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Other Assets and Liabilities | 9 Months Ended
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Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Other Assets and Liabilities | Other Assets and Liabilities Other assets at September 30, 2015 and December 31, 2014, are summarized in the following table. Table 11.1 – Components of Other Assets
(In Thousands) |  | September 30, 2015 |  | December 31, 2014
Margin receivable |  | $ | 97,685 |  |  | $ | 65,374 |
FHLBC stock |  | 30,001 |  |  | 10,688 |
Pledged collateral |  | 28,482 |  |  | 9,927 |
Investment receivable |  | 11,977 |  |  | 1,103 |
Income tax receivables |  | 10,879 |  |  | 175 |
Guarantee asset |  | 5,120 |  |  | 7,201 |
Fixed assets and leasehold improvements (1) |  | 5,070 |  |  | 3,008 |
REO |  | 3,902 |  |  | 4,391 |
Prepaid expenses |  | 3,502 |  |  | 3,372 |
Deposits |  | — |  |  | 5,000 |
Other |  | 4,978 |  |  | 3,657 |
Total Other Assets |  | $ | 201,596 |  |  | $ | 113,896 |
(1) | Fixed assets and leasehold improvements have a basis of $6 million and accumulated depreciation of $1 million at September 30, 2015.
Accrued expenses and other liabilities at September 30, 2015 and December 31, 2014 are summarized in the following table. Table 11.2 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | September 30, 2015 |  | December 31, 2014
Accrued compensation |  | $ | 15,687 |  |  | $ | 19,273 |
Margin payable |  | 20,529 |  |  | 6,455 |
Guarantee obligations |  | 13,394 |  |  | 7,201 |
Current accounts payable |  | 8,341 |  |  | 2,112 |
Residential loan and MSR repurchase reserve |  | 5,768 |  |  | 3,724 |
Accrued operating expenses |  | 3,508 |  |  | 3,334 |
Legal reserve |  | 2,000 |  |  | 2,000 |
Unsettled trades |  | 1,355 |  |  | — |
Income tax payable |  | 594 |  |  | — |
Other |  | 4,792 |  |  | 8,145 |
Total Other Liabilities |  | $ | 75,968 |  |  | $ | 52,244 |
Margin Receivable and Payable Margin receivable and payable resulted from margin calls between us and our derivatives, master repurchase agreements, and warehouse facilities counterparties, whereby we or the counterparty were required to post collateral. Investment Receivable and Unsettled Trades In accordance with our policy to record purchases and sales of securities on the trade date, if the trade and settlement of a purchase or sale crosses over a quarterly reporting period, we will record an investment receivable for sales and an unsettled trades liability for purchases. Guarantee Asset, Pledged Collateral, and Guarantee Obligation The pledged collateral, guarantee asset, and guarantee obligations presented in the tables above are related to the risk sharing arrangements we entered into with Fannie Mae and Freddie Mae. See Note 15 for additional information on our risk sharing arrangements. REO The carrying value of REO at September 30, 2015, was $4 million, which includes the net effect of $6 million related to transfers into REO during the nine months ended September 30, 2015, offset by $3 million of REO liquidations, and $3 million of negative market valuation adjustments. At September 30, 2015 and December 31, 2014, there were 19 and 22 REO properties, respectively, recorded on our consolidated balance sheets, all of which were owned at consolidated Sequoia entities. See Note 15 for additional information on the legal and residential repurchase reserves.

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