Private company

Blackstone Private Real Estate Credit & Income Fund

Blackstone Private Real Estate Credit & Income Fund is an investment fund based in New York, United States.1

Last updated Oct 20, 2026.

Overview

  • HeadquartersNew York, New York1
  • Incorporated inDE2
  • Business address345 Park Avenue, New York, Ny 101542
  • Filer categoryNon-accelerated filer, Emerging growth company2
  • Legal formBusiness Trust
  • Kind of organizationInvestment fund1

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The Company is externally managed by the Adviser, an affiliate of Blackstone Inc. ("Blackstone"). The Adviser is a limited liability company that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser oversees the management of the Company's activities and is responsible for making investment decisions with respect to the portfolio. A large proportion of common shares are held by a small number of shareholders, including affiliates of the Adviser.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Fiscal year20252026
Cash$38.3M7
Total assets$1.6B7
Long-term debt$817.5M7
Total liabilities$831.4M7
Retained earnings$16.1M7
Shareholders’ equity$746.4M7
Shares outstanding28.6M shares731.7M shares7

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Corporate structure

Blackstone Private Real Estate Credit & Income Fund sits at the top of its group. 23 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Blackstone Private Real Estate Credit & Income Fund

  • Blackstone Holdings I/II GP L.L.C. Filed SCHEDULE 13D/A on Blackstone Private Real Estate Credit & Income Fund, latest Sep 24, 2026 (13 filings since Jun 27, 2025)
  • Blackstone Private Real Estate Credit & Income Fund New York, New York
    • BREC Holdings, LP Subsidiary · Delaware, United States
    • BREC Securities Holdings, LLC Subsidiary · Delaware, United States
    • BREC Securities, Cayman LLC Subsidiary · Cayman Islands
    • RE BDC EUR Loan Holdings, LLC Subsidiary · Delaware, United States
    • RE BDC EUR Loans 0, LLC Subsidiary · Delaware, United States
    • RE BDC EUR Loans 1, LLC Subsidiary · Delaware, United States
    • RE BDC EUR Loans 2, LLC Subsidiary · Delaware, United States
    • RE BDC GBP Loan Holdings, LP Subsidiary · Delaware, United States
    • RE BDC GBP Loans 0 GP, LLC Subsidiary · Delaware, United States
    • RE BDC GBP Loans 0, LP Subsidiary · Delaware, United States
    • RE BDC GBP Loans 1 GP, LLC Subsidiary · Delaware, United States
    • RE BDC GBP Loans 1, LP Subsidiary · Delaware, United States
    • RE BDC GPB Loans 2 GP, LLC Subsidiary · Delaware, United States
    • RE BDC GPB Loans 2, LP Subsidiary · Delaware, United States
    • RE BDC Loan Holdings, LLC Subsidiary · Delaware, United States
    • RE BDC Loans 0, LLC Subsidiary · Delaware, United States
    • RE BDC Loans 1, LLC Subsidiary · Delaware, United States
    • RE BDC Loans 2, LLC Subsidiary · Delaware, United States
    • RE BDC Loans 3, LLC Subsidiary · Delaware, United States
    • RE BDC Loans 4, LLC Subsidiary · Delaware, United States
    • RE BDC Loans KA, LLC Subsidiary · Delaware, United States
    • RE BDC Loans RH, LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Blackstone Private Real Estate Credit & Income Fund reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$38.3M7 Dec 31, 2025

Properties, in its own words

The Company's headquarters are located at 345 Park Avenue, New York, NY 10154 and are provided by the Adviser. The Company believes that the office facilities are suitable and adequate for its business as it is contemplated to be conducted.

Item 2 of the 10-K filed Feb 27, 2026.4

Leadership

Who has led Blackstone Private Real Estate Credit & Income Fund, and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. David Nathan Rosen2025–now
Board members and other officers (1)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorBrian Kim named Apr 30, 202610
  • DirectorKristen S. Leopold named Apr 30, 202610
  • DirectorMichelle S. Greene named Apr 30, 202610
  • DirectorTimothy S. Johnson named Apr 30, 202610
  • DirectorTracy S. Collins named Apr 30, 202610

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • BREC Holdings, LP Delaware3
  • BREC Securities Holdings, LLC Delaware3
  • BREC Securities, Cayman LLC Cayman Islands3
  • RE BDC EUR Loan Holdings, LLC Delaware3
  • RE BDC EUR Loans 0, LLC Delaware3
  • RE BDC EUR Loans 1, LLC Delaware3
  • RE BDC EUR Loans 2, LLC Delaware3
  • RE BDC GBP Loan Holdings, LP Delaware3
  • RE BDC GBP Loans 0 GP, LLC Delaware3
  • RE BDC GBP Loans 0, LP Delaware3
  • RE BDC GBP Loans 1 GP, LLC Delaware3
  • RE BDC GBP Loans 1, LP Delaware3
  • RE BDC GPB Loans 2 GP, LLC Delaware3
  • RE BDC GPB Loans 2, LP Delaware3
  • RE BDC Loan Holdings, LLC Delaware3
  • RE BDC Loans 0, LLC Delaware3
  • RE BDC Loans 1, LLC Delaware3
  • RE BDC Loans 2, LLC Delaware3
  • RE BDC Loans 3, LLC Delaware3
  • RE BDC Loans 4, LLC Delaware3
  • RE BDC Loans KA, LLC Delaware3
  • RE BDC Loans RH, LLC Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Blackstone Private Real Estate Credit FundFeb 14, 2025 to Mar 14, 20252

Timeline

  1. Sep 24, 20268-K Unregistered sale of shares11
  2. Aug 24, 20268-K Unregistered sale of shares12
  3. Jul 24, 20268-K Unregistered sale of shares13
  4. Jun 24, 20268-K Unregistered sale of shares14
  5. May 26, 20268-K Unregistered sale of shares15
  6. Apr 28, 20268-K Entered a material agreement; New debt or obligation16
  7. Apr 24, 20268-K Unregistered sale of shares17
  8. Mar 23, 20268-K Unregistered sale of shares18
  9. Feb 24, 20268-K Unregistered sale of shares19
  10. Jan 23, 20268-K Unregistered sale of shares20
  11. Dec 22, 20258-K Unregistered sale of shares21
  12. Nov 24, 20258-K Unregistered sale of shares22

Filings

89 filings to the SEC since October 2021: 1 annual reports, 4 quarterly reports, 21 major events, 39 insider forms, 13 large holders, 2 private raises, 9 other. The latest 20:

  1. Sep 24, 20268-K EDGAR
  2. Sep 24, 20264 EDGAR
  3. Sep 24, 20264 EDGAR
  4. Sep 24, 2026SCHEDULE 13D/A EDGAR
  5. Aug 24, 20268-K EDGAR
  6. Aug 24, 20264 EDGAR
  7. Aug 24, 20264 EDGAR
  8. Aug 24, 2026SCHEDULE 13D/A EDGAR
  9. Aug 24, 20264/A EDGAR
  10. Aug 24, 20264/A EDGAR
  11. Aug 24, 20263 OWNERSHIP DOCUMENT EDGAR
  12. Aug 11, 202610-Q EDGAR
  13. Jul 24, 20268-K EDGAR
  14. Jul 24, 20263 EDGAR
  15. Jul 24, 20264 EDGAR
  16. Jul 24, 2026SCHEDULE 13D/A EDGAR
  17. Jun 24, 20268-K EDGAR
  18. Jun 24, 20264 EDGAR
  19. Jun 24, 2026SCHEDULE 13D/A EDGAR
  20. May 26, 20268-K EDGAR

The 89 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

24 open-market trades by officers, directors and large owners since October 2021: 24 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 23, 2026Blackstone Inc.10% ownerBuy191,695$26.17$5.0MForm 4
Sep 23, 2026Blackstone Advisory Services L.L.C.10% ownerBuy191,695$26.17$5.0MForm 4
Aug 21, 2026Blackstone Group Management L.L.C.10% ownerBuy272,642$26.14$7.1MForm 4
Aug 21, 2026Blackstone Private Credit Strategies LLC10% ownerBuy272,642$26.14$7.1MForm 4
Jul 23, 2026Blackstone Holdings I L.P.10% ownerBuy573,614$26.15$15.0MForm 4
Jun 23, 2026Blackstone Holdings IV L.P.10% ownerBuy769,893$26.14$20.1MForm 4
Jun 23, 2026Blackstone Private Credit Strategies LLC10% ownerBuy769,893$26.14$20.1MForm 4
Jun 23, 2026Blackstone Holdings I L.P.10% ownerBuy765,111$26.14$20.0MForm 4
Mar 20, 2026Blackstone Private Multi-Asset Credit & Income Fund10% ownerBuy2,868,069$26.15$75.0MForm 4
Mar 20, 2026Blackstone Holdings IV GP L.P.10% ownerBuy2,868,069$26.15$75.0MForm 4
Feb 23, 2026Blackstone Private Credit Strategies LLC10% ownerBuy1,146,789$26.16$30.0MForm 4
Feb 23, 2026Blackstone Inc.10% ownerBuy1,146,789$26.16$30.0MForm 4
Dec 19, 2025Blackstone Holdings IV GP Management (Delaware) L.P.10% ownerBuy384,468$26.01$10.0MForm 4
Dec 19, 2025GSO Capital Partners GP L.L.C.10% ownerBuy384,468$26.01$10.0MForm 4
Nov 21, 2025SCHWARZMAN STEPHEN A10% ownerBuy385,208$25.96$10.0MForm 4
Nov 21, 2025BCRED X HOLDINGS LLC10% ownerBuy385,208$25.96$10.0MForm 4
Oct 21, 2025Blackstone Holdings IV GP Management (Delaware) L.P.10% ownerBuy9,313,155$25.77$240.0MForm 4
Oct 21, 2025BCRED X HOLDINGS LLC10% ownerBuy9,313,155$25.77$240.0MForm 4
Sep 22, 2025SCHWARZMAN STEPHEN A10% ownerBuy2,538,071$25.61$65.0MForm 4
Sep 22, 2025Blackstone Credit BDC Advisors LLC10% ownerBuy2,538,071$25.61$65.0MForm 4

All 24 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. May 1, 2025Raised $940.5 million in a private offering of securities Form D: 3 investors so far Form D

SEC filer profile

How Blackstone Private Real Estate Credit & Income Fund is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBlackstone Private Real Estate Credit & Income Fund1
  • CIK0002049733
  • Employer ID (EIN)33-66572754
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Business address345 Park Avenue, New York, NY 101541
  • Phone000-000-00001
  • Shares outstanding38,777,196 as of Jul 31, 20266
  • Public float$0 as of Jun 30, 20257
  • AuditorDELOITTE & TOUCHE LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceFeb 14, 20251
  • Filings92 in all: 4 (23), 8-K (21), 3 (14), SCHEDULE 13D/A (12), 10-Q (4), 10-12G/A (3), 4/A (2), 40-17G (2)1
    All 17 form types

    40-APP/A (2), CORRESP (2), 10-12G (1), 10-K (1), 40-APP (1), D (1), D/A (1), N-54A (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Latest 8-K (8-K) Sep 24, 2026

Risk factors and legal proceedings

The risks Blackstone Private Real Estate Credit & Income Fund names in Item 1A of its 10-K filed Feb 27, 2026: 77 risks under these headings, as written.4

  • Risks Related to the Company's Business and Structure
  • The Company has a limited operating history.
  • The Company's ability to achieve the investment objectives depends on the ability of the Adviser to manage and support the Company's investment process. If the Adviser were to lose any members of its senior management teams, the Company's ability to achieve the investment objectives could be significantly harmed.
  • Because the Company's business model depends to a significant extent upon relationships with borrowers, the inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect the Company's business.
  • The Company's investment strategy, asset allocation and financing strategy may be changed without shareholder consent.
  • The Company operates in a competitive market for lending and investment opportunities, which may intensify, and competition may limit its ability to originate or acquire desirable loans and investments or dispose of investments, and could also affect the yields of these investments and have a material adverse effect on the Company's business, financial condition and results of operations.
  • A large proportion of the common shares are concentrated in a small number of shareholders, including affiliates of the Adviser, which exposes the Company to risks, including risks related to the repurchases of the common shares.
  • The Company is uncertain of the sources for funding the future capital needs; if the Company cannot obtain debt or equity financing on acceptable terms, the ability to acquire investments and to expand operations will be adversely affected.
  • The Company may have difficulty sourcing investment opportunities.
  • The Company faces risks from geopolitical events that may cause market disruptions.
  • Risks associated with climate change may adversely affect the Company's business and financial results and damage its reputation.
  • As required by the 1940 Act, a significant portion of the Company's investment portfolio is and will be recorded at fair value pursuant to policies adopted by, and subject to the oversight of, the Board of Trustees and as determined by the Adviser, in its capacity as "Valuation Designee," and, as a result, there is and will be uncertainty as to the value of its portfolio investments.
The other 66 risks
  • There is a risk that investors in common shares may not receive distributions or that distributions may decrease over time.
  • The amount of any distributions that may be made is uncertain. The Company's distributions may exceed earnings, particularly during the period before it has substantially invested the net proceeds from its continuous private offering. Therefore, portions of the distributions that the Company makes may represent a return of capital to you that will lower your tax basis in your common shares and reduce the amount of funds the Company has for investment in targeted assets.
  • Any unrealized losses the Company experiences on the portfolio may be an indication of future realized losses, which could reduce the income available for distribution.
  • The Company has not established any limit on the amount of funds that may be used from available sources, such as borrowings, if any, or proceeds from a continuous private offering, to fund distributions (which may reduce the amount of capital ultimately invested in assets).
  • Technological or other innovations and industry disruptions may negatively impact the Company and its investments.
  • Cybersecurity risks and data security incidents could result in the loss of data, interruptions in the Company's business, damage to the Company's reputation, and subject the Company to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on the Company's business and results of operations.
  • Trade negotiations and related government actions may create regulatory uncertainty for the Company's borrowers and issuers and adversely affect their businesses and financial condition and the Company's ability to successfully execute its investment strategy.
  • Changes in laws or regulations governing the Company's operations, including financial regulatory changes in the U.S., may adversely affect the Company's business or cause the Company to alter the Company's business strategy.
  • The impact of financial reform legislation is uncertain.
  • The Company, the Adviser and the respective affiliates are subject to regulatory oversight, which could negatively impact operations, cash flow or financial condition, impose additional costs or otherwise adversely affect the Company's business.
  • The Company is subject to risks related to sustainability matters.
  • The Company and the Adviser could be the target of litigation or regulatory investigations.
  • State and foreign licensing requirements may cause the Company to incur expenses and its failure to be properly licensed may have a material adverse effect on the Company and its operations.
  • Transactions denominated in foreign currencies subject the Company to foreign currency risks.
  • Economic and trade sanctions and anti-bribery regulations may limit the Company's ability to transact in certain countries or with certain parties.
  • The Company's Board of Trustees may amend the Declaration of Trust without prior shareholder approval.
  • Provisions of the Declaration of Trust and bylaws could deter takeover attempts and have an adverse effect on the value of the Company's common shares.
  • Because the Company is an acquired fund under Rule 12d1-4, regulatory limitations may restrict the Company's ability to pursue certain investment opportunities that would otherwise be available to the Company.
  • Certain funds and accounts may invest in the Company and may at times have substantial investments in the Company.
  • The Company will not be required to comply with certain reporting requirements, including those relating to auditor's attestation reports on the effectiveness of the Company's system of internal control over financial reporting, accounting standards and disclosure about executive compensation, that apply to other public companies.
  • Risks Related to the Company's Investments
  • The Company's real estate credit investments expose it to risks.
  • The Company's commercial mortgage and mezzanine debt investments expose the Company to risks.
  • The Company's investments may face credit risk, which in turn may impact its business and the return to shareholders.
  • Commercial real estate-related investments that are secured, directly or indirectly, by real property are subject to delinquency, foreclosure and loss, which could result in losses to the Company.
  • B-Notes, mezzanine loans, and other investments (such as preferred equity) that are subordinated or otherwise junior in the capital structure and that involve privately negotiated structures will expose the Company to greater risk of loss.
  • Loans or investments involving international real estate-related assets are subject to special risks that the Company may not manage effectively, which could have a material adverse effect on the results of operations and financial condition and the Company's ability to pay distributions to its shareholders.
  • A prolonged economic slowdown, a lengthy or severe recession, severe public health events or declining real estate values could impair the Company's investments and harm its operations.
  • The Company invests in securities rated below investment grade, which exposes it to multiple risks.
  • The Company may invest in investment grade securities, which exposes it to downgrade risk.
  • Any distressed loans or investments the Company makes, or loans and investments that later become distressed, may subject the Company to losses and other risks.
  • Loans on properties in transition may involve a greater risk of loss than conventional mortgage loans.
  • Risks of cost overruns and noncompletion of renovations of properties in transition may result in significant losses.
  • There are increased risks involved with construction lending activities.
  • The Company may be subject to lender liability claims, and if it is held liable under such claims, the Company could be subject to losses.
  • The Company's loans and investments may be concentrated in terms of geography, asset types, and sponsors, which could subject it to increased risk of loss.
  • The Company's due diligence process for investment opportunities may not reveal all relevant information.
  • The illiquidity of certain assets the Company may invest in may adversely affect its business.
  • The Company may not have the funds or ability to make additional investments in its borrowers or to meet its unfunded future funding commitments.
  • The Company's investments may include OID and PIK instruments.
  • The timing of loan repayment is difficult to predict and may adversely affect the Company's financial performance, liquidity and cash flows.
  • Difficulty in redeploying the proceeds from repayments of the Company's existing loans and investments may cause its financial performance and returns to investors to suffer.
  • The Company is subject to risks associated with investing alongside other third parties, including that it may invest through joint ventures and control may be limited over certain of the Company's loans and investments.
  • The Company is subject to risks associated with investing through Subsidiaries.
  • The success of the Company's investment strategy depends, in part, on its ability to successfully effectuate loan modifications and/or restructurings.
  • Financial or operating difficulties of the Company's borrowers may result in it being subject to bankruptcy proceedings.
  • The Company may foreclose on certain of the loans it originates or acquires, which could result in losses that negatively impact its results of operations and financial condition.
  • If the Company becomes the owner of real estate, it will be subject to the risks inherent in the ownership and operation of real estate and the construction and development of real estate.
  • Investments in net leased commercial properties will expose the Company to risks.
  • The failure of servicers to effectively service the loans and/or pools thereof in which the Company has an investment would materially and adversely affect the Company.
  • The Adviser may rely on projections or third-party reports, which estimates may vary from actual results.
  • The Company may be adversely affected by trends in the office real estate industry.
  • The Company may make investments related to data centers, which exposes it to related risks.
  • Insurance on properties underlying or securing the Company's investments may not cover all losses.
  • The Company may use a wide range of investment techniques that could expose it to a diverse range of risks.
  • The Company may invest in significant risk transfer securities, or other similar synthetic instruments, issued by banks or other financial institutions.
  • Certain risks associated with CMBS may adversely affect the Company's results of operations and financial condition.
  • Concentrated CMBS investments may pose specific risks beyond the control of the Adviser that may adversely affect the Company's results of operations and financial condition.
  • The quality of the CMBS is dependent on the credit quality and selection of the mortgages for each issuance.
  • The Company's CMBS investments may face risks associated with extensions that may adversely affect its results of operations and financial condition.
  • There are certain risks associated with the servicers of commercial real estate loans underlying CMBS and other investments.
  • The Company may find it necessary or desirable to foreclose on certain of the loans or CMBS it acquires, and the foreclosure process may be lengthy and expensive.
  • Investments in RMBS, which may include government mortgage pass-through securities and non-agency RMBS, expose the Company to risks.
  • The Company will face risks related to its investments in collateralized loan obligations.
  • There are certain risks associated with the insolvency of obligations backing MBS and other investments.
  • There are certain risks associated with MBS interest shortfalls.
  • Risks Related to the Adviser and Its Affiliates
  • The Company is subject to the 1940 Act regarding its ability to transact with affiliates of the Company.

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.

The opening of Item 3, Legal Proceedings.4

Sources

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