Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (50,096)	$ (49,638)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	17,177	6,969
Performance participation allocation	20,163	7,873
Depreciation and amortization	139,479	74,124
Unrealized gain on changes in fair value of financial instruments	(30,003)	(1,789)
Other items	1,477	813
Change in assets and liabilities:
(Increase) / decrease in other assets	(26,092)	(14,876)
Increase / (decrease) in due to affiliates	(981)	(455)
Increase / (decrease) in accounts payable, accrued expenses, and other liabilities	1,912	18,469
Net cash provided by operating activities	73,036	41,490
Cash flows from investing activities:
Acquisitions of real estate	(735,508)	(2,030,126)
Capital improvements to real estate	(32,672)	(6,086)
Purchase of real estate-related securities and loans	(124,258)	(259,553)
Proceeds from settlement of real estate-related securities and loans	28,948	115,619
Net cash used in investing activities	(863,490)	(2,180,146)
Cash flows from financing activities:
Proceeds from issuance of common stock	649,725	479,821
Offering costs paid	(14,134)	(7,979)
Subscriptions received in advance	423,943	150,213
Repurchase of common stock	(38,427)	(1,260)
Redemption of redeemable non-controlling interest	(4,314)	0
Borrowings from mortgage notes, term loans, and revolving credit facilities	896,861	1,821,620
Repayments from mortgage notes, term loans, and revolving credit facilities	(823,483)	(336,100)
Borrowings under repurchase agreements	82,045	216,987
Settlement of repurchase agreements	(14,619)	(89,557)
Borrowings from affiliate line of credit		206,500
Repayments on affiliate line of credit		(211,750)
Payment of deferred financing costs	(8,343)	(11,180)
Contributions from non-controlling interests	2,374	6,940
Distributions to non-controlling interests	(3,158)	(581)
Distributions	(23,773)	(9,079)
Net cash provided by financing activities	1,124,697	2,214,595
Net change in cash and cash equivalents and restricted cash	334,243	75,939
Cash and cash equivalents and restricted cash, beginning of period	306,613	157,729
Cash and cash equivalents and restricted cash, end of period	640,856	233,668
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	152,756	51,034
Restricted cash	488,100	182,634
Cash and cash equivalents and restricted cash, end of period	640,856	233,668
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate	291,618	67,140
Assumption of other liabilities in conjunction with acquisitions of real estate	4,527	33,456
Recognition of financing lease liability	56,008	0
Contributions from non-controlling interests	2,520	0
Accrued capital expenditures and acquisition related costs	4,362	1,870
Accrued distributions	3,839	2,808
Accrued stockholder servicing fee due to affiliate	36,936	28,868
Accrued offering costs due to affiliate		508
Redeemable non-controlling interest issued as settlement of performance participation allocation	37,484	16,974
Exchange of redeemable non-controlling interest for Class I shares	11,620	1,036
Allocation to redeemable non-controlling interest	1,080	883
Distribution reinvestment	42,034	16,497
Accrued common stock repurchases	5,046	1,036
Accrued common stock repurchases due to affiliate	2,037	0
Issuance of BREIT OP units as settlement of affiliate incentive compensation awards	$ 4,714	$ 0