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        <name>Citibank, National Association</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <name>The Bank of New York Mellon</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>The Bank of New York Mellon</name>
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        <name>ESH HOSPITALITY INC</name>
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        <name>Credit Suisse International</name>
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        <name>The Bank of New York Mellon</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <name>J.P. Morgan Securities LLC</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <name>The Bank of New York Mellon</name>
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        <name>COMM Mortgage Trust</name>
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          <isin value="US3137FRUM10"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Nomura CRE CDO LTD</name>
        <lei>549300U9HYZNUTPVJA78</lei>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>549300L45M7638EL0H21</lei>
        <title>GS Mortgage Securities Trust 2015-GC30</title>
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          <isin value="US36250GAX34"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>LB-UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US52108MGA53"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-15</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Bear Stearns Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns Commercial Mortgage Securities Trust 2006-PWR12</title>
        <cusip>07387JAN6</cusip>
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          <isin value="US07387JAN63"/>
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        <balance>549574.65000000</balance>
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        <curCd>USD</curCd>
        <valUSD>266543.71000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-09-11</maturityDt>
          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2014-UBS6 Mortgage Trust</title>
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          <isin value="US12592PAL76"/>
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        <balance>9693000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4244051.94000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-10</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>NRZ Excess Spread Collateralized Notes</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage LLC 2018-FNT2</title>
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        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isin value="CA135087G732"/>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Corp Trust 2020-DUNE</title>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
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        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
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        <name>The Bank of New York Mellon</name>
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        <name>MARRIOTT OWNERSHIP RESOR</name>
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      <invstOrSec>
        <name>ML-CFC Commercial Mortgage Trust</name>
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      <invstOrSec>
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        <name>Nomura CRE CDO LTD</name>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs International</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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      <invstOrSec>
        <name>CSAIL Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>LHFC Depositor, LLC</name>
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        <name>NRZ Excess Spread Collateralized Notes</name>
        <lei>N/A</lei>
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        <name>CD Commercial Mortgage Trust</name>
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        <name>Credit Suisse Mortgage Trust</name>
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        <name>Goldman Sachs International</name>
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        <name>J.P. Morgan Securities LLC</name>
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        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
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      <invstOrSec>
        <name>Merrill Lynch Capital Services, Inc.</name>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
        <title>REPO JPMCC 2016 JP3 D REPO JPMCC 2016 JP3 D</title>
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        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
        <title>REPO DBWF 2018 GLKS F REPO DBWF 2018 GLKS F</title>
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        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>A&amp;O Hotels and Hostels</title>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Colony American Finance Ltd</name>
        <lei>N/A</lei>
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        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
        <title>Verus Securitization Trust 2019-INV1</title>
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        <name>The Bank of New York Mellon</name>
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        <name>Citibank, National Association</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>The Bank of New York Mellon</name>
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        <name>The Bank of New York Mellon</name>
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        <name>Goldman Sachs International</name>
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        <name>The Bank of New York Mellon</name>
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        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
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        <name>Goldman Sachs International</name>
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        <name>The Bank of New York Mellon</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Taurus CMBS</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>Merrill Lynch Capital Services, Inc.</name>
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        <name>UBS Commercial Mortgage Trust</name>
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        <name>The Bank of New York Mellon</name>
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        <name>J.P. Morgan Securities LLC</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>Colony American Finance Ltd</name>
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        <name>The Bank of New York Mellon</name>
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        <name>Goldman Sachs International</name>
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        <name>Angel Oak Mortgage Trust</name>
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        <name>Citigroup Global Markets Inc.</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>549300NYO16WLNMVJJ46</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2015-C29</title>
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        <name>CREDIT SUISSE EUROPEAN MORTGAGE CAPITAL</name>
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        <name>ReadyCap Commercial Mortgage Trust</name>
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        <name>Credit Suisse International</name>
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        <name>Citigroup Global Markets Inc.</name>
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        <name>Citibank, National Association</name>
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        <name>WF-RBS Commercial Mortgage Trust</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <name>LB-UBS Commercial Mortgage Trust</name>
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        <name>Credit Suisse International</name>
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        <name>The Bank of New York Mellon</name>
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        <name>COMM Mortgage Trust</name>
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        <name>Citigroup Global Markets Inc.</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>COMM Mortgage Trust</name>
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        <name>Goldman Sachs International</name>
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        <name>Credit Suisse International</name>
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        <name>Cold Finance PLC</name>
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        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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          <isin value="US3137FPHY49"/>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Colony American Finance Ltd</name>
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        <title>Corevest American Finance 2019-3 Trust</title>
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      <invstOrSec>
        <name>LSTAR Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <title>Wells Fargo Commercial Mortgage Trust 2015-C26</title>
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        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2014-FL6</title>
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        <name>Citibank, National Association</name>
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        <name>Credit Suisse International</name>
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        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2014-GC19</title>
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        <name>Colony American Finance Ltd</name>
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        <title>CoreVest American Finance 2019-2Trust</title>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <title>CMBX--137BERAJ6-20591117</title>
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        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
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        <name>JPMDB Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>JPMDB Commercial Mortgage Securities Trust 2019-COR6</title>
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        <name>CSAIL Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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      <invstOrSec>
        <name>Natixis Commercial Mortgage Securities</name>
        <lei>N/A</lei>
        <title>Natixis Commercial Mortgage Securities Trust 2018-FL1</title>
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        <name>COMM Mortgage Trust</name>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
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      <invstOrSec>
        <name>DBWF Mortgage Trust</name>
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      <invstOrSec>
        <name>SG Americas Securities, LLC</name>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2014-FL5 Mortgage Trust</title>
        <cusip>12635HAL4</cusip>
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        <name>COMM Mortgage Trust</name>
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        <name>Goldman Sachs International</name>
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        <lei>N/A</lei>
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        <name>Citibank, National Association</name>
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        <name>RBC LONDON</name>
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        <name>The Bank of New York Mellon</name>
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        <name>ReadyCap Commercial Mortgage Trust</name>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
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        <title>GS Mortgage Securities Trust 2012-GCJ9</title>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <issuerCat>USGSE</issuerCat>
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        <name>JPMBB Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>JPMBB Commercial Mortgage Securities Trust 2015-C29</title>
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        <name>Goldman Sachs International</name>
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        <name>SG Americas Securities, LLC</name>
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        <title>REPO WFCM 2016 LC24 D REPO WFCM 2016 LC24 D</title>
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        <name>Morgan Stanley Capital Services LLC</name>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
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        <name>Casablanca US Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Casablanca US Holdings, Inc. 2018 1st Lien Term Loan</title>
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      <invstOrSec>
        <name>Credit Suisse First Boston Mortgage Securities</name>
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        <pctVal>0.050914654163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.23000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2016-CR28 Mortgage Trust</title>
        <cusip>12593YBN2</cusip>
        <identifiers>
          <isin value="US12593YBN22"/>
        </identifiers>
        <balance>688000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>559760.85000000</valUSD>
        <pctVal>0.096048271896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RBC CAPITAL MARKETS, LLC</name>
        <lei>549300LCO2FLSSVFFR64</lei>
        <title>REPO HILT 2018 ORL F REPO HILT 2018 ORL F</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="966PQJII0"/>
        </identifiers>
        <balance>-4018000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-4018000.00000000</valUSD>
        <pctVal>-0.68944077900</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300LCO2FLSSVFFR64" name="RBC CAPITAL MARKETS, LLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>2.39000000</repurchaseRt>
          <maturityDt>2020-08-18</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>8321000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>4340680.35500000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ACMO</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-07-17</ncom:dateSigned>
      <ncom:nameOfApplicant>Blackstone Real Estate Income Master Fund</ncom:nameOfApplicant>
      <ncom:signature>Anthony Marone</ncom:signature>
      <ncom:signerName>Anthony Marone</ncom:signerName>
      <ncom:title>CFO and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
