Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net loss	$ (102,880)	$ (101,582)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee	39,664	16,250
Performance participation allocation	50,061	17,349
Depreciation and amortization	301,333	158,950
Gain on disposition of real estate	(29,686)	0
Unrealized gain on changes in fair value of financial instruments	(45,492)	(3,848)
Other items	3,677	(519)
Change in assets and liabilities:
(Increase) / decrease in other assets	(37,401)	(24,186)
Increase / (decrease) in due to affiliates	(709)	(257)
Increase / (decrease) in accounts payable, accrued expenses, and other liabilities	14,902	42,168
Net cash provided by operating activities	193,469	104,325
Cash flows from investing activities:
Acquisitions of real estate	(3,763,487)	(3,372,075)
Capital improvements to real estate	(67,091)	(28,843)
Proceeds from disposition of real estate	44,293	0
Pre-acquisition costs	(3,407)	(615)
Purchase of real estate-related securities and loans	(1,296,050)	(676,394)
Proceeds from settlement of real estate-related securities and loans	276,205	115,619
Net cash used in investing activities	(4,809,537)	(3,962,308)
Cash flows from financing activities:
Proceeds from issuance of common stock	2,596,552	1,204,297
Offering costs paid	(33,045)	(19,208)
Subscriptions received in advance	402,493	137,896
Repurchase of common stock	(53,638)	(6,881)
Repurchase of management fee shares	(49,871)	0
Redemption of redeemable non-controlling interest	(25,407)	(8,400)
Redemption of affiliate service provider incentive compensation awards	(70)	0
Borrowings from mortgage notes, term loans, and secured revolving credit facilities	4,111,058	3,141,053
Repayments from mortgage notes, term loans, and secured revolving credit facilities	(2,942,083)	(894,600)
Borrowings under repurchase agreements	927,475	508,949
Settlement of repurchase agreements	(194,064)	(89,557)
Borrowings from affiliate line of credit	1,466,000	575,000
Repayments on affiliate line of credit	(1,466,000)	(580,250)
Borrowings from unsecured credit facilities	240,000	0
Payment of deferred financing costs	(22,839)	(19,847)
Contributions from non-controlling interests	43,443	11,274
Distributions to non-controlling interests	(8,778)	(1,652)
Distributions	(53,941)	(21,776)
Net cash provided by financing activities	4,937,285	3,936,298
Net change in cash and cash equivalents and restricted cash	321,217	78,315
Cash and cash equivalents and restricted cash, beginning of period	306,613	157,729
Cash and cash equivalents and restricted cash, end of period	627,830	236,044
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	150,062	56,456
Restricted cash	477,768	179,588
Cash and cash equivalents and restricted cash, end of period	627,830	236,044
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate	385,450	151,220
Assumption of other liabilities in conjunction with acquisitions of real estate	25,847	36,625
Issuance of BREIT OP units as consideration for acquisitions of real estate	36,749	0
Recognition of financing lease liability	56,008	0
Accrued pre-acquisition costs	1,217	403
Contributions from non-controlling interests	2,520	0
Accrued capital expenditures and acquisition related costs	3,406	8,163
Accrued distributions	12,783	6,194
Accrued stockholder servicing fee due to affiliate	121,421	65,254
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	0
Allocation to redeemable non-controlling interest	1,441	1,456
Distribution reinvestment	93,894	38,503
Accrued common stock repurchases	2,088	4,233
Issuance of BREIT OP units as settlement of affiliate incentive compensation awards	4,714	0
Payable for real estate-related securities	$ 129,317	$ 170,028