Material Agreement (Form 8-K)

On September 12, 2025, a special-purpose wholly-owned subsidiary (the "Seller") of Blackstone Private Real Estate Credit and Income Fund (the "Company") entered into a Master Repurchase Agreement (the "Repurchase Agreement") with Canadian Imperial Bank of Commerce (the "Administrative Agent"), as administrative agent for the financial institutions party thereto as buyers (the "Buyers"). The Repurchase Agreement provides for advances of up to $250.00 million in the aggregate, which may be increased up to $500.00 million in the aggregate at the Administrative Agent's discretion. This amount is available to be drawn by the Seller in U.S. Dollars and Canadian Dollars. The Company expects to use the Repurchase Agreement to finance the acquisition or origination of eligible assets as more particularly described in the Repurchase Agreement.

Advances under the Repurchase Agreement accrue interest at a per annum pricing rate equal to the sum of (i) term SOFR (with respect to Advances in U.S. Dollars) or term CORRA (with respect to Advances in Canadian Dollars) plus (ii) a margin to be agreed between the Seller and the Administrative Agent, on behalf of the Buyers, depending on the attributes of the purchased assets. The Repurchase Agreement has a two-yearinitial term, during which new advances can be made (the "Availability Period"). The Availability Period may be extended for additional one-yearterms at the Administrative Agent's, on behalf of Buyers, discretion. If the Availability Period is not extended, the Seller may extend the term of the advances then outstanding under the Repurchase Agreement for a period commencing on the expiration of the Availability Period and ending on the fully-extended maturity date of the last remaining asset subject to an advance under the Repurchase Agreement.

In connection with the Repurchase Agreement, the Company executed a Guaranty in favor of the Buyer (the "Guaranty"), pursuant to which the Company guarantees certain obligations of the Seller under the Repurchase Agreement.

The Repurchase Agreement and the Guaranty contain various affirmative and negative covenants including the following financial covenant applicable to the Company: minimum net asset value of not less than an amount equal to (x) $25.00 million plus (y) 25% of the dollar value of all purchases of common shares in the Company occurring after June 30, 2025 minus (z) the dollar amount paid or distributed to repurchase common shares in the Company in connection with a tender offer or any other repurchases after June 30, 2025.