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Investment Fair Value Changes, Net (Tables) | 9 Months Ended
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Sep. 30, 2019
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, 2019 and 2018. Table 20.1 – Investment Fair Value Changes
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Investment Fair Value Changes, Net |  |  |  |  |  |  |  |
Changes in fair value of: |  |  |  |  |  |  |  |
Residential loans held-for-investment at Redwood |  | $ | 7,667 |  |  | $ | (17,063 | ) |  | $ | 71,323 |  |  | $ | (71,058 | )
Single-family rental loans held-for-investment |  | 22 |  |  | — |  |  | 22 |  |  | — |
Residential bridge loans held-for-investment |  | (742 | ) |  | 53 |  |  | (1,363 | ) |  | 53 |
Trading securities |  | 15,275 |  |  | 6,314 |  |  | 55,577 |  |  | 2,429 |
Servicer advance investments |  | 1,585 |  |  | — |  |  | 3,025 |  |  | — |
Excess MSRs |  | (1,635 | ) |  | — |  |  | (2,137 | ) |  | — |
Shared home appreciation options |  | 29 |  |  | — |  |  | 29 |  |  | — |
REO |  | (331 | ) |  | — |  |  | (470 | ) |  | — |
Net investments in Legacy Sequoia entities (1) |  | (407 | ) |  | (248 | ) |  | (904 | ) |  | (976 | )
Net investments in Sequoia Choice entities (1) |  | 2,722 |  |  | (943 | ) |  | 8,866 |  |  | 43 |
Net investments in Freddie Mac SLST entities (1) |  | 17,300 |  |  | — |  |  | 31,702 |  |  | — |
Net investments in Freddie Mac K-Series entities (1) |  | 7,445 |  |  | 511 |  |  | 13,810 |  |  | 511 |
Risk-sharing investments |  | (53 | ) |  | (126 | ) |  | (191 | ) |  | (474 | )
Risk management derivatives, net |  | (37,433 | ) |  | 21,867 |  |  | (144,548 | ) |  | 82,391 |
Impairments on AFS securities |  | — |  |  | (33 | ) |  | — |  |  | (89 | )
Investment Fair Value Changes, Net |  | $ | 11,444 |  |  | $ | 10,332 |  |  | $ | 34,741 |  |  | $ | 12,830 |
(1) Includes changes in fair value of the loans held-for-investment, REO and the ABS issued at the entities, which netted together represent the change in value of our investments at the consolidated VIEs.

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