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Other Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Components of Other Assets | Other assets at March 31, 2023 and December 31, 2022 are summarized in the following table. Table 13.1 – Components of Other Assets
(In Thousands) |  | March 31, 2023 |  | December 31, 2022
Accrued interest receivable |  | $ | 61,397 |  |  | $ | 60,893 |
Investment receivable |  | 45,372 |  |  | 36,623 |
Deferred tax asset |  | 41,931 |  |  | 41,931 |
Margin receivable |  | 17,079 |  |  | 13,802 |
Operating lease right-of-use assets |  | 15,297 |  |  | 16,177 |
REO |  | 13,095 |  |  | 6,455 |
Fixed assets and leasehold improvements (1) |  | 9,292 |  |  | 12,616 |
Income tax receivables |  | 3,047 |  |  | 3,399 |
Other |  | 25,711 |  |  | 19,344 |
Total Other Assets |  | $ | 232,221 |  |  | $ | 211,240 |
(1)Fixed assets and leasehold improvements had a basis of $18 million and accumulated depreciation of $9 million at March 31, 2023.
Components of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities at March 31, 2023 and December 31, 2022 are summarized in the following table. Table 13.2 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | March 31, 2023 |  | December 31, 2022
Accrued interest payable |  | $ | 51,321 |  |  | $ | 46,612 |
Payable to noncontrolling interests |  | 46,203 |  |  | 44,859 |
Accrued compensation |  | 20,148 |  |  | 30,929 |
Operating lease liabilities |  | 17,638 |  |  | 18,563 |
Guarantee obligations |  | 6,223 |  |  | 6,344 |
Residential loan and MSR repurchase reserve |  | 5,858 |  |  | 7,051 |
Accrued operating expenses |  | 5,696 |  |  | 5,740 |
Current accounts payable |  | 3,162 |  |  | 4,234 |
Bridge loan holdbacks |  | 2,953 |  |  | 3,301 |
Margin payable |  | 2,558 |  |  | 5,944 |
Unsettled trades |  | 1,704 |  |  | — |
Preferred stock dividends payable |  | 1,419 |  |  | — |
Other |  | 11,388 |  |  | 6,626 |
Total Accrued Expenses and Other Liabilities |  | $ | 176,271 |  |  | $ | 180,203 |
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 three months ended March 31, 2023. Table 13.3 – REO Activity
|  | Three Months Ended March 31, 2023
(In Thousands) |  | BPL Bridge |  | Legacy Sequoia |  | Freddie Mac SLST |  | BPL Term at CAFL |  | Total
Balance at beginning of period |  | $ | 3,012 |  |  | $ | 544 |  |  | $ | 2,899 |  |  | $ | — |  |  | $ | 6,455 |
Transfers to REO |  | 7,615 |  |  | 18 |  |  | 381 |  |  | — |  |  | 8,014 |
Liquidations (1) |  | — |  |  | (544) |  |  | (812) |  |  | — |  |  | (1,356) |
Changes in fair value, net |  | (192) |  |  | — |  |  | 174 |  |  | — |  |  | (18) |
Balance at End of Period |  | $ | 10,435 |  |  | $ | 18 |  |  | $ | 2,642 |  |  | $ | — |  |  | $ | 13,095 |
(1)For the three months ended March 31, 2023, 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. The following table provides detail on the numbers of REO assets at Redwood and at consolidated Legacy Sequoia, Freddie Mac SLST, and CAFL entities at March 31, 2023 and December 31, 2022. Table 13.4 – REO Assets
Number of REO assets |  | Redwood Bridge |  | Legacy Sequoia |  | Freddie Mac SLST |  | BPL Term at CAFL |  | Total
At March 31, 2023 |  | 4 |  |  | 1 |  |  | 25 |  |  | — |  |  | 30 |
At December 31, 2022 |  | 2 |  |  | 2 |  |  | 24 |  |  | — |  |  | 28 |

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