Blackstone Private Real Estate Credit & Income Fund 8-K

What Happened

• Blackstone Private Real Estate Credit & Income Fund (the “Fund”) and BREC Holdings, LP (the “Borrower”) entered a revolving credit facility on April 23, 2026, with Wells Fargo Bank, N.A. as administrative agent. The facility initially provides up to $150,000,000 of borrowings (filing reported April 28, 2026).
• Proceeds may be used for general corporate purposes of the Borrower and its subsidiaries, including funding acquisitions, investments, capital expenditures and working capital. The facility creates a new direct financial obligation for the parties.

Key Details

• Facility size: $150,000,000 initial aggregate commitments; accordion to the greater of $160,000,000 and 20% of the Fund’s NAV (subject to conditions).
• Letters of credit: up to $25,000,000 aggregate face amount available under the facility.
• Term and pricing: maturity April 23, 2029 (with customary extension options). Interest = alternate base rate + 1.40% (base-rate loans) or Term/Daily SOFR + 2.40% (SOFR loans). Unused commitment fee = 0.35% per annum.
• Covenants & protections: borrowing subject to maximum loan-to-value and minimum NAV tests, customary representations, reporting requirements, RIC-status maintenance requirement, and standard events of default (lenders may terminate commitments and accelerate repayment on default).

Why It Matters

• This facility provides the Fund and its operating subsidiary with multi-year liquidity and financing flexibility for investments and working capital, while also introducing new leverage and interest costs.
• Investors should note the size, cost (SOFR vs. base-rate spreads and unused fee), covenant tests (LTV/NAV) and the RIC-status requirement — any covenant breach or default could lead to acceleration of the loans and potentially affect distributions or portfolio activity.