Katie Keenan

About Katie Keenan

Katharine A. “Katie” Keenan, 41, was appointed Chief Executive Officer and Director of Blackstone Real Estate Income Trust, Inc. (BREIT; ticker BSTT) effective November 10, 2025 . She is a Senior Managing Director in Blackstone Real Estate and Global Head of Blackstone’s Core+ Real Estate business; previously Global Co‑Chief Investment Officer of Blackstone Real Estate Debt Strategies (BREDS) and CEO/President/Director of Blackstone Mortgage Trust, Inc. (NYSE: BXMT) . Keenan holds an A.B. in History, cum laude, from Harvard College . BREIT highlights long-term performance with a 9.2% annualized net return on Class I since inception, driven by a portfolio ~90% concentrated in secular growth sectors (notably data centers) . Board leadership at BREIT is separated—Frank Cohen serves as Chairman, and the CEO role is distinct; the Board has no Lead Independent Director .

Past Roles

External Roles

Fixed Compensation

• BREIT is externally managed; executive officers, including the CEO, receive no compensation from the Company or its subsidiaries. They are compensated by Blackstone; BREIT does not reimburse the Adviser for executive compensation, has no employment agreements with executive officers, and provides no pension, perquisites, deferred comp, or change‑in‑control payments to executive officers .
• The Board and Company cannot determine or set salaries/bonuses paid by the Adviser to any individual serving as a director/officer of the Company; affiliated directors/officers receive no Company compensation other than reasonable expense reimbursements unless otherwise approved by a majority of Independent Directors .

Performance Compensation

• Adviser Economics (structural incentives):
  • Management fee: 1.25% of monthly NAV for Class T/S/D/I/C shares; $713.6 million for FY2024; 51.2 million OP units issued as payment in 2024 .
  • Performance participation: Special Limited Partner (a Blackstone subsidiary) receives 12.5% of Total Return, subject to 5% Hurdle Amount, High Water Mark (Loss Carryforward), and Catch‑Up; accrued monthly, allocated quarterly and annually .
  • Quarterly Shortfall: 2022 shortfall of $74.9 million plus $4.8 million interest satisfied against Q1 2024 accrual; a 2024 Quarterly Shortfall of $105.0 million remained receivable from SLP at year‑end .
• Implications: Company‑level incentive structure ties Blackstone’s allocations to BREIT’s Total Return, not to individual executive KPIs. Executive pay-for-performance specifics for Keenan at BREIT are not disclosed (compensated by Blackstone) .

Equity Ownership & Alignment

• Insider trading policy requires pre‑clearance by Blackstone Legal/Compliance for covered persons trading Company securities; the Company currently has no hedging policy for officers, employees, or directors .
• Non‑Employee Director Stock Ownership Policy requires 5x annual cash retainer within five years; all non‑employee directors are in compliance. As a Blackstone‑affiliated director, Keenan would not be subject to non‑employee director ownership policy or compensation .

Employment Terms

• External management model: No BREIT employment contracts, severance, or change‑of‑control economics for executive officers; no Company‑level executive benefits or deferred compensation .
• Indemnification: BREIT maintains indemnification agreements with directors and officers for expenses and liabilities to the fullest extent under Maryland law, subject to conditions .
• Governance and independence: Board committees (Audit, Compensation, Nominating & Corporate Governance, Affiliate Transaction) are composed solely of independent directors; affiliated management directors do not serve on committees .

Director Compensation

• Keenan, as a Blackstone‑affiliated director/officer, does not receive BREIT director compensation (only reasonable expense reimbursement unless otherwise approved) .
• Independent Director program (for context): Annual $290,000 retainer ($90,000 cash, $200,000 restricted stock). Audit Chair: +$25,000; other committee Chairs: +$15,000; Chairman: +$100,000 cash; RSUs vest one year from grant and were 14,269 shares in Aug 2024 based on then‑current Class I NAV .

Board Service History, Committees, Independence

• Appointment/election: Board appointed Keenan CEO and Director effective Nov 10, 2025 .
• Committee roles: BREIT’s committees are independent‑only; management directors typically serve on no committees .
• Dual‑role implications: CEO and Chair roles are separated (Chair: Frank Cohen; CEO role distinct); Company has no Lead Independent Director .
• Attendance: In 2024, the Board held 13 meetings; each director attended at least 75% of Board/committee meetings (Keenan was not a director in 2024) .

Performance & Financials

Recent quarterly performance:

Annual performance:

Values marked with * are retrieved from S&P Global.

Say‑on‑Pay & Shareholder Feedback

• Not applicable: BREIT does not pay executive compensation; consequently, company‑specific executive pay details and say‑on‑pay metrics are not disclosed .

Compensation Peer Group

• Compensation Committee engaged Ferguson Partners Consulting L.P. for independent director program benchmarking ($30,000 fee) . Executive peer group/targets are not applicable under the external management model .

Related Party Transactions and Conflicts Oversight

• Affiliate transactions are reviewed/approved by the Affiliate Transaction Committee (independent‑only). Examples include fees for Blackstone‑affiliated service providers and Adviser economics; management fee and performance participation terms summarized above .
• The Board and Committee structure is designed to manage conflicts; affiliate transactions require majority approval by independent directors not otherwise interested in the transaction .

Risk Indicators & Red Flags

• No hedging policy for officers/directors may be viewed negatively from an alignment standpoint .
• External management model creates advisor‑level incentives (management fee and performance participation) that differ from traditional internal REIT compensation structures; independent committee oversight aims to mitigate conflicts .
• No pledging disclosures identified for Keenan; Form 3 initial beneficial ownership filed; no Form 4 transactions identified to date .

Investment Implications

• Alignment: As an externally managed REIT, BREIT does not disclose executive pay plans; Blackstone’s firm‑level incentives (management fee and performance participation tied to Total Return with a 5% hurdle and high‑water mark) dominate, so CEO‑level cash/equity incentives at BREIT are not a direct driver. Independent committees and affiliate transaction policies provide structural checks .
• Ownership/pressure: Keenan’s direct ownership of ~71,147 Class I shares signals some alignment, with trading subject to preclearance; absence of a company hedging policy is a potential governance gap .
• Execution risk: Keenan’s deep BREDS/BXMT and Core+ experience, combined with BREIT’s long‑term net return record and sector mix, positions BREIT to benefit from macro tailwinds (lower debt costs, rising transactions), but investor focus should remain on fee economics, affiliate service arrangements, and independent oversight of conflicts .

Citations: