Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (174,676,000)	$ (65,898,000)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees	36,364,000	13,560,000
Performance participation allocation	111,934,000	46,000
Depreciation and amortization	197,934,000	107,993,000
Amortization of deferred financing costs	4,680,000	2,303,000
Straight-line rent amortization	(9,331,000)	(6,149,000)
Deferred income amortization	(3,044,000)	(924,000)
Unrealized (gain) loss on changes in fair value of financial instruments	(23,288,000)	13,803,000
Foreign currency loss	16,794,000
Loss on sales of investment in real estate debt		5,789,000
Amortization of restricted stock grants	376,000	80,000
Distributions from investments in unconsolidated real estate ventures	377,000	276,000
Loss from unconsolidated real estate ventures	448,000	887,000
Other items	739,000	25,000
Change in assets and liabilities
Increase in other assets	(23,009,000)	(11,837,000)
Increase (decrease) in due to affiliates	748,000	(118,000)
Increase in other liabilities	37,049,000	18,934,000
Net cash provided by operating activities	174,095,000	78,770,000
Cash flows from investing activities
Acquisitions of real estate	(4,540,828,000)	(1,891,638,000)
Capital improvements to real estate	(21,908,000)	(13,678,000)
Investment in unconsolidated real estate ventures	(235,000)
Origination and purchase of investments in real estate debt	(801,792,000)	(73,188,000)
Purchase of real estate-related equity securities	(175,002,000)
Proceeds from paydown of principal and settlement of investments in real estate debt	41,502,000	111,866,000
Net cash used in investing activities	(5,498,263,000)	(1,866,638,000)
Cash flows from financing activities
Proceeds from issuance of common stock, net	3,583,025,000	556,857,000
Offering costs paid	(27,996,000)	(10,421,000)
Subscriptions received in advance	476,520,000	88,402,000
Repurchase of common stock	(39,789,000)	(28,462,000)
Borrowings from mortgage notes and revolving credit facility	2,555,679,000	1,251,843,000
Repayments of mortgage notes and revolving credit facility	(222,111,000)	(1,628,000)
Repayments under secured financings on investments in real estate debt, short term net	(42,557,000)	(81,035,000)
Borrowings under secured financings on investments in real estate debt	140,150,000	114,408,000
Repayments under secured financings on investments in real estate debt	(65,697,000)
Payment of deferred financing costs	(26,253,000)	(7,569,000)
Contributions from non-controlling interests	3,537,000	60,192,000
Distributions to non-controlling interests	(909,000)	(1,556,000)
Repurchase of non-controlling interests		(58,837,000)
Distributions	(68,532,000)	(24,788,000)
Net cash provided by financing activities	6,265,067,000	1,857,406,000
Net change in cash and cash equivalents and restricted cash	940,899,000	69,538,000
Cash and cash equivalents and restricted cash at the beginning of the period	293,411,000	188,961,000
Cash and cash equivalents and restricted cash at the end of the period	1,234,310,000	258,499,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	671,683,000	132,342,000
Restricted cash	562,627,000	126,157,000
Cash and cash equivalents and restricted cash at the end of the period	1,234,310,000	258,499,000
Supplemental disclosure of cash flow information:
Cash paid for interest	77,041,000	48,011,000
Supplemental disclosure of non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions in real estate	156,515,000
Accrued stockholder servicing fee due to affiliate	165,508,000	26,383,000
Right of use asset/liability		6,408,000
Redeemable non-controlling interest issued as settlement for performance participation allocation	15,061,000	10,366,000
Accrued distributions	24,756,000	7,350,000
Distribution reinvestment	58,373,000	29,314,000
Allocation to redeemable non-controlling interest	$ 5,556,000	$ 792,000