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Investment Fair Value Changes | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Investment Fair Value Changes | 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 years ended December 31, 2019, 2018 and 2017. Table 20.1 – Investment Fair Value Changes
|  | Years Ended December 31,
(In Thousands) |  | 2019 |  | 2018 |  | 2017
Investment Fair Value Changes, Net |  |  |  |  |  |
Changes in fair value of: |  |  |  |  |  |
Residential loans held-for-investment, at Redwood |  | $ | 58,891 |  |  | $ | (29,573 | ) |  | $ | (5,765 | )
Single-family rental loans held-for-investment |  | 272 |  |  | — |  |  | — |
Residential bridge loans held-for-investment |  | (2,139 | ) |  | (29 | ) |  | — |
Trading securities |  | 56,046 |  |  | (8,055 | ) |  | 39,526 |
Servicer advance investments |  | 3,001 |  |  | (701 | ) |  | — |
Excess MSRs |  | (3,260 | ) |  | 1,823 |  |  | — |
Shared home appreciation options |  | 842 |  |  | — |  |  | — |
REO |  | (1,045 | ) |  | — |  |  | — |
Net investments in Legacy Sequoia entities (1) |  | (1,545 | ) |  | (1,016 | ) |  | (8,027 | )
Net investments in Sequoia Choice entities (1) |  | 6,947 |  |  | 443 |  |  | (323 | )
Net investment in Freddie Mac SLST entities (1) |  | 27,206 |  |  | 1,271 |  |  | — |
Net investments in Freddie Mac K-Series entities (1) |  | 21,430 |  |  | 931 |  |  | — |
Net investments in CAFL entities (1) |  | (3,636 | ) |  | — |  |  | — |
Risk-sharing and other investments |  | (341 | ) |  | (434 | ) |  | (1,484 | )
Risk management derivatives, net |  | (127,169 | ) |  | 9,740 |  |  | (12,842 | )
Valuation adjustments on commercial loans held-for-sale |  | — |  |  | — |  |  | 300 |
Impairments on AFS securities |  | — |  |  | (89 | ) |  | (1,011 | )
Investment Fair Value Changes, Net |  | $ | 35,500 |  |  | $ | (25,689 | ) |  | $ | 10,374 |
(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 retained investments at the consolidated VIEs.

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