Sec Form 3 Filing - BCRED X HOLDINGS LLC @ Blackstone Private Real Estate Credit & Income Fund - 2025-06-23

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person BCRED X HOLDINGS LLC 2. Issuer Name and Ticker or Trading Symbol Blackstone Private Real Estate Credit & Income Fund [ NONE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O BLACKSTONE INC., 345 PARK AVENUE, 31ST FLOOR 3. Date of Earliest Transaction (MM/DD/YY) 06/23/2025 (Street) NEW YORK, NY10154 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Shares of Beneficial Interest 2,989,238.741 I See Footnotes ( 1 ) ( 3 ) ( 4 ) ( 5 ) ( 6 ) Common Shares of Beneficial Interest 1,793,543.244 I See Footnotes ( 2 ) ( 3 ) ( 4 ) ( 5 ) ( 6 )

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

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other BCRED X HOLDINGS LLC C/O BLACKSTONE INC. 345 PARK AVENUE, 31ST FLOOR NEW YORK, NY10154 X Blackstone Private Credit Fund C/O BLACKSTONE INC. 345 PARK AVENUE, 31ST FLOOR NEW YORK, NY10154 X Blackstone Private Credit Strategies LLC C/O BLACKSTONE INC. 345 PARK AVENUE, 31ST FLOOR NEW YORK, NY10154 X Blackstone Credit BDC Advisors LLC C/O BLACKSTONE INC. 345 PARK AVENUE NEW YORK, NY10154 X Blackstone Alternative Credit Advisors LP C/O BLACKSTONE INC. 345 PARK AVENUE NEW YORK, NY10154 X GSO Advisor Holdings L.L.C. C/O BLACKSTONE INC. 345 PARK AVENUE NEW YORK, NY10154 X Signatures BCRED X HOLDINGS LLC, By: Blackstone Private Credit Fund, its sole member, By: /s/ Oran Ebel, Name: Oran Ebel, Title: Chief Legal Officer and Secretary 06/27/2025 Signature of Reporting Person Date BLACKSTONE PRIVATE CREDIT FUND, By: /s/ Oran Ebel, Name: Oran Ebel, Title: Chief Legal Officer and Secretary 06/27/2025 Signature of Reporting Person Date BLACKSTONE PRIVATE CREDIT STRATEGIES LLC, By: /s/ Marisa Beeney, Name: Marisa Beeney, Authorized Signatory 06/27/2025 Signature of Reporting Person Date BLACKSTONE CREDIT BDC ADVISORS LLC By: /s/ Marisa Beeney Name: Marisa Beeney Title: Senior Managing Director 06/27/2025 Signature of Reporting Person Date BLACKSTONE ALTERNATIVE CREDIT ADVISORS LP By: /s/ Marisa Beeney Name: Marisa Beeney Title: Senior Managing Director 06/27/2025 Signature of Reporting Person Date GSO ADVISOR HOLDINGS L.L.C. By: Blackstone Holdings I L.P., its sole member, By: Blackstone Holdings I/II GP L.L.C., its general partner, By: /s/ Victoria Portnoy, Name: Victoria Portnoy, Title: Managing Director - Assistant Secretary 06/27/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Reflects common shares of beneficial interest (the "Common Shares") of Blackstone Private Real Estate Credit and Income Fund (the "Issuer") held directly by BCRED X Holdings LLC ("BCRED X"). ( 2 )Reflects securities of the Issuer held directly by Blackstone Private Multi-Asset Credit and Income Fund ("BMACX" and together with BCRED X, the "Blackstone Holders"). ( 3 )Blackstone Private Credit Fund is the sole member of BCRED X. Blackstone Private Credit Strategies LLC is the investment adviser of Blackstone Private Credit Fund and BMACX. Blackstone Credit BDC Advisors LLC is the sub-adviser of Blackstone Private Credit Fund. Blackstone Alternative Credit Advisors LP is the sole member of Blackstone Credit BDC Advisors LLC. GSO Advisor Holdings L.L.C. is the special limited partner of Blackstone Alternative Credit Advisors LP with the investment and voting power over the securities beneficially owned by Blackstone Alternative Credit Advisors LP. ( 4 )Blackstone Holdings I L.P. is the sole member of Blackstone Private Credit Strategies LLC and GSO Advisor Holdings L.L.C.. Blackstone Holdings I/II GP L.L.C. is the general partner of Blackstone Holdings I L.P. Blackstone Inc. is the sole member of Blackstone Holdings I/II GP L.L.C. Blackstone Group Management L.L.C. is the sole holder of the Series II preferred stock of Blackstone Inc. Blackstone Group Management L.L.C. is wholly-owned by Blackstone Inc.'s senior managing directors and controlled by its founder, Stephen A. Schwarzman. ( 5 )Each such Reporting Person may be deemed to beneficially own the Common Shares of the Issuer directly held by the Blackstone Holders directly or indirectly controlled by it or him, but each (other than BCRED X and BMACX to the extent of their respective direct holdings) disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, and this filing shall not be deemed an admission that any of the Reporting Persons (other than BCRED X and BMACX to the extent each directly holds securities of the Issuer) is the beneficial owner of such securities for purposes of Section 16 or any other purpose. ( 6 )Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person.

Remarks: Because no more than 10 reporting persons can file any one Form 3 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed separate Forms 3.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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