OTHER INCOME, ASSETS AND LIABILITIES

Other income (loss), net, is comprised of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Unrealized gain (loss) on derivative instruments	$	(13,163	)	$	(1,229	)	$	(35,466	)	$	(8,259	)
Unrealized gain (loss) on other ABS	(1,218		)	(77		)	(950		)	(368		)
Gain (loss) on transfer of loans to REO	7,804			347			10,287			(197		)
Gain on Excess MSR recapture agreements	688			848			1,420			1,577
Other income (loss)	869			37			5,194			(1,237		)
	$	(5,020	)	$	(74	)	$	(19,515	)	$	(8,484	)

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Gain (loss) on sale of real estate securities, net	$	(382	)	$	(17,921	)	$	15,751		$	6,776
Gain (loss) on sale of residential mortgage loans, net	1,866			11,795			1,975			32,625
Gain (loss) on settlement of derivatives	(12,835		)	13,769			(45,468		)	(8,821		)
Gain (loss) on liquidated residential mortgage loans	—			(277		)	—			123
Gain (loss) on sale of REO	2,835			(2,201		)	2,986			(7,837		)
Other gains (losses)	(4,195		)	(3,964		)	(2,455		)	(6,898		)
	$	(12,711	)	$	1,201		$	(27,211	)	$	15,968

Other assets and liabilities are comprised of the following:



	Other Assets					Accrued Expenses and Other Liabilities
	June 30, 2016		December 31, 2015			June 30, 2016		December 31, 2015
Margin receivable, net	$	77,070	$	54,459	Interest payable	$	21,965	$	18,268
Other receivables	29,711		10,893		Accounts payable	38,208		18,650
Principal paydown receivable	1,552		795		Derivative liabilities (Note 10)	42,506		13,443
Receivable from government agency	74,956		68,833		Current taxes payable	2,496		1,573
Call rights	414		414		Other liabilities	23,838		6,112
Derivative assets (Note 10)	1,626		2,689			$	129,013	$	58,046
Interest receivable	67,885		36,963
Ginnie Mae EBO servicer advance receivable, net	32,428		49,725
Other assets	19,341		14,675
	$	304,983	$	239,446

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



	Six Months Ended June 30,
	2016			2015
Accretion of servicer advance interest income	$	156,749		$	150,937
Accretion of excess mortgage servicing rights income	76,231			49,397
Accretion of net discount on securities and loans^(A)	109,228			19,703
Amortization of deferred financing costs	(9,320		)	(10,900		)
Amortization of discount on notes and bonds payable	(973		)	—
	$	331,915		$	209,137


(A)	Includes accretion of the accretable yield on PCD loans.