Blackstone has announced significant leadership changes within its real estate division, appointing Katie Keenan as the new Chief Executive Officer of Blackstone Real Estate Income Trust (BREIT). Tim Johnson will succeed Keenan as the CEO of Blackstone Mortgage Trust (BXMT). These appointments follow the passing of former BREIT CEO Wesley M. LePatner in July 2025.
The new leadership structure aims to maintain momentum for two of the firm's key real estate investment vehicles. The changes, which involve several long-tenured executives, will be effective November 10, 2025, with Keenan's role as Global Head of Core+ Real Estate effective immediately.
Key Takeaways
- Katie Keenan has been named Chief Executive Officer of Blackstone Real Estate Income Trust (BREIT) and Global Head of Core+ Real Estate.
- Tim Johnson will take over as Chief Executive Officer of Blackstone Mortgage Trust (BXMT), succeeding Keenan.
- The leadership reshuffle includes new co-president roles at BREIT and a new president at BXMT.
- These appointments follow the passing of former BREIT CEO Wesley M. LePatner on July 28, 2025.
Katie Keenan to Lead BREIT and Core+ Business
Blackstone has appointed Katie Keenan to two significant roles: Chief Executive Officer of Blackstone Real Estate Income Trust (BREIT) and Global Head of the Core+ Real Estate business. Keenan, a Blackstone executive since 2012, has held several key positions at the firm.
She previously served as the Global Co-Chief Investment Officer of Blackstone Real Estate Debt Strategies (BREDS) and CEO of Blackstone Mortgage Trust (BXMT). Her leadership was instrumental in expanding the BREDS platform, which now manages approximately $77 billion in assets.
In her new capacity, Keenan will oversee BREIT, a major income-focused real estate fund. She expressed confidence in the fund's strategic positioning.
"BREIT is incredibly well-positioned and I am looking forward to working with the team to capitalize on the ongoing real estate recovery, with new supply falling sharply, the cost of debt capital coming down, and transaction activity picking up," Keenan stated.
BREIT's Portfolio and Performance
Keenan highlighted the strength of BREIT's portfolio, noting that approximately 90% of its assets are concentrated in sectors experiencing long-term growth trends, such as data centers. This strategic focus has contributed to the fund's strong performance since its launch.
BREIT by the Numbers
Since its inception over eight years ago, BREIT has delivered a 9.2% annualized net return for its Class I shares. According to Blackstone, this performance is over 60% higher than the public REIT index on a cumulative basis.
The leadership team for BREIT is also being reinforced. Zaneta Koplewicz, who was the Head of Shareholder Relations, has been promoted to Co-President and Director of BREIT. She will serve alongside current Co-President A.J. Agarwal. Additionally, Rob Harper, who served as Interim CEO, will return to his long-standing position as BREIT's Head of Asset Management.
Tim Johnson Takes Helm at Blackstone Mortgage Trust
With Katie Keenan moving to lead BREIT, Tim Johnson has been appointed as the new Chief Executive Officer of Blackstone Mortgage Trust (BXMT). Johnson is a seasoned executive who has been with Blackstone since 2011.
He will continue in his current roles as the Global Head of Blackstone Real Estate Debt Strategies (BREDS) and Chair of BXMT’s Board. His deep involvement with BXMT over the past decade provides continuity for the publicly-traded commercial mortgage REIT.
Johnson commented on the current market environment and the firm's recent activity.
"The entire BREDS platform, which includes BXMT, has been incredibly active capturing this real estate credit environment, having deployed $38 billion since the beginning of 2024, and we expect that activity to continue across the business," Johnson said.
BXMT's Recent Momentum
Under its previous leadership, BXMT has demonstrated strong performance. Johnson noted that the trust made $2.6 billion in new investments in the last quarter alone and has achieved a year-to-date total return of nearly 20%.
The BXMT leadership team will also see a promotion. Austin Peña, formerly the Executive Vice President of Investments, has been named President and Director. He will continue to oversee the company’s investment strategy, capital allocation, and balance sheet management.
Blackstone's Real Estate Division
Blackstone is a major force in global real estate investing. Its real estate business, founded in 1991, manages approximately $325 billion of investor capital. The firm is recognized as the largest owner of commercial real estate globally, with a diverse portfolio that includes logistics, data centers, residential properties, offices, and hospitality assets.
A Strategic Transition for Blackstone
The leadership changes are part of a carefully planned transition to ensure stability and continued growth for Blackstone's real estate platforms. The appointments draw from a deep bench of internal talent, a point emphasized by the company's senior leadership.
Nadeem Meghji and Kathleen McCarthy, the Global Co-Heads of Blackstone Real Estate, issued a joint statement praising the team's resilience in recent weeks.
"We are fortunate to have a deep bench of talented colleagues with a relentless focus on delivering for our investors," they stated. "Katie and Tim both have invaluable leadership and investing experience that we believe will continue to drive strong performance across both businesses."
The appointments reflect Blackstone's strategy of promoting experienced internal leaders to guide its key investment vehicles through evolving market conditions. With new leadership in place, both BREIT and BXMT are positioned to continue their respective strategies in the recovering real estate market.
