Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Assets
Investments in real estate, net		$ 8,838,784	$ 4,597,054
Investments in real estate debt		964,075	218,225
Investments in unconsolidated real estate ventures		10,401	10,991
Cash and cash equivalents		671,683	128,650
Restricted cash		562,627	164,761
Other assets		776,041	211,135
Total assets		11,823,611	5,330,816
Liabilities and Equity
Mortgage notes and revolving credit facility, net	[1]	5,747,138	3,278,762
Secured financings on investments in real estate debt		134,835	108,254
Unsecured revolving credit facility		0	0
Other liabilities		230,208	117,072
Subscriptions received in advance		476,520	113,532
Due to affiliates		351,839	96,371
Total liabilities		6,940,540	3,713,991
Commitments and contingencies
Redeemable non-controlling interest		28,696	10,409
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of September 30, 2021 and December 31, 2020
Additional paid-in capital		5,378,498	1,819,526
Accumulated deficit and cumulative distributions		(539,203)	(224,198)
Total stockholder’s equity		4,841,887	1,596,237
Non-controlling interests in consolidated joint ventures		12,488	10,179
Total equity		4,854,375	1,606,416
Total liabilities and equity		11,823,611	5,330,816
Common Stock Class T
Equity
Common stock value		40	25
Common Stock Class S
Equity
Common stock value		1,216	464
Common Stock Class D
Equity
Common stock value		188	28
Common Stock Class I
Equity
Common stock value		$ 1,148	$ 392

[1] The majority of the Company’s mortgages contain yield or spread maintenance provisions.