BREIT 2017 Annual Report

67 • Made 38 investments in real estate-related securities in the form of CMBS positions throughout the year and held 37 positions as of December 31, 2017 with a total cost basis of $913.4 million. • CMBS investments as of December 31, 2017 were diversified by credit rating — BB (47% based on fair value), B (31%), BBB (21%), and Other (1%) and collateral backing — Hospitality (61%), Office (28%), Residential (6%), Retail (3%) and Industrial (2%). Financings: • Closed or assumed an aggregate of $2.1 billion in property level financing. • Entered into three master repurchase agreements secured by our CMBS investments with an outstanding balance of $682.8 million as of December 31, 2017. • Obtained a $250.0 million unsecured line of credit from Blackstone Holdings Finance Co. L.L.C., an affiliate of Blackstone.