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Other Assets and Liabilities | 9 Months Ended
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Sep. 30, 2014
Other Assets and Liabilities | Note 11. Other Assets and Liabilities Other assets at September 30, 2014 and December 31, 2013, are summarized in the following table. Other Assets
(In Thousands) |  | September 30, 2014 |  |  | December 31, 2013 |
Margin receivable |  | $ | 56,217 |  |  | $ | 31,149 |
Investment receivable |  |  | 24,814 |  |  |  | 8,923 |
Restricted investments |  |  | 11,319 |  |  |  | - |
Other pledged collateral |  |  | 5,000 |  |  |  | 5,000 |
FHLBC stock |  |  | 4,846 |  |  |  | - |
REO |  |  | 3,349 |  |  |  | 3,661 |
Prepaid expenses |  |  | 2,350 |  |  |  | 1,850 |
Fixed assets and leasehold improvements |  |  | 2,273 |  |  |  | 1,232 |
Other |  |  | 2,600 |  |  |  | 1,825 |
Total Other Assets |  | $ | 112,768 |  |  | $ | 53,640 |
Margin receivable resulted from margin calls from our swap, master repurchase agreements, and warehouse facilities counterparties that required us to post collateral. Investment receivable represents amounts due to us related to a commercial loan included in our Commercial Securitization that repaid prior to September 30, 2014, but for which we received the cash proceeds subsequent to quarter-end. During the three months ended September 30, 2014, we transferred $11 million of U.S. Treasury securities to a custodial account related to a risk sharing arrangement we entered into during the same period. The carrying value of REO at September 30, 2014, was $3 million, which includes the net effect of $5 million related to transfers into REO during the first nine months of 2014, offset by $5 million of REO liquidations. At September 30, 2014 and December 31, 2013, there were 16 and 20 REO properties, respectively, recorded on our consolidated balance sheets, all of which were owned at consolidated Sequoia Entities. Our fixed assets included in the table above have a basis of $4 million and accumulated depreciation of $2 million. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities at September 30, 2014 and December 31, 2013 are summarized in the following table.
(In Thousands) |  | September 30, 2014 |  |  | December 31, 2013 |
Accrued compensation |  | $ | 12,562 |  |  | $ | 22,160 |
Legal reserve |  |  | 10,400 |  |  |  | 12,000 |
MSR holdbacks payable |  |  | 4,049 |  |  |  | - |
Residential repurchase reserve |  |  | 3,771 |  |  |  | 1,771 |
Income tax payable |  |  | 3,560 |  |  |  | 1,337 |
Derivative margin payable |  |  | 2,873 |  |  |  | 4,700 |
Accrued operating expenses |  |  | 2,170 |  |  |  | 4,291 |
Other |  |  | 8,854 |  |  |  | 2,445 |
Total Other Liabilities |  | $ | 48,239 |  |  | $ | 48,704 |
See Note 15 for additional information on the legal and residential repurchase reserves.

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