Transaction Details

Footnotes

Reflects the forfeiture by Blackstone Real Estate Special Situations Advisors L.L.C. of common shares of beneficial interest (the "Common Shares") of Blackstone Private Real Estate Credit and Income Fund (the "Issuer") to the Issuer for no consideration. | Reflects Common Shares of Issuer that were held directly by Blackstone Real Estate Special Situations Advisors L.L.C. | Blackstone Holdings I L.P. is the managing member of Blackstone Real Estate Special Situations Advisors L.L.C. 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's senior managing directors and controlled by its founder, Stephen A. Schwarzman. | (continued from footnote 3) Each such Reporting Person may be deemed to have beneficially owned the Common Shares of the Issuer directly held by Blackstone Real Estate Special Situations Advisors L.L.C. directly or indirectly controlled by it or him, but each (other than Blackstone Real Estate Special Situations Advisors L.L.C.) 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 Blackstone Real Estate Special Situations Advisors L.L.C.) was 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.