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.”

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.”