Blackstone Real Estate Income Master Fund NPORT-P Blackstone Real Estate Income Master Fund (Mar 2020 report)

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments

March 31, 2020 (Unaudited)

	Principal Amount		Value
LONG-TERM INVESTMENTS — 106.9%
COMMERCIAL MORTGAGE-BACKED SECURITIES — 76.9%
Arbor Realty Collateralized Loan Obligation Ltd., Series2020-FL1, Class C, 1 mo. USD LIBOR + 2.05%, 3.71%, 02/15/35 (a),(b),(d)	$	2,715,000	$	2,181,094
Ashford Hospitality Trust, Series 2018-KEYS, Class E, 1 mo. USD LIBOR + 4.15%, 4.85%, 05/15/35 (a),(b),(c)		5,897,000		4,367,934
BAMLLRe-REMIC Trust, Series 2014-FRR9, Class F, 1 mo. USD LIBOR + 20.15%, 4.88%, 12/26/46 (a),(b),(d)		22,162,790		21,745,310
Bancorp Commercial Mortgage Trust, Series 2018-CRE4, Class D, 1 mo. USD LIBOR + 2.10%, 2.80%, 09/15/35 (a),(b),(c),(d)		917,000		771,735
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PW12, Class D, 5.58%, 09/11/38 (a),(b),(d)		549,575		285,779
CFCRE Commercial Mortgage Trust, Series2017-C8, Class D, 3.00%, 06/15/50 (a),(c)		5,741,000		3,867,980
Citigroup Commercial Mortgage Trust, Series2012-GC8, Class D, 4.88%, 09/10/45 (a),(b),(c),(d)		4,258,000		3,643,801
Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class E, 4.59%, 03/10/47 (a),(b),(d)		100,000		77,191
Citigroup Commercial Mortgage Trust, Series2019-C7, Class E, 2.75%, 12/15/72 (a),(b),(d)		639,000		320,822
Cold Finance PLC,
Series 1, Class C, 3 mo. GBP LIBOR + 1.95%, 2.70%, 08/20/29 (b),(e)	£	231,000		275,199
Series 1, Class D, 3 mo. GBP LIBOR + 2.50%, 3.25%, 08/20/29 (b),(e)		761,000		903,895
Series 1, Class E, 3 mo. GBP LIBOR + 3.55%, 4.30%, 08/20/29 (b),(e)		779,000		927,065
Colony American Finance Ltd., Series 2018-1D, Class D, 4.92%, 06/15/51 (a),(c)	$	1,409,000		1,162,239
COMM Mortgage Trust, Series 2014-CR14, Class D, 4.63%, 02/10/47 (a),(b),(d)		635,000		536,272
COMM Mortgage Trust,
Series 2019-GC44, Class 180C, 3.40%, 08/15/57 (a),(b),(d)		216,000		160,510
Series 2019-GC44, Class 180D, 3.40%, 08/15/57 (a),(b),(d)		147,000		103,283
Commercial Mortgage Pass Through Certificates,
Series 2016-CR28, Class D, 3.90%, 02/10/49 (b),(c)		688,000		549,463
Series 2016-CR28, Class F, 3.25%, 02/10/49 (a),(c)		13,754,000		8,373,113
Series 2016-CR28, Class G, 3.25%, 02/10/49 (a),(d)		5,951,000		3,045,109
Series 2016-CR28, Class H, 3.25%, 02/10/49 (a),(d)		9,169,000		4,125,511
Series 2016-CR28, Class J, 3.25%, 02/10/49 (a),(d)		15,121,412		3,640,229
Commercial Mortgage Trust, Series2005-C6, Class G, 5.73%, 06/10/44 (a),(b),(d)		1,126,887		1,129,440
Commercial Mortgage Trust, Series2006-CD3 SEQ, Class AJ, 5.69%, 10/15/48 (d)		6,950,887		4,037,630
Commercial Mortgage Trust,
Series2013-CR8, Class E, 3.95%, 06/10/46 (a),(b),(c)		9,423,992		7,364,309
Series2013-CR8, Class F, 3.95%, 06/10/46 (a),(b),(d)		3,009,000		2,222,682
Commercial Mortgage Trust, Series 2013-LC13, Class D, 5.29%, 08/10/46 (a),(b),(c)		2,218,000		1,891,636
Commercial Mortgage Trust,
Series2014-FL5, Class KH1, 1 mo. USD LIBOR + 3.65%, 5.31%, 08/15/31 (a),(b),(d)		16,128,000		15,002,806
Series2014-FL5, Class KH2, 1 mo. USD LIBOR + 4.50%, 6.16%, 08/15/31 (a),(b),(d)		10,456,562		9,193,218
Commercial Mortgage Trust, Series 2014-UBS5, Class D, 3.50%, 09/10/47 (a),(c)		4,395,000		3,054,680
Commercial Mortgage Trust,
Series 2014-UBS6, Class D, 3.95%, 12/10/47 (a),(b),(c)		658,000		493,879
Series 2014-UBS6, Class E, 4.45%, 12/10/47 (a),(b),(c)		9,693,000		6,097,277
Commercial Mortgage Trust, Series 2015-CR22, Class E, 3.00%, 03/10/48 (a),(d)		4,797,000		3,089,979
Commercial Mortgage Trust,
Series 2015-CR23, Class D, 4.30%, 05/10/48 (b),(c)		958,000		746,255
Series 2015-CR23, Class E, 3.23%, 05/10/48 (a),(c),(d)		7,180,000		4,927,349
Series 2015-CR23, Class F, 4.30%, 05/10/48 (a),(b),(d)		1,170,000		665,615
Commercial Mortgage Trust, Series 2015-CR24, Class D, 3.46%, 08/10/48 (b),(c)		2,215,000		1,503,335
Commercial Mortgage Trust, Series 2015-CR25, Class D, 3.79%, 08/10/48 (b),(c),(d)		6,172,000		4,499,068
Commercial Mortgage Trust, Series 2015-CR27, Class D, 3.47%, 10/10/48 (a),(b),(c)		6,540,000		5,043,780
Commercial Mortgage Trust,
Series 2015-LC21, Class D, 4.36%, 07/10/48 (b),(c)		1,259,000		959,666
Series 2015-LC21, Class E, 3.25%, 07/10/48 (a),(c)		9,077,000		5,840,749
Commercial Mortgage Trust, Series2016-CD1, Class D, 2.77%, 08/10/49 (a),(b),(c),(d)		4,463,000		3,083,476
Commercial Mortgage Trust, Series 2016-COR1, Class D, 3.38%, 10/10/49 (a),(b),(c)		8,294,000		5,881,561
Commercial Mortgage Trust, Series2016-DC2, Class D, 3.89%, 02/10/49 (a),(b),(c)		877,000		641,156
Corevest American Finance Trust, Series2017-2 SEQ, Class M, 5.62%, 12/25/27 (a),(d)		933,000		795,977

See Notes to Consolidated Schedule of Investments.

1

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

	Principal Amount		Value
Corevest American Finance Trust,
Series2019-1, Class D, 4.82%, 03/15/52 (a),(d)	$	377,000	$	313,928
Series2019-1, Class E, 5.49%, 03/15/52 (a),(d)		202,000		165,076
CoreVest American Finance Trust,
Series2019-2, Class D, 4.22%, 06/15/52 (a),(d)		195,000		160,873
Series2019-2, Class E, 5.22%, 06/15/52 (a),(b),(d)		234,000		186,445
Corevest American Finance Trust,
Series2019-3, Class D, 3.76%, 10/15/52 (a),(d)		106,000		83,910
Series2019-3, Class E, 4.74%, 10/15/52 (a),(b),(d)		140,000		111,169
Corevest American Finance Trust, Series2020-1, Class E, 4.83%, 03/15/50 (a),(b),(d)		100,000		84,231
Credit Suisse Commercial Mortgage Trust, Series2007-C3, Class AJ, 5.48%, 06/15/39 (b),(d)		37,297		19,552
Credit Suisse First Boston Mortgage Securities Corp., Series2005-C5, Class G, 5.10%, 08/15/38 (a),(b),(d)		4,778,560		4,629,832
Credit Suisse Mortgage Trust, Series2006-C5, Class AJ, 5.37%, 12/15/39 (d)		4,295,847		1,943,771
CSAIL Commercial Mortgage Trust,
Series2015-C4, Class F, 3.50%, 11/15/48 (a),(b),(d)		5,842,000		3,888,394
Series2015-C4, Class G, 3.50%, 11/15/48 (a),(b),(d)		5,786,000		2,719,364
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class UESD, 4.24%, 10/15/32 (a),(b),(c)		11,771,500		10,200,935
CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class D, 2.75%, 04/15/51 (a),(b),(c)		1,165,000		723,094
CSAIL Commercial Mortgage Trust, Series2019-C17, Class D, 2.50%, 09/15/52 (a),(d)		410,000		231,973
DBWF Mortgage Trust,
Series 2018-GLKS, Class E, 1 mo. USD LIBOR + 3.02%, 3.77%, 11/19/35 (a),(b),(d)		598,000		434,150
Series 2018-GLKS, Class F, 1 mo. USD LIBOR + 3.49%, 4.24%, 11/19/35 (a),(b),(c)		829,000		617,463
European Loan Conduit,
Series 31, Class D, 3 mo. EURIBOR + 2.30%, 2.30%, 10/26/28 (b),(c),(e),(i)	€	1,538,083		1,632,959
Series 31, Class E, 3 mo. EURIBOR + 3.25%, 3.25%, 10/26/28 (b),(c),(e),(i)		6,906,446		7,261,565
FREMF Mortgage Trust, Series 2019-KF59, Class C, 1 mo. USD LIBOR + 6.00%, 7.52%, 02/25/29 (a),(b),(d)	$	69,781,950		62,968,936
GE Capital Commercial Mortgage Corp., Series2005-C4, Class AJ, 5.64%, 11/10/45 (b),(d)		1,668,418		1,626,399
GMAC Commercial Mortgage Securities, Inc., Series2006-C1, Class AJ, 5.35%, 11/10/45 (b),(d)		118,401		110,432
GS Mortgage Securities Corp. II, Series2006-CC1, Class A, 5.33%, 03/21/46 (a),(b),(d)		606,823		549,254
GS Mortgage Securities Corp. II, Series 2013-GC10, Class E, 4.40%, 02/10/46 (a),(b),(d)		1,305,000		1,049,791
GS Mortgage Securities Corp. II, Series 2015-GC30, Class D, 3.38%, 05/10/50 (c)		5,107,000		3,700,836
GS Mortgage Securities Corp. II, Series2017-SLP, Class E, 4.59%, 10/10/32 (a),(b),(c)		3,591,000		3,226,145
GS Mortgage Securities Corp. II, Series 2018-GS10, Class E, 3.00%, 07/10/51 (a),(b),(d)		501,000		299,837
GS Mortgage Securities Trust, Series2006-GG8, Class B, 5.66%, 11/10/39 (d)		2,297,000		285,562
GS Mortgage Securities Trust, Series 2012-GCJ9, Class E, 4.74%, 11/10/45 (a),(b),(c)		10,250,422		7,836,471
GS Mortgage Securities Trust,
Series 2014-GC20, Class C, 4.97%, 04/10/47 (b),(c),(d)		1,779,000		1,686,351
Series 2014-GC20, Class D, 4.97%, 04/10/47 (a),(b),(c),(d)		3,875,000		2,977,779
GS Mortgage Securities Trust, Series 2014-GC24, Class C, 4.53%, 09/10/47 (b),(c)		843,000		738,099
GS Mortgage Securities Trust, Series2016-GS2, Class D, 2.75%, 05/10/49 (a),(c)		3,325,000		2,305,837
GS Mortgage Securities Trust, Series2017-GS8, Class D, 2.70%, 11/10/50 (a),(c)		3,789,000		2,385,246
Hilton Orlando Trust, Series2018-ORL, Class F, 1 mo. USD LIBOR + 3.65%, 4.35%, 12/15/34 (a),(b),(c)		8,321,000		6,221,725
Hilton USA Trust, Series2016-HHV, Class F, 4.19%, 11/05/38 (a),(b),(c)		14,598,000		9,465,794
Home Partners of America Trust, Series2017-1, Class F, 1 mo. USD LIBOR + 3.54%, 4.34%, 07/17/34 (a),(b),(d)		882,000		750,498
IMT Trust, Series 2017-APTS, Class FFX, 3.50%, 06/15/34 (a),(b),(d),(i)		192,000		164,759
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2019-MARG, Class E, 1 mo. USD LIBOR + 2.50%, 3.20%, 05/15/34 (a),(b),(c)		1,086,000		894,852
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9 SEQ, Class AJ, 5.41%, 05/15/47 (d)		23,134,406		26,445,234
JP Morgan Chase Commercial Mortgage Securities Trust, Series2014-FL6, Class C, 1 mo. USD LIBOR + 3.03%, 3.73%, 11/15/31 (a),(b),(c)		207,127		199,352
JP Morgan Chase Commercial Mortgage Securities Trust, Series2016-JP2, Class D, 3.79%, 08/15/49 (a),(b),(c)		3,859,000		2,538,764
JP Morgan Chase Commercial Mortgage Securities Trust, Series2016-JP3, Class D, 3.46%, 08/15/49 (a),(b),(c)		1,413,000		1,010,167
JP Morgan Chase Commercial Mortgage Securities Trust, Series2016-JP4, Class D, 3.44%, 12/15/49 (a),(b),(c)		4,056,000		2,825,386

See Notes to Consolidated Schedule of Investments.

2

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

	Principal Amount		Value
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-ASH8, Class E, 1 mo. USD LIBOR + 3.00%, 3.70%, 02/15/35 (a),(b),(c)	$	3,326,000	$	2,478,045
JPMBB Commercial Mortgage Securities Trust, Series2015-C29, Class D, 3.68%, 05/15/48 (b),(c)		2,838,000		2,047,406
JPMBB Commercial Mortgage Securities Trust, Series2015-C30, Class D, 3.77%, 07/15/48 (b),(c),(d)		9,651,000		7,299,569
JPMBB Commercial Mortgage Securities Trust,
Series2015-C31, Class D, 4.12%, 08/15/48 (b),(c)		602,000		444,147
Series2015-C31, Class E, 4.62%, 08/15/48 (a),(b),(c)		4,934,000		3,407,991
JPMBB Commercial Mortgage Securities Trust, Series2015-C32, Class D, 4.16%, 11/15/48 (b),(c)		2,250,000		1,684,854
JPMBB Commercial Mortgage Securities Trust,
Series2015-C33, Class F, 4.62%, 12/15/48 (a),(b),(d)		4,285,000		2,808,346
Series2015-C33, Class G, 4.62%, 12/15/48 (a),(b),(d)		7,618,000		3,983,070
Series2015-C33, Class NR, 4.62%, 12/15/48 (a),(b),(d)		11,426,606		3,868,639
JPMBB Commercial Mortgage Securities Trust, Series2016-C1, Class E, 4.74%, 03/15/49 (a),(b),(d)		3,138,000		2,214,766
LB-UBS Commercial Mortgage Trust, Series2004-C6, Class J, 6.24%, 08/15/36 (a),(b),(d)		298,212		294,297
LB-UBS Commercial Mortgage Trust, Series2006-C3, Class F, 5.62%, 03/15/39 (b),(d)		2,627,888		2,548,763
LB-UBS Commercial Mortgage Trust, Series2006-C7, Class AJ, 5.41%, 11/15/38 (c)		5,439,095		3,061,180
LSTAR Commercial Mortgage Trust, Series2017-5, Class C, 4.87%, 03/10/50 (a),(b),(c),(d)		3,379,000		2,976,655
Magnolia Finance XI DAC,
Series 2018-2MGN, Class A, 3 mo. EURIBOR + 3.25%, 3.25%, 02/18/20 (b),(c),(e),(i)	€	8,061,379		8,679,501
Series 2018-2MGN, Class B, 3 mo. EURIBOR + 4.75%, 4.75%, 02/18/20 (b),(e),(i)		8,707,345		9,231,686
Merrill Lynch Mortgage Trust, Series2007-C1, Class AJ, 5.61%, 06/12/50 (b),(d)	$	875,690		590,241
ML-CFC Commercial Mortgage Trust, Series2007-5, Class AJFL, 5.45%, 08/12/48 (a),(b),(d)		1,861,977		1,123,985
ML-CFC Commercial Mortgage Trust, Series2007-5 SEQ, Class AJ, 5.45%, 08/12/48 (b),(d)		2,113,610		1,285,661
Morgan Stanley Bank of America Merrill Lynch Trust, Series2014-C15, Class E, 4.91%, 04/15/47 (a),(b),(c)		4,000,000		3,190,797
Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C20, Class D, 3.07%, 02/15/48 (a),(d)		128,000		93,555
Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C22, Class D, 4.24%, 04/15/48 (a),(b),(c),(d)		5,586,000		4,245,646
Morgan Stanley Bank of America Merrill Lynch Trust, Series2016-C31, Class D, 3.00%, 11/15/49 (a),(b),(c)		856,000		566,788
Morgan Stanley Bank of America Merrill Lynch Trust, Series2017-C34, Class D, 2.70%, 11/15/52 (a),(c)		688,000		430,537
Morgan Stanley Capital I Trust, Series 2005-IQ10, Class F, 5.53%, 09/15/42 (a),(b),(d)		2,394,901		2,375,980
Morgan Stanley Capital I Trust, Series2006-HQ9, Class F, 5.92%, 07/12/44 (b),(d)		3,524,371		3,102,301
Morgan Stanley Capital I Trust, Series2006-T23, Class E, 6.19%, 08/12/41 (a),(b),(d)		1,328,000		1,274,308
Morgan Stanley Capital I Trust, Series 2016-UB11, Class D, 3.50%, 08/15/49 (a),(b),(c)		2,077,000		1,457,801
Natixis Commercial Mortgage Securities Trust,
Series2018-FL1, Class WAN1, 1 mo. USD LIBOR + 2.75%, 4.41%, 06/15/35 (a),(b),(d)		311,000		273,455
Series2018-FL1, Class WAN2, 1 mo. USD LIBOR + 3.75%, 5.41%, 06/15/35 (a),(b),(d)		750,000		658,809
Natixis Commercial Mortgage Securities Trust,
Series 2018-RIVA, Class D, 1 mo. USD LIBOR + 2.05%, 2.75%, 02/15/33 (a),(b),(d)		108,000		91,777
Series 2018-RIVA, Class E, 1 mo. USD LIBOR + 2.74%, 3.45%, 02/15/33 (a),(b),(c)		2,619,000		2,138,759
Natixis Commercial Mortgage Securities Trust,
Series 2019-MILE, Class D, 1 mo. USD LIBOR + 2.75%, 3.45%, 07/15/36 (a),(b),(d)		122,000		103,852
Series 2019-MILE, Class E, 1 mo. USD LIBOR + 3.50%, 4.20%, 07/15/36 (a),(b),(d)		110,000		85,668
New Orleans Hotel Trust, Series 2019-HNLA, Class E, 1 mo. USD LIBOR + 2.69%, 3.39%, 04/15/32 (a),(b),(c)		491,000		391,587
Prima Capital CRE Securitization Ltd.,
Series2019-RK1, Class BT, 4.45%, 04/15/38 (a),(d)		347,000		290,692
Series2019-RK1, Class CG, 4.00%, 04/15/38 (a),(d)		100,000		81,093
Series2019-RK1, Class DD, 3.50%, 04/15/38 (a),(d)		487,000		415,326
ReadyCap Commercial Mortgage Trust,
Series2019-6, Class C, 4.13%, 10/25/52 (a),(b),(d)		1,687,000		1,426,347
Series2019-6, Class D, 4.93%, 10/25/52 (a),(b),(d)		226,000		172,254
Series RR Trust, 0.00%, 04/26/48 (a),(d)		1,199,000		932,217
SG Commercial Mortgage Securities Trust, Series2016-C5, Class D, 4.84%, 10/10/48 (a),(b),(c),(d)		1,866,000		1,452,171

See Notes to Consolidated Schedule of Investments.

3

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

	Principal Amount		Value
Shelter Growth CRE Issuer Ltd., Series2018-FL1, Class D, 1 mo. USD LIBOR + 3.00%, 3.70%, 01/15/35 (a),(b),(d)	$	1,692,000	$	1,532,782
Taurus,
Series2018-IT1, Class D, 3 mo. EURIBOR + 3.35%, 3.35%, 05/18/30 (b),(c),(i)	€	1,473,158		1,529,684
Series2018-IT1, Class E, 3 mo. EURIBOR + 4.50%, 4.50%, 05/18/30 (b),(c),(i)		1,473,158		1,532,047
Tharaldson Hotel Portfolio Trust, Series2018-THL, Class E, 1 mo. USD LIBOR + 3.18%, 4.19%, 11/11/34 (a),(b),(c)	$	8,971,639		7,440,358
UBS Commercial Mortgage Trust, Series2018-C11, Class D, 3.00%, 06/15/51 (a),(b),(c)		2,492,000		1,509,407
Velocity Commercial Capital Loan Trust,
Series2019-2, Class M5, 4.93%, 07/25/49 (a),(b),(d)		220,250		137,181
Series2019-2, Class M6, 6.30%, 07/25/49 (a),(b),(d)		424,323		217,199
VNDO Mortgage Trust, Series 2016-350P, Class E, 3.90%, 01/10/35 (a),(b),(c)		4,939,000		4,165,498
Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class D, 3.96%, 12/15/47 (a),(b),(d)		299,000		227,579
Wells Fargo Commercial Mortgage Trust, Series2015-C26, Class D, 3.59%, 02/15/48 (a),(c)		1,453,000		1,092,033
Wells Fargo Commercial Mortgage Trust, Series2015-C29, Class D, 4.22%, 06/15/48 (b),(c),(d)		4,204,000		3,208,865
Wells Fargo Commercial Mortgage Trust, Series 2015-LC20, Class E, 2.63%, 04/15/50 (a),(c)		1,106,000		658,495
Wells Fargo Commercial Mortgage Trust, Series 2016-LC24, Class D, 3.21%, 10/15/49 (a),(c),(d)		6,075,000		4,249,037
Wells Fargo Commercial Mortgage Trust, Series 2016-LC25, Class D, 3.14%, 12/15/59 (a),(c)		5,964,000		4,061,356
Wells Fargo Commercial Mortgage Trust,
Series 2019-JWDR SEQ, Class E, 3.99%, 09/15/31 (a),(b),(c)		902,000		692,455
Series 2019-JWDR SEQ, Class F, 4.71%, 09/15/31 (a),(b),(c)		1,045,000		787,379
Series 2019-JWDR SEQ, Class G, 5.56%, 09/15/31 (a),(b),(d)		943,000		639,523
WFRBS Commercial Mortgage Trust, Series2013-C18, Class D, 4.69%, 12/15/46 (a),(b),(c)		2,106,000		1,708,367
WFRBS Commercial Mortgage Trust, Series2014-C19, Class D, 4.23%, 03/15/47 (a),(d)		362,000		284,883
WFRBS Commercial Mortgage Trust,
Series2014-C22, Class C, 3.76%, 09/15/57 (b),(d)		1,561,000		1,315,010
Series2014-C22, Class D, 3.90%, 09/15/57 (a),(b),(c)		3,759,000		2,755,155
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (COST $498,367,605)				451,926,062
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 12.1%
Angel Oak Mortgage Trust, Series2019-5 SEQ, Class B1, 3.96%, 10/25/49 (a),(b),(d)		100,000		79,357
Angel Oak Mortgage Trust I LLC, Series2019-2, Class B2, 6.29%, 03/25/49 (a),(b),(d)		113,000		87,671
Deephave Residential Mortgage Trust, Series2019-2A, Class B2, 5.79%, 04/25/59 (a),(b),(d)		2,947,000		2,357,655
Deephaven Residential Mortgage Trust,
Series2019-3A, Class B1, 4.26%, 07/25/59 (a),(b),(d)		301,000		244,171
Series2019-3A, Class B2, 5.66%, 07/25/59 (a),(b),(d)		422,000		309,522
Ellington Financial Mortgage Trust, Series2019-2, Class B1, 4.07%, 11/25/59 (a),(b),(d)		165,000		126,392
European Residential Loan Securitisation,
Series2019-PL1, Class D, 1 mo. EURIBOR + 1.50%, 1.05%, 03/24/63 (b),(e)	€	1,856,000		1,816,872
Series2019-PL1, Class E, 1 mo. EURIBOR + 1.50%, 2.05%, 03/24/63 (b),(e)		1,856,000		1,866,062
Series2019-PL1, Class F, 1 mo. EURIBOR + 3.50%, 3.05%, 03/24/63 (b),(e)		2,474,000		2,576,350
Federal Home Loan Mortgage Corp., Series 2017-HRP1, Class B1, 1 mo. USD LIBOR + 4.60%, 5.55%, 12/25/42 (b),(d)	$	1,696,000		1,000,178
Federal Home Loan Mortgage Corp., Series 2018-SPI2, Class M2B, 3.81%, 05/25/48 (a),(b),(d)		3,823,000		2,669,327
Federal Home Loan Mortgage Corp., Series 2019-HRP1, Class B1, 1 mo. USD LIBOR + 4.05%, 5.00%, 02/25/49 (a),(b),(d)		4,474,000		2,180,813
GCAT Trust, Series 2019-NQM2, Class B1, 4.01%, 09/25/59 (a),(b),(d)		100,000		77,872
Homeward Opportunities Fund, Series2019-HOF, Class B1, 4.80%, 01/25/59 (a),(b),(d)		2,256,000		1,835,093
JEPSON,
Series2019-1, Class D, 1.05%, 11/24/57 (e),(b)	€	2,340,000		2,376,826
Series2019-1, Class E, 1.05%, 11/24/57 (e),(b)		1,515,000		1,488,030
LHOME Mortgage Trust, Series 2019-RTL1, Class M, 6.90%, 10/25/23 (a),(d)	$	1,484,000		1,369,742
LHOME Mortgage Trust, Series 2019-RTL2, Class M, 6.05%, 03/25/24 (a),(d)		500,000		449,233
LHOME Mortgage Trust, Series 2019-RTL2 SEQ, Class A2, 4.34%, 03/25/24 (a),(b),(d)		674,000		592,081
Mulcair Securities DAC,
Series 1 SEQ, Class D, 3 mo. EURIBOR + 1.50%, 1.11%, 04/24/71 (b),(e)	€	1,509,000		1,515,203
Series 1 SEQ, Class E, 3 mo. EURIBOR + 1.50%, 1.11%, 04/24/71 (b),(e)		802,000		816,043
New Residential Mortgage LLC,
Series 2018-FNT2, Class E, 5.12%, 07/25/54 (a),(d)	$	2,886,779		2,691,978
Series 2018-FNT2, Class F, 5.95%, 07/25/54 (a),(d)		3,763,447		3,468,971
New Residential Mortgage Loan, Series 2019-NQM2, Class B1, 5.21%, 04/25/49 (a),(b),(d)		647,000		558,367

See Notes to Consolidated Schedule of Investments.

4

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

	Principal Amount		Value
Seasoned Credit Risk Transfer Trust, Series2018-2, Class M, 4.75%, 11/25/57 (d)	$	5,459,000	$	4,550,763
Seasoned Credit Risk Transfer Trust, Series2019-1, Class M, 4.75%, 07/25/58 (a),(b),(d)		6,152,000		5,116,071
Seasoned Credit Risk Transfer Trust, Series2019-2, Class M, 4.75%, 08/25/58 (a),(b),(d)		1,438,000		1,205,215
Seasoned Credit Risk Transfer Trust Series, Series2019-4, Class M, 4.50%, 02/25/59 (a),(b),(d)		3,057,000		2,584,548
SG Residential Mortgage Trust, Series2019-3 SEQ, Class B1, 4.08%, 09/25/59 (a),(b),(d)		100,000		89,614
Spruce Hill Mortgage Loan Trust, Series2018-SH1, Class B1, 4.99%, 04/29/49 (a),(b),(d)		1,972,000		1,735,210
Spruce Hill Mortgage Loan Trust, Series2019-SH1, Class B2, 6.18%, 04/29/49 (a),(b),(d)		2,598,000		2,136,870
STACR Trust, Series 2018-HRP1, Class B1, 1 mo. USD LIBOR + 3.75%, 4.70%, 04/25/43 (a),(b),(d)		1,895,000		1,161,770
STACR Trust, Series 2018-HRP2, Class B1, 1 mo. USD LIBOR + 4.20%, 5.15%, 02/25/47 (a),(b),(d)		3,307,000		1,664,725
Starwood Mortgage Residential Trust, Series 2018-IMC2, Class B1, 5.67%, 10/25/48 (a),(b),(d)		6,509,000		5,455,499
Starwood Mortgage Residential Trust, Series2019-1, Class B1, 4.77%, 06/25/49 (a),(b),(d)		3,172,000		2,541,076
Trinidad Mortgage Securities PLC,
Series2018-1, Class C, 3 mo. GBP LIBOR + 1.60%, 2.29%, 01/24/59 (b),(e)	£	2,113,299		2,440,721
Series2018-1, Class D, 2.69%, 01/24/59 (b)		2,651,295		3,038,711
Series2018-1, Class E, 3 mo. GBP LIBOR + 2.65%, 3.34%, 01/24/59 (b),(e)		2,082,710		2,388,785
Verus Securitization Trust, Series2019-1, Class B1, 5.31%, 02/25/59 (a),(b),(d)	$	1,980,000		1,670,410
Verus Securitization Trust, Series2019-4, Class B1, 3.86%, 11/25/59 (a),(b),(d)		100,000		80,075
Verus Securitization Trust, Series 2019-INV1 SEQ, Class B1, 4.99%, 12/25/59 (a),(d)		275,000		219,436
Verus Securitization Trust, Series 2019-INV2, Class B1, 4.45%, 07/25/59 (a),(b),(d)		288,000		230,370
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (COST $86,627,659)				70,863,678
INTEREST ONLY COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.2%
California Housing Finance, Rev., Series 2019 X, 0.03%, 01/15/35 (b),(d),(f)		7,268,000		177,982
CFK Trust, Series2020-MF2, Class X, 0.89%, 03/15/39 (a),(b),(d),(f)		32,092,000		1,531,093
Citigroup Commercial Mortgage Trust, Series2019-C7, Class XD, 1.20%, 12/15/72 (a),(b),(d),(f)		4,905,000		451,568
Citigroup Commercial Mortgage Trust, Series 2019-GC43, Class XD, 0.62%, 11/10/52 (a),(b),(d),(f)		4,867,000		234,929
Commercial Mortgage Trust, Series2010-C1, Class XWA, 1.69%, 07/10/46 (a),(b),(d),(f)		359,456		260
CoreVest American Finance Trust, Series2019-2, Class XA, 2.38%, 06/15/52 (a),(b),(d),(f)		4,461,457		454,934
Corevest American Finance Trust, Series2019-3, Class XA, 2.04%, 10/15/52 (a),(b),(d),(f)		15,672,491		1,431,869
CSAIL Commercial Mortgage Trust, Series2015-C3, Class XA, 0.77%, 08/15/48 (b),(d),(f)		25,798,573		667,734
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class UESX, 0.12%, 10/15/32 (a),(b),(d),(f)		92,814,500		267,649
CSAIL Commercial Mortgage Trust, Series2019-C18, Class XD, 1.45%, 12/15/52 (a),(b),(d),(f),(i)		3,645,000		386,856
DC Office Trust, Series2019-MTC, Class X, 0.21%, 09/15/45 (a),(b),(d),(f)		45,296,000		521,167
Federal Home Loan Mortgage Corp., SeriesK-1514, Class X3, 2.86%, 10/25/34 (b),(c),(f)		11,279,000		2,928,906
Federal Home Loan Mortgage Corp., Series K049, Class X3, 1.55%, 10/25/43 (b),(d),(f)		831,000		48,606
Federal Home Loan Mortgage Corp., Series K062, Class X3, 2.08%, 01/25/45 (b),(c),(f)		47,462,053		5,567,498
Federal Home Loan Mortgage Corp., Series K077, Class X3, 2.23%, 05/25/28 (b),(c),(f)		18,666,809		2,732,257
Federal Home Loan Mortgage Corp., Series K083, Class X3, 2.29%, 10/25/28 (b),(c),(f)		26,880,916		4,167,996
Federal Home Loan Mortgage Corp., Series K086, Class X3, 2.30%, 12/25/28 (b),(d),(f)		6,271,000		983,381
Federal Home Loan Mortgage Corp., Series K089, Class X3, 2.30%, 01/25/46 (b),(d),(f)		6,715,000		1,078,511
Federal Home Loan Mortgage Corp., Series K095, Class X3, 2.10%, 01/25/30 (b),(d),(f)		4,356,000		664,692
Federal Home Loan Mortgage Corp., Series K102, Class X3, 1.96%, 12/25/46 (b),(d),(f)		18,056,000		2,507,229
Federal Home Loan Mortgage Corp., Series K105, Class X3, 2.04%, 06/25/30 (b),(d),(f)		13,835,000		2,012,222
Federal Home Loan Mortgage Corp.,
Series K157, Class X1, 0.02%, 08/25/33 (b),(c),(f)		433,383,758		2,725,724
Series K157, Class X3, 3.23%, 09/25/33 (b),(c),(f)		9,502,000		2,846,307
Federal Home Loan Mortgage Corp., Series KG01, Class X3, 3.12%, 05/25/29 (b),(d),(f)		1,961,000		441,470
Federal Home Loan Mortgage Corp., Series KLU1, Class X3, 3.97%, 01/25/31 (b),(c),(d),(f)		14,983,278		2,883,739
Federal Home Loan Mortgage Corp.,
Series KLU2, Class X1, 1.16%, 08/25/29 (b),(c),(f)		45,716,000		3,588,871
Series KLU2, Class X3, 4.10%, 08/25/29 (b),(d),(f)		6,790,000		1,620,761
Federal Home Loan Mortgage Corp., Series KS11, Class XFX, 1.60%, 06/25/29 (b),(d),(f)		9,694,000		1,084,394
Federal Home Loan Mortgage Corp., Series KW01, Class X3, 4.06%, 03/25/29 (b),(c),(f)		9,077,000		1,630,874
Federal Home Loan Mortgage Corp., Series KW08, Class X3, 3.19%, 10/25/31 (b),(d),(f)		6,658,000		1,467,526
Federal Home Loan Mortgage Corp., Series KW09, Class X3, 3.01%, 06/25/29 (b),(d),(f)		2,231,000		487,051
Federal Home Loan Mortgage Corp., Series KW10, Class X3, 2.72%, 10/25/32 (b),(d),(f)		2,765,000		554,166

See Notes to Consolidated Schedule of Investments.

5

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

	Principal Amount		Value
GS Mortgage Securities Corp. II, Series2017-SLP, Class XB, 0.46%, 10/10/32 (a),(b),(d),(f)	$	35,804,000	$	390,894
GS Mortgage Securities Corp. Trust, Series 2014-GC20, Class XA, 1.06%, 04/10/47 (b),(d),(f)		5,137,762		145,528
GS Mortgage Securities Corp. Trust, Series 2018-HULA, Class XCP, 0.00%, 01/15/25 (a),(b),(d),(f)		92,471,000		1,221
GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class XCP, 0.93%, 12/15/36 (a),(b),(d),(f)		19,594,000		128,946
GS Mortgage Securities Trust, Series 2015-GS40, 1.16%, 07/10/52 (a),(b),(d),(f)		1,000,000		88,487
JPMDB Commercial Mortgage Securities Trust, Series 2019-COR6, Class XD, 1.43%, 11/13/52 (a),(b),(d),(f)		4,171,000		432,771
MFT Trust, Series2020-ABC, Class XA, 0.12%, 02/06/30 (a),(b),(d),(f)		30,082,000		392,663
Real Estate Asset Liquidity Trust, Series2019-1A, Class X, 1.48%, 06/12/54 (b),(f)	C$	83,411,837		4,060,712
TOTAL INTEREST ONLY COMMERCIAL MORTGAGE-BACKED SECURITIES (COST $51,582,788)				53,789,444
COLLATERALIZED DEBT OBLIGATIONS — 0.6%
Nomura CRE CDO Ltd.,
Series2007-2A, Class D, 3 mo. USD LIBOR + ..45%, 2.60%, 05/21/42 (a),(b),(d)	$	6,426,019		3,322,702
Series2007-2A, Class E, 3 mo. USD LIBOR + ..50%, 2.65%, 05/21/42 (a),(b),(d),(j)		5,846,936		9,530
Series2007-2A, Class F, 3 mo. USD LIBOR + ..60%, 2.75%, 05/21/42 (a),(b),(d),(j)		7,981,931		13,011
TOTAL COLLATERALIZED DEBT OBLIGATIONS (COST $4,355,506)				3,345,243
BANK LOAN — 4.9%
Casablanca US Holdings, Inc., 2018 1st Lien Term Loan, 2 mo. USD LIBOR + 4.00%, 5.62%, 03/29/24 (b)		25,215,948		19,857,559
Invitation Homes Operating Partnership LP, Term Loan A, 1 mo. LIBOR + 1.70%, 2.66%, 02/06/22 (b),(i)		9,829,000		8,354,650
Marriott Ownership Resorts, Inc., 2019 Term Loan B, 0.00%, 08/29/25		222,000		192,585
Switch, Ltd., 2017 Term Loan B, 1 mo. LIBOR + 2.25%, 3.24%, 06/27/24 (b)		300,668		271,980
TOTAL BANK LOAN (COST $35,180,937)				28,676,774
HIGH YIELD BONDS & NOTES — 2.9%
Diamond Resorts International, Inc., 7.75%, 09/01/23 (a),(c),(d)		10,618,000		7,615,760
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 6.13%, 12/01/24 (c)		10,764,000		9,707,014
TOTAL HIGH YIELD BONDS & NOTES (COST $21,579,899)				17,322,774
CORPORATE BONDS & NOTES — 0.1%
ESH Hospitality, Inc., 4.63%, 10/01/27 (a),(d)		164,000		122,228
Marriott Ownership Resorts, Inc., 4.75%, 01/15/28 (a),(d)		212,000		160,060
CPUK Finance Ltd., 4.25%, 02/28/47 (a)	£	267,000		265,218
TOTAL CORPORATE BONDS & NOTES (COST $707,206)				547,506
CONVERTIBLE BONDS — 0.2%
FINANCIALS — 0.2%
RWT Holdings, Inc., 5.75%, 10/01/25 (a),(d)	$	2,012,000		1,319,105
TOTAL CONVERTIBLE BONDS (COST $2,012,000)				1,319,105
TOTAL LONG-TERM INVESTMENTS (COST $700,546,320)				627,790,586
SHORT-TERM INVESTMENT — 0.0%
MONEY MARKET FUND — 0.0%
JP Morgan U.S. Treasury Plus Money Market Fund, Institutional Class, 0.32% (g)		46,690		46,690
TOTAL SHORT-TERM INVESTMENTS (COST $46,690)				46,690

See Notes to Consolidated Schedule of Investments.

6

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

	Principal Amount		Value
TOTAL INVESTMENTS IN SECURITIES — 106.9% (COST $700,460,290)			$	627,837,276
SECURITIES SOLD SHORT — (0.8)%
FOREIGN GOVERNMENT OBLIGATIONS — (0.8)%
Canadian Government Bond, 1.00%, 09/01/22	C$	6,332,000		(4,506,537	)
TOTAL SECURITIES SOLD SHORT (PROCEEDS $4,696,250)				(4,506,537	)
Other Assets and Liabilities (h) — (6.1)%				(36,027,949	)
Net Assets — 100.0%			$	587,302,790

Footnote Legend:

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. Security may only be sold to qualified institutional buyers unless registered under the Securities Act of 1933, as amended, or otherwise exempt from registration. At March 31, 2020, the total value of Rule 144A securities was $683,488,922, representing 88.46% of the Fund’s net assets. Commercial Mortgage-Backed Securities and Residential Mortgage-Backed Securities are typically sold in Rule 144A offerings.

(b) Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and spread in their description above. Rate presented is as of March 31, 2020.

(c) All or a portion of this security is pledged as collateral in connection with reverse repurchase agreements.

(d) All or a portion of this security is pledged as collateral for derivative financial instruments.

(e) Security is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Security may only be offered or sold outside of the Unites States unless registered under the Securities Act of 1933, as amended, or otherwise exempt from registration.

(f) Security is an Interest Only (IO) bond, which represents the “interest only” portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.

(g) Rate disclosed, the 7 day net yield, is as of March 31, 2020.

(h) Assets, other than investments in securities, less liabilities other than securities sold short.

(i) Security is a mortgage-backed securities (“MBS”) collateralized by properties owned by investment vehicles that are advised by an affiliate of the Investment Manager.

(j) Security is currently in default due to bankruptcy or failure to make payment of principal or interest.

Reverse Repurchase Agreements Outstanding at March 31, 2020

Counterparty	Interest Rate	Trade Date		Maturity Date		Face Value		Face Value Including Accrued Interest
Citigroup Global Markets	1.55%		03/10/20		06/15/20	$	1,204,000	$	1,205,138
Citigroup Global Markets	2.29%		02/27/20		05/29/20		4,720,000		4,730,198
Citigroup Global Markets	2.29%		02/27/20		05/29/20		3,528,000		3,535,622
Citigroup Global Markets	2.29%		02/27/20		05/29/20		2,175,000		2,179,699
Citigroup Global Markets	2.29%		03/23/20		05/29/20		994,000		994,568
Citigroup Global Markets	2.29%		03/23/20		05/29/20		1,952,000		1,953,116
Citigroup Global Markets	2.29%		03/23/20		05/29/20		2,011,000		2,012,150
Citigroup Global Markets	2.29%		03/23/20		05/29/20		1,714,000		1,714,980
Citigroup Global Markets	2.29%		02/27/20		05/29/20		1,498,000		1,501,236
Deutsche Bank AG	2.75%		03/05/20		04/10/20		368,000		368,758
Deutsche Bank AG	2.75%		01/13/20		04/10/20		661,000		664,986
Deutsche Bank AG	2.75%		01/13/20		04/10/20		575,000		578,467
Deutsche Bank AG	2.75%		01/13/20		04/10/20		1,511,000		1,520,111
Deutsche Bank AG	2.75%		01/13/20		04/10/20		1,218,000		1,225,345
Deutsche Bank AG	2.75%		01/13/20		04/10/20		961,000		966,795
Deutsche Bank AG	2.75%		01/13/20		04/10/20		869,000		874,240
Deutsche Bank AG	2.75%		01/13/20		04/10/20		410,000		412,472
Deutsche Bank AG	2.75%		01/13/20		04/10/20		424,000		426,557
Deutsche Bank AG	2.75%		01/13/20		04/10/20		184,000		185,110
Deutsche Bank AG	2.75%		01/13/20		04/10/20		382,000		384,303
Deutsche Bank AG	2.75%		01/13/20		04/10/20		1,014,000		1,020,114
Deutsche Bank AG	2.75%		01/13/20		04/10/20		4,243,000		4,268,586
Deutsche Bank AG	2.75%		01/13/20		04/10/20		658,000		661,968

See Notes to Consolidated Schedule of Investments.

7

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

Counterparty	Interest Rate	Trade Date		Maturity Date		Face Value		Face Value Including Accrued Interest
Deutsche Bank AG	2.75%		01/13/20		04/10/20	$	606,000	$	609,654
Deutsche Bank AG	2.75%		01/13/20		04/10/20		489,000		491,949
Deutsche Bank AG	2.85%		01/13/20		04/10/20		1,547,000		1,556,668
Deutsche Bank AG	2.85%		01/13/20		04/10/20		1,244,000		1,251,774
Deutsche Bank AG	2.85%		01/13/20		04/10/20		703,000		707,393
Deutsche Bank AG	2.85%		01/13/20		04/10/20		894,000		899,587
Deutsche Bank AG	2.85%		01/13/20		04/10/20		4,481,000		4,509,004
Deutsche Bank AG	2.85%		01/13/20		04/10/20		2,949,000		2,967,430
Deutsche Bank AG	2.85%		01/13/20		04/10/20		2,459,000		2,474,368
Deutsche Bank AG	2.85%		01/13/20		04/10/20		1,230,000		1,237,687
Deutsche Bank AG	2.85%		01/13/20		04/10/20		690,000		694,312
Deutsche Bank AG	2.85%		01/13/20		04/10/20		534,000		537,337
Deutsche Bank AG	2.85%		01/13/20		04/10/20		4,074,000		4,099,461
Deutsche Bank AG	2.85%		01/13/20		04/10/20		1,913,000		1,924,955
Deutsche Bank AG	2.85%		01/13/20		04/10/20		2,873,000		2,890,955
Deutsche Bank AG	2.85%		01/13/20		04/10/20		1,244,000		1,251,774
Deutsche Bank AG	2.85%		01/13/20		04/10/20		653,000		657,081
Deutsche Bank AG	2.85%		01/13/20		04/10/20		719,000		723,493
Morgan Stanley Bank, N.A.	2.71%		02/06/20		05/06/20		2,597,000		2,607,742
Morgan Stanley Bank, N.A.	2.71%		02/06/20		05/06/20		3,673,000		3,688,193
Morgan Stanley Bank, N.A.	2.76%		02/06/20		05/06/20		1,462,000		1,468,159
Morgan Stanley Bank, N.A.	2.81%		02/06/20		05/06/20		2,142,000		2,151,187
Morgan Stanley Bank, N.A.	2.81%		02/06/20		05/06/20		6,930,000		6,959,723
Morgan Stanley Bank, N.A.	2.89%		01/08/20		04/08/20		8,065,000		8,119,459
Morgan Stanley Bank, N.A.	2.89%		01/08/20		04/08/20		2,848,000		2,867,231
Morgan Stanley Bank, N.A.	2.94%		01/08/20		04/08/20		9,364,000		9,428,304
RBC (Barbados) Trading Bank Corporation	1.95%		03/04/20		06/04/20		1,377,000		1,379,092
RBC (Barbados) Trading Bank Corporation	2.45%		02/04/20		05/04/20		1,800,000		1,806,986
RBC (Barbados) Trading Bank Corporation	2.53%		01/31/20		04/30/20		5,207,000		5,229,297
RBC (Barbados) Trading Bank Corporation	2.53%		01/15/20		04/15/20		6,130,000		6,163,188
RBC (Barbados) Trading Bank Corporation	2.70%		02/14/20		05/14/20		3,215,000		3,226,349
RBC (Barbados) Trading Bank Corporation	2.70%		02/14/20		05/14/20		2,411,000		2,419,511
RBC (Barbados) Trading Bank Corporation	2.75%		03/04/20		05/14/20		2,511,000		2,516,378
RBC (Barbados) Trading Bank Corporation	2.75%		02/14/20		05/14/20		3,782,000		3,795,597
RBC (Barbados) Trading Bank Corporation	2.75%		02/14/20		05/14/20		6,758,000		6,782,296
RBC (Barbados) Trading Bank Corporation	2.78%		01/31/20		04/30/20		3,036,000		3,050,286
RBC (Barbados) Trading Bank Corporation	2.83%		01/31/20		04/30/20		6,551,000		6,582,382
RBC (Barbados) Trading Bank Corporation	2.83%		01/31/20		04/30/20		1,418,000		1,424,793
RBC (Barbados) Trading Bank Corporation	2.83%		01/31/20		04/30/20		947,000		951,537
RBC (Barbados) Trading Bank Corporation	2.83%		01/31/20		04/30/20		962,000		966,608
RBC (Barbados) Trading Bank Corporation	2.83%		01/31/20		04/30/20		965,000		969,623
RBC (Barbados) Trading Bank Corporation	2.83%		01/31/20		04/30/20		929,000		933,450
RBC (Barbados) Trading Bank Corporation	2.83%		01/31/20		04/30/20		1,822,000		1,830,728
RBC (Barbados) Trading Bank Corporation	2.83%		01/15/20		04/15/20		2,206,000		2,219,359
RBC (Barbados) Trading Bank Corporation	2.83%		01/15/20		04/15/20		1,718,000		1,728,404
RBC (Barbados) Trading Bank Corporation	2.83%		01/15/20		04/15/20		2,983,000		3,001,064
RBC (Barbados) Trading Bank Corporation	2.83%		01/15/20		04/15/20		1,627,000		1,636,853
RBC (Barbados) Trading Bank Corporation	2.83%		01/15/20		04/15/20		2,931,000		2,948,749
RBC (Barbados) Trading Bank Corporation	2.83%		01/15/20		04/15/20		3,932,000		3,955,811
RBC (Barbados) Trading Bank Corporation	2.88%		01/15/20		04/15/20		2,473,000		2,488,240
RBC (Barbados) Trading Bank Corporation	2.88%		01/15/20		04/15/20		2,855,000		2,872,594
RBC (Barbados) Trading Bank Corporation	2.88%		01/15/20		04/15/20		500,000		503,081
RBC (Barbados) Trading Bank Corporation	2.88%		01/15/20		04/15/20		5,284,000		5,316,564
RBC (Barbados) Trading Bank Corporation	2.88%		01/15/20		04/15/20		3,749,000		3,772,104
RBC (Barbados) Trading Bank Corporation	2.88%		01/15/20		04/15/20		5,531,000		5,565,086
RBC (Barbados) Trading Bank Corporation	2.93%		01/15/20		04/15/20		2,432,000		2,447,248
Royal Bank of Canada (London)	0.71%		12/05/19		06/05/20		1,391,151		1,394,409

See Notes to Consolidated Schedule of Investments.

8

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

Counterparty	Interest Rate	Trade Date		Maturity Date		Face Value		Face Value Including Accrued Interest
Royal Bank of Canada (London)	0.81%		02/07/20		05/07/20	$	7,130,521	$	7,139,207
Royal Bank of Canada (London)	0.87%		11/04/19		11/04/20		1,207,085		1,211,480
Royal Bank of Canada (London)	0.96%		12/05/19		06/05/20		6,101,552		6,120,876
Royal Bank of Canada (London)	1.02%		11/04/19		11/04/20		1,152,217		1,157,132
Royal Bank of Canada (NY)	2.74%		02/18/20		05/18/20		6,680,000		6,701,876
Societe Generale Americas	1.64%		03/16/20		06/16/20		4,925,000		4,928,591
Societe Generale Americas	1.64%		03/16/20		06/16/20		3,101,000		3,103,261
Societe Generale Americas	1.64%		03/16/20		06/16/20		2,557,000		2,558,864
Societe Generale Americas	2.55%		02/20/20		05/20/20		540,000		541,566
Societe Generale Americas	2.60%		02/14/20		05/14/20		2,519,000		2,527,563
Societe Generale Americas	2.64%		02/07/20		05/07/20		3,939,000		3,954,608
Societe Generale Americas	2.64%		02/07/20		05/07/20		6,612,000		6,638,200
Societe Generale Americas	2.78%		01/09/20		04/09/20		5,011,000		5,043,095
Total Reverse Repurchase Agreements Outstanding						$	240,565,526	$	241,663,385

Forward Foreign Currency Exchange Contracts Outstanding at March 31, 2020

Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD		806,119	EUR		720,000	Citibank, N.A.		05/05/20	$	14,954
USD		1,837,403	EUR		1,631,000	Citibank, N.A.		03/06/20		42,933
USD		8,485,442	GBP		7,359,000	Citibank, N.A.		07/24/20		(655,152	)
USD		2,520,449	EUR		2,251,000	Citibank, N.A.		04/14/20		49,353
USD		11,455,826	EUR		10,280,000	Citibank, N.A.		04/24/20		165,387
USD		2,300,169	GBP		1,776,000	Citibank, N.A.		05/22/20		95,688
USD		339,400	GBP		262,000	Citibank, N.A.		08/28/20		13,917
USD		4,349,731	EUR		3,783,000	Citibank, N.A.		06/23/20		185,447
USD		6,467,344	EUR		5,991,000	Citibank, N.A.		06/25/20		(127,917	)
Total Forward Foreign Currency Exchange Contracts Outstanding									$	(215,390	)

OTC Credit Default Swaps on Index (Buy Protection) — Outstanding at March 31, 2020

Reference Obligation	Receive (Pay) Rate		Payment Frequency	Maturity Date	Counterparty	Notional Amount		Market Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CMBX.NA.BBB-.10		(3.00)%	1M	11/17/2059	J.P. Morgan Securities LLC		2,234,000  USD	$	621,536	$	462,386	$	159,150
CMBX.NA.BBB-.10		(3.00)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		7,779,000  USD		2,164,247		1,681,222		483,025
CMBX.NA.BBB-.10		(3.00)%	1M	11/17/2059	Merrill Lynch Capital Services, Inc.		450,000  USD		125,197		13,337		111,860
CMBX.NA.BBB-.11		(3.00)%	1M	11/18/2054	Citigroup Global Markets, Inc.		29,000  USD		9,234		2,607		6,627
CMBX.NA.BBB-.11		(3.00)%	1M	11/18/2054	Credit Suisse International		298,000  USD		94,888		28,626		66,262
CMBX.NA.BBB-.8		(3.00)%	1M	10/17/2057	Citigroup Global Markets, Inc.		593,000  USD		141,737		15,418		126,319
CMBX.NA.BBB-.8		(3.00)%	1M	10/17/2057	Citigroup Global Markets, Inc.		1,039,000  USD		248,338		29,101		219,237
CMBX.NA.BBB-.8		(3.00)%	1M	10/17/2057	Citigroup Global Markets, Inc.		2,083,000  USD		497,872		57,454		440,418
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		8,000  USD		2,035		33		2,002

See Notes to Consolidated Schedule of Investments.

9

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

Reference Obligation	Receive (Pay) Rate		Payment Frequency	Maturity Date	Counterparty	Notional Amount		Market Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		298,000  USD	$	75,816	$	1,454	$	74,362
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		395,000  USD		100,495		1,431		99,064
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		60,000  USD		15,265		278		14,987
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		1,193,000  USD		303,519		145,131		158,388
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Goldman Sachs International		378,000  USD		96,170		26,626		69,544
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Goldman Sachs International		2,430,000  USD		618,232		172,005		446,227
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		485,000  USD		123,392		23,210		100,182
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		1,043,000  USD		265,357		47,432		217,925
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		801,000  USD		203,788		45,965		157,823
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		2,087,000  USD		530,968		84,150		446,818
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Goldman Sachs International		956,000  USD		243,222		40,345		202,877
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Goldman Sachs International		251,000  USD		63,859		5,991		57,868
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		800,000  USD		203,533		40,650		162,883
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Goldman Sachs International		11,000  USD		2,799		159		2,640
CMBX.NA.BBB-.9		(3.00)%	1M	9/17/2058	Goldman Sachs International		21,000  USD		5,343		195		5,148
Total OTC Credit Default Swaps on Index (Buy Protection)								$	6,756,842	$	2,925,206	$	3,831,636

OTC Credit Default Swaps on Index (Sell Protection) — Outstanding at March 31, 2020

Reference Obligation	Rating	Receive (Pay) Rate		Payment Frequency	Maturity Date		Counterparty	Notional Amount(a)		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.A.10	A		2.00%	1M		11/17/2059	Citigroup Global Markets, Inc.		401,000  USD	$	(53,618	)	$	(6,396	)	$	(47,222	)
CMBX.NA.A.10	A		2.00%	1M		11/17/2059	Citigroup Global Markets, Inc.		802,000  USD		(107,236	)		(12,549	)		(94,687	)
CMBX.NA.A.10	A		2.00%	1M		11/17/2059	Citigroup Global Markets, Inc.		802,000  USD		(107,237	)		(12,549	)		(94,688	)
CMBX.NA.A.10	A		2.00%	1M		11/17/2059	Citigroup Global Markets, Inc.		401,000  USD		(53,618	)		(6,153	)		(47,465	)
CMBX.NA.A.10	A		2.00%	1M		11/17/2059	Citigroup Global Markets, Inc.		401,000  USD		(53,618	)		(7,003	)		(46,615	)

See Notes to Consolidated Schedule of Investments.

10

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

Reference Obligation	Rating	Receive (Pay) Rate		Payment Frequency	Maturity Date		Counterparty	Notional Amount(a)		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.AA.1	AA		0.25%	1M		10/12/2052	Goldman Sachs International		6,362,951  USD	$	(510,636	)	$	(1,010,163	)	$	499,527
CMBX.NA.AA.1	AA		0.25%	1M		10/12/2052	Goldman Sachs International		453,427  USD		(36,388	)		(56,681	)		20,293
CMBX.NA.AA.4	AA		1.65%	1M		2/18/2051	Goldman Sachs International		109,613  USD		(28,563	)		(37,596	)		9,033
CMBX.NA.AA.4	AA		1.65%	1M		2/21/2051	Goldman Sachs International		2,246,153  USD		(585,301	)		(872,234	)		286,933
CMBX.NA.BBB-.10	BBB-		(3.00%)	1M		10/17/2059	Citigroup Global Markets, Inc.		283,000  USD		(78,735	)		(938	)		(77,797	)
CMBX.NA.BBB-.10	BBB-		3.00%	1M		11/17/2059	Goldman Sachs International		1,619,000  USD		(450,433	)		(97,047	)		(353,386	)
CMBX.NA.BBB-.10	BBB-		3.00%	1M		11/17/2059	Goldman Sachs International		604,000  USD		(168,043	)		(24,764	)		(143,279	)
CMBX.NA.BBB-.10	BBB-		3.00%	1M		11/17/2059	Citigroup Global Markets, Inc.		1,909,000  USD		(531,116	)		(1,836	)		(529,280	)
CMBX.NA.BBB-.10	BBB-		3.00%	1M		11/17/2059	Citigroup Global Markets, Inc.		744,000  USD		(206,993	)		(1,159	)		(205,834	)
CMBX.NA.BBB-.10	BBB-		3.00%	1M		11/17/2059	Goldman Sachs International		2,023,000  USD		(562,832	)		(88,672	)		(474,160	)
CMBX.NA.BBB-.10	BBB-		3.00%	1M		11/17/2059	Citigroup Global Markets, Inc.		952,000  USD		(264,862	)		(637	)		(264,225	)
CMBX.NA.BBB-.10	BBB-		3.00%	1M		11/17/2059	Citigroup Global Markets, Inc.		345,000  USD		(82,460	)		(8,994	)		(73,466	)
CMBX.NA.BBB-.10	BBB-		3.00%	1M		11/17/2059	Credit Suisse International		1,158,000  USD		(322,175	)		(71,404	)		(250,771	)
CMBX.NA.BBB-.10	BBB-		3.00%	1M		11/17/2059	Credit Suisse International		1,226,000  USD		(341,094	)		(93,026	)		(248,068	)
CMBX.NA.BBB-.10	BBB-		3.00%	1M		11/17/2059	Credit Suisse International		269,000  USD		(74,840	)		(21,966	)		(52,874	)
CMBX.NA.BBB-.10	BBB-		3.00%	1M		11/17/2059	Credit Suisse International		1,077,000  USD		(299,639	)		(72,776	)		(226,863	)
CMBX.NA.BBB-.10	BBB-		3.00%	1M		11/17/2059	Credit Suisse International		96,000  USD		(26,709	)		(5,127	)		(21,582	)
CMBX.NA.BBB-.10	BBB-		3.00%	1M		11/17/2059	Credit Suisse International		162,000  USD		(45,071	)		(8,861	)		(36,210	)
CMBX.NA.BBB-.11	BBB-		3.00%	1M		11/18/2054	J.P. Morgan Securities LLC		327,000  USD		(104,122	)		(21,838	)		(82,284	)
CMBX.NA.BBB-.8	BBB-		3.00%	1M		10/17/2057	J.P. Morgan Securities LLC		183,000  USD		(43,740	)		(19,247	)		(24,493	)
CMBX.NA.BBB-.8	BBB-		3.00%	1M		10/17/2057	J.P. Morgan Securities LLC		142,000  USD		(33,940	)		(5,807	)		(28,133	)
CMBX.NA.BBB-.8	BBB-		3.00%	1M		10/17/2057	J.P. Morgan Securities LLC		358,000  USD		(85,568	)		(16,302	)		(69,266	)
CMBX.NA.BBB-.8	BBB-		3.00%	1M		10/17/2057	J.P. Morgan Securities LLC		358,000  USD		(85,568	)		(15,869	)		(69,699	)
CMBX.NA.BBB-.8	BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		359,000  USD		(85,807	)		(9,060	)		(76,747	)
CMBX.NA.BBB-.8	BBB-		3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		220,000  USD		(52,584	)		(33,053	)		(19,531	)
CMBX.NA.BBB-.8	BBB-		3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		1,304,000  USD		(311,678	)		(203,631	)		(108,047	)
CMBX.NA.BBB-.8	BBB-		3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		960,000  USD		(229,456	)		(144,973	)		(84,483	)

See Notes to Consolidated Schedule of Investments.

11

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

Reference Obligation	Rating		Receive (Pay) Rate		Payment Frequency	Maturity Date		Counterparty	Notional Amount(a)		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		1,552,000  USD	$	(370,954	)	$	(184,932	)	$	(186,022	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Credit Suisse International		426,000  USD		(101,821	)		(33,890	)		(67,931	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Credit Suisse International		852,000  USD		(203,642	)		(67,580	)		(136,062	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		338,000  USD		(80,788	)		(32,433	)		(48,355	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		185,000  USD		(44,218	)		(16,486	)		(27,732	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		446,000  USD		(106,601	)		(38,704	)		(67,897	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		806,000  USD		(192,647	)		(65,086	)		(127,561	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Credit Suisse International		31,000  USD		(7,409	)		(2,676	)		(4,733	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		796,000  USD		(190,257	)		(81,271	)		(108,986	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Credit Suisse International		857,000  USD		(204,837	)		(56,273	)		(148,564	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		507,000  USD		(121,181	)		(40,803	)		(80,378	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		264,000  USD		(63,100	)		(22,460	)		(40,640	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		168,000  USD		(40,155	)		(14,618	)		(25,537	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		300,000  USD		(71,705	)		(26,334	)		(45,371	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		300,000  USD		(71,705	)		(26,876	)		(44,829	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		941,000  USD		(224,915	)		(87,161	)		(137,754	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		1,881,000  USD		(449,590	)		(166,813	)		(282,777	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Credit Suisse International		528,000  USD		(126,201	)		(37,832	)		(88,369	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		178,000  USD		(42,545	)		(13,385	)		(29,160	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		96,000  USD		(22,946	)		(6,578	)		(16,368	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		2,262,000  USD		(540,656	)		(168,344	)		(372,312	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		1,865,000  USD		(445,766	)		(122,773	)		(322,993	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		104,000  USD		(24,858	)		(6,492	)		(18,366	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		479,000  USD		(114,489	)		(28,154	)		(86,335	)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Goldman Sachs International		220,000  USD		(52,584	)		(9,783	)		(42,801	)

See Notes to Consolidated Schedule of Investments.

12

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

Reference Obligation	Rating		Receive (Pay) Rate		Payment Frequency	Maturity Date		Counterparty	Notional Amount(a)		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.BBB-.8		BBB-		3.00%	1M		10/17/2057	Morgan Stanley Capital Services LLC		242,000  USD	$	(57,842	)	$	(7,071	)	$	(50,771	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	J.P. Morgan Securities LLC		26,000  USD		(6,615	)		(168	)		(6,447	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	J.P. Morgan Securities LLC		329,000  USD		(83,703	)		(1,692	)		(82,011	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Citigroup Global Markets, Inc.		811,000  USD		(206,332	)		(25,346	)		(180,986	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Citigroup Global Markets, Inc.		358,000  USD		(91,081	)		(2,017	)		(89,064	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Credit Suisse International		928,000  USD		(236,099	)		(91,900	)		(144,199	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Credit Suisse International		228,000  USD		(58,007	)		(18,041	)		(39,966	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Credit Suisse International		1,611,000  USD		(409,865	)		(112,733	)		(297,132	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Credit Suisse International		773,000  USD		(196,664	)		(58,248	)		(138,416	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Credit Suisse International		569,000  USD		(144,763	)		(44,592	)		(100,171	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Credit Suisse International		285,000  USD		(72,509	)		(22,490	)		(50,019	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Credit Suisse International		223,000  USD		(56,735	)		(16,809	)		(39,926	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Credit Suisse International		782,000  USD		(198,954	)		(59,569	)		(139,385	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Credit Suisse International		782,000  USD		(198,954	)		(60,205	)		(138,749	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Credit Suisse International		240,000  USD		(61,060	)		(19,561	)		(41,499	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Citigroup Global Markets, Inc.		1,359,000  USD		(345,752	)		(96,003	)		(249,749	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Citigroup Global Markets, Inc.		377,000  USD		(95,915	)		(20,445	)		(75,470	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Merrill Lynch Capital Services, Inc.		1,207,000  USD		(307,081	)		(86,439	)		(220,642	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Citigroup Global Markets, Inc.		191,000  USD		(48,594	)		(11,694	)		(36,900	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Citigroup Global Markets, Inc.		225,000  USD		(57,244	)		(8,758	)		(48,486	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Citigroup Global Markets, Inc.		191,000  USD		(48,594	)		(11,596	)		(36,998	)
CMBX.NA.BBB-.9		BBB-		3.00%	1M		9/17/2058	Citigroup Global Markets, Inc.		218,000  USD		(55,463	)		(5,636	)		(49,827	)
Total OTC Credit Default Swaps on Index (Sell Protection)											$	(12,977,076	)	$	(5,127,061	)	$	(7,850,015	)

See Notes to Consolidated Schedule of Investments.

13

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

OTC Credit Default Swaps on Single-Name Issues (Buy Protection) — Outstanding at March 31, 2020

Reference Obligation	Financing Fee		Payment Frequency	Maturity Date	Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Kohl’s Corporation		(1.00)%	3M	12/20/2022	Morgan Stanley Capital Services LLC		6,826,000  USD	$	399,709		$	440,355		$	(40,646	)
Kohl’s Corporation		(1.00)%	3M	12/20/2022	JPMorgan Chase Bank, N.A.		19,980,000  USD		1,169,964			1,016,878			153,086
Kroger Co.		(1.00)%	3M	12/20/2022	Goldman Sachs International		32,849,000  USD		(742,102	)		93,288			(835,390	)
Macy’s, Inc.		(1.00)%	3M	12/20/2022	JPMorgan Chase Bank, N.A.		6,577,000  USD		1,394,116			665,418			728,698
Macy’s, Inc.		(1.00)%	3M	12/20/2022	Goldman Sachs International		6,577,000  USD		1,394,116			613,564			780,552
Macy’s, Inc.		(1.00)%	3M	12/20/2022	Morgan Stanley Capital Services LLC		10,239,000  USD		2,170,345			1,181,783			988,562
Target Corporation		(1.00)%	3M	12/20/2022	Goldman Sachs International		17,066,000  USD		(361,382	)		(378,017	)		16,635
Total OTC Credit Default Swaps on Single-Name Issuer (Buy Protection)								$	5,424,766		$	3,633,269		$	1,791,497

OTC Total Return Swaps Outstanding at March 31, 2020

Reference Instrument	Maturity Date		Payment Frequency	Counterparty	Financing Rate	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Alpha Group SARL		01/29/2025	3M	Citibank, N.A.	E + 1.10(a)		1,265,000  EUR	$	(503,158	)	$	—	$	(503,158	)
Apollo Commercial Real Estate		05/15/2026	3M	Societe Generale	L + 2.75(b)		2,098,145  USD		(469,460	)		—		(469,460	)
Bulldog Purchaser Inc		09/05/2025	3M	Societe Generale	L + 3.75(b)		14,683,310  USD		(2,447,216	)		—		(2,447,216	)
Casablanca US Holdings, Inc.		03/01/2024	3M	Citibank, N.A.	L + 1.10(b)		345,484  USD		(65,642	)		—		(65,642	)
Casablanca US Holdings, Inc.		03/01/2024	3M	Citibank, N.A.	L + 1.10(b)		68,775,000  USD		(13,926,938	)		—		(13,926,938	)
Casablanca US Holdings, Inc.		03/01/2024	3M	Citibank, N.A.	L + 1.10(b)		704,043  USD		(108,247	)		—		(108,247	)
Compass III		05/07/2025	6M	Citibank, N.A.	E + 1.10(c)		1,438,000  EUR		(483,349	)		—		(483,349	)
Diamond Resorts International Inc.		05/24/2023	3M	Societe Generale	L + 1.10(b)		13,093,406  USD		(3,509,033	)		—		(3,509,033	)
Marriott SG		08/31/2025	3M	Societe Generale	L + 1.10(b)		115,710  USD		(10,414	)		—		(10,414	)
Marriott SG		08/31/2025	3M	Societe Generale	L + 1.10(b)		105,735  USD		(10,045	)		—		(10,045	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		1,130,993  GBP		(213,862	)		—		(213,862	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		4,930,556  GBP		(932,331	)		—		(932,331	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		3,503,820  GBP		(782,021	)		—		(782,021	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		876,447  GBP		(146,711	)		—		(146,711	)

See Notes to Consolidated Schedule of Investments.

14

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

Reference Instrument	Maturity Date		Payment Frequency	Counterparty	Financing Rate	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		2,027,688  GBP	$	(421,134	)	$	—	$	(421,134	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		1,492,564  GBP		(303,053	)		—		(303,053	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		1,537,880  GBP		(274,116	)		—		(274,116	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		46,281  GBP		(6,312	)		—		(6,312	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		364,463  GBP		(55,360	)		—		(55,360	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		121,488  GBP		(18,077	)		—		(18,077	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		329,752  GBP		(55,832	)		—		(55,832	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		619,973  GBP		(104,740	)		—		(104,740	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		87,000  GBP		(15,539	)		—		(15,539	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		564,050  GBP		(64,694	)		—		(64,694	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		136,000  GBP		(26,138	)		—		(26,138	)
Richmond UK Bidco Limited		03/03/2024	1M	Citibank, N.A.	L + 1.10(d)		39,740  GBP		(8,993	)		—		(8,993	)
Total OTC Total Return Swaps								$	(24,962,415	)	$	—	$	(24,962,415	)

(a) E = 3 month EURIBOR

(b) L = 3 month LIBOR

(c) E = 6 month EURIBOR

(d) L = 1 month LIBOR

Centrally Cleared Interest Rate Swaps Outstanding at March 31, 2020

Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Frequency	Maturity Date		Counterparty	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Receives	Three-Month Libor		1.66%	3M		06/17/2025	Citibank, N.A.		25,000,000  USD	$	(1,651,192	)	$	—	$	(1,651,192	)
Receives	Three-Month Libor		1.84%	3M		01/22/2025	Citibank, N.A.		10,000,000  USD		(645,552	)		—		(645,552	)
Receives	Three-Month Libor		2.35%	3M		11/8/2024	Citibank, N.A.		3,000,000  USD		(277,261	)		—		(277,261	)
Receives	Three-Month Libor		2.37%	3M		11/1/2024	Citibank, N.A.		4,000,000  USD		(372,090	)		—		(372,090	)
Receives	Three-Month Libor		2.37%	3M		11/24/2028	Citibank, N.A.		2,500,000  USD		(385,768	)		—		(385,768	)
Receives	Three-Month Libor		2.42%	3M		10/24/2024	Citibank, N.A.		2,000,000  USD		(190,726	)		—		(190,726	)
Receives	Three-Month Libor		2.43%	3M		10/11/2026	Citibank, N.A.		2,000,000  USD		(254,992	)		—		(254,992	)
Receives	Three-Month Libor		2.58%	3M		08/5/2025	Citibank, N.A.		7,000,000  USD		(778,224	)		—		(778,224	)
Receives	Three-Month Libor		2.67%	3M		09/13/2028	Citibank, N.A.		5,000,000  USD		(862,657	)		—		(862,657	)
Receives	Three-Month Libor		2.72%	3M		08/8/2028	Citibank, N.A.		5,000,000  USD		(866,272	)		—		(866,272	)

See Notes to Consolidated Schedule of Investments.

15

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

March 31, 2020 (Unaudited)

Pays/Receives Floating Rate	Floating Rate Index	Fixed Rate		Pay/ Receive Payment Frequency	Maturity Date		Counterparty		Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Receives	Three-Month Libor		2.72%	3M		09/8/2028		Citibank, N.A.		1,000,000  USD	$	(175,301	)	$	—	$	(175,301	)
Receives	Three-Month Libor		2.86%	3M		02/24/2023		Citibank, N.A.		15,000,000  USD		(1,064,243	)		—		(1,064,243	)
Receives	Three-Month Libor		3.00%	3M		03/14/2023		Citibank, N.A.		100,000,000  USD		(7,793,565	)		—		(7,793,565	)
Receives	Three-Month Libor		3.01%	3M		03/14/2025		Citibank, N.A.		105,000,000  USD		(13,340,169	)		—		(13,340,169	)
Receives	Three-Month Libor		3.16%	3M		03/25/2028		Citibank, N.A.		10,000,000  USD		(2,010,605	)		—		(2,010,605	)
Receives	Three-Month Libor		3.26%	3M		05/23/2048		Citibank, N.A.		3,000,000  USD		(1,881,558	)		—		(1,881,558	)
Receives	Three-Month Libor		3.29%	3M		04/22/2028		Citibank, N.A.		10,000,000  USD		(2,228,097	)		—		(2,228,097	)
Total Centrally Cleared Interest Rate Swaps Outstanding											$	(34,778,272	)	$	—	$	(34,778,272	)

Abbreviation Legend:
	1M	Monthly
	3M	Quarterly
	6M	Semi-Annually
	EURIBOR	Euro Interbank Offered Rate
	LIBOR	London Interbank Offered Rate
	OTC	Over the Counter
Currency Legend
	CAD	Canadian Dollar
	EUR	Euro
	GBP	British Pound
	USD	United States Dollar

See Notes to Consolidated Schedule of Investments.

16

Blackstone Real Estate Income Master Fund and Subsidiary

Notes to Consolidated Financial Statements

For the Period Ended March 31, 2020 (Unaudited)

1. Organization

Blackstone Real Estate Income Master Fund (the “Master Fund”), a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), is anon-diversified,closed-end management investment company. The Master Fund has formed a subsidiary, Blackstone Real Estate Income Master Fund (Cayman) Ltd., a wholly-owned subsidiary (the “Subsidiary”), organized in the Cayman Islands, through which the Master Fund mainly invests in securities exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Blackstone Real Estate Income Fund (“Feeder Fund I”) and Blackstone Real Estate Income Fund II (“Feeder Fund II” and together with Feeder Fund I, the “Feeder Funds”) invest substantially all of their assets in the Master Fund. The Master Fund’s investment objective is to seek long-term total return, with an emphasis on current income, by primarily investing in a broad range of real estate-related debt investments.

The Master Fund consolidates the Subsidiary in accordance with the consolidation policy discussed in Note 2. The Master Fund and Subsidiary are herein referred to collectively as the “Consolidated Master Fund”.

The investment manager of the Consolidated Master Fund and the Feeder Funds is Blackstone Real Estate Income Advisors L.L.C. (the “Investment Manager”), an investment advisor registered under the Investment Advisers Act of 1940, as amended. The Board of Trustees (the “Board” and each member thereof, a “Trustee”) of the Consolidated Master Fund and the Feeder Funds supervises the conduct of the Consolidated Master Fund’s and the Feeder Funds’ affairs and, pursuant to the investment management agreements (the “Investment Management Agreements”), has engaged the Investment Manager to manage the Consolidated Master Fund’s and the Feeder Funds’day-to-day investment activities and operations.

Capitalized terms used, but not defined herein, shall have the meaning assigned to them in the Prospectus of the Feeder Funds.

2. Summary of Significant Accounting Policies

Basis of Presentation

The Consolidated Master Fund’s Consolidated Schedule of Investments are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are stated in U.S. dollars, unless otherwise noted.

The Consolidated Master Fund is an investment company in accordance with Accounting Standards Codifications 946,Financial Services—Investment Companies,which defines investment companies and prescribes specialized accounting and reporting requirements for investment companies.

The preparation of the Consolidated Schedule of Investments in conformity with U.S. GAAP requires the Investment Manager to make estimates and assumptions that affect the amounts in the Consolidated Schedule of Investments and accompanying notes. The Investment Manager believes that the estimates utilized in preparing the Consolidated Schedule of Investments are reasonable and prudent; however, actual results may differ from these estimates.

Consolidation

The Master Fund is presented as consolidated with the Subsidiary. Accordingly, the Consolidated Schedule of Investments include the assets and liabilities and the results of operations of the Subsidiary listed above. All intercompany balances have been eliminated.

Fair Value of Financial Instruments

Fair value guidance defines fair value, establishes a framework for measuring fair value, and establishes disclosures about fair value measurements. U.S. GAAP defines the fair value as the price that the Consolidated Master Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.

Valuation techniques and availability of observable inputs can vary from investment to investment and are affected by a variety of factors including the type of investment and the characteristics specific to the investment and the state of the market place, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement:

• Level 1 – quoted prices are available in active markets for identical investments as of the measurement date. The Consolidated Master Fund does not adjust the quoted price for these investments.

17

Blackstone Real Estate Income Master Fund and Subsidiary

Notes to Consolidated Financial Statements (Continued)

For the Period Ended March 31, 2020 (Unaudited)

• Level 2 – quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.

• Level 3 – pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. The Investment Manager, values its investments, in good faith, using valuation techniques applied on a consistent basis. The determination of fair value is based on the best available information in the circumstances and may incorporate the Investment Managers’ own assumptions and involves significant degree of judgment, taking into consideration a combination of internal and external factors. Due to the inherent uncertainty of these estimates, the estimates of fair value may differ from the values that would have been used had a ready market for these investments existed and the differences could be material.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the fair value hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

3. Fair Value Measurement

The following table summarizes the Consolidated Master Fund’s assets and liabilities measured at fair value at March 31, 2020:

Asset Description:	Level 1		Level 2		Level 3		Total
Investments in Securities:
Commercial Mortgage-Backed Securities	$	—	$	451,926,062	$	—	$	451,926,062
Residential Mortgage-Backed Securities		—		70,863,678		—		70,863,678
Interest Only Commercial Mortgage-Backed Securities		—		53,789,444		—		53,789,444
Collateralized Debt Obligations		—		3,345,243		—		3,345,243
Bank Loan		—		28,676,774		—		28,676,774
High Yield Bonds & Notes		—		17,322,774		—		17,322,774
Corporate Bonds & Notes		—		547,506		—		547,506
Convertible Bonds		—		1,319,105		—		1,319,105
Money Market Fund		46,690		—		—		46,690
Total Investments in Securities	$	46,690	$	627,790,586	$	—	$	627,837,276
Forward Foreign Currency Exchange Contracts(a)		—		567,679		—		567,679
Credit Default Swap Contracts		—		13,285,092		—		13,285,092
Total Assets	$	46,690	$	641,643,357	$	—	$	641,690,047
Liability Description:	Level 1		Level 2		Level 3		Total
Securities Sold Short:
Foreign Government Obligations	$	—	$	4,506,537	$	—	$	4,506,537
Total Securities Sold Short		—		4,506,537		—		4,506,537
Reverse Repurchase Agreements		—		241,663,385		—		241,663,385
Forward Foreign Currency Exchange Contracts(a)		—		783,069		—		783,069
Credit Default Swap Contracts		—		14,080,560		—		14,080,560
Total Return Swap Contracts(a)		—		24,962,415		—		24,962,415
Interest Rate Swap Contracts		—		34,778,272		—		34,778,272
Total Liabilities	$	—	$	320,774,238	$	—	$	320,774,238

(a) Represents unrealized appreciation (depreciation).

There were no Level 3 investments at the beginning or end of the period.

18