The Company’s consolidated balance sheet includes Level I fair value measurements related to cash equivalents, restricted cash, accounts receivable, and accrued liabilities. As of June 30, 2021, the Company had $144.0 million invested in money market funds with original maturities of less than 90 days. The carrying values of these financial assets and liabilities are reasonable estimates of fair value because of the short-term maturities of these instruments. The consolidated balance sheet also includes loans held for investment, the assets and liabilities of TRTX 2018-FL2, TRTX 2019-FL3 and TRTX 2021-FL4, and secured debt agreements that are considered Level III fair value measurements that are not measured at fair value on a recurring basis but are subject to fair value adjustments utilizing the fair value of the underlying collateral when there is evidence of impairment and when the loan is dependent solely on the collateral for payment of principal and interest.

The following tables provide information about the fair value of the Company’s financial assets and liabilities on the Company’s consolidated balance sheets as of June 30, 2021 and December 31, 2020 (dollars in thousands):

	June 30, 2021
			Fair Value
	Carrying Value		Level I		Level II		Level III
Financial Assets
Loans Held for Investment	$	4,773,949	$	—	$	—	$	4,779,484
Financial Liabilities
Collateralized Loan Obligations		2,821,233		—		—		2,819,640
Secured Financing Agreements		858,640		—		—		850,558
Mortgage Loan Payable		49,288		—		—		49,288

	December 31, 2020
			Fair Value
	Carrying Value		Level I		Level II		Level III
Financial Assets
Loans Held for Investment	$	4,456,460	$	—	$	—	$	4,472,984
Financial Liabilities
Collateralized Loan Obligations		1,825,568		—		—		1,834,760
Secured Financing Agreements		1,514,028		—		—		1,532,910
Mortgage Loan Payable		49,147		—		—		49,147

As of June 30, 2021 and December 31, 2020, the estimated fair value of Loans Held for Investment was $4.8 billion and $4.5 billion, respectively, which approximated carrying value. The weighted average gross credit spread as of June 30, 2021 and December 31, 2020 was 3.23% and 3.18%, respectively. The weighted average years to maturity as of June 30, 2021 and December 31, 2020 was 2.9 years and 3.1 years, respectively, assuming full extension of all loans.

As of June 30, 2021 and December 31, 2020, the estimated fair value of the secured credit agreements approximated fair value as current borrowing spreads reflect market terms. As of June 30, 2021 and December 31, 2020, the estimated fair value of the Collateralized Loan Obligation liabilities approximated carrying value as current borrowing spreads reflect market terms.

Changes in assets and liabilities with Level III fair values for the six months ended June 30, 2021 are as follows (dollars in thousands):

	Loans Held for Investment		Collateralized Loan Obligations		Secured Financing Arrangements			Mortgage Loan Payable		Total
Balance as of December 31, 2020	$	4,472,984	$	1,834,760	$	1,532,910		$	49,147	$	7,889,801
Additions		—		—		—			—		—
Change in fair value		306,500		984,880		(682,352	)		141		609,169
Transfers into Level III		—		—		—			—		—
Transfers out of Level III		—		—		—			—		—
Disposals		—		—		—			—		—
Balance as of June 30, 2021	$	4,779,484	$	2,819,640	$	850,558		$	49,288	$	8,498,970

There were no transfers of financial assets or liabilities within the levels of the fair value hierarchy during the six months ended June 30, 2021.