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Investment Fair Value Changes, Net | 9 Months Ended
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Sep. 30, 2018
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 nine months ended September 30, 2018 and 2017. Table 19.1 – Investment Fair Value Changes
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Investment Fair Value Changes, Net |  |  |  |  |  |  |  |
Changes in fair value of: |  |  |  |  |  |  |  |
Residential loans held-for-investment, at Redwood |  | $ | (17,063 | ) |  | $ | 2,881 |  |  | $ | (71,058 | ) |  | $ | 8,902 |
Fix-and-flip loans held-for-investment |  | 53 |  |  | — |  |  | 53 |  |  | — |
Trading securities |  | 6,314 |  |  | 607 |  |  | 2,429 |  |  | 30,676 |
Net investments in Legacy Sequoia entities (1) |  | (248 | ) |  | (1,045 | ) |  | (976 | ) |  | (3,842 | )
Net investments in Sequoia Choice entities (1) |  | (943 | ) |  | (256 | ) |  | 43 |  |  | (256 | )
Net investments in Freddie Mac K-Series entities (1) |  | 511 |  |  | — |  |  | 511 |  |  | — |
Risk-sharing investments |  | (126 | ) |  | (267 | ) |  | (474 | ) |  | (985 | )
Risk management derivatives, net |  | 21,867 |  |  | (1,592 | ) |  | 82,391 |  |  | (24,557 | )
Valuation adjustments on commercial loans held-for-sale |  | — |  |  | — |  |  | — |  |  | 300 |
Impairments on AFS securities |  | (33 | ) |  | (4 | ) |  | (89 | ) |  | (248 | )
Investment Fair Value Changes, Net |  | $ | 10,332 |  |  | $ | 324 |  |  | $ | 12,830 |  |  | $ | 9,990 |
(1) | Includes changes in fair value of the residential loans held-for-investment, 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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