Blackstone Names Katie Keenan and Tim Johnson as CEOs of Blackstone Real Estate Income Trust and Blackstone Mortgage Trust.

Blackstone has appointed Katie Keenan as CEO of Blackstone Real Estate Income Trust and Tim Johnson as CEO of Blackstone Mortgage Trust. The appointments were announced after the company's board of directors completed a thorough search process. Keenan succeeds Wesley LePatner, who passed away in 2022. The appointments are effective immediately, and both CEOs will report to Blackstone's President and CEO Stephen Schwarzman.

New York, September 12, 2025 — Blackstone (NYSE:BX) has appointed Katie Keenan as the new CEO of Blackstone Real Estate Income Trust (BREIT) and Tim Johnson as the CEO of Blackstone Mortgage Trust (BXMT). The appointments were announced following a comprehensive search process by the company's board of directors. Both CEOs will report directly to Blackstone's President and CEO, Stephen Schwarzman. The appointments are effective immediately.

Katie Keenan, who has been with Blackstone since 2012, succeeds Wesley M. LePatner, who passed away in 2022. Keenan currently serves as the Global Co-Chief Investment Officer of Blackstone Real Estate Debt Strategies (BREDS) and CEO of Blackstone Mortgage Trust (BXMT). She will oversee the $325 billion property platform’s lower-risk, income-focused investments while running BREIT, one of Blackstone's largest funds catering to individual investors Blackstone announces leadership changes in real estate division^[2].

Tim Johnson, who has been with Blackstone since 2011, will continue as Global Head of BREDS and Chair of BXMT’s Board. Austin Peña, Executive Vice President of Investments at BXMT, has been promoted to President and Director, where he will continue to lead the company’s investment and capital allocation strategy Blackstone announces leadership changes in real estate division^[2].

The leadership changes come as Blackstone seeks to maintain its strong performance in the real estate sector. BREIT has delivered a 9.2% annualized net return on Class I since inception over 8.5 years ago Blackstone announces leadership changes in real estate division^[2]. The company’s real estate business, founded in 1991, currently manages $325 billion in investor capital across various sectors including logistics, data centers, residential, office, and hospitality. The company maintains strong fundamentals with a 100% gross profit margin and 37% year-over-year revenue growth Blackstone announces leadership changes in real estate division^[2].

Keenan and Johnson’s appointments reflect Blackstone's commitment to continuity and strategic growth within its real estate divisions. The appointments are part of Blackstone's ongoing efforts to strengthen its leadership and ensure the continued success of its investment strategies.