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Investment Fair Value Changes, Net
 6 Months Ended
Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Investment Fair Value Changes, Net
Investment Fair Value Changes, Net
The following table presents the components of Investment fair value changes, net, recorded in our consolidated statements of income for the three and six months ended June 30, 2017 and 2016.
Table 18.1 – Investment Fair Value Changes
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In Thousands)
 
2017
 
2016
 
2017
 
2016
Investment Fair Value Changes, Net
 
 
 
 
 
 
 
 
Changes in fair value of:
 
 
 
 
 
 
 
 
Residential loans held-for-investment, at Redwood
 
$
8,354

 
$
(647
)
 
$
6,021

 
$
22,816

Trading securities
 
18,926

 
431

 
30,069

 
(5,170
)
Net investments in consolidated Sequoia entities
 
(987
)
 
(251
)
 
(2,797
)
 
(1,831
)
Risk sharing investments
 
(513
)
 
(694
)
 
(718
)
 
(704
)
Risk management derivatives, net
 
(17,838
)
 
(9,600
)
 
(22,965
)
 
(45,410
)
Valuation adjustments on commercial loans
held-for-sale
 
300

 
—

 
300

 
—

Impairments on AFS securities
 
(127
)
 
(305
)
 
(244
)
 
(305
)
Investment Fair Value Changes, Net
 
$
8,115

 
$
(11,066
)
 
$
9,666

 
$
(30,604
)