RESTRICTED CASH (Tables)

3 Months Ended

Mar. 31, 2017

Cash and Cash Equivalents [Abstract]

Restricted Cash Balances

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of financial position that sum to the total of the same amounts shown in the statement of cash flows.

	March 31, 2017		December 31, 2016
Cash and cash equivalents	$	32,713,356	27,534,374
Restricted cash	7,693,120		10,355,222
Total cash, cash equivalents and restricted cash	$	40,406,476	37,889,596

The following table presents the Company's restricted cash balances as of March 31, 2017 and December 31, 2016:

	March 31, 2017			December 31, 2016
Restricted cash balance held by:
Broker counterparties for derivatives trading	$	(915,590	)	$	(4,244,678	)
Repurchase counterparties as restricted collateral	7,693,120			10,355,222
Total	$	6,777,530		$	6,110,544