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Other Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Components of Other Assets | Other assets at September 30, 2021 and December 31, 2020 are summarized in the following table. Table 12.1 – Components of Other Assets
(In Thousands) |  | September 30, 2021 |  | December 31, 2020
Accrued interest receivable |  | $ | 41,997 |  |  | $ | 39,445 |
Investment receivable |  | 32,420 |  |  | 43,176 |
Deferred tax asset |  | 20,153 |  |  | 871 |
REO |  | 18,863 |  |  | 8,413 |
Margin receivable |  | 16,503 |  |  | 4,758 |
Operating lease right-of-use assets |  | 13,659 |  |  | 15,012 |
Fixed assets and leasehold improvements (1) |  | 9,344 |  |  | 4,203 |
Pledged collateral |  | — |  |  | 1,177 |
Other |  | 9,254 |  |  | 13,533 |
Total Other Assets |  | $ | 162,193 |  |  | $ | 130,588 |
(1)Fixed assets and leasehold improvements had a basis of $17 million and accumulated depreciation of $7 million at September 30, 2021.
Components of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities at September 30, 2021 and December 31, 2020 are summarized in the following table. Table 12.2 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | September 30, 2021 |  | December 31, 2020
Accrued compensation |  | $ | 64,354 |  |  | $ | 24,393 |
Margin payable |  | 48,298 |  |  | 14,728 |
Accrued interest payable |  | 34,545 |  |  | 34,858 |
Payable to non-controlling interests (1) |  | 31,781 |  |  | 16,941 |
Operating lease liabilities |  | 15,771 |  |  | 16,687 |
Accrued income taxes payable |  | 11,336 |  |  | 5,614 |
Residential loan and MSR repurchase reserve |  | 9,003 |  |  | 8,631 |
Guarantee obligations |  | 7,902 |  |  | 10,039 |
Accrued operating expenses |  | 4,068 |  |  | 5,509 |
Bridge loan holdbacks |  | 3,784 |  |  | 5,708 |
Deferred consideration |  | — |  |  | 14,579 |
Other |  | 20,734 |  |  | 21,653 |
Total Accrued Expenses and Other Liabilities |  | $ | 251,576 |  |  | $ | 179,340 |
(1)Includes $11 million and $17 million of payables to non-controlling interest holders in our consolidated Servicing Investment and Point HEI entities, respectively, as September 30, 2021. Includes $17 million payable to a non-controlling interest holder in our consolidated Servicing Investment entities at December 31, 2020.
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 SFR entities during the nine months ended September 30, 2021. Table 12.3 – REO Activity
|  | Nine Months Ended September 30, 2021
(In Thousands) |  | Bridge(1) |  | Legacy Sequoia |  | Freddie Mac SLST |  | CAFL SFR |  | Total
Balance at beginning of period |  | $ | 4,600 |  |  | $ | 638 |  |  | $ | 646 |  |  | $ | 2,529 |  |  | $ | 8,413 |
Transfers to REO |  | 7,074 |  |  | 65 |  |  | 2,591 |  |  | 11,924 |  |  | 21,654 |
Liquidations (2) |  | (7,387) |  |  | (607) |  |  | (1,555) |  |  | (1,990) |  |  | (11,539) |
Changes in fair value, net |  | 536 |  |  | 178 |  |  | 276 |  |  | (655) |  |  | 335 |
Balance at End of Period |  | $ | 4,823 |  |  | $ | 274 |  |  | $ | 1,958 |  |  | $ | 11,808 |  |  | $ | 18,863 |
(1)Includes activity of bridge loans at Redwood and at consolidated CAFL bridge entity. (2)For the nine months ended September 30, 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 SFR entities at September 30, 2021 and December 31, 2020. Table 12.4 – REO Assets
Number of REO assets |  | Bridge |  | Legacy Sequoia |  | Freddie Mac SLST |  | CAFL SFR |  | Total
At September 30, 2021 |  | 5 |  |  | 2 |  |  | 20 |  |  | 2 |  |  | 29 |
At December 31, 2020 |  | 3 |  |  | 3 |  |  | 9 |  |  | 2 |  |  | 17 |

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