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Other Assets and Liabilities | 3 Months Ended
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Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Other Assets and Liabilities | Other Assets and Liabilities Other assets at March 31, 2017 and December 31, 2016, are summarized in the following table. Table 10.1 – Components of Other Assets
(In Thousands) |  | March 31, 2017 |  | December 31, 2016
Margin receivable |  | $ | 83,229 |  |  | $ | 68,038 |
FHLBC stock |  | 43,393 |  |  | 43,393 |
Pledged collateral |  | 42,916 |  |  | 42,875 |
REO |  | 3,953 |  |  | 5,533 |
Guarantee asset |  | 3,846 |  |  | 4,092 |
Fixed assets and leasehold improvements (1) |  | 3,309 |  |  | 2,750 |
Commercial loans |  | 2,700 |  |  | 2,700 |
Prepaid expenses |  | 1,691 |  |  | 1,639 |
Investment receivable |  | 712 |  |  | 1,068 |
Other |  | 11,333 |  |  | 9,857 |
Total Other Assets |  | $ | 197,082 |  |  | $ | 181,945 |
(1) | Fixed assets and leasehold improvements have a basis of $6 million and accumulated depreciation of $3 million at March 31, 2017.
Accrued expenses and other liabilities at March 31, 2017 and December 31, 2016 are summarized in the following table. Table 10.2 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | March 31, 2017 |  | December 31, 2016
Guarantee obligations |  | $ | 21,082 |  |  | $ | 21,668 |
Accrued compensation |  | 7,923 |  |  | 18,830 |
Accrued taxes payable |  | 6,792 |  |  | 525 |
Residential loan and MSR repurchase reserve |  | 5,617 |  |  | 5,432 |
Margin payable |  | 3,394 |  |  | 12,783 |
Legal reserve |  | 2,000 |  |  | 2,000 |
Accrued operating expenses |  | 1,489 |  |  | 4,493 |
Deferred tax liability |  | 898 |  |  | 898 |
Current accounts payable |  | 776 |  |  | 1,151 |
Other |  | 1,989 |  |  | 4,648 |
Total Other Liabilities |  | $ | 51,960 |  |  | $ | 72,428 |
Margin Receivable and Payable Margin receivable and payable resulted from margin calls between us and our counterparties under derivatives, master repurchase agreements, and warehouse facilities, whereby we or the counterparty posted collateral. FHLB Stock In accordance with our FHLB-member subsidiary's borrowing agreement with the FHLBC, our subsidiary is required to purchase and hold stock in the FHLBC. See Note 13 for additional detail. Guarantee Asset, Pledged Collateral, and Guarantee Obligations The pledged collateral, guarantee asset, and guarantee obligations presented in the tables above are related to our risk sharing arrangements with Fannie Mae and Freddie Mac. In accordance with these arrangements, we are required to pledge collateral to secure our guarantee obligations. See Note 14 for additional information on our risk sharing arrangements. Commercial Loans At March 31, 2017, we held one commercial loan at the lower of cost or fair value with $3 million in outstanding principal balance, a carrying value of $3 million, and an estimated net fair value of $3 million. 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. REO The carrying value of REO at March 31, 2017 was $4 million, which includes the net effect of $1 million related to transfers into REO during the three months ended March 31, 2017, offset by $3 million of REO liquidations, and $0.3 million of unrealized gains resulting from market valuation adjustments. At March 31, 2017 and December 31, 2016, there were 17 and 23 REO properties, respectively, recorded on our consolidated balance sheets, all of which were owned at consolidated Sequoia entities. Legal and Repurchase Reserves See Note 14 for additional information on the legal and residential repurchase reserves.

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