v3.26.1
Secured Financings - Schedule of Secured Financings (Details)
$ in Thousands, £ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2026
GBP (£)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
GBP (£)
Line of Credit Facility [Line Items]        
Debt Facility, Weighted Average Interest Rate 6.19% 6.19% 6.68% 6.68%
Debt Facility, Maximum Facility Size $ 1,748,930   $ 1,552,125  
Debt Facility, Available Capacity 597,889   473,648  
Debt Facility, Debt Amount Outstanding 1,151,041 [1]   1,078,477  
Debt Facility, Carrying Value of Debt 1,150,101   1,077,803  
Debt Facility, Fair Value of Collateral $ 1,526,491   $ 1,392,131  
Citibank Repurchase Agreement [Member]        
Line of Credit Facility [Line Items]        
Debt Facility, Weighted Average Interest Rate 5.15% [2] 5.15% [2] 5.64% [3] 5.64% [3]
Debt Facility, Maximum Facility Size $ 800,000   $ 600,000  
Debt Facility, Available Capacity 265,242   206,094  
Debt Facility, Debt Amount Outstanding 534,758   393,906  
Debt Facility, Carrying Value of Debt 534,160   393,819  
Debt Facility, Fair Value of Collateral $ 686,188   $ 508,891  
Debt Facility, Current Maturity Date Apr. 21, 2028      
Debt Instrument Maximum Maturity Date [4],[5] Apr. 21, 2031      
MS International Repurchase Agreement [Member]        
Line of Credit Facility [Line Items]        
Debt Facility, Weighted Average Interest Rate 5.54% [2],[5] 5.54% [2],[5] 6.06% [3],[6] 6.06% [3],[6]
Debt Facility, Maximum Facility Size $ 198,930 [5] £ 150.0 $ 202,125 [6] £ 150.0
Debt Facility, Available Capacity 103,802 [5]   42,036 [6]  
Debt Facility, Debt Amount Outstanding 95,128 [5]   160,089 [6]  
Debt Facility, Carrying Value of Debt 95,129 [5]   160,084 [6]  
Debt Facility, Fair Value of Collateral $ 118,911 [5]   $ 200,091 [6]  
Debt Facility, Current Maturity Date [5] Feb. 15, 2029      
Debt Instrument Maximum Maturity Date [4],[5] Feb. 15, 2029      
WF Repurchase Agreement [Member]        
Line of Credit Facility [Line Items]        
Debt Facility, Weighted Average Interest Rate 5.25% [2] 5.25% [2] 5.60% [3] 5.60% [3]
Debt Facility, Maximum Facility Size $ 500,000   $ 500,000  
Debt Facility, Available Capacity 135,305   164,978  
Debt Facility, Debt Amount Outstanding 364,695   335,022  
Debt Facility, Carrying Value of Debt 364,373   334,557  
Debt Facility, Fair Value of Collateral $ 462,446   $ 425,902  
Debt Facility, Current Maturity Date Nov. 14, 2027      
Debt Instrument Maximum Maturity Date [4],[5] Nov. 14, 2030      
MS US Repurchase Agreement [Member]        
Line of Credit Facility [Line Items]        
Debt Facility, Weighted Average Interest Rate 5.27% [2] 5.27% [2] 5.79% [3] 5.79% [3]
Debt Facility, Maximum Facility Size $ 250,000   $ 250,000  
Debt Facility, Available Capacity 93,540   60,540  
Debt Facility, Debt Amount Outstanding 156,460   189,460  
Debt Facility, Carrying Value of Debt 156,439   189,343  
Debt Facility, Fair Value of Collateral $ 258,946   $ 257,247  
Debt Facility, Current Maturity Date Jul. 25, 2027      
Debt Instrument Maximum Maturity Date [4],[5] Jul. 25, 2028      
[1] Assumes all extension options are exercised that may be extended at the Company’s option, subject to compliance with certain financial and administrative covenants.
[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 June 30, 2026, the 30-day SOFR and 30-day SONIA were 3.6% and 3.7% per annum, respectively.
[3] 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% per annum, respectively.
[4] Borrowing facilities may have extension options, subject to lender approval and compliance with certain financial and administrative covenants.
[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.
[6] 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.