BX · Blackstone Inc.

Reflects Common Stock of the Issuer directly held by Blackstone Treasury Holdings III L.L.C. Blackstone Holdings III L.P. is the managing member of Blackstone Treasury Holdings III L.L.C. Blackstone Holdings III GP L.P. is the general partner of Blackstone Holdings III L.P. Blackstone Holdings III GP Management L.L.C. is the general partner of Blackstone Holdings III GP L.P. Blackstone Inc. is the sole member of Blackstone Holdings III GP Management L.L.C. The sole holder of the Series II preferred stock of Blackstone Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman.

Each of the Reporting Persons (other than to the extent it directly holds securities reported herein) disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

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.

Reflects shares of common stock, par value $0.01 ("Common Stock") acquired in a directed share program in connection with the Issuer's initial public offering.

Reflects Common Stock of the Issuer directly held by Stephen A. Schwarzman.

Each of the Reporting Persons (other than to the extent it directly holds securities reported herein) disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

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.

These shares were purchased in connection with a dividend reinvestment through brokerage accounts.

These shares were purchased in connection with a dividend reinvestment through brokerage accounts.

These shares were purchased in connection with a dividend reinvestment through brokerage accounts.

These securities are held by a family limited partnership, of which the Reporting Person is a general partner.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $125.00 to $125.98, inclusive. The Reporting Person undertakes to provide, upon request by the Securities and Exchange Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares sold at each separate price for all transactions reported on this Form 4.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $126.00 to $126.28, inclusive. The Reporting Person undertakes to provide, upon request by the Securities and Exchange Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares sold at each separate price for all transactions reported on this Form 4.

Granted under the Amended and Restated 2007 Equity Incentive Plan, 10% of these deferred restricted shares, or 12,908 shares, will vest on July 1, 2027; an additional 10%, or 12,908 shares, will on July 1, 2028; an additional 20%, or 25,815 shares, will vest on July 1, 2029; an additional 30%, or 38,723 shares, will vest on July 1, 2030; and the remaining 30%, or 38,723 shares, will vest on July 1, 2031. As these deferred restricted shares vest, the shares will be delivered to the Reporting Person, except that 1/4 of the vested shares will be held back and delivered on a future date pursuant to the terms of the Reporting Person's award agreement. Notwithstanding the foregoing, the shares may be delivered earlier upon a change in control of Blackstone.

Reflects certain transfers made between a grantor retained annuity trust ("GRAT") and the Reporting Person. Such transfers were exempt from reporting pursuant to Rule 16a-13 under the Securities Exchange Act of 1934, as amended.

Granted under the Amended and Restated 2007 Equity Incentive Plan, these deferred restricted shares will vest, and the underlying shares will be delivered, on April 1, 2027, subject to the Reporting Person's continued service on the board of directors of Blackstone Inc.

Granted under the Amended and Restated 2007 Equity Incentive Plan, 10% of these deferred restricted shares, or 15,222 shares, will vest on July 1, 2027; an additional 10%, or 15,222 shares, will vest on July 1, 2028; an additional 20%, or 30,444 shares, will vest on July 1, 2029; an additional 30%, or 45,667 shares, will vest on July 1, 2030; and the remaining 30%, or 45,667 shares, will vest on July 1, 2031. As these deferred restricted shares vest, the shares will be delivered to the Reporting Person, except that 1/4 of the vested shares will be held back and delivered on a future date pursuant to the terms of the Reporting Person's award agreement. Notwithstanding the foregoing, the shares may be delivered earlier upon a change in control of Blackstone.

Granted under the Amended and Restated 2007 Equity Incentive Plan, these deferred restricted shares will vest, and the underlying shares will be delivered, on April 1, 2027, subject to the Reporting Person's continued service on the board of directors of Blackstone Inc.

Granted under the Amended and Restated 2007 Equity Incentive Plan, 10% of these deferred restricted shares, or 30,266 shares, will vest on July 1, 2027; an additional 10%, or 30,266 shares, will vest on July 1, 2028; an additional 20%, or 60,532 shares, will vest on July 1, 2029; an additional 30%, or 90,799 shares, will vest on July 1, 2030; and the remaining 30%, or 90,799 shares, will vest on July 1, 2031. As these deferred restricted shares vest, the shares will be delivered to the Reporting Person, except that 1/4 of the vested shares will be held back and delivered on a future date pursuant to the terms of the Reporting Person's award agreement. Notwithstanding the foregoing, the shares may be delivered earlier upon a change in control of Blackstone.

Granted under the Amended and Restated 2007 Equity Incentive Plan, 10% of these deferred restricted shares, or 12,463 shares, will vest on July 1, 2027; an additional 10%, or 12,463 shares, will vest on July 1, 2028; an additional 20%, or 24,925 shares, will vest on July 1, 2029; an additional 30%, or 37,387 shares, will vest on July 1, 2030; and the remaining 30%, or 37,388 shares, will vest on July 1, 2031. As these deferred restricted shares vest, the shares will be delivered to the Reporting Person, except that 1/4 of the vested shares will be held back and delivered on a future date pursuant to the terms of the Reporting Person's award agreement. Notwithstanding the foregoing, the shares may be delivered earlier upon a change in control of Blackstone.

Granted under the Amended and Restated 2007 Equity Incentive Plan, 10% of these deferred restricted shares, or 15,267 shares, will vest on July 1, 2027; an additional 10%, or 15,267 shares, will vest on July 1, 2028; an additional 20%, or 30,533 shares, will vest on July 1, 2029; an additional 30%, or 45,800 shares, will vest on July 1, 2030; and the remaining 30%, or 45,800 shares, will vest on July 1, 2031. As these deferred restricted shares vest, the shares will be delivered to the Reporting Person, except that 1/4 of the vested shares will be held back and delivered on a future date pursuant to the terms of the Reporting Person's award agreement. Notwithstanding the foregoing, the shares may be delivered earlier upon a change in control of Blackstone.

Granted under the Amended and Restated 2007 Equity Incentive Plan, these deferred restricted shares will vest, and the underlying shares will be delivered on April 1, 2027, subject to the Reporting Person's continued service on the board of directors of Blackstone Inc.

Granted under the Amended and Restated 2007 Equity Incentive Plan, these deferred restricted shares will vest, and the underlying shares will be delivered, on April 1, 2027, subject to the Reporting Person's continued service on the board of directors of Blackstone Inc.

Granted under the Amended and Restated 2007 Equity Incentive Plan, 10% of these deferred restricted shares, or 1,780 shares, will vest on July 1, 2027; an additional 10%, or 1,780 shares, will vest on July 1, 2028; an additional 20%, or 3,561 shares, will vest on July 1, 2029; an additional 30%, or 5,341 shares, will vest on July 1, 2030; and the remaining 30%, or 5,342 shares, will vest on July 1, 2031. As these deferred restricted shares vest, the shares will be delivered to the Reporting Person, except that 1/4 of the vested shares will be held back and delivered on a future date pursuant to the terms of the Reporting Person's award agreement. Notwithstanding the foregoing, the shares may be delivered earlier upon a change in control of Blackstone.

Granted under the Amended and Restated 2007 Equity Incentive Plan, these deferred restricted shares will vest, and the underlying shares will be delivered, on April 1 2027, subject to the Reporting Person's continued service on the board of directors of Blackstone Inc.

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").

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 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 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 Inc. is the sole member of Blackstone Holdings IV GP Management L.L.C. Blackstone Holdings I L.P. is the sole member of Blackstone Private Credit Strategies LLC. 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.

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.

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.

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").

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 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 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 Inc. is the sole member of Blackstone Holdings IV GP Management L.L.C. Blackstone Holdings I L.P. is the sole member of Blackstone Private Credit Strategies LLC. 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.

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.

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.

The Reporting Person transferred 7,500 shares of common stock to a trust, of which the Reporting Person is investment trustee.

These shares are held by a trust for the benefit of the Reporting Person's spouse and descendants, of which the Reporting Person is the investment trustee.

The Reporting Person transferred 7,500 shares of common stock to a trust, of which the Reporting Person is investment trustee.

Reflects certain transfers made between a grantor retained annuity trust ("GRAT") and the Reporting Person. Such transfers were exempt from reporting pursuant to Rule 16a-13 under the Securities Exchange Act of 1934, as amended.

Reflects Class A Common Shares ("Class A Shares") of ARKO Petroleum Corp. (the "Issuer") held by funds and accounts over which Blackstone Holdings I L.P. may be deemed to have indirect voting and dispositive power. 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. The sole holder of the Series II preferred stock of Blackstone Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman.

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.

Each of the Reporting Persons disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

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").

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 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 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 Inc. is the sole member of Blackstone Holdings IV GP Management L.L.C. Blackstone Holdings I L.P. is the sole member of Blackstone Private Credit Strategies LLC. 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.

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.

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.

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").

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 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 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 Inc. is the sole member of Blackstone Holdings IV GP Management L.L.C. Blackstone Holdings I L.P. is the sole member of Blackstone Private Credit Strategies LLC. 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.

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.

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.

These shares were purchased in connection with a dividend reinvestment through brokerage accounts.

These shares were purchased in connection with a dividend reinvestment through brokerage accounts.

These securities are held by a family limited partnership, of which the Reporting Person is a general partner.

These shares were purchased in connection with a dividend reinvestment through brokerage accounts.

The price reported in Column 4 is a weighted average price. These Class A Shares were purchased in multiple transactions ranging from $17.25 to $17.87, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Class A Common Stock purchased at each separate price in the range set forth in this footnote.

Reflects Class A Common Shares ("Class A Shares") of ARKO Petroleum Corp. (the "Issuer") held by funds and accounts over which Blackstone Holdings I L.P. may be deemed to have indirect voting and dispositive power. 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. The sole holder of the Series II preferred stock of Blackstone Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman.

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.

Each of the Reporting Persons disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

A "Blackstone Holdings Partnership Unit" collectively refers to one limited partner interest in each of Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and Blackstone Holdings AI L.P. Subject to the minimum retained ownership requirements and transfer restrictions set forth in the partnership agreements of the Blackstone partnerships, the holder has the right, exercisable from time to time, to exchange each Blackstone Holdings Partnership Unit for one share of Common Stock of Blackstone Inc. The Blackstone Holdings Partnership Units have no expiration date and may not be exchanged other than pursuant to transactions or programs approved by Blackstone.

For estate planning purposes, the Reporting Person gifted interests in the limited liability company described herein to a trust for the benefit of the Reporting Person's family members, of which the Reporting Person and his spouse are trustees. Such limited liability company holds Blackstone Holdings Partnership Units. The number of Blackstone Holdings Partnership Units reported as subject to this gift represents the portion of such units that corresponds to the limited liability company interests transferred to the trust. This transaction did not change the number of Blackstone Holdings Partnership Units held by the limited liability company, which continues to hold 4,128,950 Blackstone Holdings Partnership Units.

These Blackstone Holdings Partnership Units are held by a limited liability company, of which the Reporting Person is the manager.

A "Blackstone Holdings Partnership Unit" collectively refers to one limited partner interest in each of Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and Blackstone Holdings AI L.P. Subject to the minimum retained ownership requirements and transfer restrictions set forth in the partnership agreements of the Blackstone partnerships, the holder has the right, exercisable from time to time, to exchange each Blackstone Holdings Partnership Unit for one share of Common Stock of Blackstone Inc. The Blackstone Holdings Partnership Units have no expiration date and may not be exchanged other than pursuant to transactions or programs approved by Blackstone.

For estate planning purposes, the Reporting Person gifted interests in the limited liability company described herein to a trust for the benefit of the Reporting Person's family members, of which the Reporting Person and his spouse are trustees. Such limited liability company holds Blackstone Holdings Partnership Units. The number of Blackstone Holdings Partnership Units reported as subject to this gift represents the portion of such units that corresponds to the limited liability company interests transferred to the trust. This transaction did not change the number of Blackstone Holdings Partnership Units held by the limited liability company, which continues to hold 4,128,950 Blackstone Holdings Partnership Units.

These Blackstone Holdings Partnership Units are held by a limited liability company, of which the Reporting Person is the manager.

Granted under the Amended and Restated 2007 Equity Incentive Plan, these deferred restricted shares will vest ratably over a three-year period, with 13,725 shares vesting on January 1, 2027, 13,724 shares vesting on January 1, 2028, and 13,725 shares vesting on January 1, 2029, subject to the Reporting Person's continued employment with Blackstone. As these deferred restricted shares vest, the underlying shares will be delivered to the Reporting Person. Notwithstanding the foregoing, the shares may be delivered earlier upon a change in control of Blackstone.

Granted under the Amended and Restated 2007 Equity Incentive Plan, these deferred restricted shares will vest ratably over a three-year period, with 4,987 shares vesting on January 1, 2027, 4,986 shares vesting on January 1, 2028, and 4,986 shares vesting on January 1, 2029, subject to the Reporting Person's continued employment with Blackstone. As these deferred restricted shares vest, the underlying shares will be delivered to the Reporting Person. Notwithstanding the foregoing, the shares may be delivered earlier upon a change in control of Blackstone.

Granted under the Amended and Restated 2007 Equity Incentive Plan, these deferred restricted shares will vest ratably over a three-year period, with 17,072 shares vesting on January 1, 2027, 17,072 shares vesting on January 1, 2028, and 17,072 shares vesting on January 1, 2029, subject to the Reporting Person's continued employment with Blackstone. As these deferred restricted shares vest, the underlying shares will be delivered to the Reporting Person. Notwithstanding the foregoing, the shares may be delivered earlier upon a change in control of Blackstone.

Granted under the Amended and Restated 2007 Equity Incentive Plan, these deferred restricted shares will vest ratably over a three-year period, with 552 shares vesting on January 1, 2027, 552 shares vesting on January 1, 2028, and 552 shares vesting on January 1, 2029, subject to the Reporting Person's continued employment with Blackstone. As these deferred restricted shares vest, the underlying shares will be delivered to the Reporting Person. Notwithstanding the foregoing, the shares may be delivered earlier upon a change in control of Blackstone.

Granted under the Amended and Restated 2007 Equity Incentive Plan, these deferred restricted shares will vest ratably over a three-year period, with 9,820 shares vesting on January 1, 2027, 9,819 shares vesting on January 1, 2028, and 9,819 shares vesting on January 1, 2029, subject to the Reporting Person's continued employment with Blackstone. As these deferred restricted shares vest, the underlying shares will be delivered to the Reporting Person. Notwithstanding the foregoing, the shares may be delivered earlier upon a change in control of Blackstone.

Granted under the Amended and Restated 2007 Equity Incentive Plan, these deferred restricted shares will vest ratably over a three-year period, with 17,072 shares vesting on January 1, 2027, 17,072 shares vesting on January 1, 2028, and 17,072 shares vesting on January 1, 2029, subject to the Reporting Person's continued employment with Blackstone. As these deferred restricted shares vest, the underlying shares will be delivered to the Reporting Person. Notwithstanding the foregoing, the shares may be delivered earlier upon a change in control of Blackstone.

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").

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 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 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 Inc. is the sole member of Blackstone Holdings IV GP Management L.L.C. Blackstone Holdings I L.P. is the sole member of Blackstone Private Credit Strategies LLC. 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.

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.

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.

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").

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 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 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 Inc. is the sole member of Blackstone Holdings IV GP Management L.L.C. Blackstone Holdings I L.P. is the sole member of Blackstone Private Credit Strategies LLC. 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.

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.

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.

A "Blackstone Holdings Partnership Unit" collectively refers to one limited partner interest in each of Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and Blackstone Holdings AI L.P. Subject to the minimum retained ownership requirements and transfer restrictions set forth in the partnership agreements of the Blackstone partnerships, the holder has the right, exercisable from time to time, to exchange each Blackstone Holdings Partnership Unit for one share of Common Stock of Blackstone Inc. The Blackstone Holdings Partnership Units have no expiration date and may not be exchanged other than pursuant to transactions or programs approved by Blackstone.

The Reporting Person donated 63,964 Blackstone Holdings Partnership Units to a charitable foundation.

A "Blackstone Holdings Partnership Unit" collectively refers to one limited partner interest in each of Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and Blackstone Holdings AI L.P. Subject to the minimum retained ownership requirements and transfer restrictions set forth in the partnership agreements of the Blackstone partnerships, the holder has the right, exercisable from time to time, to exchange each Blackstone Holdings Partnership Unit for one share of Common Stock of Blackstone Inc. The Blackstone Holdings Partnership Units have no expiration date and may not be exchanged other than pursuant to transactions or programs approved by Blackstone.

The Reporting Person donated 60,000 Blackstone Holdings Partnership Units to a charitable foundation.

These Blackstone Holdings Partnership Units are held by a limited liability company, of which the Reporting Person is the manager.

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").

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 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 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 Inc. is the sole member of Blackstone Holdings IV GP Management L.L.C. Blackstone Holdings I L.P. is the sole member of Blackstone Private Credit Strategies LLC. 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.

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.

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.

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").

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 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 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 Inc. is the sole member of Blackstone Holdings IV GP Management L.L.C. Blackstone Holdings I L.P. is the sole member of Blackstone Private Credit Strategies LLC. 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.

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.

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.

These shares are held by limited liability companies, over which the Reporting Person has investment and voting power.

These shares were purchased in connection with a dividend reinvestment through brokerage accounts.

These shares were purchased in connection with a dividend reinvestment through brokerage accounts.

These shares were purchased in connection with a dividend reinvestment through brokerage accounts.

These securities are held by a family limited partnership, of which the Reporting Person is a general partner.

Granted under the Amended and Restated 2007 Equity Incentive Plan, these deferred restricted shares will vest, and the underlying shares will be delivered, on November 9, 2026, subject to the Reporting Person's continued service on the board of directors of Blackstone Inc.

The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $142.77 to $142.96, inclusive. The Reporting Person undertakes to provide, upon request by the Securities and Exchange Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares purchased at each separate price for all transactions reported on this Form 4.