12. Loan Securitization/Sale Activities

As described below, we regularly sell loans and notes under various strategies. We evaluate such sales as to whether they meet the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transfer of control.

Within the Investing and Servicing Segment, we originate commercial mortgage loans with the intent to sell these mortgage loans to VIEs for the purposes of securitization. These VIEs then issue CMBS that are collateralized in part by these assets, as well as other assets transferred to the VIE. In certain instances, we retain a subordinated interest in the VIE and serve as special servicer for the VIE. The following summarizes the fair value and par value of loans sold from our conduit platform, as well as the amount of sale proceeds used in part to repay the outstanding balance of the repurchase agreements associated with these loans for the years ended December 31, 2016, 2015 and 2014 (amounts in thousands):


	For the Year Ended December 31,
	2016		2015		2014
Fair value of loans sold	$	1,884,380	$	2,100,216	$	1,670,522
Par value of loans sold		1,798,215		2,034,773		1,603,807
Repayment of repurchase agreements		1,170,230		1,548,111		1,196,778

Within the Lending Segment, we originate or acquire loans and then subsequently sell a portion, which can be in various forms including first mortgages, A‑Notes, senior participations and mezzanine loans. Typically, our motivation for entering into these transactions is to effectively create leverage on the subordinated position that we will retain and hold for investment. In certain instances, we continue to service the loan following its sale. The following table summarizes our loans sold and loans transferred as secured borrowings by the Lending Segment net of expenses (amounts in thousands):


					Loan Transfers
	Loan Transfers Accounted				Accounted for as Secured
	for as Sales				Borrowings
For the Year Ended December 31,	Face Amount		Proceeds		Face Amount		Proceeds
2016	$	386,389	$	382,881	$	—	$	—
2015		645,425		637,124		38,925		38,925
2014		510,539		501,988		—		—

During the years ended December 31, 2016, 2015 and 2014, the Lending Segment recognized gains on sales of loans of $0.4 million, $4.8 million and $1.2 million, respectively, within gain on sale of investments and other assets in our consolidated statements of operations.