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Other Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Components of Other Assets | Other assets at March 31, 2021 and December 31, 2020 are summarized in the following table. Table 12.1 – Components of Other Assets
(In Thousands) |  | March 31, 2021 |  | December 31, 2020
Accrued interest receivable |  | $ | 40,097 |  |  | $ | 39,445 |
Investment receivable |  | 37,102 |  |  | 43,176 |
Margin receivable |  | 16,283 |  |  | 4,758 |
REO |  | 15,829 |  |  | 8,413 |
Operating lease right-of-use assets |  | 14,227 |  |  | 15,012 |
Fixed assets and leasehold improvements (1) |  | 5,153 |  |  | 4,203 |
FHLBC stock |  | 5,000 |  |  | 5,000 |
Pledged collateral |  | — |  |  | 1,177 |
Other |  | 8,047 |  |  | 9,404 |
Total Other Assets |  | $ | 141,738 |  |  | $ | 130,588 |
(1)Fixed assets and leasehold improvements had a basis of $12 million and accumulated depreciation of $7 million at March 31, 2021.
Components of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities at March 31, 2021 and December 31, 2020 are summarized in the following table. Table 12.2 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | March 31, 2021 |  | December 31, 2020
Margin payable |  | $ | 84,306 |  |  | $ | 14,728 |
Accrued interest payable |  | 32,167 |  |  | 34,858 |
Accrued compensation |  | 27,941 |  |  | 24,393 |
Accrued income taxes payable |  | 17,174 |  |  | 5,614 |
Payable to minority partner |  | 16,222 |  |  | 16,941 |
Operating lease liabilities |  | 15,885 |  |  | 16,687 |
Current accounts payable |  | 15,712 |  |  | 6,455 |
Guarantee obligations |  | 9,238 |  |  | 10,039 |
Residential loan and MSR repurchase reserve |  | 8,731 |  |  | 8,631 |
Bridge loan holdbacks |  | 5,443 |  |  | 5,708 |
Accrued operating expenses |  | 4,222 |  |  | 5,509 |
Deferred consideration |  | — |  |  | 14,579 |
Other |  | 7,233 |  |  | 15,198 |
Total Accrued Expenses and Other Liabilities |  | $ | 244,274 |  |  | $ | 179,340 |
Other Real Estate | 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 three months ended March 31, 2021. Table 12.3 – REO Activity
|  | Three Months Ended March 31, 2021
(In Thousands) |  | Redwood Bridge |  | Legacy Sequoia |  | Freddie Mac SLST |  | CAFL |  | Total
Balance at beginning of period |  | $ | 4,600 |  |  | $ | 638 |  |  | $ | 646 |  |  | $ | 2,529 |  |  | $ | 8,413 |
Transfers to REO |  | 1,483 |  |  | — |  |  | 1,276 |  |  | 11,924 |  |  | 14,683 |
Liquidations (1) |  | (4,880) |  |  | (40) |  |  | (91) |  |  | (1,909) |  |  | (6,920) |
Changes in fair value, net |  | 282 |  |  | (2) |  |  | 28 |  |  | (655) |  |  | (347) |
Balance at End of Period |  | $ | 1,485 |  |  | $ | 596 |  |  | $ | 1,859 |  |  | $ | 11,889 |  |  | $ | 15,829 |
(1)For the three months ended March 31, 2021, REO liquidations resulted in $0.3 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 March 31, 2021 and December 31, 2020. Table 12.4 – REO Assets
Number of REO assets |  | Redwood Bridge |  | Legacy Sequoia |  | Freddie Mac SLST |  | CAFL |  | Total
At March 31, 2021 |  | 2 |  |  | 2 |  |  | 20 |  |  | 2 |  |  | 26 |
At December 31, 2020 |  | 3 |  |  | 3 |  |  | 9 |  |  | 2 |  |  | 17 |

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