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

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments

September 30, 2020 (Unaudited)

	Principal Amount		Value
LONG-TERM INVESTMENTS — 100.6%
COMMERCIAL MORTGAGE-BACKED SECURITIES — 73.4%
Arbor Realty Collateralized Loan Obligation Ltd., Series 2020-FL1, Class C, 1 mo. USD LIBOR + 2.05%, 2.20%, 02/15/35 (a),(b),(d)	$	2,715,000	$	2,617,269
BAMLL Re-REMIC Trust, Series 2014-FRR9, Class F, 1 mo. USD LIBOR + 20.15%, 2.52%, 12/26/46 (a),(b),(d)		22,162,790		20,826,753
Bancorp Commercial Mortgage Trust, Series 2018-CRE4, Class D, 1 mo. USD LIBOR + 2.10%, 2.25%, 09/15/35 (a),(b),(c),(d)		917,000		854,261
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PW12, Class D, 5.96%, 09/11/38 (a),(b),(d)		549,575		271,523
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class D, 3.00%, 06/15/50 (a),(c)		5,741,000		4,068,505
Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class D, 5.04%, 09/10/45 (a),(b),(c),(d)		4,258,000		3,586,073
Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class E, 4.76%, 03/10/47 (a),(b),(d)		100,000		71,643
Citigroup Commercial Mortgage Trust, Series 2019-C7, Class E, 2.75%, 12/15/72 (a),(b),(d)		639,000		486,490
Cold Finance plc,
Series 1, Class C, 3 mo. GBP LIBOR + 1.95%, 2.02%, 08/20/29 (b),(e)	£	230,423		287,869
Series 1, Class D, 3 mo. GBP LIBOR + 2.50%, 2.57%, 08/20/29 (b),(e)		759,098		943,280
Series 1, Class E, 3 mo. GBP LIBOR + 3.55%, 3.62%, 08/20/29 (b),(e)		777,053		931,873
COMM Mortgage Trust, Series 2014-CR14, Class D, 4.77%, 02/10/47 (a),(b),(d)	$	635,000		548,332
COMM Mortgage Trust,
Series 2019-GC44, Class 180C, 3.51%, 08/15/57 (a),(b),(d)		216,000		175,240
Series 2019-GC44, Class 180D, 3.51%, 08/15/57 (a),(b),(d)		147,000		111,070
Commercial Mortgage Pass Through Certificates,
Series 2016-CR28, Class D, 4.04%, 02/10/49 (b),(c)		688,000		613,970
Series 2016-CR28, Class F, 3.25%, 02/10/49 (a)		13,754,000		7,688,540
Series 2016-CR28, Class G, 3.25%, 02/10/49 (a),(d)		5,951,000		2,613,764
Series 2016-CR28, Class H, 3.25%, 02/10/49 (a),(d)		9,169,000		3,533,566
Series 2016-CR28, Class J, 3.25%, 02/10/49 (a),(d)		15,121,412		3,207,760
Commercial Mortgage Trust, Series 2005-C6, Class G, 5.70%, 06/10/44 (a),(b),(d)		318,845		319,777
Commercial Mortgage Trust, Series 2006-CD3 SEQ, Class AJ, 5.69%, 10/15/48 (d)		6,896,594		3,859,387
Commercial Mortgage Trust,
Series 2013-CR8, Class E, 4.00%, 06/10/46 (a),(b),(c)		9,423,992		7,355,446
Series 2013-CR8, Class F, 4.00%, 06/10/46 (a),(b),(d)		3,009,000		1,856,527
Commercial Mortgage Trust, Series 2013-LC13, Class D, 5.46%, 08/10/46 (a),(b),(c)		2,218,000		1,803,486
Commercial Mortgage Trust,
Series 2014-FL5, Class KH1, 1 mo. USD LIBOR + 3.65%, 3.81%, 08/15/31 (a),(b),(d)		16,042,712		11,555,153
Series 2014-FL5, Class KH2, 1 mo. USD LIBOR + 4.50%, 4.66%, 08/15/31 (a),(b),(d)		10,401,266		7,257,984
Commercial Mortgage Trust, Series 2014-UBS5, Class D, 3.50%, 09/10/47 (a),(c)		4,395,000		2,548,583
Commercial Mortgage Trust,
Series 2014-UBS6, Class D, 4.09%, 12/10/47 (a),(b)		658,000		370,434
Series 2014-UBS6, Class E, 4.59%, 12/10/47 (a),(b),(c)		9,693,000		4,524,335
Commercial Mortgage Trust, Series 2015-CR22, Class E, 3.00%, 03/10/48 (a),(d)		4,797,000		3,214,406
Commercial Mortgage Trust,
Series 2015-CR23, Class D, 4.43%, 05/10/48 (b),(c)		958,000		810,171
Series 2015-CR23, Class E, 3.23%, 05/10/48 (a),(c),(d)		7,180,000		4,783,424
Series 2015-CR23, Class F, 4.43%, 05/10/48 (a),(b),(d)		1,170,000		658,680
Commercial Mortgage Trust, Series 2015-CR24, Class D, 3.46%, 08/10/48 (b),(c)		2,215,000		1,766,077
Commercial Mortgage Trust, Series 2015-CR25, Class D, 3.94%, 08/10/48 (b),(c),(d)		6,172,000		4,576,989
Commercial Mortgage Trust, Series 2015-CR27, Class D, 3.60%, 10/10/48 (a),(b),(c)		6,540,000		5,338,270
Commercial Mortgage Trust,
Series 2015-LC21, Class D, 4.48%, 07/10/48 (b),(c)		1,259,000		1,023,707
Series 2015-LC21, Class E, 3.25%, 07/10/48 (a),(c)		9,077,000		4,525,728
Commercial Mortgage Trust, Series 2016-CD1, Class D, 2.90%, 08/10/49 (a),(b),(c)		4,463,000		3,346,582
Commercial Mortgage Trust, Series 2016-COR1, Class D, 3.53%, 10/10/49 (a),(b),(c)		8,294,000		6,605,365
Commercial Mortgage Trust, Series 2016-DC2, Class D, 4.04%, 02/10/49 (a),(b)		877,000		692,215
CoreVest American Finance Trust, Series 2017-2 SEQ, Class M, 5.62%, 12/25/27 (a),(d)		933,000		951,995
CoreVest American Finance Trust., Series 2018-1, Class D, 4.92%, 06/15/51 (a),(c)		1,409,000		1,516,216
CoreVest American Finance Trust,

See Notes to Consolidated Schedule of Investments.

1

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Series 2019-1, Class D, 4.82%, 03/15/52 (a),(d)	$	377,000	$	401,002
Series 2019-1, Class E, 5.49%, 03/15/52 (a),(d)		202,000		210,146
CoreVest American Finance Trust,
Series 2019-2, Class D, 4.22%, 06/15/52 (a),(d)		195,000		192,214
Series 2019-2, Class E, 5.39%, 06/15/52 (a),(b),(d)		234,000		226,233
CoreVest American Finance Trust,
Series 2019-3, Class D, 3.76%, 10/15/52 (a),(d)		106,000		97,032
Series 2019-3, Class E, 4.90%, 10/15/52 (a),(b),(d)		140,000		136,462
CoreVest American Finance Trust, Series 2020-1, Class E, 4.83%, 03/15/50 (a),(b),(d)		100,000		97,517
Credit Suisse Commercial Mortgage Trust, Series 2007-C3, Class AJ, 5.85%, 06/15/39 (b),(d)		37,297		16,941
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C5, Class G, 5.10%, 08/15/38 (a),(b),(d)		1,397,407		1,295,573
Credit Suisse Mortgage Trust, Series 2006-C5, Class AJ, 5.37%, 12/15/39 (d)		4,295,847		1,833,344
CSAIL Commercial Mortgage Trust,
Series 2015-C4, Class F, 3.50%, 11/15/48 (a),(b),(d)		5,842,000		3,916,737
Series 2015-C4, Class G, 3.50%, 11/15/48 (a),(b),(d)		5,786,000		3,489,127
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class UESD, 4.38%, 10/15/32 (a),(b)		11,771,500		11,133,674
CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class D, 2.75%, 04/15/51 (a),(b),(c)		1,165,000		877,212
CSAIL Commercial Mortgage Trust, Series 2019-C17, Class D, 2.50%, 09/15/52 (a),(d)		410,000		304,867
DBWF Mortgage Trust,
Series 2018-GLKS, Class E, 1 mo. USD LIBOR + 3.02%, 3.17%, 12/19/30 (a),(b),(d)		598,000		538,172
Series 2018-GLKS, Class F, 1 mo. USD LIBOR + 3.49%, 3.65%, 12/19/30 (a),(b),(c)		829,000		631,121
European Loan Conduit,
Series 31, Class D, 3 mo. EURIBOR + 2.30%, 2.30%, 10/26/28 (b),(c),(e),(i)	€	1,534,091		1,714,781
Series 31, Class E, 3 mo. EURIBOR + 3.25%, 3.25%, 10/26/28 (b),(c),(e),(i)		6,888,519		7,644,876
FREMF Mortgage Trust, Series 2019-KF59, Class C, 1 mo. USD LIBOR + 6.00%, 6.16%, 02/25/29 (a),(b),(d)	$	69,220,423		64,765,147
GE Capital Commercial Mortgage Corp., Series 2005-C4, Class AJ, 5.67%, 11/10/45 (b),(d)		1,668,418		1,585,649
GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class AJ, 5.35%, 11/10/45 (b),(d)		15,868		14,156
GS Mortgage Securities Corp. II, Series 2006-CC1, Class A, 5.33%, 03/21/46 (a),(b),(d)		541,272		516,740
GS Mortgage Securities Corp. II, Series 2013-GC10, Class E, 4.55%, 02/10/46 (a),(b),(d)		1,305,000		1,011,584
GS Mortgage Securities Corp. II, Series 2015-GC30, Class D, 3.38%, 05/10/50 (c)		5,107,000		4,183,271
GS Mortgage Securities Corp. II, Series 2017-SLP, Class E, 4.74%, 10/10/32 (a),(b),(c)		3,591,000		3,344,948
GS Mortgage Securities Corp. II, Series 2018-GS10, Class E, 3.00%, 07/10/51 (a),(b),(d)		501,000		348,764
GS Mortgage Securities Trust, Series 2006-GG8, Class B, 5.66%, 11/10/39 (d)		2,297,000		227,948
GS Mortgage Securities Trust, Series 2012-GCJ9, Class E, 4.90%, 11/10/45 (a),(b),(c)		10,250,422		7,704,937
GS Mortgage Securities Trust,
Series 2014-GC20, Class C, 5.13%, 04/10/47 (b),(c),(d)		1,779,000		1,576,299
Series 2014-GC20, Class D, 5.13%, 04/10/47 (a),(b),(c),(d)		3,875,000		2,299,381
GS Mortgage Securities Trust, Series 2014-GC24, Class C, 4.66%, 09/10/47 (b)		843,000		671,192
GS Mortgage Securities Trust, Series 2016-GS2, Class D, 2.75%, 05/10/49 (a),(c)		3,325,000		2,381,129
GS Mortgage Securities Trust, Series 2017-GS8, Class D, 2.70%, 11/10/50 (a),(c)		3,789,000		3,140,982
Hilton Orlando Trust, Series 2018-ORL, Class F, 1 mo. USD LIBOR + 3.65%, 3.80%, 12/15/34 (a),(b),(c)		8,321,000		6,682,752
Hilton USA Trust, Series 2016-HHV, Class F, 4.33%, 11/05/38 (a),(b),(c)		14,598,000		13,122,271
Home Partners of America Trust, Series 2017-1, Class F, 1 mo. USD LIBOR + 3.54%, 3.69%, 07/17/34 (a),(b),(d)		882,000		866,522
IMT Trust, Series 2017-APTS, Class FFX, 3.61%, 06/15/34 (a),(b),(d),(i)		192,000		181,342
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2019-MARG, Class E, 1 mo. USD LIBOR + 2.50%, 2.65%, 05/15/34 (a),(b),(c)		1,086,000		940,324
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9 SEQ, Class AJ, 5.41%, 05/15/47 (d)		22,944,598		26,170,631
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-FL6, Class C, 1 mo. USD LIBOR + 3.03%, 3.18%, 11/15/31 (a),(b)		207,127		200,303
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class D, 3.94%, 08/15/49 (a),(b)		3,859,000		2,995,439
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class D, 3.60%, 08/15/49 (a),(b),(c)		1,413,000		996,682

See Notes to Consolidated Schedule of Investments.

2

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class D, 3.56%, 12/15/49 (a),(b),(c)	$	4,056,000	$	2,882,706
JPMBB Commercial Mortgage Securities Trust, Series 2015-C29, Class D, 3.85%, 05/15/48 (b),(c)		2,838,000		2,043,073
JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class D, 3.91%, 07/15/48 (b),(c),(d)		9,651,000		7,571,222
JPMBB Commercial Mortgage Securities Trust,
Series 2015-C31, Class D, 4.27%, 08/15/48 (b)		602,000		494,479
Series 2015-C31, Class E, 4.77%, 08/15/48 (a),(b),(c)		4,934,000		3,285,511
JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class D, 4.30%, 11/15/48 (b)		2,250,000		1,592,180
JPMBB Commercial Mortgage Securities Trust,
Series 2015-C33, Class F, 4.77%, 12/15/48 (a),(b),(d)		4,285,000		2,887,356
Series 2015-C33, Class G, 4.77%, 12/15/48 (a),(b),(d)		7,618,000		4,396,972
Series 2015-C33, Class NR, 4.77%, 12/15/48 (a),(b),(d)		11,426,606		4,074,666
JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class E, 4.89%, 03/15/49 (a),(b),(c)		3,138,000		2,154,713
LB-UBS Commercial Mortgage Trust, Series 2004-C6, Class J, 6.44%, 08/15/36 (a),(b),(d)		163,739		161,738
LB-UBS Commercial Mortgage Trust, Series 2006-C3, Class F, 5.66%, 03/15/39 (b),(d)		360,969		356,589
LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class AJ, 5.41%, 11/15/38 (c)		5,129,704		2,772,887
LSTAR Commercial Mortgage Trust, Series 2017-5, Class C, 4.87%, 03/10/50 (a),(b),(c),(d)		3,379,000		3,180,979
Magnolia Finance XI DAC,
Series 2018-2MGN, Class A, 3 mo. EURIBOR + 3.25%, 3.25%, 02/16/23 (b),(c),(e),(i)	€	8,060,725		9,310,627
Series 2018-2MGN, Class B, 3 mo. EURIBOR + 4.75%, 4.75%, 02/16/23 (b),(e),(i)		8,707,345		9,904,352
Merrill Lynch Mortgage Trust, Series 2007-C1, Class AJ, 5.76%, 06/12/50 (b),(d)	$	560,726		475,066
ML-CFC Commercial Mortgage Trust, Series 2007-5, Class AJFL, 5.45%, 08/12/48 (a),(b),(d)		1,858,318		1,039,990
ML-CFC Commercial Mortgage Trust, Series 2007-5 SEQ, Class AJ, 5.45%, 08/12/48 (b),(d)		2,109,457		1,180,538
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C15, Class E, 5.07%, 04/15/47 (a),(b),(c)		4,000,000		3,020,332
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class D, 3.07%, 02/15/48 (a),(d)		128,000		107,655
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class D, 4.37%, 04/15/48 (a),(b),(c),(d)		5,586,000		3,859,005
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C31, Class D, 3.00%, 11/15/49 (a),(b)		856,000		518,864
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class D, 2.70%, 11/15/52 (a),(c)		688,000		504,590
Morgan Stanley Capital I Trust, Series 2006-HQ9, Class F, 5.92%, 07/12/44 (b),(d)		3,483,228		2,963,149
Morgan Stanley Capital I Trust, Series 2006-T23, Class E, 6.37%, 08/12/41 (a),(b),(d)		1,328,000		1,257,289
Morgan Stanley Capital I Trust, Series 2016-UB11, Class D, 3.50%, 08/15/49 (a),(b),(c)		2,077,000		1,632,636
Natixis Commercial Mortgage Securities Trust,
Series 2018-FL1, Class WAN1, 1 mo. USD LIBOR + 2.75%, 2.91%, 06/15/35 (a),(b),(d)		311,000		278,957
Series 2018-FL1, Class WAN2, 1 mo. USD LIBOR + 3.75%, 3.91%, 06/15/35 (a),(b),(d)		750,000		650,663
Natixis Commercial Mortgage Securities Trust,
Series 2018-RIVA, Class D, 1 mo. USD LIBOR + 2.05%, 2.20%, 02/15/33 (a),(b),(d)		108,000		93,045
Series 2018-RIVA, Class E, 1 mo. USD LIBOR + 2.74%, 2.89%, 02/15/33 (a),(b),(c)		2,619,000		2,155,404
Natixis Commercial Mortgage Securities Trust,
Series 2019-MILE, Class D, 1 mo. USD LIBOR + 2.75%, 2.90%, 07/15/36 (a),(b),(d)		108,000		103,122
Series 2019-MILE, Class E, 1 mo. USD LIBOR + 3.50%, 3.65%, 07/15/36 (a),(b),(d)		110,000		103,324
New Orleans Hotel Trust, Series 2019-HNLA, Class E, 1 mo. USD LIBOR + 2.69%, 2.84%, 04/15/32 (a),(b)		491,000		414,125
Prima Capital CRE Securitization Ltd.,
Series 2019-RK1, Class BT, 4.45%, 04/15/38 (a),(d)		347,000		299,254
Series 2019-RK1, Class CG, 4.00%, 04/15/38 (a),(d)		100,000		88,416
Series 2019-RK1, Class DD, 3.50%, 04/15/38 (a),(d)		487,000		423,898
ReadyCap Commercial Mortgage Trust,
Series 2019-6, Class C, 4.13%, 10/25/52 (a),(b),(c)		1,687,000		1,601,905
Series 2019-6, Class D, 4.93%, 10/25/52 (a),(b),(d)		226,000		189,577
Series RR Trust, Series 2015-1, Class B, 0.00%, 04/26/48 (a),(d)		1,199,000		924,830
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class D, 5.00%, 10/10/48 (a),(b),(d)		1,866,000		1,358,282

See Notes to Consolidated Schedule of Investments.

3

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Shelter Growth CRE Issuer Ltd., Series 2018-FL1, Class D, 1 mo. USD LIBOR + 3.00%, 3.15%, 01/15/35 (a),(b),(c)	$	1,692,000	$	1,653,184
Taurus,
Series 2018-IT1, Class D, 3 mo. EURIBOR + 3.35%, 3.35%, 05/18/30 (b),(c),(i)	€	1,473,158		1,601,333
Series 2018-IT1, Class E, 3 mo. EURIBOR + 4.50%, 4.50%, 05/18/30 (b),(c),(i)		1,473,158		1,575,465
UBS Commercial Mortgage Trust, Series 2018-C11, Class D, 3.00%, 06/15/51 (a),(b),(c)	$	2,492,000		1,814,443
Velocity Commercial Capital Loan Trust,
Series 2019-2, Class M5, 4.93%, 07/25/49 (a),(b),(d)		220,250		195,114
Series 2019-2, Class M6, 6.30%, 07/25/49 (a),(b),(d)		409,611		340,054
VNDO Mortgage Trust, Series 2016-350P, Class E, 4.03%, 01/10/35 (a),(b),(c)		4,939,000		4,701,081
Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class D, 3.96%, 12/15/47 (a),(b),(d)		299,000		252,251
Wells Fargo Commercial Mortgage Trust, Series 2015-C26, Class D, 3.59%, 02/15/48 (a)		1,453,000		1,034,772
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class D, 4.36%, 06/15/48 (b),(c),(d)		4,204,000		3,221,558
Wells Fargo Commercial Mortgage Trust, Series 2015-LC20, Class E, 2.63%, 04/15/50 (a),(c)		1,106,000		669,349
Wells Fargo Commercial Mortgage Trust, Series 2016-LC24, Class D, 3.21%, 10/15/49 (a),(c),(d)		6,075,000		4,750,641
Wells Fargo Commercial Mortgage Trust, Series 2016-LC25, Class D, 3.26%, 12/15/59 (a),(c)		5,964,000		4,573,579
Wells Fargo Commercial Mortgage Trust,
Series 2019-JWDR, Class E, 3.99%, 09/15/31 (a),(b),(c)		902,000		774,879
Series 2019-JWDR, Class F, 4.71%, 09/15/31 (a),(b),(c)		1,045,000		876,933
Series 2019-JWDR, Class G, 5.56%, 09/15/31 (a),(b),(d)		943,000		734,200
WFRBS Commercial Mortgage Trust, Series 2013-C18, Class D, 4.85%, 12/15/46 (a),(b),(c)		2,106,000		1,426,082
WFRBS Commercial Mortgage Trust, Series 2014-C19, Class D, 4.23%, 03/15/47 (a),(d)		362,000		319,697
WFRBS Commercial Mortgage Trust,
Series 2014-C22, Class C, 3.91%, 09/15/57 (b),(d)		1,561,000		1,462,070
Series 2014-C22, Class D, 4.05%, 09/15/57 (a),(b),(c)		3,759,000		2,710,146
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (COST $470,949,192)				432,384,939
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 10.8%
Angel Oak Mortgage Trust, Series 2019-5 SEQ, Class B1, 3.96%, 10/25/49 (a),(b),(d)		100,000		95,101
Angel Oak Mortgage Trust I LLC, Series 2019-2, Class B2, 6.29%, 03/25/49 (a),(b),(d)		113,000		113,427
Deephave Residential Mortgage Trust, Series 2019-2A, Class B2, 5.79%, 04/25/59 (a),(b),(d)		2,947,000		2,793,916
Deephaven Residential Mortgage Trust,
Series 2019-3A, Class B1, 4.26%, 07/25/59 (a),(b),(d)		301,000		290,955
Series 2019-3A, Class B2, 5.66%, 07/25/59 (a),(b),(d)		422,000		409,649
Ellington Financial Mortgage Trust, Series 2019-2, Class B1, 4.07%, 11/25/59 (a),(b),(d)		165,000		157,007
European Residential Loan Securitisation,
Series 2019-PL1, Class D, 1 mo. EURIBOR + 1.50%, 0.97%, 03/24/63 (b),(e)	€	1,856,000		2,104,907
Series 2019-PL1, Class E, 1 mo. EURIBOR + 2.50%, 1.97%, 03/24/63 (b),(e)		1,856,000		2,048,635
Series 2019-PL1, Class F, 1 mo. EURIBOR + 3.50%, 2.97%, 03/24/63 (b),(e)		2,474,000		2,697,513
Federal Home Loan Mortgage Corp., Series 2017-HRP1, Class B1, 1 mo. USD LIBOR + 4.60%, 4.75%, 12/25/42 (b),(d)	$	1,696,000		1,520,545
Federal Home Loan Mortgage Corp., Series 2018-SPI2, Class M2B, 3.81%, 05/25/48 (a),(b),(d)		3,823,000		3,692,995
Federal Home Loan Mortgage Corp., Series 2019-HRP1, Class B1, 1 mo. USD LIBOR + 4.05%, 4.20%, 02/25/49 (a),(b),(d)		4,474,000		3,827,704
GCAT Trust, Series 2019-NQM2, Class B1, 4.01%, 09/25/59 (a),(b),(d)		100,000		95,780
Homeward Opportunities Fund, Series 2019-1, Class B1, 4.80%, 01/25/59 (a),(b),(c)		2,256,000		2,224,059
JEPSON,
Series 2019-1, Class D, 0.97%, 11/24/57 (b),(e)	€	2,340,000		2,631,559
Series 2019-1, Class E, 0.97%, 11/24/57 (b),(e)		1,515,000		1,657,084
LHOME Mortgage Trust, Series 2019-RTL1, Class M, 6.90%, 10/25/23 (a),(d)	$	1,484,000		1,340,029
LHOME Mortgage Trust, Series 2019-RTL2, Class M, 6.05%, 03/25/24 (a),(d)		500,000		435,633
LHOME Mortgage Trust, Series 2019-RTL2 SEQ, Class A2, 4.34%, 03/25/24 (a),(b),(d)		674,000		648,217
Mulcair Securities DAC, Series 1 SEQ, Class E, 3 mo. EURIBOR + 1.50%, 1.05%, 04/24/71 (b),(e)	€	802,000		913,787
New Residential Mortgage LLC,
Series 2018-FNT2, Class E, 5.12%, 07/25/54 (a),(c)	$	2,567,702		2,450,440

See Notes to Consolidated Schedule of Investments.

4

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Series 2018-FNT2, Class F, 5.95%, 07/25/54 (a),(d)	$	3,347,471	$	3,144,024
New Residential Mortgage Loan, Series 2019-NQM2 SEQ, Class B1, 5.21%, 04/25/49 (a),(b),(d)		647,000		638,460
Seasoned Credit Risk Transfer Trust, Series 2018-2, Class M, 4.75%, 11/25/57 (d)		5,459,000		5,296,924
Seasoned Credit Risk Transfer Trust, Series 2019-2, Class M, 4.75%, 08/25/58 (a),(b),(d)		1,438,000		1,387,156
Seasoned Credit Risk Transfer Trust Series, Series 2019-4, Class M, 4.50%, 02/25/59 (a),(b),(d)		3,057,000		2,987,319
SG Residential Mortgage Trust, Series 2019-3 SEQ, Class B1, 4.08%, 09/25/59 (a),(b),(d)		100,000		95,855
Spruce Hill Mortgage Loan Trust, Series 2018-SH1, Class B1, 4.99%, 04/29/49 (a),(b),(c)		1,972,000		1,935,845
STACR Trust, Series 2018-HRP1, Class B1, 1 mo. USD LIBOR + 3.75%, 3.90%, 04/25/43 (a),(b),(d)		1,895,000		1,776,011
STACR Trust, Series 2018-HRP2, Class B1, 1 mo. USD LIBOR + 4.20%, 4.35%, 02/25/47 (a),(b),(d)		3,307,000		2,905,180
Trinidad Mortgage Securities PLC,
Series 2018-1, Class C, 3 mo. GBP LIBOR + 1.60%, 1.68%, 01/24/59 (b),(e)		£ 2,113,299		2,667,157
Series 2018-1, Class D, 2.08%, 01/24/59 (b)		2,651,295		3,339,787
Series 2018-1, Class E, 3 mo. GBP LIBOR + 2.65%, 2.73%, 01/24/59 (b),(e)		2,082,710		2,625,298
Verus Securitization Trust, Series 2019-1, Class B1, 5.31%, 02/25/59 (a),(b),(c)	$	1,980,000		1,941,874
Verus Securitization Trust, Series 2019-4, Class B1, 3.86%, 11/25/59 (a),(b),(d)		100,000		96,328
Verus Securitization Trust, Series 2019-INV1 SEQ, Class B1, 4.99%, 12/25/59 (a),(d)		275,000		267,690
Verus Securitization Trust, Series 2019-INV2, Class B1, 4.45%, 07/25/59 (a),(b),(d)		288,000		274,367
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (COST $66,196,510)				63,528,217
INTEREST ONLY COMMERCIAL MORTGAGE-BACKED SECURITIES — 8.7%
California Housing Finance, Rev., Series 2019 X, (SER X),, 0.29%, 01/15/35 (b),(d),(f)		7,156,790		163,007
CFK Trust, Series 2020-MF2, Class X, 1.24%, 03/15/39 (a),(b),(c),(f)		32,092,000		1,436,512
Citigroup Commercial Mortgage Trust, Series 2019-C7, Class XD, 1.33%, 12/15/72 (a),(b),(d),(f)		4,905,000		438,767
Citigroup Commercial Mortgage Trust, Series 2019-GC43, Class XD, 0.74%, 11/10/52 (a),(b),(d),(f)		4,867,000		234,689
Commercial Mortgage Trust, Series 2010-C1, Class XWA, 1.84%, 07/10/46 (a),(b),(d),(f)		0		0
CoreVest American Finance Trust, Series 2019-2, Class XA, 2.56%, 06/15/52 (a),(b),(d),(f)		4,426,608		420,803
CoreVest American Finance Trust, Series 2019-3, Class XA, 2.19%, 10/15/52 (a),(b),(c),(f)		15,560,745		1,169,683
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class XA, 0.90%, 08/15/48 (b),(d),(f)		25,396,412		629,120
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class UESX, 0.20%, 10/15/32 (a),(b),(d),(f)		92,814,500		201,732
CSAIL Commercial Mortgage Trust, Series 2019-C18, Class XD, 1.58%, 12/15/52 (a),(b),(d),(f),(i)		3,645,000		388,108
DC Office Trust, Series 2019-MTC, Class X, 0.21%, 09/15/45 (a),(b),(d),(f)		45,296,000		503,533
Federal Home Loan Mortgage Corp., Series K-1514, Class X3, 2.86%, 10/25/34 (b),(f)		11,279,000		2,913,221
Federal Home Loan Mortgage Corp., Series K049, Class X3, 1.60%, 10/25/43 (b),(d),(f)		831,000		54,484
Federal Home Loan Mortgage Corp., Series K062, Class X3, 2.14%, 01/25/45 (b),(f)		47,462,053		5,254,685
Federal Home Loan Mortgage Corp., Series K077, Class X3, 2.30%, 05/25/28 (b),(f)		18,666,809		2,611,054
Federal Home Loan Mortgage Corp., Series K083, Class X3, 2.37%, 10/25/28 (b),(f)		26,880,916		3,978,652
Federal Home Loan Mortgage Corp., Series K086, Class X3, 2.38%, 11/25/46 (b),(d),(f)		6,271,000		942,745
Federal Home Loan Mortgage Corp., Series K089, Class X3, 2.37%, 01/25/46 (b),(d),(f)		6,715,000		1,059,464
Federal Home Loan Mortgage Corp., Series K095, Class X3, 2.17%, 08/25/47 (b),(d),(f)		4,356,000		646,376
Federal Home Loan Mortgage Corp., Series K102, Class X3, 1.96%, 12/25/46 (b),(d),(f)		18,056,000		2,530,615
Federal Home Loan Mortgage Corp., Series K105, Class X3, 2.04%, 06/25/30 (b),(d),(f)		13,835,000		2,046,614
Federal Home Loan Mortgage Corp.,
Series K157, Class X1, 0.16%, 08/25/33 (b),(f)		432,860,361		2,648,456
Series K157, Class X3, 3.34%, 09/25/33 (b),(f)		9,502,000		2,718,678
Federal Home Loan Mortgage Corp., Series KG01, Class X3, 3.23%, 05/25/29 (b),(d),(f)		1,961,000		423,751
Federal Home Loan Mortgage Corp., Series KLU1, Class X3, 4.10%, 01/25/31 (b),(d),(f)		14,909,392		2,667,773
Federal Home Loan Mortgage Corp.,
Series KLU2, Class X1, 1.16%, 08/25/29 (b),(f)		45,584,627		3,137,590
Series KLU2, Class X3, 4.10%, 08/25/29 (b),(d),(f)		6,770,488		1,597,595
Federal Home Loan Mortgage Corp., Series KS11, Class XFX, 1.76%, 06/25/29 (b),(d),(f)		9,694,000		1,059,186
Federal Home Loan Mortgage Corp., Series KW01, Class X3, 4.20%, 03/25/29 (b),(f)		9,077,000		1,598,876
Federal Home Loan Mortgage Corp., Series KW08, Class X3, 3.29%, 10/25/31 (b),(d),(f)		6,658,000		1,386,488

See Notes to Consolidated Schedule of Investments.

5

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Principal Amount		Value
Federal Home Loan Mortgage Corp., Series KW09, Class X3, 3.11%, 06/25/29 (b),(d),(f)	$	2,231,000	$	456,787
Federal Home Loan Mortgage Corp., Series KW10, Class X3, 2.81%, 10/25/32 (b),(d),(f)		2,765,000		522,743
GS Mortgage Securities Corp. II, Series 2017-SLP, Class XB, 0.61%, 10/10/32 (a),(b),(d),(f)		35,804,000		302,164
GS Mortgage Securities Corp. Trust, Series 2014-GC20, Class XA, 1.22%, 04/10/47 (b),(d),(f)		5,069,179		122,497
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		37,748
GS Mortgage Securities Trust, Series 2019-GC40, Class XD, 1.30%, 07/10/52 (a),(b),(d),(f)		1,000,000		87,174
JPMDB Commercial Mortgage Securities Trust, Series 2019-COR6, Class XD, 1.56%, 11/13/52 (a),(b),(d),(f)		4,171,000		431,713
MFT Trust, Series 2020-ABC, Class XA, 0.12%, 02/06/30 (a),(b),(d),(f)		30,082,000		408,950
Real Estate Asset Liquidity Trust, Series 2019-1A, Class X, 1.47%, 06/12/54 (b),(f)	C$	79,048,249		4,111,367
TOTAL INTEREST ONLY COMMERCIAL MORTGAGE-BACKED SECURITIES (COST $51,379,093)				51,344,621
COLLATERALIZED DEBT OBLIGATIONS — 0.6%
Nomura CRE CDO Ltd.,
Series 2007-2A, Class D, 3 mo. USD LIBOR + .45%, 2.60%, 05/21/42 (a),(b),(d)	$	6,260,114		3,246,047
Series 2007-2A, Class E, 3 mo. USD LIBOR + .50%, 2.65%, 05/21/42 (a),(b),(d),(g)		5,892,169		13,906
Series 2007-2A, Class F, 3 mo. USD LIBOR + .60%, 2.75%, 05/21/42 (a),(b),(d),(g)		8,047,732		18,993
TOTAL COLLATERALIZED DEBT OBLIGATIONS (COST $4,411,977)				3,278,946
BANK LOAN — 4.2%
Bulldog Purchaser, Inc., 2018 Term Loan, 1 mo. LIBOR + 3.75%, 3.90%, 09/05/25 (b)		7,305,916		6,300,603
Casablanca US Holdings, Inc., 2018 1st Lien Term Loan, 3 mo. LIBOR + 4.00%, 4.26%, 03/29/24 (b)		25,087,295		18,207,292
Marriott Ownership Resorts, Inc., 2019 Term Loan B, 1 mo. LIBOR + 1.75%, 1.90%, 08/29/25 (b)		114,149		109,066
TOTAL BANK LOAN (COST $30,977,654)				24,616,961
HIGH YIELD BONDS & NOTES — 2.6%
CPUK Finance Ltd., 4.25%, 02/28/47 (a)		139,063		177,421
Diamond Resorts International, Inc., 7.75%, 09/01/23 (a),(c),(d)		10,618,000		10,203,072
ESH Hospitality, Inc., 4.63%, 10/01/27 (a),(d)		164,000		160,781
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 6.13%, 12/01/24 (c)		4,714,000		4,858,366
Marriott Ownership Resorts, Inc., 4.75%, 01/15/28		212,000		199,678
TOTAL HIGH YIELD BONDS & NOTES (COST $15,988,640)				15,599,318
CONVERTIBLE BONDS — 0.3%
RWT Holdings, Inc., 5.75%, 10/01/25 (a),(d)		2,012,000		1,763,891
TOTAL CONVERTIBLE BONDS (COST $2,012,000)				1,763,891
TOTAL LONG-TERM INVESTMENTS (COST $641,915,066)				592,516,893
TOTAL INVESTMENTS IN SECURITIES — 100.6% (COST $641,915,066)				592,516,893
SECURITIES SOLD SHORT — (0.8)%
FOREIGN GOVERNMENT OBLIGATIONS — (0.8)%
Canadian Government Bond, 1.00%, 09/01/22	C$	6,332,000		(4,811,087	)
TOTAL SECURITIES SOLD SHORT (PROCEEDS $4,704,478)				(4,811,087	)
Other Assets and Liabilities (h) — 0.2%				1,331,860
Net Assets — 100.0%			$	589,037,666

See Notes to Consolidated Schedule of Investments.

6

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

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 June 30, 2020, the total value of Rule 144A securities was $383,079,869, representing 65.03% 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 September 30, 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) Security is currently in default due to bankruptcy or failure to make payment of principal or interest.

(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.

Reverse Repurchase Agreements Outstanding at September 30, 2020

Counterparty	Interest Rate	Trade Date		Maturity Date		Face Value		Face Value Including Accrued Interest
Deutsche Bank AG	1.17%		07/13/20		10/13/20	$	661,000	$	662,713
Deutsche Bank AG	1.17%		07/13/20		10/13/20		1,014,000		1,016,628
Deutsche Bank AG	1.17%		07/13/20		10/13/20		869,000		871,252
Deutsche Bank AG	1.17%		07/13/20		10/13/20		1,511,000		1,514,916
Deutsche Bank AG	1.17%		07/13/20		10/13/20		410,000		411,063
Deutsche Bank AG	1.17%		07/13/20		10/13/20		658,000		659,705
Deutsche Bank AG	1.17%		07/13/20		10/13/20		4,243,000		4,253,997
Deutsche Bank AG	1.17%		07/13/20		10/13/20		606,000		607,571
Deutsche Bank AG	1.27%		07/13/20		10/13/20		2,459,000		2,465,919
Deutsche Bank AG	1.27%		07/13/20		10/13/20		719,000		721,023
Deutsche Bank AG	1.27%		07/13/20		10/13/20		4,074,000		4,085,464
Deutsche Bank AG	1.27%		07/13/20		10/13/20		690,000		691,942
Deutsche Bank AG	1.27%		07/13/20		10/13/20		1,913,000		1,918,383
Deutsche Bank AG	1.27%		07/13/20		10/13/20		703,000		704,978
Deutsche Bank AG	1.27%		07/13/20		10/13/20		653,000		654,837
Deutsche Bank AG	1.27%		07/13/20		10/13/20		2,949,000		2,957,298
Deutsche Bank AG	1.27%		07/13/20		10/13/20		1,230,000		1,233,461
Morgan Stanley Bank, N.A.	1.74%		08/07/20		11/06/20		2,426,000		2,432,457
Morgan Stanley Bank, N.A.	1.74%		08/07/20		11/06/20		1,582,000		1,586,210
Morgan Stanley Bank, N.A.	1.74%		08/07/20		11/06/20		1,080,000		1,082,874
Morgan Stanley Bank, N.A.	1.74%		08/07/20		11/06/20		1,430,000		1,433,806
Morgan Stanley Bank, N.A.	1.89%		08/07/20		11/06/20		4,241,000		4,253,259
Morgan Stanley Bank, N.A.	2.17%		09/29/20		01/07/21		1,473,000		1,473,177
Morgan Stanley Bank, N.A.	2.17%		09/29/20		01/07/21		1,320,000		1,320,159
Morgan Stanley Bank, N.A.	2.17%		09/29/20		01/07/21		1,122,000		1,122,135
Morgan Stanley Bank, N.A.	2.17%		09/29/20		01/07/21		1,094,000		1,094,132
Morgan Stanley Bank, N.A.	2.17%		09/29/20		01/07/21		1,100,000		1,100,132
Morgan Stanley Bank, N.A.	2.17%		09/29/20		01/07/21		954,000		954,115
Morgan Stanley Bank, N.A.	2.17%		09/29/20		01/07/21		1,033,000		1,033,124
Morgan Stanley Bank, N.A.	2.17%		09/29/20		01/07/21		968,000		968,117
Morgan Stanley Bank, N.A.	2.17%		09/29/20		01/07/21		860,000		860,104

See Notes to Consolidated Schedule of Investments.

7

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Counterparty	Interest Rate	Trade Date		Maturity Date		Face Value		Face Value Including Accrued Interest
Morgan Stanley Bank, N.A.	2.22%		07/13/20		10/13/20	$	2,237,000	$	2,248,017
RBC (Barbados) Trading Bank Corporation	1.31%		08/14/20		11/13/20		3,613,000		3,619,334
RBC (Barbados) Trading Bank Corporation	1.50%		09/15/20		12/01/20		1,018,000		1,018,679
RBC (Barbados) Trading Bank Corporation	1.75%		08/04/20		11/04/20		1,588,000		1,592,474
RBC (Barbados) Trading Bank Corporation	1.76%		09/04/20		10/30/20		1,309,000		1,310,728
RBC (Barbados) Trading Bank Corporation	1.76%		07/31/20		10/30/20		5,101,000		5,116,467
RBC (Barbados) Trading Bank Corporation	2.21%		07/31/20		10/30/20		2,768,000		2,778,538
RBC (Barbados) Trading Bank Corporation	2.21%		07/31/20		10/30/20		1,067,000		1,071,062
RBC (Barbados) Trading Bank Corporation	2.21%		07/31/20		10/30/20		2,075,000		2,082,900
RBC (Barbados) Trading Bank Corporation	2.21%		07/31/20		10/30/20		1,267,000		1,271,824
RBC (Barbados) Trading Bank Corporation	2.21%		07/31/20		10/30/20		1,444,000		1,449,498
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		844,000		847,286
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		1,135,000		1,139,419
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		674,000		676,624
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		700,000		702,725
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		704,000		706,741
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		4,451,000		4,468,329
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		418,000		419,627
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		3,121,000		3,133,151
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		2,112,000		2,120,223
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		663,000		665,581
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		2,020,000		2,027,864
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		2,827,000		2,838,006
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		2,231,000		2,239,686
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		1,913,000		1,920,448
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		1,115,000		1,119,341
RBC (Barbados) Trading Bank Corporation	2.26%		07/31/20		10/30/20		4,655,000		4,673,123
Royal Bank of Canada (London)	0.87%		11/04/19		11/04/20		1,290,033		1,299,974
Royal Bank of Canada (London)	1.02%		11/04/19		11/04/20		1,231,394		1,242,512
Royal Bank of Canada (London)	1.52%		08/11/20		11/12/20		5,890,903		5,903,692
Royal Bank of Canada (London)	1.80%		06/08/20		12/08/20		1,355,216		1,362,940
Royal Bank of Canada (London)	2.05%		06/08/20		12/08/20		5,194,908		5,228,619
Royal Bank of Canada (NY)	2.12%		07/13/20		10/13/20		1,244,000		1,249,850
Royal Bank of Canada (NY)	2.27%		08/18/20		11/18/20		4,751,000		4,764,184
Royal Bank of Canada (NY)	2.37%		09/29/20		12/29/20		1,750,000		1,750,230
Societe Generale Americas	1.14%		09/16/20		12/16/20		4,925,000		4,927,334
Societe Generale Americas	1.14%		09/16/20		12/16/20		2,557,000		2,558,212
Societe Generale Americas	1.14%		09/16/20		12/16/20		3,101,000		3,102,469
Societe Generale Americas	1.14%		08/07/20		11/06/20		3,939,000		3,945,872
Societe Generale Americas	1.14%		08/07/20		11/06/20		6,612,000		6,623,537
Societe Generale Americas	1.15%		08/20/20		11/20/20		540,000		540,726
Societe Generale Americas	1.16%		08/14/20		11/13/20		2,519,000		2,522,912
Societe Generale Americas	1.17%		07/09/20		10/09/20		5,011,000		5,024,661
Total Reverse Repurchase Agreements Outstanding						$	151,026,454	$	151,450,370

Forward Foreign Currency Exchange Contracts Outstanding at September 30, 2020

Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD		13,497,713	EUR		11,384,000	Citibank, N.A.		11/16/20	$	135,863
USD		2,178,036	GBP		1,665,000	Citibank, N.A.		11/20/20		25,030
USD		352,447	GBP		267,000	Citibank, N.A.		03/01/21		6,907
GBP		128,000	USD		164,800	Citibank, N.A.		03/01/21		519
USD		4,234,041	EUR		3,612,000	Citibank, N.A.		12/23/20		(10,016	)
USD		451,051	EUR		412,000	Citibank, N.A.		11/05/20		(32,435	)
USD		2,668,035	EUR		2,354,000	Citibank, N.A.		12/08/20		(96,499	)
USD		5,665,229	EUR		5,012,000	Citibank, N.A.		12/29/20		(224,993	)

See Notes to Consolidated Schedule of Investments.

8

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Currency Purchased	Amount in Currency Purchased		Currency Sold	Amount in Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR		1,443,000	USD		1,705,801	Citibank, N.A.		10/26/20	$	(12,688	)
USD		9,322,710	GBP		7,343,000	Citibank, N.A.		10/26/20		(171,756	)
USD		2,569,652	EUR		2,220,000	Citibank, N.A.		10/26/20		(35,136	)
Total Forward Foreign Currency Exchange Contracts Outstanding									$	(415,204	)

OTC Credit Default Swaps on Index (Buy Protection) — Outstanding at September 30, 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-.8		(3.00	)%	1M	10/17/2057	Citigroup Global Markets, Inc.		593,000  USD	$	166,752	$	15,418	$	151,334
CMBX.NA.BBB-.8		(3.00	)%	1M	10/17/2057	Citigroup Global Markets, Inc.		1,039,000  USD		292,167		29,101		263,066
CMBX.NA.BBB-.8		(3.00	)%	1M	10/17/2057	Citigroup Global Markets, Inc.		2,083,000  USD		585,740		57,454		528,286
CMBX.NA.BBB-.8		(3.00	)%	1M	10/17/2057	Morgan Stanley Capital Services LLC		56,000  USD		15,747		11,500		4,247
CMBX.NA.BBB-.9		(3.00	)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		800,000  USD		210,160		40,650		169,510
CMBX.NA.BBB-.9		(3.00	)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		8,000  USD		2,102		33		2,069
CMBX.NA.BBB-.9		(3.00	)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		298,000  USD		78,285		1,454		76,831
CMBX.NA.BBB-.9		(3.00	)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		395,000  USD		103,766		1,431		102,335
CMBX.NA.BBB-.9		(3.00	)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		60,000  USD		15,762		278		15,484
CMBX.NA.BBB-.9		(3.00	)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		723,000  USD		189,932		29,152		160,780
CMBX.NA.BBB-.9		(3.00	)%	1M	9/17/2058	Morgan Stanley Capital Services LLC		801,000  USD		210,423		45,965		164,458
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Citigroup Global Markets, Inc.		22,000  USD		5,386		4,867		519
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Citigroup Global Markets, Inc.		22,000  USD		5,386		6,554		(1,168	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Citigroup Global Markets, Inc.		22,000  USD		5,386		5,779		(393	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Citigroup Global Markets, Inc.		22,000  USD		5,386		5,304		82
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Citigroup Global Markets, Inc.		87,000  USD		21,298		16,773		4,525
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Citigroup Global Markets, Inc.		22,000  USD		5,386		4,009		1,377
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Citigroup Global Markets, Inc.		22,000  USD		5,386		4,111		1,275
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Citigroup Global Markets, Inc.		22,000  USD		5,386		3,697		1,689
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Citigroup Global Markets, Inc.		22,000  USD		5,386		5,547		(161	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Citigroup Global Markets, Inc.		22,000  USD		5,386		4,622		764
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	J.P. Morgan Securities LLC		2,234,000  USD		546,883		462,385		84,498
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Merrill Lynch Capital Services, Inc.		450,000  USD		110,160		13,337		96,823
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		21,000  USD		5,141		6,225		(1,084	)

See Notes to Consolidated Schedule of Investments.

9

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

September 30, 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-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		3,891,000  USD	$	952,517	$	840,935	$	111,582
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		43,000  USD		10,526		15,154		(4,628	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		43,000  USD		10,526		14,748		(4,222	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		43,000  USD		10,526		14,715		(4,189	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		43,000  USD		10,526		15,154		(4,628	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		43,000  USD		10,526		14,312		(3,786	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		43,000  USD		10,526		12,083		(1,557	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		43,000  USD		10,526		11,436		(910	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		43,000  USD		10,526		13,670		(3,144	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		43,000  USD		10,526		12,293		(1,767	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		43,000  USD		10,526		13,219		(2,693	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		43,000  USD		10,526		13,073		(2,547	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		21,000  USD		5,141		5,958		(817	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		21,000  USD		5,141		5,828		(687	)
CMBX.NA.BBB-.10		(3.00	)%	1M	11/17/2059	Morgan Stanley Capital Services LLC		43,000  USD		10,526		10,887		(361	)
CMBX.NA.BBB-.11		(3.00	)%	1M	11/18/2054	Citigroup Global Markets, Inc.		29,000  USD		6,548		2,607		3,941
CMBX.NA.BBB-.11		(3.00	)%	1M	11/18/2054	Credit Suisse International		298,000  USD		67,288		28,626		38,662
Total OTC Credit Default Swaps on Index (Buy Protection)									$	3,765,739	$	1,820,344	$	1,945,395

OTC Credit Default Swaps on Index (Sell Protection) — Outstanding at September 30, 2020

Reference Obligation	Rating(a)	(Pay) Rate	Payment Frequency	Maturity     Date		Counterparty	Notional Amount(b)		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	$	(32,708	)	$	(6,396	)	$	(26,312	)
CMBX.NA.A.10	A	2.00%	1M		11/17/2059	Citigroup Global Markets, Inc.		401,000 USD		(32,708	)		(7,003	)		(25,705	)
CMBX.NA.A.10	A	2.00%	1M		11/17/2059	Citigroup Global Markets, Inc.		401,000 USD		(32,708	)		(6,153	)		(26,555	)
CMBX.NA.A.10	A	2.00%	1M		11/17/2059	Citigroup Global Markets, Inc.		802,000 USD		(65,417	)		(12,549	)		(52,868	)
CMBX.NA.A.10	A	2.00%	1M		11/17/2059	Citigroup Global Markets, Inc.		802,000 USD		(65,416	)		(12,549	)		(52,867	)
CMBX.NA.AA.1	AA	0.25%	1M		10/12/2052	Goldman Sachs International		408,671 USD		(36,723	)		(51,087	)		14,364
CMBX.NA.AA.1	AA	0.25%	1M		10/12/2052	Goldman Sachs International		5,734,897 USD		(515,328	)		(910,455	)		395,127
CMBX.NA.AA.4	AA	1.65%	1M		2/18/2051	Goldman Sachs International		104,196 USD		(31,814	)		(35,769	)		3,955

See Notes to Consolidated Schedule of Investments.

10

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Reference Obligation	Rating(a)	(Pay) Rate	Payment Frequency	Maturity     Date		Counterparty	Notional Amount(b)		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.AA.4	AA	1.65%	1M		2/21/2051	Goldman Sachs International		2,135,151 USD	$	(651,915	)	$	(821,581	)	$	169,666
CMBX.NA.BBB-.8	BBB-	3.00%	1M		11/17/2059	Citigroup Global Markets, Inc.		345,000 USD		(97,014	)		(8,994	)		(88,020	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Credit Suisse International		426,000 USD		(119,791	)		(33,890	)		(85,901	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Credit Suisse International		852,000 USD		(239,582	)		(67,580	)		(172,002	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Credit Suisse International		31,000 USD		(8,717	)		(2,676	)		(6,041	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Credit Suisse International		857,000 USD		(240,988	)		(56,273	)		(184,715	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Credit Suisse International		528,000 USD		(148,474	)		(37,832	)		(110,642	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		338,000 USD		(95,046	)		(32,433	)		(62,613	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		185,000 USD		(52,022	)		(16,486	)		(35,536	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		446,000 USD		(125,415	)		(38,704	)		(86,711	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		806,000 USD		(226,647	)		(65,086	)		(161,561	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		507,000 USD		(142,568	)		(40,803	)		(101,765	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		264,000 USD		(74,237	)		(22,460	)		(51,777	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		168,000 USD		(47,242	)		(14,618	)		(32,624	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		300,000 USD		(84,360	)		(26,334	)		(58,026	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		300,000 USD		(84,360	)		(26,876	)		(57,484	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		178,000 USD		(50,054	)		(13,385	)		(36,669	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		96,000 USD		(26,995	)		(6,578	)		(20,417	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		104,000 USD		(29,245	)		(6,492	)		(22,753	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		479,000 USD		(134,695	)		(28,154	)		(106,541	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		359,000 USD		(100,951	)		(9,060	)		(91,891	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Goldman Sachs International		220,000 USD		(61,864	)		(9,783	)		(52,081	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	J.P. Morgan Securities LLC		142,000 USD		(39,930	)		(5,807	)		(34,123	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	J.P. Morgan Securities LLC		183,000 USD		(51,460	)		(19,247	)		(32,213	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	J.P. Morgan Securities LLC		358,000 USD		(100,670	)		(15,869	)		(84,801	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	J.P. Morgan Securities LLC		358,000 USD		(100,670	)		(16,302	)		(84,368	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		1,304,000 USD		(366,685	)		(203,631	)		(163,054	)

See Notes to Consolidated Schedule of Investments.

11

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Reference Obligation	Rating(a)	(Pay) Rate	Payment Frequency	Maturity     Date		Counterparty	Notional Amount(b)		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.		960,000 USD	$	(269,952	)	$	(144,973	)	$	(124,979	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		1,552,000 USD		(436,422	)		(184,932	)		(251,490	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		796,000 USD		(223,835	)		(81,271	)		(142,564	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		941,000 USD		(264,609	)		(87,161	)		(177,448	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		1,881,000 USD		(528,937	)		(166,813	)		(362,124	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		2,262,000 USD		(636,074	)		(168,344	)		(467,730	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		1,865,000 USD		(524,438	)		(122,773	)		(401,665	)
CMBX.NA.BBB-.8	BBB-	3.00%	1M		10/17/2057	Merrill Lynch Capital Services, Inc.		220,000 USD		(61,864	)		(33,053	)		(28,811	)
CMBX.NA.BBB-.9	BBB-	3.00%	1M		9/17/2058	Credit Suisse International		228,000 USD		(59,896	)		(18,041	)		(41,855	)
CMBX.NA.BBB-.9	BBB-	3.00%	1M		9/17/2058	Credit Suisse International		1,611,000 USD		(423,210	)		(112,733	)		(310,477	)
CMBX.NA.BBB-.9	BBB-	3.00%	1M		9/17/2058	Credit Suisse International		72,000 USD		(18,914	)		(5,643	)		(13,271	)
CMBX.NA.BBB-.9	BBB-	3.00%	1M		9/17/2058	Credit Suisse International		223,000 USD		(58,582	)		(16,809	)		(41,773	)
CMBX.NA.BBB-.9	BBB-	3.00%	1M		9/17/2058	Credit Suisse International		240,000 USD		(63,048	)		(19,561	)		(43,487	)
CMBX.NA.BBB-.9	BBB-	3.00%	1M		9/17/2058	Merrill Lynch Capital Services, Inc.		1,207,000 USD		(317,079	)		(86,439	)		(230,640	)
CMBX.NA.BBB-.10	BBB-	3.00%	1M		11/17/2059	Credit Suisse International		1,158,000 USD		(283,478	)		(71,404	)		(212,074	)
CMBX.NA.BBB-.10	BBB-	3.00%	1M		11/17/2059	Credit Suisse International		1,226,000 USD		(300,125	)		(93,026	)		(207,099	)
CMBX.NA.BBB-.10	BBB-	3.00%	1M		11/17/2059	Credit Suisse International		269,000 USD		(65,851	)		(21,966	)		(43,885	)
CMBX.NA.BBB-.10	BBB-	3.00%	1M		11/17/2059	Credit Suisse International		1,077,000 USD		(263,650	)		(72,776	)		(190,874	)
CMBX.NA.BBB-.10	BBB-	3.00%	1M		11/17/2059	Credit Suisse International		96,000 USD		(23,501	)		(5,127	)		(18,374	)
CMBX.NA.BBB-.10	BBB-	3.00%	1M		11/17/2059	Credit Suisse International		162,000 USD		(39,658	)		(8,861	)		(30,797	)
CMBX.NA.BBB-.10	BBB-	3.00%	1M		11/17/2059	Goldman Sachs International		604,000 USD		(147,859	)		(24,764	)		(123,095	)
CMBX.NA.BBB-.10	BBB-	3.00%	1M		11/17/2059	Goldman Sachs International		1,619,000 USD		(396,331	)		(97,047	)		(299,284	)
CMBX.NA.BBB-.10	BBB-	3.00%	1M		11/17/2059	Goldman Sachs International		2,023,000 USD		(495,230	)		(88,672	)		(406,558	)

See Notes to Consolidated Schedule of Investments.

12

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Reference Obligation	Rating(a)	(Pay) Rate	Payment Frequency	Maturity     Date		Counterparty	Notional Amount(b)		Market Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.BBB-.11	BBB-	3.00%	1M		11/18/2054	J.P. Morgan Securities LLC		327,000 USD	$	(73,837	)	$	(21,838	)	$	(51,999	)
Total OTC Credit Default Swaps on Index (Sell Protection)									$	(10,290,799	)	$	(4,442,922	)	$	(5,847,877	)

(a) Using the higher of the S&P’s or Moody’s ratings. NR represents a security that is not rated.

(b) The maximum potential amount the Consolidated Master Fund could be required to pay as a seller of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

OTC Credit Default Swaps on Single-Name Issues (Buy Protection) — Outstanding at September 30, 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	$	162,204		$	440,355		$	(278,151	)
Kohl’s Corporation	(1.00)%	3M	12/22/2022	JPMorgan Chase Bank, N.A.		19,980,000  USD		474,779			1,016,878			(542,099	)
Kroger Co.	(1.00)%	3M	12/20/2022	Goldman Sachs International		32,849,000  USD		(630,782	)		93,288			(724,070	)
Macy’s, Inc.	(1.00)%	3M	12/20/2022	JPMorgan Chase Bank, N.A.		6,577,000  USD		1,212,117			665,418			546,699
Macy’s, Inc.	(1.00)%	3M	12/20/2022	Goldman Sachs International		6,577,000  USD		1,212,117			613,564			598,553
Macy’s, Inc.	(1.00)%	3M	12/20/2022	Morgan Stanley Capital Services LLC		10,239,000  USD		1,887,011			1,181,783			705,228
Target Corporation	(1.00)%	3M	12/20/2022	Goldman Sachs International		17,066,000  USD		(355,127	)		(378,017	)		22,890
Total OTC Credit Default Swaps on Single-Name Issuer (Buy Protection)							$	3,962,319		$	3,633,269		$	329,050

OTC Total Return Swaps Outstanding at September 30, 2020

Reference Instrument	Maturity Date		Payment Frequency	Counterparty	Financing Rate	Notional Amount		Market Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Alpha Group SARL		01/31/2025	3M	Citibank, N.A.	E + 1.10(a)		1,265,000  EUR	$	(197,011	)	$	—	$	(197,011	)
Bulldog Purchaser Inc		09/05/2025	3M	Societe Generale	L + 3.75(b)		7,305,915  USD		394,987			—		394,987
Casablanca US Holdings, Inc.		03/29/2024	3M	Citibank, N.A.	L + 1.10(b)		68,250,000  USD		(18,034,550	)		—		(18,034,550	)
Casablanca US Holdings, Inc.		03/29/2024	3M	Citibank, N.A.	L + 1.10(b)		342,846  USD		(86,309	)		—		(86,309	)
Casablanca US Holdings, Inc.		03/29/2024	3M	Citibank, N.A.	L + 1.10(b)		698,668  USD		(150,558	)		—		(150,558	)
Compass III		05/09/2025	6M	Citibank, N.A.	E + 1.10(c)		1,438,000  EUR		(90,496	)		—		(90,496	)
Diamond Resorts International, Inc.		09/02/2023	1M	Citibank, N.A.	L + 1.10(d)		13,026,602  USD		2,339,382			—		2,339,382
Total OTC Total Return Swaps								$	(15,824,555	)	$	—	$	(15,824,555	)

See Notes to Consolidated Schedule of Investments.

13

Blackstone Real Estate Income Master Fund and Subsidiary

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

(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 September 30, 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	$	(1,692,614	)	$	—	$	(1,692,614	)
Receives	Three-Month Libor		1.84	%	3M	01/22/2025	Citibank, N.A.		10,000,000  USD		(692,708	)		—		(692,708	)
Receives	Three-Month Libor		2.35	%	3M	11/8/2024	Citibank, N.A.		3,000,000  USD		(280,609	)		—		(280,609	)
Receives	Three-Month Libor		2.37	%	3M	11/1/2024	Citibank, N.A.		4,000,000  USD		(378,121	)		—		(378,121	)
Receives	Three-Month Libor		2.42	%	3M	10/24/2024	Citibank, N.A.		2,000,000  USD		(194,031	)		—		(194,031	)
Receives	Three-Month Libor		2.58	%	3M	08/25/2025	Citibank, N.A.		7,000,000  USD		(785,521	)		—		(785,521	)
Receives	Three-Month Libor		2.67	%	3M	09/13/2028	Citibank, N.A.		5,000,000  USD		(836,198	)		—		(836,198	)
Receives	Three-Month Libor		2.72	%	3M	09/8/2028	Citibank, N.A.		1,000,000  USD		(170,775	)		—		(170,775	)
Receives	Three-Month Libor		2.72	%	3M	08/8/2028	Citibank, N.A.		5,000,000  USD		(858,701	)		—		(858,701	)
Receives	Three-Month Libor		2.86	%	3M	02/24/2023	Citibank, N.A.		15,000,000  USD		(989,127	)		—		(989,127	)
Receives	Three-Month Libor		3.00	%	3M	03/14/2023	Citibank, N.A.		100,000,000  USD		(6,943,862	)		—		(6,943,862	)
Receives	Three-Month Libor		3.01	%	3M	03/14/2025	Citibank, N.A.		105,000,000  USD		(12,785,468	)		—		(12,785,468	)
Total Centrally Cleared Interest Rate Swaps Outstanding										$	(26,607,735	)	$	—	$	(26,607,735	)

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.

14

Blackstone Real Estate Income Master Fund and Subsidiary

Notes to Consolidated Schedule of Investments

For the Period Ended September 30, 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 a non-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.

Valuation Policy

The Consolidated Master Fund values its investments in securities, securities sold short, derivative financial instruments and other investments (together, the “investments”) at fair value. Market quotations can be obtained from third party pricing service providers or, if not available from pricing service providers, from broker-dealers. The Board has established procedures for determining the fair value of investments (the “Valuation Procedures”). The Board has delegated to the Investment Manager day-to-day responsibility for implementing the Valuation Procedures. The Investment Manager provides oversight of the valuation and pricing function of the Consolidated Master Fund for all investments. The Investment Manager will use commercially reasonable efforts to obtain two or more reliable quotations for each investment (where such asset type has multiple pre-approved pricing sources), and in connection therewith, will generally value such investments based on the average of the quotations obtained. Pursuant to the Valuation Procedures, if market quotations are not readily available (or are otherwise not reliable for a particular investment), the fair value will be determined in good faith by the Investment Manager, pursuant to procedures adopted by the Board and such determinations shall be reported to the Board. Due to the inherent uncertainty of these estimates, 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. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, or broker-dealer quotations). The Board has delegated to the Investment Manager the responsibility for monitoring significant events that may materially affect the values of the Consolidated Master Fund’s investments and for determining whether the value of the applicable investments should be re-evaluated in light of such significant events.

15

Blackstone Real Estate Income Master Fund and Subsidiary

Notes to Consolidated Financial Statements (Continued)

For the Period Ended September 30, 2020 (Unaudited)

COVID-19 and Global Economic and Market Conditions

The ongoing novel coronavirus (“COVID-19”) pandemic and restrictions on non-essential businesses have caused disruption in the U.S. and global economies. Despite significant market rebounds across many asset classes, the continued rapid development of this situation and uncertainty regarding potential economic recovery precludes any prediction as to the ultimate adverse impact of COVID-19 on financial market and economic conditions. The estimates and assumptions underlying these consolidated schedule of investments are based on the information available as of September 30, 2020, including judgments about the financial market and economic conditions which may change over time.

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.

• 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 September 30, 2020:

Asset Description:	Level 1		Level 2		Level 3		Total
Investments in Securities:
Commercial Mortgage-Backed Securities	$	—	$	432,384,939	$	—	$	432,384,939
Residential Mortgage-Backed Securities		—		63,528,217		—		63,528,217
Interest Only Commercial Mortgage-Backed Securities		—		51,344,621		—		51,344,621
Collateralized Debt Obligations		—		3,278,946		—		3,278,946
Bank Loan		—		24,616,961		—		24,616,961
High Yield Bonds & Notes		—		15,599,318		—		15,599,318
Convertible Bonds		—		1,763,891		—		1,763,891
Total Investments in Securities	$	—	$	592,516,893	$	—	$	592,516,893
Forward Foreign Currency Exchange Contracts(a)		—		168,319		—		168,319

16

Blackstone Real Estate Income Master Fund and Subsidiary

Notes to Consolidated Financial Statements (Continued)

For the Period Ended September 30, 2020 (Unaudited)

Credit Default Swap Contracts		—		8,713,967		—		8,713,967
Total Return Swap Contracts(a)		—		2,734,369		—		2,734,369
Total Assets	$	—	$	604,133,548	$	—	$	604,133,548
Liability Description:	Level 1		Level 2		Level 3		Total
Securities Sold Short:
Foreign Government Obligations	$	—	$	4,811,087	$	—	$	4,811,087
Total Securities Sold Short	$	—	$	4,811,087	$	—	$	4,811,087
Reverse Repurchase Agreements		—		151,450,370		—		151,450,370
Forward Foreign Currency Exchange Contracts(a)		—		583,523		—		583,523
Credit Default Swap Contracts		—		11,276,708		—		11,276,708
Total Return Swap Contracts(a)		—		18,558,924		—		18,558,924
Interest Rate Swap Contracts		—		26,607,735		—		26,607,735
Total Liabilities	$	—	$	213,288,347	$	—	$	213,288,347

^(a)  Represents unrealized appreciation (depreciation).

4. Subsequent Events

After careful consideration and on the recommendation of the Investment Manager, the Board approved the liquidation, dissolution and termination of the Feeder Fund I, Feeder Fund II and the Master Fund (the “Dissolution”). In connection therewith, the Board also approved an amendment to each Fund’s amended and restated declaration of trust to modify the vote required for dissolution (the “Charter Amendment”) and approved a plan and termination. The Charter Amendment and the Dissolution were subject to shareholder approval, which was obtained at a special meeting held on October 15, 2020.

Effective July 13, 2020, the Feeder Funds suspended offers and sales of Shares, terminated its distribution reinvestment plan and does not expect to continue to offer to repurchase a portion of the Shares from shareholders four times each year.

The Investment Manager will waive its management and incentive fees from November 1, 2020 through the remaining life of the Funds. Effective the same date, the Board and the Investment Manager terminated the Expense Limitation and Reimbursement Agreement with Feeder Funds.

17