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Other Assets and Liabilities | 6 Months Ended
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Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Other Assets and Liabilities | Other Assets and Liabilities Other assets at June 30, 2017 and December 31, 2016, are summarized in the following table. Table 10.1 – Components of Other Assets
(In Thousands) |  | June 30, 2017 |  | December 31, 2016
Margin receivable |  | $ | 100,156 |  |  | $ | 68,038 |
FHLBC stock |  | 43,393 |  |  | 43,393 |
Pledged collateral |  | 42,963 |  |  | 42,875 |
MSR holdback receivable |  | 13,423 |  |  | 1,862 |
REO |  | 4,645 |  |  | 5,533 |
Guarantee asset |  | 3,288 |  |  | 4,092 |
Fixed assets and leasehold improvements (1) |  | 3,025 |  |  | 2,750 |
Commercial loans |  | — |  |  | 2,700 |
Prepaid expenses |  | 1,155 |  |  | 1,639 |
Investment receivable |  | 1,130 |  |  | 1,068 |
Other |  | 3,151 |  |  | 7,995 |
Total Other Assets |  | $ | 216,329 |  |  | $ | 181,945 |
(1) | Fixed assets and leasehold improvements had a basis of $6 million and accumulated depreciation of $3 million at June 30, 2017.
Accrued expenses and other liabilities at June 30, 2017 and December 31, 2016 are summarized in the following table. Table 10.2 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | June 30, 2017 |  | December 31, 2016
Guarantee obligations |  | $ | 20,692 |  |  | $ | 21,668 |
Unsettled trades |  | 13,629 |  |  | 24 |
Accrued compensation |  | 12,144 |  |  | 18,830 |
Accrued taxes payable |  | 11,019 |  |  | 525 |
Residential loan and MSR repurchase reserve |  | 4,558 |  |  | 5,432 |
Margin payable |  | 2,020 |  |  | 12,783 |
Legal reserve |  | 2,000 |  |  | 2,000 |
Accrued operating expenses |  | 1,176 |  |  | 4,493 |
Deferred tax liability |  | 898 |  |  | 898 |
Current accounts payable |  | 1,234 |  |  | 1,151 |
Other |  | 3,815 |  |  | 4,624 |
Total Other Liabilities |  | $ | 73,185 |  |  | $ | 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 December 31, 2016, 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. This loan prepaid in full during the three months ended June 30, 2017, for which we recorded a gain of $0.3 million through Investment fair value changes, net on our consolidated statements of income and received a yield maintenance fee of $0.2 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. MSR Holdback Receivable MSR holdback receivable represents amounts owed to us from third parties related to the sale of MSRs. REO The carrying value of REO at June 30, 2017 was $5 million, which includes the net effect of $2 million related to transfers into REO during the six months ended June 30, 2017, offset by $3 million of REO liquidations, and $0.3 million of unrealized gains resulting from market valuation adjustments. At June 30, 2017 and December 31, 2016, there were 18 and 23 REO properties, respectively, recorded on our consolidated balance sheets, all of which were owned at consolidated Sequoia entities. Accrued Taxes Payable Accrued taxes payable at June 30, 2017 represents the interim period current and deferred tax provisions, less any estimated tax payments made during the interim period. Annually, we record separate current and deferred tax provisions and at December 31, 2016, the accrued taxes payable represents income taxes currently payable to federal and state tax authorities. Legal and Repurchase Reserves See Note 14 for additional information on the legal and residential repurchase reserves.

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