Note 11. Other Assets and Liabilities

Other assets at June 30, 2014 and December 31, 2013, are summarized in the following table.

Other Assets


(In Thousands)	June 30, 2014		December 31, 2013
Margin receivable	$	58,455	$	31,149
Investment receivable		3,142		8,923
Other pledged collateral		5,000		5,000
REO		3,323		3,661
Prepaid expenses		1,576		1,850
Fixed assets and leasehold improvements		1,754		1,232
Income tax receivables		2,902		170
Other		1,612		1,655

Total Other Assets	$	77,764	$	53,640

Margin receivable resulted from margin calls from our swap, master repurchase agreements, and warehouse facilities counterparties that required us to post collateral.

The carrying value of REO at June 30, 2014, was $3 million, which includes the net effect of $2 million related to transfers into REO during the first six months of 2014, offset by $2 million of REO liquidations. At June 30, 2014 and December 31, 2013, there were 20 REO properties recorded on our consolidated balance sheets, all of which were owned at consolidated Sequoia entities.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities at June 30, 2014 and December 31, 2013 are summarized in the following table.


(In Thousands)	June 30, 2014		December 31, 2013
Accrued compensation	$	9,830	$	22,160
Legal reserve		12,000		12,000
Derivative margin payable		2,063		4,700
Accrued operating expenses		3,913		4,291
Residential repurchase reserve		2,477		1,771
Income tax payable		1,160		1,337
Unsettled trades		4,420		-
Other		6,360		2,445

Total Other Liabilities	$	42,223	$	48,704

See Note 15 for additional information on the legal and residential repurchase reserves.