Sec Form 3 Filing - GSO Capital Partners GP L.L.C. @ Blackstone Private Real Estate Credit & Income Fund - 2025-10-17

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 GSO Capital Partners GP L.L.C. 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 3. Date of Earliest Transaction (MM/DD/YY) 10/17/2025 (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 7,506,208.823 I See Footnotes ( 1 ) ( 2 ) ( 3 ) ( 4 ) ( 5 )

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 GSO Capital Partners GP L.L.C. C/O BLACKSTONE INC. 345 PARK AVENUE NEW YORK, NY10154 X StoneCo IV Corp C/O BLACKSTONE INC. 345 PARK AVENUE NEW YORK, NY10154 X Blackstone Holdings IV L.P. C/O BLACKSTONE INC. 345 PARK AVENUE NEW YORK, NY10154 X Blackstone Holdings IV GP L.P. 345 PARK AVENUE NEW YORK, NY10154 X Blackstone Holdings IV GP Management (Delaware) L.P. C/O BLACKSTONE INC. 345 PARK AVENUE NEW YORK, NY10154 X Blackstone Holdings IV GP Management L.L.C. C/O BLACKSTONE INC. 345 PARK AVENUE NEW YORK, NY10154 X Signatures GSO CAPITAL PARTNERS GP L.L.C. By: /s/ Lucie Enns, Name and Title: Lucie Enns, Authorized Signatory 10/21/2025 Signature of Reporting Person Date STONECO IV CORPORATION By: /s/ Victoria Portnoy, Name and Title: Victoria Portnoy, Managing Director - Assistant Secretary 10/21/2025 Signature of Reporting Person Date BLACKSTONE HOLDINGS IV L.P. By: /s/ Victoria Portnoy, Name and Title: Victoria Portnoy, Managing Director - Assistant Secretary of BX Holdings IV GP Management, GP of BX Holdings IV GP Management (DE), GP of BX Holdings IV GP, its GP 10/21/2025 Signature of Reporting Person Date BLACKSTONE HOLDINGS IV GP L.P. By: /s/ Victoria Portnoy, Name and Title: Victoria Portnoy, Managing Director - Assistant Secretary of BX Holdings IV GP Management, GP of BX Holdings IV GP Management (DE), its GP 10/21/2025 Signature of Reporting Person Date BLACKSTONE HOLDINGS IV GP MANAGEMENT (DELAWARE) L.P. By: /s/ Victoria Portnoy, Name and Title: Victoria Portnoy, Managing Director - Assistant Secretary of Blackstone Holdings IV GP Management, its general partner 10/21/2025 Signature of Reporting Person Date BLACKSTONE HOLDINGS IV GP MANAGEMENT L.L.C. By: /s/ Victoria Portnoy, Name and Title: Victoria Portnoy, Managing Director - Assistant Secretary 10/21/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Pursuant to an internal reorganization, which became effective as of October 17, 2025, GSO Advisor Holdings L.L.C., the special limited partner of Blackstone Alternative Credit Advisors LP, dissolved. As a result of the dissolution, GSO Capital Partners GP L.L.C., the general partner of Blackstone Alternative Credit Advisors LP, is, together with certain of its affiliates, now deemed to be the beneficial owner of the securities beneficially owned by Blackstone Alternative Credit Advisors LP. This internal reorganization did not involve any purchase or sale of securities of Blackstone Private Real Estate Credit and Income Fund (the "Issuer"). ( 2 )Reflects common shares of beneficial interest (the "Common Shares") of the Issuer held directly by BCRED X Holdings LLC ("BCRED X"). 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. 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. ( 3 )Blackstone Holdings IV L.P. is the majority shareholder of StoneCo IV Corporation. 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. Blackstone is the sole member of 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. ( 4 )Each such Reporting Person may be deemed to beneficially own the Common Shares of the Issuer directly held by BCRED X directly or indirectly controlled by it or him, but each (other than BCRED X to the extent of its 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 to the extent it directly holds securities of the Issuer) is the beneficial owner of such securities for purposes of Section 16 or any other purpose. ( 5 )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.

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