Blackstone Private Real Estate Credit & Income Fund

Footnotes

F1

Reflects common shares of beneficial interest (the "Common Shares") of Blackstone Private Real Estate Credit and Income Fund (the "Issuer") held directly by Blackstone Private Multi-Asset Credit and Income Fund ("BMACX"). Blackstone Private Credit Strategies LLC is the investment adviser of BMACX. Blackstone Intermediary Holdco L.L.C. is the sole member of Blackstone Private Credit Strategies LLC. Blackstone Securities Partners L.P. is the sole member of Blackstone Intermediary Holdco L.L.C. Blackstone Advisory Services L.L.C. is the general partner of Blackstone Securities Partners L.P. Blackstone Holdings I L.P. is the sole member of Blackstone Advisory Services L.L.C. Blackstone Holdings I/II GP L.L.C. is the general partner of Blackstone Holdings I L.P.↩ 1

F2

Reflects Common Shares of the Issuer held directly by Blackstone Private Real Estate Credit & Income Fund (Offshore Strategic Feeder Fund) L.P. ("BREC-S"). BREC Offshore Feeder GP, L.L.C. is the general partner of BREC-S. Blackstone Holdings IV L.P. is the sole member of BREC Offshore Feeder GP, L.L.C. Blackstone Holdings IV GP L.P. is the general partner of Blackstone Holdings IV L.P. Blackstone Holdings IV GP Management (Delaware) L.P. is the general partner of Blackstone Holdings IV GP L.P. Blackstone Holdings IV GP Management L.L.C. is the general partner of Blackstone Holdings IV GP Management (Delaware) L.P.↩ 1

F3

Reflects Common Shares of the Issuer held directly by BCRED X Holdings LLC ("BCRED X" and together with BMACX and BREC-S, the "Blackstone Holders"). 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.↩ 1

F4

Blackstone Intermediary Holdco L.L.C. is the sole member of Blackstone Private Credit Strategies LLC. Blackstone Securities Partners L.P. is the sole member of Blackstone Intermediary Holdco L.L.C. Blackstone Advisory Services L.L.C. is the general partner of Blackstone Securities Partners L.P. Blackstone Holdings I L.P. is the sole member of Blackstone Advisory Services L.L.C. 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 Capital Partners GP L.L.C. is the general partner of Blackstone Alternative Credit Advisors LP. StoneCo IV Corporation is the sole member of GSO Capital Partners GP L.L.C. Blackstone Holdings AI L.P. is the sole shareholder of StoneCo IV Corporation. Blackstone Holdings I/II GP L.L.C. is the general partner of Blackstone Holdings AI L.P. and Blackstone Holdings I L.P.↩ 1

F5

Blackstone Inc. is the sole member of Blackstone Holdings I/II GP L.L.C. and Blackstone Holdings IV GP Management 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.↩ 1↩ 2↩ 3

F6

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 such Reporting Person, but each (other than each of the Blackstone Holders, 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 the Blackstone Holders, 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.↩ 1↩ 2↩ 3

F7

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.↩ 1↩ 2↩ 3