional Amount** | **Fair Value** | **Unrealized Gain (Loss)**<sup>(3)</sup> |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.3% | 10/27/2030 | $2500 | $14 | $14 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 4/1/2031 | 20500 | 6 | 6 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 11/10/2030 | 4500 | 6 | 6 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 5/17/2030 | 4000 | (1) | (1) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.3% | 5/20/2029 | 3500 | (2) | (2) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 12/10/2030 | 6500 | (13) | (13) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.3% | 9/8/2027 | 20000 | (22) | (22) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.7% | 8/19/2034 | 7500 | (46) | (46) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.8% | 7/14/2034 | 8500 | (71) | (71) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/17/2029 | 7000 | (72) | (72) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/6/2029 | 9000 | (86) | (86) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/4/2029 | 12000 | (111) | (111) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/9/2029 | 14000 | (133) | (133) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.7% | 7/15/2032 | 77707 | (755) | (755) |
| **Total interest rate swaps** |  |  |  |  | $197207 | $(1286) | $(1286) |

---

(1)For interest rate swap agreements, the Company generally does not receive any upfront payments or receipts.

(2)For interest rate swap agreements, the Company generally receives one-month term SOFR.

(3)The unrealized gain (loss) represents the life-to-date change in fair value for each interest rate swap.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Foreign Currency Derivatives** | **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Fair Value** | **Unrealized Gain (Loss)**<sup>(1)</sup> |
| Foreign currency forward contract | Royal Bank of Canada | USD | 1050 | EUR | 900 | 1/30/2026 | $(8) | $(8) |
| Foreign currency forward contract | Royal Bank of Canada | USD | 2390 | GBP | 1795 | 3/10/2026 | (24) | (24) |
| Foreign currency forward contract | Royal Bank of Canada | USD | 2773 | GBP | 2085 | 1/28/2026 | (32) | (32) |
| **Total foreign currency forward contracts** | **Total foreign currency forward contracts** |  |  |  |  |  | $(64) | $(64) |

---

(1)The unrealized gain (loss) represents the life-to-date change in fair value for each foreign currency forward.

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**1. ORGANIZATION**

Blackstone Private Real Estate Credit and Income Fund ("BREC" or the "Company") is a Delaware statutory trust formed on October 14, 2024. The Company was formed to originate, acquire, finance and manage a portfolio consisting of a broad range of real estate-related investments in or relating to private and public debt, equity or other interests on a global basis, with a primary focus in the U.S. The Company may invest in, or originate, real estate-related debt and equity securities, including senior loans, mezzanine loans, subordinated debt, mortgage-backed securities ("MBS"), B-Notes, credit-linked notes, and collateralized loan obligations ("CLOs"). The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company is externally managed by Blackstone Real Estate Special Situations Advisors L.L.C. (the "Adviser"), a subsidiary of Blackstone Inc. ("Blackstone"), and intends to elect to be treated for U.S. federal income tax purposes, and to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation**

The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States ("GAAP") and pursuant to the requirements for reporting on Form 10-Q and Article 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with GAAP are omitted.

As an investment company, the Company applies the accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services—Investment Companies ("ASC 946").

Certain prior period information has been conformed to the current period presentation and has no effect on the Company's consolidated financial position or the consolidated results of operations as previously reported.

**Use of Estimates**

The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ materially from those estimates.

**Consolidation**

As provided under ASC 946, the Company will not consolidate its subsidiaries other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. All intercompany balances and transactions have been eliminated in consolidation.

**Cash and Cash Equivalents** 

Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, it deposits its cash and cash equivalents with high-credit-quality institutions to minimize credit risk exposure. The Company has not experienced, and does not expect, any losses on its cash or cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**Investments**

Investment transactions are recorded on a trade-date basis.

Realized gains or losses are measured as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized. Such gains and losses include investments charged-off during the period, net of recoveries, and are recorded within net realized gain (loss) on the consolidated statements of operations.

The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period, and is recorded within net unrealized gain (loss) on the consolidated statements of operations.

**Valuation of Investments**

The Company is required to report its investments at fair value, including those for which current market values are not readily available.

In accordance with Rule 2a-5 under the 1940 Act, the Board of Trustees of the Company (the "Board") designated the Adviser as the "Valuation Designee" to perform fair value determinations related to the Company's investments, subject to the Board's oversight. Any investments and other assets for which current market quotations are not readily available are valued at fair value as determined in good faith by the Valuation Designee pursuant to the Company's valuation procedures established by, and under the general supervision and responsibility of, the Board.

The Company values its investments in accordance with FASB ASC Topic 820, Fair Value Measurement ("ASC 820"), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the 1940 Act. Under ASC 820, fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. A market quotation is "readily available" only when it is a quoted price (unadjusted) in active markets for identical instruments that a market participant can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

Where prices or inputs are not available or, in the judgment of the Valuation Designee, determined to be not reliable, valuation techniques based on the facts and circumstances of the particular investment will be utilized. These valuation approaches involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity. In the absence of observable, reliable market prices, the Company values its investments using various valuation methodologies applied on a consistent basis.

ASC 820 prioritizes the use of observable market prices and prices derived from observable inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other-than-active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. These inputs require significant judgment or estimation by the Company and/or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs.

The Company evaluates the source of the inputs, including any markets in which its investments are trading, or any markets in which investments with similar attributes are trading, in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services, the Company subjects those prices to certain criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period, and these differences could be material. Additionally, the fair value of the Company's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments may be generally less liquid than publicly traded securities. If the Company was required to liquidate an investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it, and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

Market quotations may be obtained from third-party pricing service providers or, if not available from third-party pricing service providers, broker-dealers, for certain of the Company's investments. Securities that are traded publicly on an exchange or other public market (e.g., stocks, exchange-traded derivatives and securities convertible into publicly traded securities, such as warrants) will be valued at the closing price of such security in the principal market in which such security trades.

Certain investments, such as mortgages, mezzanine loans, preferred equity or private company investments, are unlikely to have market quotations. For such investments, the Valuation Designee will initially determine if there is adequate collateral real estate value supporting such investments and whether the investment's yield approximates market yield. If the market yield is estimated to approximate the investment's yield, then such investment is generally valued at its par value. If the market yield is not estimated to approximate the investment's yield, the Valuation Designee will project the expected cash flows of the investment based on its contractual terms and discount such cash flows back to the valuation date based on an estimated market yield.

Market yield is estimated as of each valuation date based on a variety of inputs regarding the collateral asset(s) performance, local/macro real estate performance, and capital market conditions, in each case as determined in good faith by the Valuation Designee. These factors may include, but are not limited to: purchase price/par value of such investments; debt yield, capitalization rates, loan-to-value ratio, and replacement cost of the collateral asset(s); borrower financial condition, reputation, and indications of intent (e.g., pending repayments, extensions, defaults, etc.); and known transactions or other price discovery for comparable debt investments.

In the absence of collateral real estate value supporting such investments, the Valuation Designee will consider the residual value to its investments, following repayment of any senior debt or other obligations of the collateral asset(s).

**Receivables/Payables from Investments Sold/Purchased**

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Company for closed transactions that have not settled at the reporting date.

**Secured Debt, Net**

The Company records investments financed with secured debt as separate assets and the related borrowings under any secured debt are recorded as separate liabilities on the Company's consolidated statement of assets and liabilities. Interest income earned on the investments and interest expense incurred on the secured debt are reported separately on the Company's consolidated statements of operations.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**Deferred Financing Costs**

The deferred financing costs that are included as a reduction to the net book value of the related liability on the Company's consolidated statement of assets and liabilities include issuance and other costs related to the Company's debt obligations. These costs are amortized as interest expense using the effective interest method, or a method that approximates the effective interest method, over the life of the related obligations.

**Derivative Instruments**

The Company reports its derivative financial instruments as a component of derivative assets at fair value or derivative liabilities at fair value on its consolidated statement of assets and liabilities.

From time to time, the Company may enter into interest rate swaps or other derivative transactions to mitigate interest rate risk associated with the Company's fixed rate assets or liabilities. Changes in fair value of interest rate swaps entered into by the Company and not designated as hedging instruments are presented in net realized gains (losses) and net unrealized gains (losses) in the consolidated statements of operations. Periodic settlements of interest rate swaps entered into by the Company and not designated as hedging instruments are presented in net realized gains (losses) in the consolidated statements of operations.

Additionally, the Company may enter into forward currency contracts, which are obligations between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilizes forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated transactions entered into by the Company. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying transactions entered into by the Company but establishes a rate of exchange in advance. Changes in the fair value of the foreign currency forwards are presented in net realized gains (losses) and net unrealized gain (loss) in the consolidated statements of operations.

Proceeds or payments from premiums and periodic settlements of derivative instruments are classified in the same section of the Company's consolidated statement of cash flows as the underlying hedged item.

**Distributions**

Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company's earnings, financial condition, maintenance of the Company's tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

**Revenue Recognition**

*Interest Income*

Interest income is recorded on an accrual basis and includes the accretion of fees and discounts and amortizations of premiums and deferred expenses. Discounts from and premiums to par value of debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method, or a method that approximates the effective interest method. The amortized cost of debt investments represents the original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized loan origination fees or discounts are recorded as interest income in the current period.

*PIK Income*

The Company may have loans and other notes in its portfolio that contain payment-in-kind ("PIK") provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Company's consolidated statements of operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. Any non-cash PIK income will be included in the Company's investment company taxable income for the year of the accrual, even though the Company has not yet collected cash, and such income may be required to be paid out to shareholders in the form of dividends to satisfy the Company's annual distribution requirement for tax treatment as a RIC.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

*Non-Accrual Income*

Loans and other notes are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when loans and other notes are placed on non-accrual status. Additionally, any unamortized fees, premiums, or discounts are no longer accreted to interest income as of the date the loans or othe notes are placed on non-accrual status. Interest payments received on non-accrual loans or other notes may be recognized as income or applied to principal depending on the Company's judgment regarding collectability. Non-accrual loans or other notes are restored to accrual status when past due principal and interest is paid current and, in the Company's judgment, are likely to remain current. The Company may make exceptions to this treatment and determine to not place loans and other notes on non-accrual status if the loan and other notes have sufficient collateral value and is in the process of collection.

*Fee Income*

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication, or other fees. Such fees are recognized as income when earned or the services are rendered.

**Organization Expenses and Offering Expenses**

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Costs associated with the offering of common shares of beneficial interest of the Company ("Common Shares") are capitalized as deferred offering costs in the consolidated statement of assets and liabilities and amortized over a twelve-month period from the date of incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company's private offering.

**Income Taxes**

The Company has elected to be regulated as a BDC under the 1940 Act. The Company intends to elect to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its tax status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company's investors and would not be reflected in the financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" for that year (determined without regard to the deduction for dividends paid), which is generally its net ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income, if any.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax to the extent that the Company does not distribute in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

**Segment Reporting**

The Company operates as a single reportable segment and, as a result, the Company's segment accounting policies are consistent with those described herein. The Company has neither intra-segment sales nor transfers of assets. Refer to Note 11 for further information.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**Foreign Currency**

In the normal course of business, the Company enters into transactions not denominated in United States ("U.S.") dollars. Investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the reporting date. Purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in securities denominated in U.S. dollars. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. dollar securities. Foreign exchange gains or losses arising on such transactions are presented in net realized gain (loss) and net unrealized gain (loss) in the Company's consolidated statements of operations.

**Recent Accounting Pronouncements**

In December 2025, the FASB issued Accounting Standards Update, or ASU, 2025-11, "Interim Reporting (Topic 270): Narrow Scope Improvements," which amends the guidance in ASC 270, "Interim Reporting." The update enhances interim disclosure requirements by clarifying the information that must be presented in quarterly periods, including improved transparency regarding significant events, accounting policy updates, and material developments that occur between annual reporting dates. ASU 2025-11 also aligns certain interim reporting requirements more closely with annual disclosure objectives to promote consistency and comparability. The amendments are effective for interim periods beginning after December 15, 2027, and early adoption is permitted. The Company has not early adopted ASU 2025-11 and does not expect the adoption of ASU 2025-11 to have a material impact on the Company's consolidated financial statements.

In December 2025, the FASB issued ASU 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements," which amends the guidance in ASC 815, "Derivatives and Hedging." The update refines certain hedge accounting requirements, including clarifications to the designation and documentation criteria for hedge relationships, improvements to the assessment of hedge effectiveness, and enhanced disclosures intended to provide greater transparency into an entity's risk management activities involving derivatives. ASU 2025-09 is effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods, and early adoption is permitted. The Company has not early adopted ASU 2025-09 and does not expect the adoption of ASU 2025-09 to have a material impact on the Company's consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, "Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity," which amends the guidance in ASC 805, "Business Combinations." This update clarifies the determination of the accounting acquirer in business combinations that are primarily effected through the exchange of equity interests and involve the acquisition of a VIE. Specifically, entities are now required to consider the factors outlined in ASC 805-10-55-12 through 55-15 when determining the accounting acquirer, rather than defaulting to the primary beneficiary of the VIE as the accounting acquirer. ASU 2025-03 is effective for annual periods beginning after December 15, 2026, including interim periods within those annual periods, and early adoption is permitted. The Company has not early adopted ASU 2025-03 and does not expect the adoption of ASU 2025-03 to have a material impact on the Company's consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 "Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03"). ASU 2024-03 requires disclosures in the notes to the financial statements on specified information about certain costs and expenses for each interim and annual reporting period. ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, and early adoption is permitted. The Company has not early adopted ASU 2024-03 and does not expect the adoption of ASU 2024-03 to have a material impact on the Company's consolidated financial statements.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**3. INVESTMENTS**

The following table details the composition of the Company's investments ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**Type** | **Number of Positions** | **Weighted Average Coupon**<sup>(1)</sup> | **Weighted Average Maturity Date**<sup>(2)</sup> | **Outstanding Principal Balance**<sup>(3)</sup> | **Fair Value** |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |
| &nbsp;&nbsp;Senior loans | 27 | 6.1% | 11/21/2030 | $1315384 | $1307302 |
| &nbsp;&nbsp;Mezzanine loans and B-notes | 9 | 9.2% | 12/23/2030 | 308575 | 307020 |
| &nbsp;&nbsp;Credit-linked notes | 1 | 10.7% | 10/30/2037 | 74071 | 74071 |
| Subtotal | 37 | 6.9% | 3/18/2031 | 1698030 | 1688393 |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| &nbsp;&nbsp;CMBS | 35 | 6.5% | 2/4/2045 | 228603 | 174216 |
| &nbsp;&nbsp;RMBS | 26 | 7.7% | 4/29/2063 | 52595 | 52672 |
| &nbsp;&nbsp;Term loans | 1 | 6.9% | 2/4/2033 | 18765 | 18714 |
| &nbsp;&nbsp;Corporate debt | 2 | 7.0% | 6/9/2032 | 11416 | 11457 |
| &nbsp;&nbsp;Interest-only securities | 4 | 2.7% | 7/16/2062 | 48556 | 6647 |
| &nbsp;&nbsp;CLO | 1 | 6.5% | 2/17/2039 | 3300 | 3304 |
| Subtotal | 69 | 6.7% | 9/1/2047 | 363235 | 267010 |
| **Total investments** | 106 | 6.8% | 6/16/2033 | $2061265 | $1955403 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Type** | **Number of Positions** | **Weighted Average Coupon**<sup>(1)</sup> | **Weighted Average Maturity Date**<sup>(2)</sup> | **Outstanding Principal Balance**<sup>(3)</sup> | **Fair Value** |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |
| &nbsp;&nbsp;Senior loans | 25 | 6.3% | 9/25/2030 | $941847 | $936361 |
| &nbsp;&nbsp;Mezzanine loans | 7 | 8.7% | 12/5/2030 | 240200 | 240200 |
| Subtotal | 32 | 6.8% | 10/10/2030 | 1182047 | 1176561 |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| &nbsp;&nbsp;CMBS | 43 | 6.7% | 9/20/2043 | 322401 | 269324 |
| &nbsp;&nbsp;RMBS | 24 | 7.8% | 3/31/2062 | 51953 | 52328 |
| &nbsp;&nbsp;Corporate debt | 5 | 6.5% | 5/2/2031 | 17711 | 17672 |
| &nbsp;&nbsp;Interest-only securities | 4 | 2.6% | 6/27/2062 | 48556 | 6821 |
| &nbsp;&nbsp;CLO | 3 | 7.0% | 5/2/2037 | 4326 | 4324 |
| &nbsp;&nbsp;Term loans | 1 | 7.4% | 6/27/2031 | 1281 | 1287 |
| Subtotal | 80 | 6.8% | 2/3/2046 | 446228 | 351756 |
| **Total investments** | 112 | 6.8% | 4/20/2034 | $1628275 | $1528317 |

---

(1)For variable rate investments, which bear interest at a rate that is determined by reference to a benchmark index rate, primarily one-month term Secured Overnight Financing Rate ("SOFR"), the interest rate includes SOFR and other index rates, as applicable, in effect for each investment as of March 31, 2026 and December 31, 2025. In certain cases, the interest rate is reflective of interest rate floors.

(2)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans and other notes or rated final distribution date for investments in debt securities; however, investments may be repaid before such date.

(3)For interest-only securities, the outstanding principal balance represents the notional amount of such securities.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

The following table details the property type composition of the Company's investments ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**Property Type** | **Number of Positions** | **Cost Basis** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |
| &nbsp;&nbsp;Residential | 12 | $808261 | $812731 | 41% | 89% |
| &nbsp;&nbsp;Industrial | 5 | 505722 | 507389 | 26% | 55% |
| &nbsp;&nbsp;Retail | 14 | 209106 | 211791 | 11% | 23% |
| &nbsp;&nbsp;Office | 4 | 125107 | 125680 | 6% | 14% |
| &nbsp;&nbsp;Data center | 1 | 27155 | 27098 | 1% | 3% |
| &nbsp;&nbsp;Other | 1 | 3704 | 3704 | 1% | —% |
| Subtotal | 37 | 1679055 | 1688393 | 86% | 184% |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| &nbsp;&nbsp;Residential | 38 | 127919 | 127561 | 7% | 14% |
| &nbsp;&nbsp;Office | 10 | 53870 | 54085 | 3% | 6% |
| &nbsp;&nbsp;Retail | 4 | 20699 | 21268 | 1% | 2% |
| &nbsp;&nbsp;Hospitality | 6 | 35406 | 35377 | 2% | 4% |
| &nbsp;&nbsp;Industrial | 7 | 18097 | 17785 | 1% | 2% |
| &nbsp;&nbsp;Self-storage | 1 | 3533 | 3572 | —% | —% |
| &nbsp;&nbsp;Data center | 1 | 734 | 728 | —% | —% |
| &nbsp;&nbsp;Other | 2 | 6481 | 6634 | —% | 1% |
| Subtotal | 69 | 266739 | 267010 | 14% | 29% |
| **Total investments** | 106 | $1945794 | $1955403 | 100% | 213% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Property Type** | **Number of Positions** | **Cost Basis** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |
| &nbsp;&nbsp;Residential | 11 | $676253 | $681120 | 45% | 91% |
| &nbsp;&nbsp;Retail | 15 | 207676 | 210162 | 14% | 28% |
| &nbsp;&nbsp;Industrial | 3 | 206812 | 208696 | 13% | 28% |
| &nbsp;&nbsp;Office | 3 | 75945 | 76583 | 5% | 10% |
| Subtotal | 32 | 1166686 | 1176561 | 77% | 157% |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| &nbsp;&nbsp;Residential | 41 | 177898 | 178405 | 11% | 24% |
| &nbsp;&nbsp;Office | 10 | 63146 | 63934 | 4% | 9% |
| &nbsp;&nbsp;Industrial | 12 | 41946 | 41883 | 3% | 6% |
| &nbsp;&nbsp;Hospitality | 11 | 36597 | 36837 | 2% | 5% |
| &nbsp;&nbsp;Retail | 4 | 21380 | 22006 | 1% | 3% |
| &nbsp;&nbsp;Self-storage | 1 | 3525 | 3553 | 1% | —% |
| &nbsp;&nbsp;Other | 1 | 4995 | 5138 | 1% | 1% |
| Subtotal | 80 | 349487 | 351756 | 23% | 48% |
| **Total investments** | 112 | $1516173 | $1528317 | 100% | 205% |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

The following table details the geographic composition of the Company's investments ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**Geography** | **Number of Positions** | **Cost Basis** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |
| United States |  |  |  |  |  |
| &nbsp;&nbsp;Sunbelt | 17 | $1124184 | $1130398 | 58% | 123% |
| &nbsp;&nbsp;Northeast | 18 | 408568 | 411696 | 21% | 45% |
| &nbsp;&nbsp;Northwest | 1 | 72232 | 72228 | 3% | 8% |
| International | 1 | 74071 | 74071 | 4% | 8% |
| Subtotal | 37 | 1679055 | 1688393 | 86% | 184% |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| United States |  |  |  |  |  |
| &nbsp;&nbsp;Sunbelt | 26 | 103093 | 103255 | 5% | 11% |
| &nbsp;&nbsp;Northeast | 20 | 89563 | 89833 | 5% | 10% |
| &nbsp;&nbsp;Midwest | 5 | 22993 | 23162 | 1% | 3% |
| &nbsp;&nbsp;West | 12 | 22420 | 22508 | 1% | 2% |
| &nbsp;&nbsp;Northwest | 2 | 6242 | 6381 | 1% | 1% |
| International | 4 | 22428 | 21871 | 1% | 2% |
| Subtotal | 69 | 266739 | 267010 | 14% | 29% |
| **Total investments** | 106 | $1945794 | $1955403 | 100% | 213% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Geography** | **Number of Positions** | **Cost Basis** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |
| United States |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunbelt | 14 | $834456 | $841338 | 55% | 112% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast | 18 | 332230 | 335223 | 22% | 45% |
| Subtotal | 32 | 1166686 | 1176561 | 77% | 157% |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| United States |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunbelt | 33 | 161433 | 162026 | 11% | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast | 22 | 104731 | 105871 | 7% | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;West | 12 | 29678 | 29936 | 2% | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest | 8 | 25788 | 26016 | 2% | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest | 2 | 6572 | 6718 | —% | 1% |
| International | 3 | 21285 | 21189 | 1% | 3% |
| Subtotal | 80 | 349487 | 351756 | 23% | 48% |
| **Total investments** | 112 | $1516173 | $1528317 | 100% | 205% |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

The following table details the credit ratings of the Company's investments ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**Credit Rating**<sup>(1)</sup> | **Number of Positions** | **Cost Basis** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |
| &nbsp;&nbsp;Not rated | 37 | $1679055 | $1688393 | 86% | 184% |
| Subtotal | 37 | 1679055 | 1688393 | 86% | 184% |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| &nbsp;&nbsp;AA- | 1 | 3827 | 3878 | —% | —% |
| &nbsp;&nbsp;BBB | 9 | 18395 | 17937 | 1% | 2% |
| &nbsp;&nbsp;BB | 35 | 128143 | 128756 | 7% | 14% |
| &nbsp;&nbsp;B | 21 | 99222 | 99057 | 5% | 11% |
| &nbsp;&nbsp;Not rated | 3 | 17152 | 17382 | 1% | 2% |
| Subtotal | 69 | 266739 | 267010 | 14% | 29% |
| **Total investments** | 106 | $1945794 | $1955403 | 100% | 213% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Credit Rating**<sup>(1)</sup> | **Number of Positions** | **Cost Basis** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |
| &nbsp;&nbsp;Not rated | 32 | $1166686 | $1176561 | 77% | 157% |
| Subtotal | 32 | 1166686 | 1176561 | 77% | 157% |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| &nbsp;&nbsp;AA- | 1 | 3825 | 3853 | —% | 1% |
| &nbsp;&nbsp;A | 4 | 9300 | 9276 | 1% | 1% |
| &nbsp;&nbsp;BBB | 11 | 38364 | 38223 | 3% | 5% |
| &nbsp;&nbsp;BB | 39 | 200267 | 202197 | 13% | 28% |
| &nbsp;&nbsp;B | 22 | 80403 | 80872 | 5% | 11% |
| &nbsp;&nbsp;Not rated | 3 | 17328 | 17335 | 1% | 2% |
| Subtotal | 80 | 349487 | 351756 | 23% | 48% |
| **Total investments** | 112 | $1516173 | $1528317 | 100% | 205% |

---

(1)"A" includes credit ratings of A+, A, and A-; "BBB" includes credit ratings of BBB+, BBB and BBB-; "BB" includes credit ratings of BB+, BB, and BB-; and "B" includes credit ratings of B+, B and B-.

**4. BORROWINGS**

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On April 1, 2025, the Company's sole initial shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act. As of March 31, 2026 and December 31, 2025, the Company's asset coverage was 185% and 191%, respectively.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of its outstanding credit agreements.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**Secured Debt**

The following table details the Company's secured debt ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Secured credit facilities | $729770 | $622925 |
| &nbsp;&nbsp;Asset-specific debt | 352575 | 197203 |
| &nbsp;&nbsp;Total secured debt | 1082345 | 820128 |
| &nbsp;&nbsp;Deferred financing costs<sup>(1)</sup> | (2621) | (2618) |
| **Net book value of secured debt** | $1079724 | $817510 |

---

(1)Costs incurred in connection with the Company's secured debt are recorded on the Company's consolidated statement of assets and liabilities when incurred and recognized as a component of interest expense over the life of each related facility.

**Secured Credit Facilities**

The Company's secured credit facilities are generally in the form of master repurchase agreements and secured by certain of its investments in loans and other notes and debt securities. The following table details the Company's secured credit facilities ($ in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Borrowings** | **Borrowings** | **Borrowings** | **Collateral Pledged** | **Collateral Pledged** | **Collateral Pledged** |
|<br>**Collateral Type** | **Weighted Average Rate**<sup>(1)</sup> | **Borrowings** | **Weighted Average Maturity**<sup>(2)</sup> | **Number of Positions Pledged** | **Collateral**<sup>(3)</sup> | **Weighted Average Maturity**<sup>(4)</sup> |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | 5.0% | $185030 | 1/31/2031 | 3 | $271684 | 1/23/2031 |
| &nbsp;&nbsp;Barclays Bank PLC | 5.2% | 170143 | 10/10/2030 | 5 | 247071 | 9/28/2030 |
| &nbsp;&nbsp;Canadian Imperial Bank of Commerce | 5.1% | 148613 | 11/9/2030 | 1 | 198151 | 11/9/2030 |
| &nbsp;&nbsp;Morgan Stanley Bank, N.A. | 5.1% | 99848 | 6/22/2029 | 15 | 135116 | 7/3/2029 |
| Subtotal | 5.1% | 603634 | 9/3/2030 | 24 | 852022 | 9/1/2030 |
| <u>Investments in debt securities</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;Société Generale | 4.8% | 57845 | 3/19/2027 | 25 | 94206 | 2/10/2048 |
| &nbsp;&nbsp;Royal Bank of Canada | 4.9% | 38148 | 1/27/2027 | 10 | 55034 | 5/15/2039 |
| &nbsp;&nbsp;Canadian Imperial Bank of Commerce | 4.7% | 11729 | 1/27/2027 | 7 | 17133 | 1/9/2046 |
| &nbsp;&nbsp;Citigroup Global Markets Inc. | 4.7% | 18414 | 2/12/2027 | 9 | 20532 | 7/13/2049 |
| Subtotal | 4.8% | 126136 | 2/22/2027 | 51 | 186905 | 10/5/2045 |
| **Total** | 5.0% | $729770 | 1/23/2030 | 75 | $1038927 | 6/3/2033 |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Borrowings** | **Borrowings** | **Borrowings** | **Collateral Pledged** | **Collateral Pledged** | **Collateral Pledged** |
|<br>**Collateral Type** | **Weighted Average Rate**<sup>(1)</sup> | **Borrowings** | **Weighted Average Maturity**<sup>(2)</sup> | **Number of Positions Pledged** | **Collateral**<sup>(3)</sup> | **Weighted Average Maturity**<sup>(4)</sup> |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;Canadian Imperial Bank of Commerce | 5.1% | $146261 | 11/9/2030 | 1 | $195556 | 11/9/2030 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | 5.1% | 126525 | 12/9/2030 | 2 | 168700 | 12/9/2030 |
| &nbsp;&nbsp;Morgan Stanley Bank, N.A. | 5.1% | 113964 | 7/13/2029 | 16 | 153221 | 7/23/2029 |
| &nbsp;&nbsp;Barclays Bank PLC | 5.3% | 86112 | 7/15/2030 | 4 | 155947 | 7/15/2030 |
| Subtotal | 5.2% | 472862 | 7/2/2030 | 23 | 673424 | 7/1/2030 |
| <u>Investments in debt securities</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;Société Generale | 5.2% | 57868 | 12/3/2026 | 27 | 104036 | 6/8/2048 |
| &nbsp;&nbsp;Citigroup Global Markets Inc. | 5.2% | 40326 | 10/27/2026 | 8 | 65526 | 10/23/2043 |
| &nbsp;&nbsp;Royal Bank of Canada | 5.1% | 36357 | 10/29/2026 | 10 | 61087 | 10/14/2039 |
| &nbsp;&nbsp;Canadian Imperial Bank of Commerce | 4.9% | 15512 | 11/6/2026 | 8 | 32992 | 9/16/2038 |
| Subtotal | 5.2% | 150063 | 11/12/2026 | 53 | 263641 | 2/21/2044 |
| **Total** | 5.2% | $622925 | 8/16/2029 | 76 | $937065 | 5/6/2034 |

---

(1)For investments in loans and other notes, the weighted average borrowing rate is determined by reference to a benchmark index rate, primarily one-month term SOFR. For investments in debt securities, the weighted average borrowing rate is determined by reference to a benchmark index rate, primarily overnight SOFR.

(2)For investments in loans and other notes, the weighted-average maturity of borrowings outstanding is generally calculated based on the maximum maturity date of the collateral pledged, assuming all extension options are exercised by the borrower. In certain instances, the maturity date of the respective secured credit facility is used. For investments in debt securities, the Company's secured debt is generally aligned to a one-year maturity and extended on an as needed basis by the Company.

(3)Represents the fair market value of the collateral pledged.

(4)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans and other notes or rated final distribution date for investments in debt securities; however, investments may be repaid before such date.

The availability of funding under the Company's secured credit facilities is based on the amount of approved collateral, which is proposed by the Company at its discretion and approved by the respective counterparty in its discretion. Certain structural elements of the Company's secured credit facilities, including the limitation on recourse to it and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The recourse limitation to lenders ranges from 0% to 100%.

The Company's secured credit facilities generally permit it to increase or decrease the amount advanced against the pledged collateral in the Company's discretion within certain maximum/minimum amounts and frequency limitations. As of March 31, 2026 and December 31, 2025, there was an aggregate $71.7 million and $88.1 million, respectively, available to be drawn at the Company's discretion under the Company's secured credit facilities.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**Asset-Specific Debt**

The Company's asset-specific debt is generally in the form of master loan and security agreements and is secured by certain investments in loans and other notes. The following table details the Company's asset-specific debt ($ in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Borrowings** | **Borrowings** | **Borrowings** | **Collateral Pledged** | **Collateral Pledged** | **Collateral Pledged** |
|<br>**Collateral Type** | **Weighted Average Rate**<sup>(1)</sup> | **Borrowings** | **Weighted Average**<br>**Maturity**<sup>(2)</sup> | **Number of <br>Positions Pledged** | **Collateral**<sup>(3)</sup> | **Weighted Average**<br>**Maturity**<sup>(4)</sup> |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;U.S. Bank, N.A, | 4.9% | $154522 | 4/9/2031 | 1 | $191208 | 4/9/2031 |
| &nbsp;&nbsp;Standard Chartered Bank | 5.0% | 150750 | 11/9/2030 | 1 | 201000 | 11/9/2030 |
| &nbsp;&nbsp;HSBC Bank USA, N.A. | 5.1% | 47303 | 10/9/2030 | 1 | 63070 | 10/9/2030 |
| **Total** | 5.0% | $352575 | 1/10/2031 | 3 | $455278 | 1/10/2031 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Borrowings** | **Borrowings** | **Borrowings** | **Collateral Pledged** | **Collateral Pledged** | **Collateral Pledged** |
|<br>**Collateral Type** | **Weighted Average Rate**<sup>(1)</sup> | **Borrowings** | **Weighted Average**<br>**Maturity**<sup>(2)</sup> | **Number of <br>Positions Pledged** | **Collateral**<sup>(3)</sup> | **Weighted Average**<br>**Maturity**<sup>(4)</sup> |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;Standard Chartered Bank | 5.1% | $150750 | 11/9/2030 | 1 | $201000 | 11/9/2030 |
| &nbsp;&nbsp;HSBC Bank USA, N.A. | 5.2% | 46453 | 10/9/2030 | 1 | 61937 | 10/9/2030 |
| **Total** | 5.1% | $197203 | 11/1/2030 | 2 | $262937 | 11/1/2030 |

---

(1)For investments in loans and other notes, the weighted average borrowing rate is determined by reference to a benchmark index rate, primarily one-month term SOFR.

(2)For investments in loans and other notes, the weighted-average maturity of borrowings outstanding is generally calculated based on the maximum maturity date of the collateral pledged, assuming all extension options are exercised by the borrower. In certain instances, the maturity date of the respective secured credit facility is used.

(3)Represents the fair market value of the collateral pledged.

(4)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans and other notes; however, investments may be repaid before such date.

**Components of Interest Expense**

The components of interest expense for the Company's secured debt were as follows ($ in thousands):

---

| | |
|:---|:---|
| | **For the Three Months Ended March 31, 2026** |
| &nbsp;&nbsp;Interest incurred on amounts borrowed | $10295 |
| &nbsp;&nbsp;Amortization of deferred financing costs | 515 |
| **Total interest expense** | $10810 |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**5. DERIVATIVES**

The objective of the Company's use of derivative financial instruments is to minimize the risks and/or costs associated with the Company's investments and/or financing transactions. These derivatives may or may not qualify under the hedge accounting requirements of ASC 815, – "Derivatives and Hedging." Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements and other identified risks. Refer to Note 2 for additional discussion of derivatives. As of March 31, 2026 and December 31, 2025, the Company has not designated any derivatives as hedges.

The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties that have appropriate credit ratings and are major financial institutions with which the Company and its affiliates generally also have other financial relationships.

**Interest Rate Contracts**

Certain of the Company's transactions expose the Company to interest rate risks. The Company uses derivative financial instruments, which may include interest rate swaps, caps, options, floors, and other interest rate derivative contracts, to limit the Company's exposure to the future variability of interest rates.

The following table details the Company's outstanding interest rate derivatives ($ in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**Interest Rate Derivatives**<sup>(1)</sup> | **Counterparty** | **Company Receives**<sup>(2)</sup> | **Company Pays** | **Maturity Date** | **Notional Amount** | **Fair Value** | **Unrealized Gain (Loss)**<sup>(3)</sup> |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 4/1/2031 | $20500 | $136 | $136 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.3% | 9/8/2027 | 20000 | 75 | 75 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.3% | 10/27/2030 | 2500 | 29 | 29 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 12/10/2030 | 6500 | 28 | 28 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 5/17/2030 | 4000 | 24 | 24 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 1/8/2031 | 4200 | 20 | 20 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.3% | 5/20/2029 | 3500 | 20 | 20 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.5% | 2/2/2031 | 3300 | 5 | 5 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.7% | 8/19/2034 | 7500 | (3) | (3) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.8% | 7/14/2034 | 8500 | (21) | (21) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/17/2029 | 7000 | (23) | (23) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/6/2029 | 9000 | (23) | (23) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/4/2029 | 12000 | (28) | (28) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/9/2029 | 14000 | (36) | (36) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.7% | 7/15/2032 | 76580 | (312) | (312) |
| **Total interest rate swaps** |  |  |  |  | $199080 | $(109) | $(109) |

---

(1)For interest rate swap agreements, the Company generally does not receive any upfront payments or receipts.

(2)For interest rate swap agreements, the Company generally receives one-month term SOFR.

(3)The unrealized gain (loss) represents the life-to-date change in fair value for each interest rate swap.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Interest Rate Derivatives**<sup>(1)</sup> | **Counterparty** | **Company Receives**<sup>(2)</sup> | **Company Pays** | **Maturity Date** | **Notional Amount** | **Fair Value** | **Unrealized Gain (Loss)**<sup>(3)</sup> |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.3% | 10/27/2030 | $2500 | $14 | $14 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 4/1/2031 | 20500 | 6 | 6 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 11/10/2030 | 4500 | 6 | 6 |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 5/17/2030 | 4000 | (1) | (1) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.3% | 5/20/2029 | 3500 | (2) | (2) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 12/10/2030 | 6500 | (13) | (13) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.3% | 9/8/2027 | 20000 | (22) | (22) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.7% | 8/19/2034 | 7500 | (46) | (46) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.8% | 7/14/2034 | 8500 | (71) | (71) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/17/2029 | 7000 | (72) | (72) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/6/2029 | 9000 | (86) | (86) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/4/2029 | 12000 | (111) | (111) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/9/2029 | 14000 | (133) | (133) |
| Interest rate swap | Royal Bank of Canada | SOFR | 3.7% | 7/15/2032 | 77707 | (755) | (755) |
| **Total interest rate swaps** |  |  |  |  | $197207 | $(1286) | $(1286) |

---

(1)For interest rate swap agreements, the Company generally does not receive any upfront payments or receipts.

(2)For interest rate swap agreements, the Company generally receives one-month term SOFR.

(3)The unrealized gain (loss) represents the life-to-date change in fair value for each interest rate swap.

**Foreign Currency Forward Contracts**

Certain of the Company's international investments have exposure to fluctuations in foreign interest rates and currency exchange rates. These fluctuations may impact the value of the Company's cash receipts and cash payments in terms of the Company's functional currency, the U.S. dollar. The Company uses foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar.

The following table details the Company's outstanding foreign currency forward contracts (amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**Foreign Currency Derivatives** | **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Fair Value** | **Unrealized Gain (Loss)**<sup>(1)</sup> |
| Foreign currency forward contract | Royal Bank of Canada | USD | 75130 | GBP | 56000 | 6/15/2026 | $1066 | $1066 |
| Foreign currency forward contract | Royal Bank of Canada | USD | 2843 | GBP | 2079 | 4/28/2026 | 101 | 101 |
| Foreign currency forward contract | Royal Bank of Canada | USD | 1081 | EUR | 900 | 4/30/2026 | 43 | 43 |
| Foreign currency forward contract | Royal Bank of Canada | USD | 2208 | GBP | 1652 | 6/10/2026 | 30 | 30 |
| Foreign currency forward contract | Royal Bank of Canada | USD | 318 | GBP | 236 | 8/3/2026 | 7 | 7 |
| **Total foreign currency forward contracts** | **Total foreign currency forward contracts** |  |  |  |  |  | $1247 | $1247 |

---

(1)The unrealized gain (loss) represents the life-to-date change in fair value for each foreign currency forward.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Foreign Currency Derivatives** | **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Fair Value** | **Unrealized Gain (Loss)**<sup>(1)</sup> |
| Foreign currency forward contract | Royal Bank of Canada | USD | 1050 | EUR | 900 | 1/30/2026 | $(8) | $(8) |
| Foreign currency forward contract | Royal Bank of Canada | USD | 2390 | GBP | 1795 | 3/10/2026 | (24) | (24) |
| Foreign currency forward contract | Royal Bank of Canada | USD | 2773 | GBP | 2085 | 1/28/2026 | (32) | (32) |
| **Total foreign currency forward contracts** | **Total foreign currency forward contracts** |  |  |  |  |  | $(64) | $(64) |

---

(1)The unrealized gain (loss) represents the life-to-date change in fair value for each foreign currency forward.

**Financial Statement Impact** 

The following table details the Company's outstanding derivatives ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** |
| | **Fair Value of Derivatives in an Asset Position** | **Fair Value of Derivatives in a Liability Position** |
| &nbsp;&nbsp;Foreign currency forward contract | $1247 | $— |
| &nbsp;&nbsp;Interest rate swap | 338 | (447) |
| **Total** | $1585 | $(447) |

---

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** |
| | **Fair Value of Derivatives in an Asset Position** | **Fair Value of Derivatives in a Liability Position** |
| &nbsp;&nbsp;Foreign currency forward contract | $— | $(64) |
| &nbsp;&nbsp;Interest rate swap | 26 | (1312) |
| **Total** | $26 | $(1376) |

---

The following table presents the effect of the Company's derivative financial instruments on its consolidated statements of operations ($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | **Interest Rate Swaps** | **Foreign Currency Forward Contract** | **Total** |
| &nbsp;&nbsp;Unrealized gain (loss) | $1178 | $1311 | $2489 |
| &nbsp;&nbsp;Realized gain | 35 | (116) | (81) |
| **Total** | $1213 | $1195 | $2408 |

---

**Credit-Risk Related Contingent Features**

The Company has entered into agreements with certain of the Company's derivative counterparties that contain provisions whereby if the Company was to default on any of the Company's indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company may also be declared in default on the Company's derivative obligations. In addition, certain of the Company's agreements with the Company's derivative counterparties require that the Company post collateral to restricted cash accounts when a derivative is in a liability position. As of March 31, 2026, the Company was in a net asset position with the Company's counterparties. Certain derivative positions are, or previously have been, in a net liability position, for which the Company has posted collateral of $2.4 million. As of December 31, 2025, the Company was in a net liability position with the Company's counterparties and has posted collateral of $2.4 million, respectively.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**6. NET ASSETS**

The following tables present transactions in Common Shares ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;Subscriptions | 6506385 | $170000 |
| &nbsp;&nbsp;&nbsp;Share repurchases |  |  |
| **Net increase** | 6506385 | $170000 |

---

**Net Asset Value per Share and Offering Price**

The Company determines NAV for its Common Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share, which will be the prior calendar day NAV per share (i.e., the prior month-end NAV).

The following table presents each month-end NAV per share for the Common Shares for the three months ended March 31, 2026:

---

| | |
|:---|:---|
| **For the Months Ended** | **NAV per Share** |
| &nbsp;&nbsp;January 31, 2026 | $26.16 |
| &nbsp;&nbsp;February 28, 2026 | $26.15 |
| &nbsp;&nbsp;March 31, 2026 | $26.12 |

---

**Distributions**

The Board authorizes and declares monthly distribution amounts per share of the Company's Common Shares. The following table presents distributions that were declared and payable during the three months ended March 31, 2026 ($ in thousands, except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Declaration Date** | **Record Date** | **Payment Date** | **Distribution per Share** | **Distribution Amount** |
| &nbsp;&nbsp;January 30, 2026 | &nbsp;&nbsp;January 31, 2026 | &nbsp;&nbsp;February 27, 2026 | $0.1847 | $5642 |
| &nbsp;&nbsp;February 27, 2026 | &nbsp;&nbsp;February 28, 2026 | &nbsp;&nbsp;March 27, 2026 | 0.1853 | 5874 |
| &nbsp;&nbsp;March 31, 2026 | &nbsp;&nbsp;March 31, 2026 | &nbsp;&nbsp;April 27, 2026 | 0.1852 | 6507 |
| **Total** |  |  | $0.5552 | $18023 |

---

**Character of Distributions**

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including, but not limited to, offering proceeds, net investment income from operations, and capital gains proceeds from the sale of assets.

The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares ($ in thousands, except per share amounts):

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
|<br>**Source of Distribution** | **Per Share** | **Amount** |
| &nbsp;&nbsp;Net investment income | $0.5552 | $18023 |
| &nbsp;&nbsp;Net realized gains |  |  |
| **Total** | $0.5552 | $18023 |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**Share Repurchase Program**

The Company may repurchase its Common Shares at the request of shareholders in accordance with policies as may be adopted by the Board in their sole discretion from time to time, which amount is not expected to be more per quarter than 5% of aggregate NAV as of the most recently completed quarter.

There have been no share repurchases during the three months ended March 31, 2026.

**7. FINANCIAL HIGHLIGHTS**

The following are the Company's financial highlights ($ in thousands):

---

| | |
|:---|:---|
| **Per Share Data:**<sup>(1)</sup> | **For the Three Months Ended March 31, 2026** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $26.07 |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.60 |
| &nbsp;&nbsp;&nbsp;Net unrealized and realized gains | 0.01 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 0.61 |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income<sup>(2)</sup> | (0.56) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains<sup>(2)</sup> |  |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from shareholders' distributions | (0.56) |
| &nbsp;&nbsp;&nbsp;Total increase in net assets | 0.05 |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $26.12 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 35136818 |
| &nbsp;&nbsp;&nbsp;Total return based on NAV<sup>(3)</sup> | 2.3% |
| **Ratios:** |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(4)</sup> | 5.7% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(4)</sup> | 9.5% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 10.0% |
| **Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period | $917686 |
| &nbsp;&nbsp;&nbsp;Asset coverage ratio | 185.0% |

---

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 6).

(3)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. Total return does not include upfront transaction fees, if any.

(4)For the three months ended March 31, 2026, amounts are annualized except for organizational costs and excise tax, if any. For three months ended March 31, 2026, the ratio of total operating expenses to average net assets was 6.4%, on an annualized basis, excluding the effect of expense support/(recoupment).

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**8. FAIR VALUES**

**Assets and Liabilities Carried at Fair Value**

The following table summarizes the fair value hierarchy of the Company's assets and liabilities carried at fair value ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** |
| <u>Assets:</u> |  |  |  |  |
| &nbsp;&nbsp;Investments in loans and other notes | $— | $— | $1688393 | $1688393 |
| &nbsp;&nbsp;Investments in debt securities |  | 267010 |  | 267010 |
| &nbsp;&nbsp;Derivatives |  | 1585 |  | 1585 |
| **Total** | $— | $268595 | $1688393 | $1956988 |
| <u>Liabilities:</u> |  |  |  |  |
| &nbsp;&nbsp;Derivatives | $— | $(447) | $— | $(447) |
| **Total** | $— | $(447) | $— | $(447) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** |
| <u>Assets:</u> |  |  |  |  |
| &nbsp;&nbsp;Investments in loans and other notes | $— | $— | $1176561 | $1176561 |
| &nbsp;&nbsp;Investments in debt securities | *—* | 351756 | *—* | 351756 |
| &nbsp;&nbsp;Derivatives |  | 26 |  | 26 |
| **Total** | $— | $351782 | $1176561 | $1528343 |
| <u>Liabilities:</u> |  |  |  |  |
| &nbsp;&nbsp;Derivatives | $— | $(1376) | $— | $(1376) |
| **Total** | $— | $(1376) | $— | $(1376) |

---

The following table presents changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value ($ in thousands):

---

| | |
|:---|:---|
| **Investments in Loans and Other Notes** | **For the Three Months Ended March 31, 2026** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value, beginning of period | $1176561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal fundings of investments in loans and other notes | 535884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Origination and other fees received on investments in loans and other notes | (5371) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal collections from investments in loans and other notes | (19323) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium on investments | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | (577) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain | (537) |
| **Fair value, end of period** | $1688393 |

---

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

The following table presents quantitative information about the significant unobservable inputs used in the valuation of the Company's Level 3 financial instruments ($ in thousands). This table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company's determination of fair value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Weighted Average Rate**<sup>(1)</sup> | **Impact to Valuation from an Increase in Input** |
| &nbsp;&nbsp;**Assets** | | | | | |
| &nbsp;&nbsp;&nbsp;Investments in loans and other notes | $1688393 | Yield method | Market yield | 7.3% | Decrease |

---

(1)The significant unobservable input used in the valuation of the Company's investment in loans and other notes is the market yield, which ranged from 5.1% to 24.4%.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Weighted Average Rate**<sup>(1)</sup> | **Impact to Valuation from an Increase in Input** |
| &nbsp;&nbsp;**Assets** | | | | | |
| &nbsp;&nbsp;&nbsp;Investments in loans and other notes | $1176561 | Yield method | Market yield | 6.9% | Decrease |

---

(1)The significant unobservable input used in the valuation of the Company's investment in loans and other notes is the market yield, which ranged from 5.5% to 10.0%.

**Financial Instruments Not Carried at Fair Value**

The following table presents the book value, face amount, and fair value of the Company's financial assets and liabilities not recorded at fair value ($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Book Value** | **Face Amount** | **Fair Value** |
| <u>Financial assets:</u> |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $23065 | $23065 | $23065 |
| &nbsp;&nbsp;Restricted cash | 2436 | 2436 | 2436 |
| <u>Financial liabilities:</u> |  |  |  |
| &nbsp;&nbsp;Secured debt, net | 1079724 | 1082345 | 1082345 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Book Value** | **Face Amount** | **Fair Value** |
| <u>Financial assets:</u> |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $38330 | $38330 | $38330 |
| &nbsp;&nbsp;Restricted cash | 2415 | 2415 | 2415 |
| <u>Financial liabilities:</u> |  |  |  |
| &nbsp;&nbsp;Secured debt, net | 817510 | 820128 | 820128 |

---

Estimates of fair value for cash and cash equivalents, and restricted cash are measured using observable, quoted market prices, or Level 1 inputs. Estimates of fair value for secured debt are based on the rate at which a similar credit facility would currently be priced. The inputs used in determining the Company's secured debt are considered Level 3. Refer to Note 2 for further discussion regarding fair value measurement of certain of the Company's assets and liabilities.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**9. RELATED PARTY TRANSACTIONS**

**Investment Advisory Agreement**

The Company has entered into an amended and restated investment advisory agreement (the "Investment Advisory Agreement") with the Adviser, pursuant to which the Adviser will manage the Company on a day-to-day basis. The Adviser is responsible for determining the composition of the Company's portfolio, identifying and performing due diligence on potential investments, making investment decisions for the Company, monitoring the Company's investments on an ongoing basis, and determining and executing the Company's financing and hedging strategies.

The Adviser's services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities, and it intends to do so, so long as its services to the Company are not impaired. Pursuant to the Investment Advisory Agreement, the Adviser does not charge any advisory fees to the Company.

**Administration Agreement**

The Company has entered into an amended and restated administration agreement (the "Administration Agreement") with Blackstone Real Estate Special Situations Advisors L.L.C. (the "Administrator"). Under the terms of the Administration Agreement, the Administrator will provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring, preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment, and office services.

In consideration for the administrative services provided pursuant to the Administration Agreement, the Administrator will be entitled to receive an administration fee (the "Administration Fee") payable, settled and paid monthly by the Company in an amount equal to the greater of (i) $41,666.67 and (ii) 1/12 of 0.1% of the Company's NAV as of the last day of the applicable month before giving effect to any accruals for the Administration Fee. From time to time, the Administrator on behalf of the Company will engage other parties to perform certain administrative duties it is obligated to provide. The fees, costs and expenses of any such service providers will be separate and distinct from the Administration Fees payable to the Administrator, and the Administrator will bear any amounts in excess of the Administration Fee. Expenses for services not covered by the Administration Agreement, including administrative expenses incurred in connection with investments, will be borne by the Company over and above the expenses of the Administration Fee.

During the three months ended March 31, 2026, the Company incurred administrative services expenses of $0.2 million.

**Certain Terms of the Investment Advisory Agreement and Administration Agreement**

Each of the Investment Advisory Agreement and the Administration Agreement have been approved by the Board. Unless earlier terminated as described below, each of the Investment Advisory Agreement and the Administration Agreement will remain in effect for a period of two years from the date it first became effective and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Investment Advisory Agreement or the Administration Agreement, without payment of any penalty, upon 60 days' written notice. The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment.

**Expense Support and Conditional Reimbursement Agreement**

The Company has entered into an amended and restated expense support and conditional reimbursement agreement with the Adviser (the "Expense Agreement"). The Adviser may elect to pay certain of the Company's expenses on its behalf, provided that no portion of the payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Company. The Company shall be obligated to make reimbursement payments to the Adviser, subject to certain limitations described in the Expense Agreement for a period of three years from when such payments were made by the Adviser. The Company's obligation to make a reimbursement payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

The following table presents a summary of the expense payments and related reimbursement payments since the Company's commencement of operations ($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**For the Month Ended** | **Expense Payments by Adviser** | **Reimbursement to Adviser** | **Unreimbursed Expense Payments** |
| &nbsp;&nbsp;From commencement to December 31, 2025 | $7049 | $— | $7049 |
| &nbsp;&nbsp;January 31, 2026 | 383 |  | 383 |
| &nbsp;&nbsp;February 28, 2026 | 395 |  | 395 |
| &nbsp;&nbsp;March 31, 2026 | 630 |  | 630 |
| **Total** | $8457 | $— | $8457 |

---

**Controlled/Affiliated Portfolio Companies**

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company's outstanding voting securities as investments in "affiliated" companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company's outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in "controlled" companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company's non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.

**Affiliate Services**

The Company has engaged certain portfolio companies owned by Blackstone-advised investment vehicles, to provide, as applicable, management services and operations services, and corporate support services. The following table details the amounts incurred for affiliate service providers ($ in thousands):

---

| | |
|:---|:---|
| | **For the Three Months Ended March 31, 2026** |
| &nbsp;&nbsp;Revantage Corporate Services, LLC<sup>(1)</sup> | $3 |
| &nbsp;&nbsp;BRIO Real Estate, L.L.C.<sup>(2)</sup> | 230 |
| **Total** | $233 |

---

(1)Revantage Corporate Services, LLC is a portfolio company owned by Blackstone-advised investment vehicles, that provides, as applicable, corporate support services, operational services, and management services. These services are provided on an allocated cost basis.

(2)BRIO Real Estate, LLC is a portfolio company owned by Blackstone-advised investment vehicles that provides, as applicable, corporate support services, operational services, and management services. These services are provided on an allocated cost basis.

**Other Transactions**

For the three months ended March 31, 2026, the Company closed on $201.5 million of commitments across three new loans and other notes and one modification of an existing loan to unaffiliated third parties in which Blackstone-advised investment vehicles also invested at the same level of the capital structure on a *pari passu* basis.

As of March 31, 2026, the Company had closed on $1.0 billion of loan and other note commitments across fourteen loans and other notes to unaffiliated third parties in which Blackstone-advised investment vehicles also invested at the same level of the capital structure on a *pari passu* basis.

As of March 31, 2026, the Company owned investments in debt securities issued by affiliates of other Blackstone-advised vehicles with a total fair value of $16.0 million, or 6.0% of total investments of debt securities.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

As of December 31, 2025, the Company owned investments in debt securities issued by affiliates of other Blackstone-advised vehicles with a total fair value of $21.0 million, or 6.0% of total investments of debt securities.

**10. COMMITMENTS AND CONTINGENCIES**

**Unfunded Commitments Under Investments in Loans and Other Notes**

As of March 31, 2026, the Company had aggregate unfunded commitments of $74.1 million across twelve loans and other notes, and $36.7 million of committed or identified financings for those commitments, resulting in net unfunded commitments of $37.4 million. As of December 31, 2025, the Company had aggregate unfunded commitments of $55.9 million across ten loans and other notes, and $21.4 million of committed or identified financings for those commitments, resulting in net unfunded commitments of $34.5 million.

The unfunded commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs. The Company's funding commitments are generally subject to certain conditions, including, without limitation, the progress of capital projects, leasing, and cash flows at the properties securing the Company's loans and other notes. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. The Company expects to fund the Company's unfunded commitments over the remaining term of the related loans and other notes, which had a weighted-average future funding period of 3.3 years and 3.6 years as of March 31, 2026 and December 31, 2025, respectively.

**Expense Support and Conditional Reimbursement Agreement**

As of March 31, 2026, pursuant to the Expense Agreement, the Adviser paid $8.5 million of the Company's expenses on its behalf. Refer to Note 9 for further discussion of the Expense Agreement.

**Principal Debt Repayments**

The Company's contractual principal debt repayments as of March 31, 2026 were as follows ($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Year** | **Secured Credit Facilities**<sup>(1)</sup> | **Asset-Specific Debt**<sup>(1)</sup> | **Total** |
| &nbsp;&nbsp;2026 (remaining) | $5124 | $— | $5124 |
| &nbsp;&nbsp;2027 | 145412 |  | 145412 |
| &nbsp;&nbsp;2028 |  |  |  |
| &nbsp;&nbsp;2029 | 20581 |  | 20581 |
| &nbsp;&nbsp;2030 | 404789 | 198053 | 602842 |
| &nbsp;&nbsp;Thereafter | 153864 | 154522 | 308386 |
| **Total obligation** | $729770 | $352575 | $1082345 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;The Company's secured debt and asset-specific debt agreements secured by investments in loans and other notes are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity date of the collateral loans and other notes, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective debt agreement is used.

**11. SEGMENT REPORTING**

Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete financial information is available that is evaluated on a regular basis by the chief operating decision maker ("CODM"). The Company's CODM is its Chief Executive Officer, who decides how to allocate resources and assess performance. A single management team reports to the CODM, who manages the entire business. The Company has determined it operates as a single reportable segment that derives revenues primarily from investing in private real estate credit investments.

The Company's CODM reviews, among other things, the net increase in net assets resulting from operations that is reported on the consolidated statement of operations to make decisions, allocate resources and assess performance and does not evaluate the net increase in net assets resulting from operations from any separate geography or product line. The measure of segment assets is reported on the consolidated statement of assets and liabilities as total consolidated assets.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**12. SUBSEQUENT EVENTS**

The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of March 31, 2026, except as discussed below.

**April Subscriptions and Distribution Declaration**

The Company received $40.0 million of net proceeds relating to the issuance of Common Shares for subscriptions effective April 1, 2026.

On April 30, 2026, the Company's Board declared net distributions of $0.1850 per Common Share, which is payable on or about May 27, 2026, to shareholders of record as of April 30, 2026.

**May Subscriptions**

The Company received $10.0 million of net proceeds relating to the issuance of the Common Shares for subscriptions effective May 1, 2026.

**Revolving Credit Agreement**

On April 23, 2026, the Company and BREC Holdings, LP (the "Borrower") entered into a revolving credit facility (the "Revolving Credit Facility") with Wells Fargo Bank, N.A. as administrative agent (the "Administrative Agent").

The Revolving Credit Facility provides for borrowings in U.S. dollars in an initial aggregate principal amount of up to $150 million. Borrowings under the Revolving Credit Facility are subject to compliance with a maximum loan to value ratio and a minimum net asset value ("NAV"). The Revolving Credit Facility has an accordion feature, subject to the satisfaction of various conditions, to increase total aggregate commitments under the Revolving Credit Facility to an amount not to exceed the greater of $160 million and 20% of NAV. The Revolving Credit Facility provides for the issuance of letters of credit on behalf of the Borrower in an aggregate face amount of up to $25 million. Proceeds from the borrowings under the Revolving Credit Facility may be used for general corporate purposes of the Borrower and its subsidiaries, including, but not limited to, the funding of acquisitions, investments, capital expenditures and working capital needs. The Revolving Credit Facility will mature on April 23, 2029, subject to customary extension options.

Loans under the Revolving Credit Facility bear interest at a per annum rate equal to, (x) for loans for which the Borrower elects the base rate option, the "alternate base rate" (which is the greatest of (a) the prime rate as publicly announced by the Administrative Agent, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus (ii) 0.50%, and (c) one month Term SOFR plus 1% per annum) plus 1.40% and (y) for loans for which the Borrower elects the benchmark option, either the Term SOFR rate for the related Interest Period or the Daily Simple SOFR rate, as applicable, plus 2.40%. The Borrower will pay an unused fee of 0.35% per annum on the daily unused amount of the revolving commitments.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*References herein to "Blackstone Private Real Estate Credit and Income Fund," "Company," "BREC," "we," "us," or "our" refer to Blackstone Private Real Estate Credit and Income Fund and its subsidiaries unless the context specifically requires otherwise. The following discussion should be read in conjunction with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q for the period ended March 31, 2026. In addition to historical data, this discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which reflect the Company's current views with respect to, among other things, its business, operations and financial performance. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continues," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to various risks, uncertainties and assumptions. The Company's actual results or outcomes may differ materially from those in this discussion and analysis as a result of various factors, including but not limited to those discussed in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as updated from time to time by the Company's periodic filings with the SEC.*

**Overview**

Blackstone Private Real Estate Credit and Income Fund ("BREC" or the "Company") is a Delaware statutory trust formed on October 14, 2024. The Company was formed to originate, acquire, finance and manage a portfolio consisting of a broad range of real estate-related investments in or relating to private and public debt, equity or other interests on a global basis, with a primary focus in the U.S. The Company may invest in, or originate, real estate-related debt and equity securities, including senior loans, mezzanine loans, subordinated debt, mortgage-backed securities ("MBS"), B-Notes, credit-linked notes, and collateralized loan obligations ("CLOs"). The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company is externally managed by Blackstone Real Estate Special Situations Advisors L.L.C. (the "Adviser"), a subsidiary of Blackstone Inc. ("Blackstone"), and intends to elect to be treated for U.S. federal income tax purposes, and to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

**Performance**

The following table details the Company's total return:

---

| | |
|:---|:---|
| | **March 31, 2026** |
| &nbsp;&nbsp;Year-to-date total return<sup>(1)</sup> | 2.3% |
| &nbsp;&nbsp;Inception-to-date total return<sup>(1)(2)</sup> | 12.1% |

---

(1)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested) divided by the beginning NAV per share. Total return does not include upfront transaction fees, if any.

(2)Return is calculated from May 1, 2025 (commencement of operations) through March 31, 2026, and is not annualized.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Portfolio Overview**

During the three months ended March 31, 2026, the Company originated or purchased $554.1 million of loans and other notes and acquired $84.4 million of investments in debt securities. The Company generated net investment income of $19.3 million during the three months ended March 31, 2026.

The following table details the composition of the Company's investments ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**Type** | **Number of Positions** | **Weighted Average Coupon**<sup>(1)</sup> | **Weighted Average Maturity Date**<sup>(2)</sup> | **Outstanding Principal Balance**<sup>(3)</sup> | **Fair Value** |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |
| &nbsp;&nbsp;Senior loans | 27 | 6.1% | 11/21/2030 | $1315384 | $1307302 |
| &nbsp;&nbsp;Mezzanine loans and B-notes | 9 | 9.2% | 12/23/2030 | 308575 | 307020 |
| &nbsp;&nbsp;Credit-linked notes | 1 | 10.7% | 10/30/2037 | 74071 | 74071 |
| Subtotal | 37 | 6.9% | 3/18/2031 | 1698030 | 1688393 |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| &nbsp;&nbsp;CMBS | 35 | 6.5% | 2/4/2045 | 228603 | 174216 |
| &nbsp;&nbsp;RMBS | 26 | 7.7% | 4/29/2063 | 52595 | 52672 |
| &nbsp;&nbsp;Term loans | 1 | 6.9% | 2/4/2033 | 18765 | 18714 |
| &nbsp;&nbsp;Corporate debt | 2 | 7.0% | 6/9/2032 | 11416 | 11457 |
| &nbsp;&nbsp;Interest-only securities | 4 | 2.7% | 7/16/2062 | 48556 | 6647 |
| &nbsp;&nbsp;CLO | 1 | 6.5% | 2/17/2039 | 3300 | 3304 |
| Subtotal | 69 | 6.7% | 9/1/2047 | 363235 | 267010 |
| **Total investments** | 106 | 6.8% | 6/16/2033 | $2061265 | $1955403 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Type** | **Number of Positions** | **Weighted Average Coupon**<sup>(1)</sup> | **Weighted Average Maturity Date**<sup>(2)</sup> | **Outstanding Principal Balance**<sup>(3)</sup> | **Fair Value** |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |
| &nbsp;&nbsp;Senior loans | 25 | 6.3% | 9/25/2030 | $941847 | $936361 |
| &nbsp;&nbsp;Mezzanine loans | 7 | 8.7% | 12/5/2030 | 240200 | 240200 |
| Subtotal | 32 | 6.8% | 10/10/2030 | 1182047 | 1176561 |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| &nbsp;&nbsp;CMBS | 43 | 6.7% | 9/20/2043 | 322401 | 269324 |
| &nbsp;&nbsp;RMBS | 24 | 7.8% | 3/31/2062 | 51953 | 52328 |
| &nbsp;&nbsp;Corporate debt | 5 | 6.5% | 5/2/2031 | 17711 | 17672 |
| &nbsp;&nbsp;Interest-only securities | 4 | 2.6% | 6/27/2062 | 48556 | 6821 |
| &nbsp;&nbsp;CLO | 3 | 7.0% | 5/2/2037 | 4326 | 4324 |
| &nbsp;&nbsp;Term loans | 1 | 7.4% | 6/27/2031 | 1281 | 1287 |
| Subtotal | 80 | 6.8% | 2/3/2046 | 446228 | 351756 |
| **Total investments** | 112 | 6.8% | 4/20/2034 | $1628275 | $1528317 |

---

(1)For variable rate investments, which bear interest at a rate that is determined by reference to a benchmark index rate, primarily one-month term Secured Overnight Financing Rate ("SOFR"), the interest rate includes SOFR and other index rates, as applicable, in effect for each investment as of March 31, 2026 and December 31, 2025. In certain cases, the interest rate is reflective of interest rate floors.

(2)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans and other notes or rated final distribution date for investments in debt securities; however, investments may be repaid before such date.

(3)For interest-only securities, the outstanding principal balance represents the notional amount of such securities.

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The following charts detail the sector types and the geographic location of properties securing the Company's investments in loans and other notes and debt securities, as of March 31, 2026:

**<u>Sector Diversification</u>** <sup>(1)(2)</sup>

![466](brec-20260331_g2.jpg)

**<u>Geographic Diversification</u>** <sup>(1)(2)</sup>

![502](brec-20260331_g3.jpg)

(1)Allocation determined based on the fair market value of the Company's investments in loans and other notes in debt securities.

(2)Assets with multiple components are proportioned into the relevant geographic region or collateral type based on the allocated value of each underlying collateral asset.

**Portfolio Financing**

The following table details the Company's secured debt ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Secured credit facilities | $729770 | $622925 |
| &nbsp;&nbsp;Asset-specific debt | 352575 | 197203 |
| &nbsp;&nbsp;Total secured debt | 1082345 | 820128 |
| &nbsp;&nbsp;Deferred financing costs<sup>(1)</sup> | (2621) | (2618) |
| **Net book value of secured debt** | $1079724 | $817510 |

---

(1)Costs incurred in connection with the Company's secured debt are recorded on the Company's consolidated statement of assets and liabilities when incurred and recognized as a component of interest expense over the life of each related facility.

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*Secured Credit Facilities*

The Company's secured credit facilities are generally in the form of master repurchase agreements and secured by certain of its investments in loans and other notes and debt securities. The following table details the Company's secured credit facilities ($ in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Borrowings** | **Borrowings** | **Borrowings** | **Collateral Pledged** | **Collateral Pledged** | **Collateral Pledged** |
|<br>**Collateral Type** | **Weighted Average Rate**<sup>(1)</sup> | **Borrowings** | **Weighted Average Maturity**<sup>(2)</sup> | **Number of Positions Pledged** | **Collateral**<sup>(3)</sup> | **Weighted Average Maturity**<sup>(4)</sup> |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | 5.0% | $185030 | 1/31/2031 | 3 | $271684 | 1/23/2031 |
| &nbsp;&nbsp;Barclays Bank PLC | 5.2% | 170143 | 10/10/2030 | 5 | 247071 | 9/28/2030 |
| &nbsp;&nbsp;Canadian Imperial Bank of Commerce | 5.1% | 148613 | 11/9/2030 | 1 | 198151 | 11/9/2030 |
| &nbsp;&nbsp;Morgan Stanley Bank, N.A. | 5.1% | 99848 | 6/22/2029 | 15 | 135116 | 7/3/2029 |
| Subtotal | 5.1% | 603634 | 9/3/2030 | 24 | 852022 | 9/1/2030 |
| <u>Investments in debt securities</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;Société Generale | 4.8% | 57845 | 3/19/2027 | 25 | 94206 | 2/10/2048 |
| &nbsp;&nbsp;Royal Bank of Canada | 4.9% | 38148 | 1/27/2027 | 10 | 55034 | 5/15/2039 |
| &nbsp;&nbsp;Canadian Imperial Bank of Commerce | 4.7% | 11729 | 1/27/2027 | 7 | 17133 | 1/9/2046 |
| &nbsp;&nbsp;Citigroup Global Markets Inc. | 4.7% | 18414 | 2/12/2027 | 9 | 20532 | 7/13/2049 |
| Subtotal | 4.8% | 126136 | 2/22/2027 | 51 | 186905 | 10/5/2045 |
| **Total** | 5.0% | $729770 | 1/23/2030 | 75 | $1038927 | 6/3/2033 |

---

(1)For investments in loans and other notes, the weighted average borrowing rate is determined by reference to a benchmark index rate, primarily one-month term SOFR. For investments in debt securities, the weighted average borrowing rate is determined by reference to a benchmark index rate, primarily overnight SOFR.

(2)For investments in loans and other notes, the weighted-average maturity of borrowings outstanding is generally calculated based on the maximum maturity date of the collateral pledged, assuming all extension options are exercised by the borrower. In certain instances, the maturity date of the respective secured credit facility is used. For investments in debt securities, the Company's secured debt is generally aligned to a one-year maturity and extended on an as needed basis by the Company.

(3)Represents the fair market value of the collateral pledged.

(4)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans and other notes or rated final distribution date for investments in debt securities; however, investments may be repaid before such date.

Refer to Note 4 of the Company's consolidated financial statements for additional details of its secured debt agreements.

*Asset-Specific Debt*

The Company's asset-specific debt is generally in the form of master loan and security agreements and is secured by certain investments in loans and other notes. The following table details the Company's asset-specific debt ($ in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Borrowings** | **Borrowings** | **Borrowings** | **Collateral Pledged** | **Collateral Pledged** | **Collateral Pledged** |
|<br>**Collateral Type** | **Weighted Average Rate**<sup>(1)</sup> | **Borrowings** | **Weighted Average**<br>**Maturity**<sup>(2)</sup> | **Number of <br>Positions Pledged** | **Collateral**<sup>(3)</sup> | **Weighted Average**<br>**Maturity**<sup>(4)</sup> |
| <u>Investments in loans and other notes</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;U.S. Bank, N.A, | 4.9% | $154522 | 4/9/2031 | 1 | $191208 | 4/9/2031 |
| &nbsp;&nbsp;Standard Chartered Bank | 5.0% | 150750 | 11/9/2030 | 1 | 201000 | 11/9/2030 |
| &nbsp;&nbsp;HSBC Bank USA, N.A. | 5.1% | 47303 | 10/9/2030 | 1 | 63070 | 10/9/2030 |
| **Total** | 5.0% | $352575 | 1/10/2031 | 3 | $455278 | 1/10/2031 |

---

(1)For investments in loans and other notes, the weighted average borrowing rate is determined by reference to a benchmark index rate, primarily one-month term SOFR.

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(2)For investments in loans and other notes, the weighted-average maturity of borrowings outstanding is generally calculated based on the maximum maturity date of the collateral pledged, assuming all extension options are exercised by the borrower. In certain instances, the maturity date of the respective secured credit facility is used.

(3)Represents the fair market value of the collateral pledged.

(4)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans and other notes; however, investments may be repaid before such date.

**Results of Operations**

The following table presents the Company's consolidated results of operations ($ in thousands):

---

| | |
|:---|:---|
| | **Three Months Ended March 31, 2026** |
| &nbsp;&nbsp;**Investment income:** | |
| &nbsp;&nbsp;From non-controlled/non-affiliated investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $30920 |
| &nbsp;&nbsp;**Total investment income** | 30920 |
| &nbsp;&nbsp;**Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 10810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general & administrative | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of continuous offering costs | 201 |
| &nbsp;&nbsp;**Total expenses** | 12854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense support | (1408) |
| &nbsp;&nbsp;**Net expenses** | 11446 |
| &nbsp;&nbsp;**Net investment income before tax expense** | 19474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 156 |
| &nbsp;&nbsp;**Net investment income after tax expense** | 19318 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss):** |  |
| &nbsp;&nbsp;Unrealized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (2084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (1177) |
| &nbsp;&nbsp;**Net unrealized loss** | (772) |
| Realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (38) |
| &nbsp;&nbsp;**Net realized gain** | 798 |
| &nbsp;&nbsp;**Net realized and unrealized gain** | 26 |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | $19344 |

---

*Investment Income*

Total investment income was $30.9 million for the three months ended March 31, 2026 driven by the Company's deployment of capital. The average size of the Company's loan and other notes portfolio at fair value was $1.3 billion with a weighted average coupon of 6.8% for the three months ended March 31, 2026. The average size of the Company's debt securities portfolio at fair value was $342.7 million with a weighted average coupon of 6.8% for the three months ended March 31, 2026.

*Net Expenses*

Total interest expense of $10.8 million for the three months ended March 31, 2026 was driven by $888.1 million of average borrowings for the three months ended March 31, 2026, with a weighted average cost of 5.1%. Additionally, the Company incurred other general and administrative expenses of $1.8 million, and amortized offering costs of 0.2 million for the three months ended March 31, 2026. These expenses were offset by expense support received under the Expense Agreement with the Adviser of $1.4 million. Refer to Note 9 of the Company's consolidated financial statements for additional details of the Expense Agreement.

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*Net Unrealized Gain (Loss)*

Net unrealized loss of $0.8 million for the three months ended March 31, 2026 was driven by net unrealized losses on investments in loans and other notes of $0.6 million, investments in debt securities of 1.5 million, and foreign currency transactions of $1.2 million partially offset by an unrealized gain on derivative instruments of $2.5 million.

*Net Realized Gain (Loss)*

Net realized gains of $0.8 million was driven by sales of non-controlled non-affiliated investments of $0.9 million partially offset by settlements of derivative instruments of $0.1 million and foreign currency transactions of $38,000 for the three months ended March 31, 2026.

**Income Taxes, Including Excise Tax**

The Company intends to elect to be treated as a RIC under Subchapter M of the Code and intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" for that year (determined without regard to the deduction for dividends paid), which is generally its net ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income, if any.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax to the extent that the Company does not distribute in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

For the three months ended March 31, 2026, the Company has incurred an excise tax of $0.2 million.

**Liquidity and Capital Resources**

*Capitalization*

The Company has capitalized its business to date primarily through the issuance and sale of its common shares of beneficial interest ("Common Shares") and secured debt. As of March 31, 2026 and December 31, 2025, the Company's capitalization structure included $917.7 million and $746.4 million of net asset value and $1.1 billion and $820.1 million of secured debt, respectively. Refer to Notes 4 and 6 to the Company's consolidated financial statements for additional details regarding its secured debt and net asset value.

The following table presents the Company's debt-to-equity ratio:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Debt-to-equity ratios<sup>(1)</sup> | 1.2x | 1.0x |

---

(1)Represents the ratio of (i) total outstanding secured debt, less cash, to (ii) total net asset value. The debt amounts included in the calculation above use gross outstanding principal balances, excluding any unamortized deferred financing costs and discounts.

In accordance with the 1940 Act, with certain limited exceptions, the Company is allowed to incur borrowings, issue debt securities or issue preferred stock, only if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2026 and December 31, 2025, the Company had an aggregate principal amount of $1.1 billion and $820.1 million of debt outstanding and its asset coverage ratio was 185% and 191%, respectively.

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*Sources of Liquidity*

The Company's primary sources of liquidity include cash and cash equivalents, available borrowings under its secured debt, and net receivables from servicers related to loan and other note repayments, which are set forth in the following table ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Cash and cash equivalents | $23065 | $38330 |
| &nbsp;&nbsp;Available borrowings under secured debt | 71688 | 88030 |
| &nbsp;&nbsp;Loan and other note principal payments held by servicer, net<sup>(1)</sup> | 174 | 816 |
| **Total** | $94926 | $127176 |

---

(1)Represents loan and other note principal payments held by third-party servicers as of the consolidated statement of assets and liabilities date that were remitted to the Company during the subsequent remittance cycle, net of the related secured debt balance.

The Company generates cash primarily from the proceeds of its continuous offering of Common Shares, proceeds from net borrowings under secured debt agreements, net income earned, and principal repayments of its investments in loans and other notes and debt securities. In addition, the Company held $427.8 million of unencumbered investments that could serve as collateral for additional borrowings as of March 31, 2026, which could represent additional liquidity.

*Uses of Liquidity*

The primary uses of the Company's liquidity are for (i) making investments, (ii) debt service, repayments, and other financing costs, (iii) repurchases of Common Shares, (iv) cash distributions to holders of Common Shares, and (v) general corporate operating costs. The Company's aggregate liquidity of $94.9 million as of March 31, 2026, proceeds from new financing arrangements, and the continuous offering of Common Shares are expected to be sufficient for the Company's investing activities and operations in the near term.

As of March 31, 2026, the Company had aggregate unfunded commitments of $74.1 million across twelve loans, and $36.7 million of committed or identified financings for those commitments, resulting in net unfunded commitments of $37.4 million. The unfunded loan commitments generally comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without limitation, the progress of capital projects, leasing, and cash flows at the properties securing the Company's loans and other notes. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. The Company expects to fund its loan commitments over the remaining term of the related loans and other notes, which have a weighted-average future funding period of 3.3 years.

**Distributions**

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including, but not limited to, offering proceeds, net investment income from operations, and capital gains proceeds from the sale of assets.

The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares ($ in thousands, except per share amounts):

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
|<br>**Source of Distribution** | **Per Share** | **Amount** |
| &nbsp;&nbsp;Net investment income | $0.5552 | $18023 |
| &nbsp;&nbsp;Net realized gains |  |  |
| **Total** | $0.5552 | $18023 |

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**Contractual Obligations and Commitments**

The Company's contractual obligations and commitments as of March 31, 2026 were as follows ($ in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payment Timing** | **Payment Timing** | **Payment Timing** | **Payment Timing** | **Payment Timing** |
| | **Total Obligation** | **Less than 1 Year**<sup>(1)</sup> | **1 to 3 Years** | **3 to 5 Years** | **More than 5 Years** |
| &nbsp;&nbsp;Unfunded private loan commitments<sup>(2)</sup> | $74132 | $— | $39334 | $25422 | $9375 |
| &nbsp;&nbsp;Principal repayments under secured debt | 1082345 | 131046 | 19489 | 694783 | 237026 |
| &nbsp;&nbsp;Interest payments<sup>(3)(4)</sup> | 222782 | 48700 | 95519 | 78271 | 292 |
| **Total** | $1379259 | $179746 | $154342 | $798476 | $246693 |

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(1)Represents known and estimated short-term cash requirements related to the Company's contractual obligations and commitments. Refer to the "Sources of Liquidity" section above for the Company's sources of funds to satisfy its short-term cash requirements.

(2)The allocation of the Company's unfunded loan commitments is based on the earlier of the commitment expiration date or the final loan maturity date; however, the Company may be obligated to fund these commitments earlier than such date.

(3)For investments in loans and other notes, the weighted-average maturity of borrowings outstanding is generally calculated based on the maximum maturity date of the collateral pledged, assuming all extension options are exercised by the borrower. In certain instances, the maturity date of the respective secured debt facility is used. For investments in debt securities, the Company's secured debt is generally aligned to a one-year maturity and extended on an as-needed basis by the Company.

(4)Represents interest payments on the Company's secured debt. Future interest payment obligations are estimated assuming the interest rates in effect as of March 31, 2026 will remain constant into the future. This is only an estimate as actual amounts borrowed and interest rates will vary over time.

The Company is also required to settle its interest rate derivatives with its derivative counterparties which, depending on interest rate movements, may result in cash received from or due to such counterparties. The table above does not include these amounts as they are not fixed and determinable. Refer to Note 5 to the Company's consolidated financial statements for details regarding its derivative contracts.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" for that year (determined without regard to the deduction for dividends paid), which is generally its net ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income, if any.

**Cash Flows**

The following table provides a breakdown of the net change in the Company's cash and cash equivalents ($ in thousands):

---

| | |
|:---|:---|
| | **For the Three Months Ended March 31, 2026** |
| &nbsp;&nbsp;Cash flows used in operating activities | $(430485) |
| &nbsp;&nbsp;Cash flows provided by financing activities | 415739 |
| **Net decrease in cash, cash equivalents and restricted cash** | $(14746) |

---

The Company experienced a decrease in cash and cash equivalents of $14.7 million for the three months ended March 31, 2026. During the three months ended March 31, 2026, the Company (i) borrowed a net $262.2 million under secured debt agreements and (ii) received proceeds of $170.0 million from the sale of Common Shares. Also, during the three months ended March 31, 2026, the Company (i) funded $535.9 million of loans and other notes and (ii) acquired $84.4 million of debt securities.

Refer to Note 3 to the Company's consolidated financial statements for further discussion of its investment activity. Refer to Notes 4 and 6 to the Company's consolidated financial statements for additional discussion of its secured debt, and net assets, respectively.

**Critical Accounting Policies and Estimates**

Critical accounting estimates are those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or results of operations of the Company.

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The preparation of the consolidated financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ.

*Investments*

Investment transactions are recorded on a trade-date basis.

Realized gains or losses are measured as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized. Such gains and losses include investments charged-off during the period, net of recoveries, and are recorded within net realized gain (loss) on the consolidated statements of operations.

The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period, and is recorded within net unrealized gain (loss) on the consolidated statements of operations.

*Valuation of Investments*

The Company is required to report its investments at fair value, including those for which current market values are not readily available.

In accordance with Rule 2a-5 under the 1940 Act, the Board of Trustees of the Company (the "Board") designated the Adviser as the "Valuation Designee" to perform fair value determinations related to the Company's investments, subject to the Board's oversight. Any investments and other assets for which current market quotations are not readily available are valued at fair value as determined in good faith by the Valuation Designee pursuant to the Company's valuation procedures established by, and under the general supervision and responsibility of, the Board.

The Company values its investments in accordance with FASB ASC Topic 820, Fair Value Measurement ("ASC 820"), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the 1940 Act. Under ASC 820, fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. A market quotation is "readily available" only when it is a quoted price (unadjusted) in active markets for identical instruments that a market participant can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

Where prices or inputs are not available or, in the judgment of the Valuation Designee, determined to be not reliable, valuation techniques based on the facts and circumstances of the particular investment will be utilized. These valuation approaches involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity. In the absence of observable, reliable market prices, the Company values its investments using various valuation methodologies applied on a consistent basis.

ASC 820 prioritizes the use of observable market prices and prices derived from observable inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other-than-active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. These inputs require significant judgment or estimation by the Company and/or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2.

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In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs.

The Company evaluates the source of the inputs, including any markets in which its investments are trading, or any markets in which investments with similar attributes are trading, in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services, the Company subjects those prices to certain criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period, and these differences could be material. Additionally, the fair value of the Company's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments may be generally less liquid than publicly traded securities. If the Company was required to liquidate an investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it, and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

Market quotations may be obtained from third-party pricing service providers or, if not available from third-party pricing service providers, broker-dealers, for certain of the Company's investments. Securities that are traded publicly on an exchange or other public market (e.g., stocks, exchange-traded derivatives and securities convertible into publicly traded securities, such as warrants) will be valued at the closing price of such security in the principal market in which such security trades.

Certain investments, such as mortgages, mezzanine loans, preferred equity or private company investments, are unlikely to have market quotations. For such investments, the Valuation Designee will initially determine if there is adequate collateral real estate value supporting such investments and whether the investment's yield approximates market yield. If the market yield is estimated to approximate the investment's yield, then such investment is generally valued at its par value. If the market yield is not estimated to approximate the investment's yield, the Valuation Designee will project the expected cash flows of the investment based on its contractual terms and discount such cash flows back to the valuation date based on an estimated market yield.

Market yield is estimated as of each valuation date based on a variety of inputs regarding the collateral asset(s) performance, local/macro real estate performance, and capital market conditions, in each case as determined in good faith by the Valuation Designee. These factors may include, but are not limited to: purchase price/par value of such investments; debt yield, capitalization rates, loan-to-value ratio, and replacement cost of the collateral asset(s); borrower financial condition, reputation, and indications of intent (e.g., pending repayments, extensions, defaults, etc.); and known transactions or other price discovery for comparable debt investments.

In the absence of collateral real estate value supporting such investments, the Valuation Designee will consider the residual value to its investments, following repayment of any senior debt or other obligations of the collateral asset(s).

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Interest Rate Risk**

*Investment Portfolio Net Interest Income*

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of market interest rates. The Company intends to fund portions of investments with borrowings, and at such time, net investment income will be affected by the difference between the rate at which the Company invests and the rate at which the Company borrows. Accordingly, the Company cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on net investment income.

In a declining interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing net income and potentially adversely affecting operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing net income as indicated in the following table.

As of March 31, 2026, 76% of the Company's aggregate loans and other notes and debt securities by principal balance earned a floating rate of interest and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is positively correlated to changing interest rates, subject to the impact of interest rate floors on certain investments and derivatives used by the Company.

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The following table projects the impact on the Company's interest income and expense for the twelve-month period following March 31, 2026, of an increase or decrease in the various floating-rate indices referenced by its portfolio inclusive of the impact of derivatives, assuming no change in credit spreads, portfolio composition, or asset performance, relative to the average indices during the three months ended March 31, 2026 ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Interest Rate Sensitivity as of March 31, 2026** | **Interest Rate Sensitivity as of March 31, 2026** | **Interest Rate Sensitivity as of March 31, 2026** | **Interest Rate Sensitivity as of March 31, 2026** |
| | **Increase in Rates** | **Increase in Rates** | **Decrease in Rates** | **Decrease in Rates** |
|<br>**Collateral Type** | **50 Basis Points** | **100 Basis Points** | **50 Basis Points** | **100 Basis Points** |
| &nbsp;&nbsp;Floating rate assets | $7413 | $14830 | $(7345) | $(13301) |
| &nbsp;&nbsp;Floating rate liabilities | (5412) | (10823) | 5412 | 10823 |
| &nbsp;&nbsp;Derivatives<sup>(1)</sup> | 995 | 1991 | (995) | (1991) |
| **Net exposure** | $2996 | $5998 | $(2928) | $(4469) |

---

(1)Reflects the incremental amounts of net interest the Company would pay or receive under its outstanding interest rate derivative contracts as of March 31, 2026.

*Investment Portfolio Value*

As of March 31, 2026, 24% of the Company's aggregate loans and other notes and debt securities by principal balance earned a fixed rate of interest, so the value of such investments is impacted by changes in market interest rates. In certain cases, the Company has entered into interest rate swaps or other derivative contracts to mitigate the impact of changes in market interest rates on its net asset value.

*Risk of Non-Performance*

In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates, there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the cash flows of the collateral real estate assets may not be sufficient to pay debt service due under the Company's loans and other notes, which may contribute to non-performance or, in severe cases, default. This risk is partially mitigated by the Company's consideration of rising rate stress-testing during its underwriting process, which generally includes a requirement for borrowers to purchase an interest rate cap contract with an unaffiliated third party, provide an interest reserve deposit, and/or provide interest guarantees or other structural protections.

**Credit Risks**

The Company's loans and other notes and debt securities are subject to credit risk, including the risk of default. The performance and value of the Company's investments depend upon the underlying borrowers' ability to operate the properties that serve as the Company's collateral so that they produce cash flows adequate to pay contractual interest and principal. To monitor this risk, the Company's asset management team reviews its investment portfolio and, in certain instances, is in regular contact with its borrowers, monitoring performance of the collateral and enforcing the Company's rights as necessary.

In addition, the Company is exposed to the risks generally associated with the commercial real estate market, including changes in occupancy rates, capitalization rates, absorption rates, and other macroeconomic factors beyond its control. The Company seeks to manage these risks through its underwriting and asset management processes.

The Company maintains a robust asset management relationship with its borrowers and utilizes these relationships to maximize the performance of its portfolio, including during periods of volatility. The Company believes that it benefits from these relationships and from its business model of investing in loans and other notes and debt securities collateralized by large assets in major markets with experienced, well-capitalized institutional sponsors. While the Company believes the principal amounts of its investments are generally adequately protected by underlying collateral value, there is a risk that it will not realize the entire principal value of certain investments. The Company's portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information advantages derived from its position as part of Blackstone's real estate platform. Blackstone has built the world's preeminent global real estate business, with a proven track record of successfully navigating market cycles and emerging stronger through periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone platform deeply informs the Company's credit and underwriting process, and the Company believes it gives it the tools to expertly asset manage its portfolio and work with its borrowers throughout periods of economic stress and uncertainty.

**Capital Market Risks**

The Company is exposed to risks related to the debt capital markets, and its related ability to finance its business through borrowings under credit facilities or other debt instruments. As a RIC, the Company is required to distribute a significant portion of its taxable income annually, which constrains its ability to accumulate operating cash flow and therefore requires the Company to utilize debt or equity capital to finance its business. The Company seeks to mitigate these risks by monitoring capital markets to inform its decisions on the amount, timing, and terms of capital raised.

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Margin call provisions under the Company's credit facilities secured by investments in loans and other notes generally do not permit valuation adjustments based on capital markets events and are limited to collateral-specific credit marks generally determined on a commercially reasonable basis. The Company's credit facilities secured by investments in debt securities are subject to valuation adjustments and the Company may be required to post additional collateral with counterparties.

**Counterparty Risk**

The nature of the Company's business requires it to hold cash and cash equivalents with, and obtain financing from, various financial institutions. This exposes the Company to the risk that these financial institutions may not fulfill their obligations to it under these various contractual arrangements. The Company mitigates this exposure by depositing cash and cash equivalents and entering into financing agreements with high-credit-quality institutions. The nature of the Company's loans and other notes and debt securities also exposes it to the risk that counterparties do not make required interest and principal payments on scheduled due dates.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures** 

An evaluation of the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer. Based upon this evaluation, the Company's Chief Executive Officer and Chief Financial Officer have concluded that its disclosure controls and procedures are (a) effective to ensure that information required to be disclosed by the Company in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in reports filed or submitted under the Exchange Act is accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

**Changes in Internal Controls over Financial Reporting**

There have been no changes in the Company's internal control over financial reporting that occurred during its most recently completed fiscal year that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

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**PART II - OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

The Company is not currently subject to any material legal proceedings. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business including proceedings relating to the enforcement of its rights under contracts with counterparties. The Company's business is also subject to extensive regulation, which may result in regulatory proceedings against it.

**ITEM 1A. RISK FACTORS**

There have been no material changes to the risk factors discussed in Part I, Item 1A. *"Risk Factors"* in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

Refer to the Company's Current Reports on Form 8-K filed with SEC on January 23, 2026, February 24, 2026, and March 23, 2026 for information about unregistered sales of its equity securities during the quarter.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

None.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**ITEM 6. EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description of Exhibits** |
| 3.1 | <u>[Second Amended and Restated Declaration of Trust, dated as of April 30, 2025 (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form 10, filed on May 2, 2025).](https://www.sec.gov/Archives/edgar/data/2049733/000119312525111695/d820675dex31.htm)</u> |
| 3.2 | <u>[Amended and Restated By](https://www.sec.gov/Archives/edgar/data/2049733/000119312525111695/d820675dex32.htm)[-](https://www.sec.gov/Archives/edgar/data/2049733/000119312525111695/d820675dex32.htm)[laws, dated as of April 30, 2025 (incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form 10, filed on May 2, 2025).](https://www.sec.gov/Archives/edgar/data/2049733/000119312525111695/d820675dex32.htm)</u> |
| 3.3 | <u>[Certificate of Trust, as filed with the Secretary of State of the State of Delaware on October 14, 2024 (incorporated by reference to Exhibit 3.3 to the Company's Registration Statement on Form 10, filed on April 14, 2025).](https://www.sec.gov/Archives/edgar/data/2049733/000119312525080280/d820675dex33.htm)</u> |
| 3.4 | <u>[Certificate of Amendment to Certificate of Trust, as filed with the Secretary of State of the State of Delaware on April 8, 2025 (incorporated by reference to Exhibit 3.4 to the Company's Registration Statement on Form 10, filed on April 14, 2025).](https://www.sec.gov/Archives/edgar/data/2049733/000119312525080280/d820675dex34.htm)</u> |
| 31.1 | <u>[Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](brec-3312026xexx311.htm)</u> |
| 31.2 | <u>[Certification of Principal](brec-3312026xexx312.htm)[Financial](brec-3312026xexx312.htm)[Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](brec-3312026xexx312.htm)</u> |
| 32.1 | <u>[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*](brec-3312026xexx321.htm)</u> |
| 32.2 | <u>[Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*](brec-3312026xexx322.htm)</u> |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\*Filed herewith.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by the Company in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **Blackstone Private Real Estate Credit and Income Fund** |
| Date: | May 12, 2026 | /s/ Brian Kim |
|  |  | Brian Kim |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: | May 12, 2026 | /s/ David Rosen |
|  |  | David Rosen |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Brian Kim, Chief Executive Officer of Blackstone Private Real Estate Credit and Income Fund, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Blackstone Private Real Estate Credit and Income Fund (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 12, 2026 |  |  |
|  | By: | /s/ Brian Kim |
|  |  | Brian Kim |
|  |  | Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, David Rosen, Chief Financial Officer of Blackstone Private Real Estate Credit and Income Fund, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Blackstone Private Real Estate Credit and Income Fund (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 12, 2026 |  |  |
|  | By: | /s/ David Rosen |
|  |  | David Rosen |
|  |  | Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of Blackstone Private Real Estate Credit and Income Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Company's Form 10-Q for the quarter ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the information contained in the Company's Form 10-Q for the quarter ended March 31, 2026 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: May 12, 2026 |  |  |
|  | By: | /s/ Brian Kim |
|  |  | Brian Kim |
|  |  | Chief Executive Officer |

---

\*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of Blackstone Private Real Estate Credit and Income Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Company's Form 10-Q for the quarter ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the information contained in the Company's Form 10-Q for the quarter ended March 31, 2026 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: May 12, 2026 |  |  |
|  | By: | /s/ David Rosen |
|  |  | David Rosen |
|  |  | Chief Financial Officer |

---

\*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

<br>