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Investment Fair Value Changes, Net
 12 Months Ended
Dec. 31, 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 years ended December 31, 2017, 2016 and 2015.
Table 18.1 – Investment Fair Value Changes
 
 
Years Ended December 31,
(In Thousands)
 
2017
 
2016
 
2015
Investment Fair Value Changes, Net
 
 
 
 
 
 
     Changes in fair value of:
 
 
 
 
 
 
Residential loans held-for-investment, at Redwood
 
$
(5,765
)
 
$
(23,102
)
 
$
(6,337
)
Trading securities
 
39,526

 
9,666

 
(2,019
)
Net investments in Legacy Sequoia entities (1)
 
(8,027
)
 
(4,200
)
 
(1,192
)
Net investments in Sequoia Choice entities (1)
 
(323
)
 
—

 
—

Risk-sharing investments
 
(1,484
)
 
(1,151
)
 
(1,886
)
Risk management derivatives, net
 
(12,842
)
 
(9,112
)
 
(9,677
)
Valuation adjustments on commercial loans held-for-sale
 
300

 
(307
)
 
—

Impairments on AFS securities
 
(1,011
)
 
(368
)
 
(246
)
Investment Fair Value Changes, Net
 
$
10,374

 
$
(28,574
)
 
$
(21,357
)

(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.