OTHER INCOME, ASSETS AND LIABILITIES

Other income, net, is comprised of the following:



	Three Months Ended March 31,
	2015			2014
Unrealized gain (loss) on derivative instruments	$	(7,030	)	$	1,357
Gain (loss) on transfer of loans to REO	(544		)	—
Gain on consumer loans investment	10,447			—
Other income (loss)	(836		)	—
	$	2,037		$	1,357

Gain on settlement of investments, net is comprised of the following:



	Three Months Ended March 31,
	2015			2014
Gain on sale of real estate securities, net	$	24,697		$	4,492
Gain (loss) on sale of residential mortgage loans, net	20,830			—
Gain (loss) on settlement of derivatives	(22,590		)	(135		)
Gain (loss) on liquidated residential mortgage loans, held-for-investment	400			—
Gain (loss) on sale of REO^(A)	(5,636		)	—
Other gains (losses)	(2,934		)	—
	$	14,767		$	4,357


(A)	Includes approximately $3.2 million loss on REO sold as a part of the residential mortgage loan sales described in Note 8.

Other assets and liabilities are comprised of the following:



	Other Assets					Accrued Expenses and Other Liabilities
	March 31, 2015		December 31, 2014			March 31, 2015		December 31, 2014
Margin receivable, net	$	36,934	$	59,021	Interest payable	$	7,516	$	7,857
Interest and other receivables	11,320		10,455		Accounts payable	16,068		28,059
Deferred financing costs, net^(A)	2,817		4,446		Derivative liabilities	21,127		14,220
Principal paydown receivable	3,761		3,595		Current taxes payable	47		2,349
Receivable from government agency	9,380		9,108		Other liabilities	19		20
Call rights	3,828		3,728			$	44,777	$	52,505
Other assets	8,661		9,516
	$	76,701	$	99,869


(A)	Deferred financing costs are net of accumulated amortization of $5.4 million and $8.8 million as of March 31, 2015 and December 31, 2014, respectively.

As reflected on the Condensed Consolidated Statements of Cash Flows, accretion and other amortization is comprised of the following:



	Three Months Ended March 31,
	2015			2014
Accretion of servicer advance interest income	$	42,349		$	45,716
Accretion of excess mortgage servicing rights income	15,037			13,816
Accretion of net discount on securities and loans	5,399			356
Amortization of deferred financing costs	(1,440		)	(3,238		)
	$	61,345		$	56,650