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Other Assets and Liabilities | 6 Months Ended
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Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Other Assets and Liabilities | Other Assets and Liabilities Other assets at June 30, 2021 and December 31, 2020 are summarized in the following table. Table 12.1 – Components of Other Assets
(In Thousands) |  | June 30, 2021 |  | December 31, 2020
Accrued interest receivable |  | $ | 41,366 |  |  | $ | 39,445 |
Investment receivable |  | 38,281 |  |  | 43,176 |
REO |  | 15,489 |  |  | 8,413 |
Operating lease right-of-use assets |  | 14,370 |  |  | 15,012 |
Margin receivable |  | 10,269 |  |  | 4,758 |
Fixed assets and leasehold improvements (1) |  | 7,202 |  |  | 4,203 |
Pledged collateral |  | — |  |  | 1,177 |
Other |  | 9,455 |  |  | 14,404 |
Total Other Assets |  | $ | 136,432 |  |  | $ | 130,588 |
(1)Fixed assets and leasehold improvements had a basis of $14 million and accumulated depreciation of $7 million at June 30, 2021. Accrued expenses and other liabilities at June 30, 2021 and December 31, 2020 are summarized in the following table. Table 12.2 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | June 30, 2021 |  | December 31, 2020
Accrued compensation |  | $ | 42,737 |  |  | $ | 24,393 |
Accrued interest payable |  | 35,615 |  |  | 34,858 |
Margin payable |  | 19,503 |  |  | 14,728 |
Operating lease liabilities |  | 15,997 |  |  | 16,687 |
Payable to minority partner |  | 15,414 |  |  | 16,941 |
Unsettled trades |  | 13,952 |  |  | — |
Residential loan and MSR repurchase reserve |  | 8,709 |  |  | 8,631 |
Guarantee obligations |  | 8,446 |  |  | 10,039 |
Accrued income taxes payable |  | 5,395 |  |  | 5,614 |
Bridge loan holdbacks |  | 5,394 |  |  | 5,708 |
Accrued operating expenses |  | 4,938 |  |  | 5,509 |
Deferred consideration |  | — |  |  | 14,579 |
Other |  | 15,605 |  |  | 21,653 |
Total Accrued Expenses and Other Liabilities |  | $ | 191,705 |  |  | $ | 179,340 |
Deferred Consideration The deferred consideration presented in the table above is related to our acquisition of 5 Arches in 2019. During the first quarter of 2021, we distributed 806,068 shares of Redwood common stock and paid $1 million in cash in full settlement of the remaining deferred consideration associated with this acquisition. REO 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 six months ended June 30, 2021. Table 12.3 – REO Activity
|  | Six Months Ended June 30, 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 |  | 2,289 |  |  | 65 |  |  | 1,548 |  |  | 11,924 |  |  | 15,826 |
Liquidations (1) |  | (5,972) |  |  | (39) |  |  | (766) |  |  | (1,949) |  |  | (8,726) |
Changes in fair value, net |  | 428 |  |  | (5) |  |  | 208 |  |  | (655) |  |  | (24) |
Balance at End of Period |  | $ | 1,345 |  |  | $ | 659 |  |  | $ | 1,636 |  |  | $ | 11,849 |  |  | $ | 15,489 |
(1)For the six months ended June 30, 2021, REO liquidations resulted in less than $0.1 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 June 30, 2021 and December 31, 2020. Table 12.4 – REO Assets
Number of REO assets |  | Redwood Bridge |  | Legacy Sequoia |  | Freddie Mac SLST |  | CAFL |  | Total
At June 30, 2021 |  | 3 |  |  | 3 |  |  | 18 |  |  | 2 |  |  | 26 |
At December 31, 2020 |  | 3 |  |  | 3 |  |  | 9 |  |  | 2 |  |  | 17 |
Refer to our Annual Report on Form 10-K for the year ended December 31, 2020 for additional descriptions of our other assets and liabilities.

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