The following table presents the components of the Company’s Other liabilities at June 30, 2017 and December 31, 2016:



(In Thousands)	June 30, 2017		December 31, 2016
Securitized debt (1)	$	143,698	$	—
Dividends and dividend equivalents payable	79,559		74,657
Accrued interest payable	11,629		14,129
Swaps, at fair value (2)	—		46,954
Accrued expenses and other liabilities	15,063		19,612
Total Other Liabilities	$	249,949	$	155,352


(1)	Securitized debt represents third-party liabilities of consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that are eliminated on consolidation. The third-party beneficial interest holders in the VIEs have no recourse to the general credit of the Company. (See Notes 11 and 16 for further discussion.)


(2)	Beginning in January 2017, variation margin payments on the Company’s cleared Swaps are treated as a legal settlement of the exposure under the Swap contract. Previously such payments were treated as collateral pledged against the exposure under the Swap contract. The effect of this change is to reduce what would have otherwise been reported as fair value of the Swap.