v3.26.1
Secured Financings, at Fair Value - Schedule of Secured Financings at Fair Value (Details)
$ in Thousands, £ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
GBP (£)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
GBP (£)
Line of Credit Facility [Line Items]        
Debt Facility, Maximum Facility Size $ 1,552,125   $ 1,237,740  
Debt Facility, Available Capacity 473,648   616,116  
Debt Facility, Debt Amount Outstanding 1,078,477   621,624  
Debt Facility, Fair Value of Debt 1,077,803   619,787  
Debt Facility, Fair Value of Collateral $ 1,392,131   $ 828,215  
Citibank Repurchase Agreement [Member]        
Line of Credit Facility [Line Items]        
Debt Facility, Weighted Average Interest Rate 5.64% [1] 5.64% [1] 6.65% [2] 6.65% [2]
Debt Facility, Maximum Facility Size $ 600,000   $ 600,000  
Debt Facility, Available Capacity 206,094   399,500  
Debt Facility, Debt Amount Outstanding 393,906   200,500  
Debt Facility, Fair Value of Debt 393,819   200,228  
Debt Facility, Fair Value of Collateral $ 508,891   $ 257,099  
Debt Facility, Current Maturity Date Jun. 21, 2026      
Debt Instrument Maximum Maturity Date [3] Jun. 21, 2029      
MS International Repurchase Agreement [Member]        
Line of Credit Facility [Line Items]        
Debt Facility, Weighted Average Interest Rate 6.06% [1],[4] 6.06% [1],[4] 6.51% [2],[5] 6.51% [2],[5]
Debt Facility, Maximum Facility Size $ 202,125 [4] £ 150.0 $ 187,740 [5] £ 150.0
Debt Facility, Available Capacity 42,036 [4]   37,548 [5]  
Debt Facility, Debt Amount Outstanding 160,089 [4]   150,192 [5]  
Debt Facility, Fair Value of Debt 160,084 [4]   149,913 [5]  
Debt Facility, Fair Value of Collateral $ 200,091 [4]   $ 186,328 [5]  
Debt Facility, Current Maturity Date [4] Feb. 15, 2029      
Debt Instrument Maximum Maturity Date [3],[4] Feb. 15, 2029      
WF Repurchase Agreement [Member]        
Line of Credit Facility [Line Items]        
Debt Facility, Weighted Average Interest Rate 5.60% [1] 5.60% [1] 6.21% [2] 6.21% [2]
Debt Facility, Maximum Facility Size $ 500,000   $ 250,000  
Debt Facility, Available Capacity 164,978   36,318  
Debt Facility, Debt Amount Outstanding 335,022   213,682  
Debt Facility, Fair Value of Debt 334,557   212,705  
Debt Facility, Fair Value of Collateral $ 425,902   $ 297,325  
Debt Facility, Current Maturity Date Nov. 14, 2027      
Debt Instrument Maximum Maturity Date [3] Nov. 14, 2030      
MS US Repurchase Agreement [Member]        
Line of Credit Facility [Line Items]        
Debt Facility, Weighted Average Interest Rate 5.79% [1] 5.79% [1] 6.30% [2] 6.30% [2]
Debt Facility, Maximum Facility Size $ 250,000   $ 200,000  
Debt Facility, Available Capacity 60,540   142,750  
Debt Facility, Debt Amount Outstanding 189,460   57,250  
Debt Facility, Fair Value of Debt 189,343   56,941  
Debt Facility, Fair Value of Collateral $ 257,247   $ 87,463  
Debt Facility, Current Maturity Date Jul. 25, 2027      
Debt Instrument Maximum Maturity Date [3] Jul. 25, 2028      
[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 December 31, 2025, the 30-day SOFR and 30-day SONIA were 3.8% and 3.7%, respectively.
[2] 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 December 31, 2024, the 30-day SOFR and 30-day SONIA were 4.5% and 4.7%, respectively.
[3] Borrowing facilities may have extension options, subject to lender approval and compliance with certain financial and administrative covenants.
[4] The MS-International Repurchase Agreement provides for asset purchases by Morgan Stanley of up to £150.0 million. The values associated with this repurchase agreement in the table above have been converted from £ to USD using the prevailing spot exchange rate for the applicable reporting period.
[5] The MS-International Repurchase Agreement provides for asset purchases by Morgan Stanley of up to £150.0 million. The values associated with this repurchase agreement in the table above have been converted from £ to USD using the prevailing spot exchange rate for the applicable reporting period.