v3.25.2
Secured Financings, at Fair Value - Schedule of Secured Financings at Fair Value (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Line of Credit Facility [Line Items]    
Debt Facility, Maximum Facility Size $ 1,243,770 $ 1,237,740
Debt Facility, Available Capacity 471,158 616,116
Debt Facility, Debt Amount Outstanding 772,612 621,624
Debt Facility, Fair Value of Debt 771,266 619,787
Debt Facility, Fair Value of Collateral $ 1,028,960 $ 828,215
Citibank Repurchase Agreement [Member]    
Line of Credit Facility [Line Items]    
Debt Facility, Weighted Average Interest Rate [1] 6.42% 6.65%
Debt Facility, Maximum Facility Size $ 600,000 $ 600,000
Debt Facility, Available Capacity 369,714 399,500
Debt Facility, Debt Amount Outstanding 230,286 200,500
Debt Facility, Fair Value of Debt 230,102 200,228
Debt Facility, Fair Value of Collateral $ 316,735 $ 257,099
Debt Facility, Current Maturity Date Jun. 21, 2026 Jun. 21, 2026
Debt Instrument Maximum Maturity Date [2] Jun. 21, 2029 Jun. 21, 2029
MS International Repurchase Agreement [Member]    
Line of Credit Facility [Line Items]    
Debt Facility, Weighted Average Interest Rate [1] 6.28% 6.51%
Debt Facility, Maximum Facility Size $ 193,770 $ 187,740
Debt Facility, Available Capacity 28,986 37,548
Debt Facility, Debt Amount Outstanding 164,784 150,192
Debt Facility, Fair Value of Debt 164,628 149,913
Debt Facility, Fair Value of Collateral $ 205,189 $ 186,328
Debt Facility, Current Maturity Date Feb. 15, 2029 Feb. 15, 2029
Debt Instrument Maximum Maturity Date [2] Feb. 15, 2029 Feb. 15, 2029
WF Repurchase Agreement [Member]    
Line of Credit Facility [Line Items]    
Debt Facility, Weighted Average Interest Rate [1] 6.14% 6.21%
Debt Facility, Maximum Facility Size $ 250,000 $ 250,000
Debt Facility, Available Capacity 33,318 36,318
Debt Facility, Debt Amount Outstanding 216,682 213,682
Debt Facility, Fair Value of Debt 215,890 212,705
Debt Facility, Fair Value of Collateral $ 299,457 $ 297,325
Debt Facility, Current Maturity Date Jun. 21, 2026 Jun. 21, 2026
Debt Instrument Maximum Maturity Date [2] Jun. 21, 2029 Jun. 21, 2029
MS US Repurchase Agreement [Member]    
Line of Credit Facility [Line Items]    
Debt Facility, Weighted Average Interest Rate [1] 6.09% 6.30%
Debt Facility, Maximum Facility Size $ 200,000 $ 200,000
Debt Facility, Available Capacity 39,140 142,750
Debt Facility, Debt Amount Outstanding 160,860 57,250
Debt Facility, Fair Value of Debt 160,646 56,941
Debt Facility, Fair Value of Collateral $ 207,579 $ 87,463
Debt Facility, Current Maturity Date Jul. 25, 2027 Jul. 25, 2027
Debt Instrument Maximum Maturity Date [2] Jul. 25, 2029 Jul. 25, 2029
[1] Represents the weighted average interest rate as of period end. With the exception of MS-International Repurchase Agreement, borrowings under the Company’s repurchase agreements carry interest at one-month Term SOFR plus a spread. Borrowings under MS-International Repurchase Agreement carry interest based on the SONIA plus a spread. On June 30, 2025, the 30-day SOFR and 30-day SONIA were 4.3% and 4.2% per annum, respectively. On December 31, 2024, the 30-day SOFR and 30-day SONIA were 4.5% and 4.7% per annum, respectively.
[2] Borrowing facilities may have extension options, subject to lender approval and compliance with certain financial and administrative covenants.