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Investment Fair Value Changes, Net (Tables) | 9 Months Ended
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Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract] |
Investment Fair Value Changes | The following table presents the components of Investment fair value changes, net, recorded in our consolidated statements of income for the three and nine months ended September 30, 2017 and 2016. Table 18.1 – Investment Fair Value Changes
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Investment Fair Value Changes, Net |  |  |  |  |  |  |  |
Changes in fair value of: |  |  |  |  |  |  |  |
Residential loans held-for-investment, at Redwood |  | $ | 2,881 |  |  | $ | (655 | ) |  | $ | 8,902 |  |  | $ | 22,161 |
Trading securities |  | 607 |  |  | 8,898 |  |  | 30,676 |  |  | 3,728 |
Net investments in Legacy Sequoia entities (1) |  | (1,045 | ) |  | (255 | ) |  | (3,842 | ) |  | (2,086 | )
Net investment in Sequoia Choice entity (1) |  | (256 | ) |  | — |  |  | (256 | ) |  | — |
Risk sharing investments |  | (267 | ) |  | 15 |  |  | (985 | ) |  | (689 | )
Risk management derivatives, net |  | (1,592 | ) |  | 4,222 |  |  | (24,557 | ) |  | (41,188 | )
Valuation adjustments on commercial loans held-for-sale |  | — |  |  | (307 | ) |  | 300 |  |  | (307 | )
Impairments on AFS securities |  | (4 | ) |  | — |  |  | (248 | ) |  | (305 | )
Investment Fair Value Changes, Net |  | $ | 324 |  |  | $ | 11,918 |  |  | $ | 9,990 |  |  | $ | (18,686 | )
(1) | Includes changes in fair value of the residential loans held-for-sale, REO and the ABS issued at the entities, which netted together represent the change in value of our retained investments at the consolidated VIEs.

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