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ByAinvest
Friday, Sep 19, 2025 9:25 am ET1min read
Blackstone has appointed Katie Keenan as CEO of Blackstone Real Estate Income Trust and Tim Johnson as CEO of Blackstone Mortgage Trust. Keenan succeeds Wesley LePatner, who passed away. Both appointments were announced by Blackstone, with BX shares trading up 0.53% pre-market.
Blackstone Group (BX) has announced significant leadership changes within its real estate division. Katie Keenan has been named CEO of Blackstone Real Estate Income Trust (BREIT), succeeding Wesley LePatner, who passed away in July 2025. Additionally, Tim Johnson has been appointed CEO of Blackstone Mortgage Trust (BXMT). These appointments come months after the tragic passing of LePatner and reflect Blackstone's commitment to maintaining the integrity and performance of its real estate investments.Keenan, who has been with Blackstone since 2012, will oversee BREIT, one of the firm's largest funds catering to individual investors, with a focus on lower-risk, income-focused investments. She will also serve as the Global Head of Core+ Real Estate, managing the firm's $325 billion property platform. This appointment is effective immediately, with the new leadership structure taking effect on November 10, 2025 [2].
Johnson, who has been with Blackstone since 2011, will lead BXMT and continue as Global Head of Blackstone Real Estate Debt Strategies (BREDS) and Chair of BXMT’s Board. Zaneta Koplewicz has been appointed Co-President and Director of BREIT alongside current Co-President A.J. Agarwal. Rob Harper will return to his role as BREIT Head of Asset Management, while Austin Peña has been promoted to President and Director of BXMT [2].
The appointment of Keenan and Johnson is part of Blackstone's ongoing efforts to strengthen its real estate division. BREIT has delivered a 9.2% annualized net return on Class I since its inception over 8.5 years ago, highlighting its strong performance. The company's real estate business, which manages $325 billion in investor capital, maintains a 100% gross profit margin and 37% year-over-year revenue growth [2].
Blackstone's shares traded up 0.53% pre-market following the announcement of these leadership changes. This move underscores the company's confidence in the new leadership team's ability to continue driving growth and success in its real estate investments.
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