Blackstone Multi-Strategy Hedge Fund L.P.

Item 3.02 Unregistered Sales of Equity Securities. On September 1, 2026, Blackstone Multi-Strategy Hedge Fund L.P. (the “Fund”) sold unregistered limited partnership units (the “Units”) for aggregate consideration of approximately $67.0 million(1). The following table details the Units sold by the Fund: Number of Units Sold(2) Consideration(1) Class I 146,268 $3,732,750 Class S 108 $2,750 Class D 108 $2,750 Class N 108 $2,750 Class I-F 2,477,134 $63,266,000 Class S-F — $— Class D-F — $— Class N-F — $— (1) The Fund, together with other Blackstone-managed parallel vehicle(s) that invest alongside the Fund, collectively form “BXHF.” On September 1, 2026, BXHF (inclusive of the Fund) issued interests for aggregate consideration of approximately $69.1 million. (2) The number of Units sold by the Fund was finalized on September 22, 2026, following the calculation of the Fund's transactional net asset values (“Transactional NAV”) as of August 31, 2026. See Item 7.01 below for more information on the Fund's Transactional NAV. The offer and sale of the Units were made as part of the Fund's continuous private offering to investors that are both (a) accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)) and (b) qualified purchasers (as defined in the Investment Company Act of 1940, as amended, and the rules thereunder) and were exempt from the registration provisions of the Securities Act pursuant to Section 4(a)(2) and Regulation D thereunder.

Item 7.01 Regulation FD Disclosure. Transactional Net Asset Value The Transactional NAV per Unit for each class of the Fund as of August 31, 2026 is as follows: Transactional NAV as of August 31, 2026 ───────────────────────────────────────────────────────── Class I $ 25.52 Class S (1) $ — Class D (1) $ — Class N (1) $ — Class I-F $ 25.54 Class S-F (2) $ — Class D-F (2) $ — Class N-F (2) $ — (1) The initial Transactional NAV per Unit for the Fund's Class S Units, Class D Units, and Class N Units is equal to the Transactional NAV per Unit for the Fund's Class I Units as of August 31, 2026. (2) The initial Transactional NAV per Unit for the Fund's Class S-F Units, Class D-F Units, and Class N-F Units will be equal to the Transactional NAV per Unit for the Fund's Class I-F Units at the time of initial sale. As of August 31, 2026, BXHF’s aggregate Transactional NAV was approximately $208.3 million. The Fund calculates Transactional NAV for purposes of establishing the price at which transactions in its Units are made. A description of the Fund's valuation process was included under “Item 9. Market Price of and Dividends on the Registrant’s Common Equity and Related Unitholder Matters - Calculation of Net Asset Value” of the Fund's Pre-Effective Amendment No. 1 to its Registration Statement on Form 10 filed on January 15, 2026. Transactional NAV is based on the month-end values of the Fund’s respective investments and other assets and the deduction of any liabilities, including certain fees and expenses, in all cases as determined in accordance with the valuation policy that has been approved by the Fund's board of directors. Organizational and offering expenses advanced on the Fund’s behalf by the investment manager are recognized as a reduction to Transactional NAV ratably over 60 months beginning on August 3, 2026, and unitholder servicing fees, as applicable, are recognized as a reduction to Transactional NAV on a monthly basis as such fees are accrued. Certain contingent tax liabilities may not be recognized as a reduction to Transactional NAV if the Fund's general partner reasonably expects such liabilities will not be recognized upon divestment of the underlying investment. Transactional NAV per Unit may differ from the Fund’s net asset value as determined in accordance with accounting principles generally accepted in the United States of America.