Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net loss	$ (65,898)	$ (9,142)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees	13,560	2,793
Performance participation allocation	46	5,501
Depreciation and amortization	107,993	20,852
Amortization of deferred financing costs	2,303	592
Deferred income amortization	(924)	(1,365)
Unrealized loss on changes in fair value of financial instruments	13,803	821
Loss on sales of real estate-related securities	5,789
Amortization of restricted stock grants	80	50
Distributions from investments in unconsolidated real estate ventures	276	429
Loss from unconsolidated real estate ventures	(887)	(46)
Other items	25	4
Change in assets and liabilities
Increase in other assets	(17,986)	(9,144)
(Decrease) / increase in due to affiliates	(118)	254
Increase in accounts payable, accrued expenses and other liabilities	18,934	17,468
Net cash provided by operating activities	78,770	29,159
Cash flows from investing activities
Acquisitions of real estate	(1,891,638)	(585,236)
Capital improvements to real estate	(13,678)	(4,832)
Purchase of real estate-related securities	(73,188)	(368,616)
Proceeds from paydown of principal and settlement of real estate-related securities	111,866	100,256
Net cash used in investing activities	(1,866,638)	(858,428)
Cash flows from financing activities
Proceeds from issuance of common stock, net	556,857	446,074
Offering costs paid	(10,421)	(4,518)
Subscriptions received in advance	88,402	65,875
Repurchase of common stock	(28,462)	(181)
Borrowings from mortgage notes and revolving credit facility	1,251,843	280,661
Repayments of mortgage notes and revolving credit facility	(1,628)	(1,060)
(Repayments) borrowings under repurchase agreements, short term net	81,035	(34,330)
Borrowings under repurchase agreements	114,408
Payment of deferred financing costs	(7,569)	(5,157)
Contributions from non-controlling interests	60,192	3,793
Distributions to non-controlling interests	(1,556)	(234)
Repurchase of non-controlling interests	(58,837)
Distributions	(24,788)	(4,418)
Net cash provided by financing activities	1,857,406	815,165
Net change in cash and cash equivalents and restricted cash	69,538	(14,104)
Cash and cash equivalents and restricted cash at the beginning of the period	188,961	164,921
Cash and cash equivalents and restricted cash at the end of the period	258,499	150,817
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	132,342	65,718
Restricted cash	126,157	85,099
Cash and cash equivalents and restricted cash at the end of the period	258,499	150,817
Non-cash financing activities:
Assumption of mortgage notes in conjunction with acquisitions of real estate		220,933
Accrued stockholder servicing fee due to affiliate	26,383	21,616
Accrued offering costs due to affiliates		751
Right of use asset/liability	6,408
Redeemable non-controlling interest issued as settlement for performance participation allocation	10,366
Accrued distributions	7,350	2,789
Distribution reinvestment	$ 29,314	$ 5,933