Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income (loss)	$ 26,365	$ (20,131)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Management fees	34,155	7,420
Performance participation allocation	87,126	8,708
Depreciation and amortization	224,759	54,796
Amortization of deferred financing costs	8,757	814
Straight-line rent amortization	(3,616)	(2,381)
Deferred income amortization	(2,823)	(439)
Unrealized gain on changes in fair value of financial instruments	(246,517)	(12,884)
Foreign currency loss	6,456	5,680
Amortization of restricted stock grants	206	53
(Income) loss from unconsolidated real estate ventures	(929)	22
Other items	45	11
Change in assets and liabilities
Decrease (increase) in other assets	11,118	(435)
(Decrease) increase in due to affiliates	(1,286)	1,001
(Decrease) increase in other liabilities	(18,685)	8,039
Net cash provided by operating activities	125,131	50,274
Cash flows from investing activities
Acquisitions of real estate	(223,813)	(147,263)
Capital improvements to real estate	(19,663)	(6,430)
Investment in unconsolidated real estate ventures		(235)
Origination and purchase of investments in real estate debt	(109,229)	(504,692)
Purchase of real estate-related equity securities	(85,653)
Proceeds from paydown of principal and settlement of investments in real estate debt	7,907	12,374
Net cash used in investing activities	(430,451)	(646,246)
Cash flows from financing activities
Proceeds from issuance of common stock, net	1,539,527	491,593
Offering costs paid	(20,053)	(5,720)
Subscriptions received in advance	500,014	231,243
Repurchase of common stock	(47,010)	(12,259)
Borrowings from mortgage notes and revolving credit facility	27,120	112,158
Repayments of mortgage notes and revolving credit facility	(386,342)	(47,775)
Repayments under secured financings on investments in real estate debt, short term net		(42,557)
Borrowings under secured financings on investments in real estate debt		140,150
Repayments under secured financings on investments in real estate debt		(65,697)
Payment of deferred financing costs	(1,382)	(161)
Contributions from non-controlling interests	1,686
Distributions to non-controlling interests	(664)	(304)
Distributions	(62,507)	(14,025)
Net cash provided by financing activities	1,550,389	786,646
Effect of exchange rate changes	(16,240)
Net change in cash and cash equivalents and restricted cash	1,228,829	190,674
Cash and cash equivalents and restricted cash at the beginning of the period	940,555	293,411
Cash and cash equivalents and restricted cash at the end of the period	2,169,384	484,085
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	1,506,939	199,149
Restricted cash	662,445	284,936
Cash and cash equivalents and restricted cash at the end of the period	2,169,384	484,085
Supplemental disclosure of cash flow information:
Cash paid for interest	61,902	16,824
Supplemental disclosure of non-cash investing and financing activities:
Accrued stockholder servicing fee due to affiliate	83,717	27,626
Redeemable non-controlling interest issued as settlement for performance participation allocation	204,225	15,061
Accrued distributions	40,928	11,431
Distribution reinvestment	44,740	14,101
Allocation to redeemable non-controlling interest	$ 12,381	$ 839