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Other Assets and Accrued Expense and Other Liabilities | 12 Months Ended
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Dec. 31, 2014
Other Assets and Accrued Expense and Other Liabilities | Note 11. Other Assets and Accrued Expense and Other Liabilities Other Assets Other assets at December 31, 2014 and 2013 are summarized in the following table.
(In Thousands) |  | December 31, 2014 |  |  | December 31, 2013 |
Margin receivable |  | $ | 65,374 |  |  | $ | 31,149 |
FHLBC stock |  |  | 10,688 |  |  |  | — |
Pledged collateral |  |  | 9,927 |  |  |  | — |
Guarantee asset |  |  | 7,201 |  |  |  | — |
Deposits |  |  | 5,000 |  |  |  | 5,000 |
REO |  |  | 4,391 |  |  |  | 3,661 |
Prepaid expenses |  |  | 3,372 |  |  |  | 1,850 |
Fixed assets and leasehold improvements (1) |  |  | 3,008 |  |  |  | 1,232 |
Other |  |  | 4,935 |  |  |  | 10,748 |
Total Other Assets |  | $ | 113,896 |  |  | $ | 53,640 |
(1) | Fixed assets have a basis of $5 million and accumulated depreciation of $3 million.
Accrued Expenses and Other Liabilities Accrued expenses and other liabilities at December 31, 2014 and 2013 are summarized in the following table.
(In Thousands) |  | December 31, 2014 |  |  | December 31, 2013 |
Accrued compensation |  | $ | 19,273 |  |  | $ | 22,160 |
Guarantee obligation |  |  | 7,201 |  |  |  | — |
Derivative margin payable |  |  | 6,455 |  |  |  | 4,700 |
Residential repurchase reserve |  |  | 3,724 |  |  |  | 1,771 |
Accrued operating expenses |  |  | 2,758 |  |  |  | 4,291 |
Legal reserve |  |  | 2,000 |  |  |  | 12,000 |
Income tax payable |  |  | — |  |  |  | 1,337 |
Other |  |  | 10,833 |  |  |  | 2,445 |
Total Other Liabilities |  | $ | 52,244 |  |  | $ | 48,704 |
Margin Receivable Margin receivable resulted from margin calls from our swap, master repurchase agreements, and warehouse facilities counterparties that required us to post collateral. Guarantee Asset, Pledged Collateral, and Guarantee Obligation The pledged collateral, guarantee asset, and guarantee obligation presented in the tables above are related the risk sharing arrangement we entered into with Fannie Mae in the fourth quarter of 2014. Additional information on this transaction is included in Note 3 under the heading Other Assets and Liabilities. All of the loans in the reference pool were originated in 2014 and as of December 31, 2014, the unpaid principal balance of the loans was $986 million. At December 31, 2014, the maximum potential amount of future payments we could be required to make under this obligation is $10 million and this amount is fully collateralized by assets we have transferred to a custodian and are presented as pledged collateral in the table above. We have no recourse to any third parties that would allow us to recover any amounts related to this guarantee obligation. REO The carrying value of REO at December 31, 2014, was $4 million, which includes the net effect of $7 million related to transfers into REO during 2014, offset by $5 million of REO liquidations, and less than $1 million of negative market valuation adjustments. At December 31, 2014 and 2013, there were 22 and 20 REO properties, respectively, recorded on our consolidated balance sheets, all of which were owned at consolidated Sequoia entities. A further description of our other assets and other liabilities is provided in Note 3. See Note 15 for additional information on the legal and residential repurchase reserves.

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