Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Assets
Investments in real estate, net		$ 17,185,079	$ 4,597,054
Investments in real estate debt		954,077	218,225
Investments in unconsolidated real estate ventures		10,422	10,991
Cash and cash equivalents		274,756	128,650
Restricted cash		665,799	164,761
Other assets		881,298	211,135
Total assets		19,971,431	5,330,816
Liabilities and Equity
Mortgage notes and revolving credit facility, net	[1]	11,274,411	3,278,762
Secured financings on investments in real estate debt		268,181	108,254
Unsecured line of credit		375,000
Other liabilities		339,506	117,072
Subscriptions received in advance		496,845	113,532
Due to affiliates		513,268	96,371
Total liabilities		13,267,211	3,713,991
Commitments and contingencies
Redeemable non-controlling interest		30,502	10,409
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of December 31, 2021 and 2020
Additional paid-in capital		7,388,885	1,819,526
Accumulated other comprehensive loss		(530)
Accumulated deficit and cumulative distributions		(757,575)	(224,198)
Total stockholder’s equity		6,634,227	1,596,237
Non-controlling interests in consolidated joint ventures		39,491	10,179
Total equity		6,673,718	1,606,416
Total liabilities and equity		19,971,431	5,330,816
Common Stock Class T
Equity
Common stock value		46	25
Common Stock Class S
Equity
Common stock value		1,544	464
Common Stock Class D
Equity
Common stock value		221	28
Common Stock Class I
Equity
Common stock value		$ 1,636	$ 392

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