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Other Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Components of Other Assets | Other assets at June 30, 2022 and December 31, 2021 are summarized in the following table. Table 12.1 – Components of Other Assets
(In Thousands) |  | June 30, 2022 |  | December 31, 2021
Accrued interest receivable |  | $ | 51,006 |  |  | $ | 47,515 |
Investment receivable |  | 25,688 |  |  | 82,781 |
Deferred tax asset |  | 20,867 |  |  | 20,867 |
Operating lease right-of-use assets |  | 17,074 |  |  | 18,772 |
Income tax receivables |  | 15,573 |  |  | 22 |
Margin receivable |  | 11,420 |  |  | 7,269 |
Fixed assets and leasehold improvements (1) |  | 11,189 |  |  | 9,019 |
REO |  | 7,813 |  |  | 36,126 |
Other |  | 11,150 |  |  | 8,746 |
Total Other Assets |  | $ | 171,780 |  |  | $ | 231,117 |
(1)Fixed assets and leasehold improvements had a basis of $20 million and accumulated depreciation of $9 million at June 30, 2022.
Components of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities at June 30, 2022 and December 31, 2021 are summarized in the following table. Table 12.2 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | June 30, 2022 |  | December 31, 2021
Payable to non-controlling interests |  | $ | 49,544 |  |  | $ | 42,670 |
Accrued interest payable |  | 42,548 |  |  | 39,297 |
Operating lease liabilities |  | 19,448 |  |  | 20,960 |
Accrued compensation |  | 17,765 |  |  | 74,636 |
Margin payable |  | 15,023 |  |  | 24,368 |
Accrued operating expenses |  | 8,743 |  |  | 4,377 |
Guarantee obligations |  | 6,768 |  |  | 7,459 |
Residential loan and MSR repurchase reserve |  | 5,678 |  |  | 9,306 |
Current accounts payable |  | 5,518 |  |  | 8,273 |
Bridge loan holdbacks |  | 3,983 |  |  | 3,109 |
Other |  | 15,807 |  |  | 11,333 |
Total Accrued Expenses and Other Liabilities |  | $ | 190,825 |  |  | $ | 245,788 |
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 six months ended June 30, 2022. Table 12.3 – REO Activity
|  | Six Months Ended June 30, 2022
(In Thousands) |  | Bridge |  | Legacy Sequoia |  | Freddie Mac SLST |  | SFR at CAFL |  | Total
Balance at beginning of period |  | $ | 13,068 |  |  | $ | 61 |  |  | $ | 2,028 |  |  | $ | 20,969 |  |  | $ | 36,126 |
Transfers to REO |  | 963 |  |  | 407 |  |  | 1,763 |  |  | — |  |  | 3,133 |
Liquidations (1) |  | (9,549) |  |  | (504) |  |  | (1,661) |  |  | (20,969) |  |  | (32,683) |
Changes in fair value, net |  | 625 |  |  | 443 |  |  | 169 |  |  | — |  |  | 1,237 |
Balance at End of Period |  | $ | 5,107 |  |  | $ | 407 |  |  | $ | 2,299 |  |  | $ | — |  |  | $ | 7,813 |
(1)For the six months ended June 30, 2022, REO liquidations resulted in $1 million of realized gains, which were recorded in Investment fair value changes, net on our consolidated statements of income. The following table provides the detail of REO assets at Redwood and at consolidated Legacy Sequoia, Freddie Mac SLST, and CAFL SFR entities at June 30, 2022 and December 31, 2021. Table 12.4 – REO Assets
Number of REO assets |  | Bridge |  | Legacy Sequoia |  | Freddie Mac SLST |  | SFR at CAFL |  | Total
At June 30, 2022 |  | 3 |  |  | 1 |  |  | 21 |  |  | — |  |  | 25 |
At December 31, 2021 |  | 5 |  |  | 2 |  |  | 24 |  |  | 3 |  |  | 34 |

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