Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (304,443)	$ (98,200)	$ (20,978)
Adjustments to reconcile net loss to net cash provided by operating activities
Management fees	62,237	19,423	5,469
Performance participation allocation	204,225	15,061	10,366
Depreciation and amortization	330,455	155,864	38,896
Amortization of deferred financing costs	8,547	3,183	1,050
Straight-line rent amortization	(12,453)	(8,668)	(829)
Deferred income amortization	(3,905)	(1,309)	(1,566)
Unrealized (gain) loss on changes in fair value of financial instruments	(36,009)	9,026	256
Foreign currency loss	11,078
Loss (gain) on sales of investments in real estate debt		5,789	(600)
Amortization of restricted stock grants	537	128	71
Contributions to investments in unconsolidated real estate ventures		(560)
Distributions from investments in unconsolidated real estate ventures	189	276	551
Loss (earnings) from unconsolidated real estate ventures	615	1,462	(175)
Other items	429	8	20
Change in assets and liabilities
Increase in other assets	(7,265)	(16,806)	(7,950)
Increase (decrease) in due to affiliates	3,291	(355)	460
(Decrease) increase in other liabilities	(24,401)	28,522	26,064
Net cash provided by operating activities	233,127	112,844	51,105
Cash flows from investing activities
Acquisitions of real estate	(12,936,421)	(2,977,499)	(1,607,245)
Capital improvements to real estate	(40,385)	(20,385)	(7,610)
Investment in unconsolidated real estate ventures	(235)
Origination and purchase of investments in real estate debt	(802,866)
Purchase of real estate-related equity securities	(175,000)	(73,271)	(454,275)
Proceeds from paydown of principal and settlement of investments in real estate debt	50,252	126,729	178,696
Net cash used in investing activities	(13,904,655)	(2,944,426)	(1,890,434)
Cash flows from financing activities
Proceeds from issuance of common stock, net	5,643,318	853,205	761,712
Offering costs paid	(41,682)	(14,768)	(7,434)
Subscriptions received in advance	496,845	113,532	109,718
Repurchase of common stock	(64,550)	(43,711)	(206)
Borrowings from mortgage notes and revolving credit facility	8,750,402	2,053,047	996,065
Repayments of mortgage notes and revolving credit facility	(473,025)	(2,385)	(72,906)
(Repayments) borrowings under secured financings on investments in real estate, short term net	(42,557)	(38,478)	81,035
Borrowings under secured financings on investments in real estate	274,028	115,796
Repayments under secured financings on investments in real estate	(65,697)	(50,099)
Payment of deferred financing costs	(70,776)	(13,779)	(8,052)
Contributions from non-controlling interests	30,879	60,192	12,520
Repurchase of non-controlling interests		(58,837)
Distributions to non-controlling interests	(1,133)	(1,860)	(384)
Distributions	(117,380)	(35,823)	(8,699)
Net cash provided by financing activities	14,318,672	2,936,032	1,863,369
Net change in cash and cash equivalents and restricted cash	647,144	104,450	24,040
Cash and cash equivalents and restricted cash, beginning of year	293,411	188,961	164,921
Cash and cash equivalents and restricted cash, end of year	940,555	293,411	188,961
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	274,756	128,650	48,479
Restricted cash	665,799	164,761	140,482
Cash and cash equivalents and restricted cash, end of year	940,555	293,411	188,961
Supplemental disclosure of cash flow information:
Cash paid for interest	122,275	68,904	20,693
Non-cash investing and financing activities:
Assumption of mortgage notes in conjunction with acquisitions in real estate	156,515		328,664
Accrued stockholder servicing fee due to affiliate	236,971	36,260	35,640
Accrued offering costs due to affiliates			1,468
Right of use asset/liability	6,146	6,408
Redeemable non-controlling interest issued as settlement for performance participation allocation	15,061	10,366
Accrued distributions	32,696	8,682	4,216
Distribution reinvestment	91,192	41,551	$ 11,227
Allocation to redeemable non-controlling interest	$ 8,250	$ 1,282