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Other Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Summary of Other Assets | Other assets at December 31, 2020 and December 31, 2019 are summarized in the following table. Table 12.1 – Components of Other Assets
(In Thousands) |  | December 31, 2020 |  | December 31, 2019
Investment receivable |  | $ | 43,176 |  |  | $ | 23,330 |
Accrued interest receivable |  | 39,445 |  |  | 71,058 |
Operating lease right-of-use assets |  | 15,012 |  |  | 11,866 |
REO |  | 8,413 |  |  | 9,462 |
FHLBC stock |  | 5,000 |  |  | 43,393 |
Margin receivable |  | 4,758 |  |  | 209,776 |
Fixed assets and leasehold improvements (1) |  | 4,203 |  |  | 4,901 |
Pledged collateral |  | 1,177 |  |  | 32,945 |
Other |  | 9,404 |  |  | 12,590 |
Total Other Assets |  | $ | 130,588 |  |  | $ | 419,321 |
(1)Fixed assets and leasehold improvements had a basis of $11 million and accumulated depreciation of $6 million at December 31, 2020.
Summary of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities at December 31, 2020 and December 31, 2019 are summarized in the following table. Table 12.2 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | December 31, 2020 |  | December 31, 2019
Accrued interest payable |  | $ | 34,858 |  |  | $ | 60,655 |
Accrued compensation |  | 24,393 |  |  | 33,888 |
Payable to minority partner |  | 16,941 |  |  | 13,189 |
Operating lease liabilities |  | 16,687 |  |  | 13,443 |
Margin payable |  | 14,728 |  |  | 1,700 |
Deferred consideration |  | 14,579 |  |  | — |
Guarantee obligations |  | 10,039 |  |  | 14,009 |
Residential loan and MSR repurchase reserve |  | 8,631 |  |  | 4,268 |
Current accounts payable |  | 6,455 |  |  | 5,468 |
Bridge loan holdbacks |  | 5,708 |  |  | 10,682 |
Accrued taxes payable |  | 5,614 |  |  | 5,268 |
Accrued operating expenses |  | 5,509 |  |  | 4,358 |
Contingent consideration |  | — |  |  | 28,484 |
Other |  | 15,198 |  |  | 11,481 |
Total Accrued Expenses and Other Liabilities |  | $ | 179,340 |  |  | $ | 206,893 |
Other Real Estate, Roll Forward | The following table summarizes the activity and carrying values of REO assets held at Redwood and at consolidated Legacy Sequoia, Freddie Mac SLST, and CAFL entities during the year ended December 31, 2020. Table 12.3 – REO Activity
|  | Year Ended December 31, 2020
(In Thousands) |  | Redwood Bridge |  | Legacy Sequoia |  | Freddie Mac SLST |  | CAFL |  | Total
Balance at beginning of period |  | $ | 6,887 |  |  | $ | 460 |  |  | $ | 445 |  |  | $ | 1,670 |  |  | $ | 9,462 |
Transfers to REO |  | 6,111 |  |  | 532 |  |  | 1,319 |  |  | 6,157 |  |  | 14,119 |
Liquidations (1) |  | (8,830) |  |  | (243) |  |  | (1,178) |  |  | (4,371) |  |  | (14,622) |
Changes in fair value, net |  | 432 |  |  | (111) |  |  | 60 |  |  | (927) |  |  | (546) |
Balance at End of Period |  | $ | 4,600 |  |  | $ | 638 |  |  | $ | 646 |  |  | $ | 2,529 |  |  | $ | 8,413 |
(1)For the year ended December 31, 2020, REO liquidations resulted in $1 million of realized losses, which were recorded in Investment fair value changes, net on our consolidated statements of income (loss). The following table provides the detail of REO assets at Redwood and at consolidated Legacy Sequoia, Freddie Mac SLST, and CAFL entities at December 31, 2020 and December 31, 2019. Table 12.4 – REO Assets
Number of REO assets |  | Redwood Bridge |  | Legacy Sequoia |  | Freddie Mac SLST |  | CAFL |  | Total
At December 31, 2020 |  | 3 |  |  | 3 |  |  | 9 |  |  | 2 |  |  | 17 |
At December 31, 2019 |  | 4 |  |  | 4 |  |  | 3 |  |  | 2 |  |  | 13 |

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