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lackstone (NYSE: BX) announced senior leadership changes in its Real‑Estate division.
**BREIT and Core+**
Katie Keenan is now Chief Executive Officer and Director of Blackstone Real Estate Income Trust, Inc. (BREIT) and Global Head of the Core+ Real Estate business, succeeding Wesley M. LePatner after his death on July 28, 2025. Keenan, a long‑time Blackstone executive since 2012, currently serves as Global Co‑Chief Investment Officer of Blackstone Real Estate Debt Strategies (BREDS) and CEO of Blackstone Mortgage Trust, Inc. (BXMT). She helped grow BREDS to $77 billion.
Zaneta Koplewicz, former BREIT Head of Shareholder Relations, is now Co‑President and Director of BREIT alongside veteran A.J. Agarwal. BREIT Interim CEO Rob Harper will return to lead Asset Management.
Keenan said, “BREIT’s portfolio is ~90 % focused on sectors benefiting from long‑term megatrends, especially data centers. It is well‑positioned to capitalize on the real‑estate recovery, falling supply, lower debt costs, and rising transaction activity.” BREIT has delivered a 9.2 % annualized net return on Class I since inception, outpacing the public REIT index by over 60 % on a cumulative basis.
**BXMT**
Tim Johnson becomes CEO of BXMT, taking over from Keenan. He remains Global Head of BREDS and Chair of BXMT’s Board, bringing a decade of oversight and deep expertise in commercial real‑estate credit. Austin Peña, formerly Executive Vice President of Investments, is now President and Director, continuing to steer investment, capital allocation, and balance‑sheet strategy.
Johnson noted, “I’m honored to serve as Chair and look forward to building on BXMT’s momentum, including $2.6 billion in new investments last quarter and a nearly 20 % YTD total return. The BREDS platform, which includes BXMT, has deployed $38 billion since early 2024 and will keep driving activity.”
Nadeem Meghji and Kathleen McCarthy, Global Co‑Heads of Blackstone Real Estate, praised the team’s resilience and the leadership of Keenan and Johnson, expecting continued strong performance.
All changes take effect on November 10, 2025, except Keenan’s Core+ appointment, which is immediate.
**About Blackstone Real Estate**
Founded in 1991, Blackstone Real Estate manages $325 billion of investor capital and is the world’s largest owner of commercial real estate. Its Core+ business invests in stabilized assets worldwide, while BREIT offers income‑focused strategies. The debt arm, including BXMT, provides comprehensive financing solutions across the capital structure.
