Blackstone Real Estate Appoints New Leadership for BREIT and BXMT
Blackstone has announced key leadership changes within its Real Estate business, including the appointment of Katie Keenan as CEO of BREIT and Global Head of Core+ Real Estate, and Tim Johnson as CEO of BXMT. These changes aim to capitalize on the ongoing real estate recovery and capitalize on new opportunities.
BlackstoneReal EstateBreitBxmtLeadershipReal EstateSep 20, 2025
Katie Keenan has been appointed Chief Executive Officer and a Director of Blackstone Real Estate Income Trust, Inc. (“BREIT”) and Global Head of the Core+ Real Estate business. She succeeds Wesley M. LePatner, who served in both roles until her tragic passing on July 28, 2025.
Ms. Keenan is a long-tenured Blackstone executive and has held numerous leadership positions since joining the firm in 2012. She currently serves as Global Co-Chief Investment Officer of Blackstone Real Estate Debt Strategies (“BREDS”) and Chief Executive Officer of Blackstone Mortgage Trust, Inc. (NYSE: BXMT), a publicly-traded commercial mortgage REIT managed by a subsidiary of Blackstone. Ms. Keenan has been integral to the success of BXMT and the broader BREDS business, helping grow the BREDS platform to $77 billion today.
Zaneta Koplewicz, currently BREIT Head of Shareholder Relations, has been named Co-President and Director of BREIT with current Co-President, Blackstone veteran A.J. Agarwal. BREIT Interim CEO Rob Harper will resume his long-time role as BREIT Head of Asset Management.
Ms. Keenan said: “Thanks to the dedication of Wesley and many others, BREIT represents some of Blackstone’s finest work. Its strong performance is driven by a portfolio that is ~90% concentrated in sectors that are benefitting from long-term, secular megatrends, particularly data centers. 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.”
BREIT’s highly differentiated portfolio positioning has led to a 9.2% annualized net return on Class I since inception over 8 and a half years ago, over 60% higher than the public REIT index on a cumulative basis.
Tim Johnson has been appointed Chief Executive Officer of BXMT, succeeding Ms. Keenan. As the Global Head of BREDS and Chair of BXMT’s Board, Mr. Johnson has played an active role in overseeing BXMT for over a decade and has deep expertise across Blackstone’s commercial real estate credit investment strategies. Mr. Johnson is a seasoned investor and has been with Blackstone since 2011. He will continue as the Global Head of BREDS and Chair of BXMT’s Board.
Austin Peña, currently Executive Vice President, Investments of BXMT, has been named President and Director, and will continue leading the company’s investment, capital allocation, and balance sheet strategy.
Mr. Johnson said: “I’ve had the honor of serving as BXMT’s Chair and I am looking forward to building on BXMT’s momentum, including $2.6 billion in new investments last quarter and a nearly 20% YTD total return. The team’s breadth and creativity enable us to source investments across channels and markets, unlocking value during a particularly compelling period. 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.”
Nadeem Meghji and Kathleen McCarthy, Global Co-Heads of Blackstone Real Estate, said: “The resilience demonstrated by our team in recent weeks has been nothing short of extraordinary. We are fortunate to have a deep bench of talented colleagues with a relentless focus on delivering for our investors. Katie and Tim both have invaluable leadership and investing experience that we believe will continue to drive strong performance across both businesses.”
All changes are effective November 10, 2025, with the exception of Ms. Keenan’s appointment as Global Head of Core+ Real Estate, which is effective immediately.
Frequently Asked Questions
What is Blackstone Real Estate Income Trust, Inc. (BREIT)?
BREIT is a private real estate investment trust (REIT) managed by Blackstone. It invests in a diversified portfolio of real estate assets, primarily in the United States, and aims to generate stable income and capital appreciation for its investors.
Who is Katie Keenan and what is her new role?
Katie Keenan is a long-tenured Blackstone executive and has been appointed as the CEO and a Director of BREIT and Global Head of the Core+ Real Estate business. She succeeds Wesley M. LePatner in these roles.
What is the significance of the appointment of Tim Johnson as CEO of BXMT?
Tim Johnson, a seasoned investor and current Global Head of BREDS and Chair of BXMT’s Board, has been appointed as the new CEO of BXMT. This appointment underscores Blackstone’s commitment to maintaining strong leadership and performance in its real estate credit investment strategies.
What are the key sectors in BREIT's portfolio?
BREIT's portfolio is ~90% concentrated in sectors that are benefitting from long-term, secular megatrends, particularly data centers. These sectors are expected to drive strong performance and growth in the coming years.
When will the leadership changes at Blackstone Real Estate take effect?
All changes are effective November 10, 2025, with the exception of Katie Keenan’s appointment as Global Head of Core+ Real Estate, which is effective immediately.
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