11. OFFSETTING ASSETS AND LIABILITIES

The following table presents both gross information and net information about derivatives and other instruments eligible for offset in the statement of financial position as of March 31, 2014. The Company’s accounting policy is to record derivative asset and liability positions on a gross basis, therefore, the following table presents the gross derivative asset and liability positions recorded on the balance sheets while also disclosing the eligible amounts of financial instruments and cash collateral to the extent those amounts could offset the gross amount of derivative asset and liability positions. The actual amounts of collateral posted by or received from counterparties may be in excess than the amounts disclosed in the following table as the following only discloses amounts eligible to be offset to the extent of the recorded gross derivative positions.

As of March 31, 2014

Offsetting of Financial Assets and Derivative Assets

					Net amounts of		Gross amounts not offset in the balance
			Gross amounts		assets presented		sheet
Description	Gross amounts of recognized assets		offset in the balance sheet		in the balance sheet		Financial instruments		Cash collateral received/(posted)(1)		Net amount

Derivatives	$	838,922	$	—	$	838,922	$	—	$	—	$	838,922
Total	$	838,922	$	—	$	838,922	$	—	$	—	$	838,922

As of March 31, 2014

Offsetting of Financial Liabilities and Derivative Liabilities

							Gross amounts not offset in the balance
					Net amounts of		sheet
Description	Gross amounts of recognized liabilities		Gross amounts offset in the balance sheet		liabilities presented in the balance sheet		Financial instruments collateral		Cash collateral posted/(received)(1)		Net amount

Derivatives	$	10,411,959	$	—	$	10,411,959	$	—	$	10,411,959	$	—
Repurchase agreements	370,970,039		—		370,970,039		370,970,039		—		—
Total	$	381,381,998	$	—	$	381,381,998	$	370,970,039	$	10,411,959	$	—

(1) Included in cash collateral held by broker on consolidated balance sheets.

As of December 31, 2013

Offsetting of Financial Assets and Derivative Assets

					Net amounts of		Gross amounts not offset in the balance
			Gross amounts		assets presented		sheet
Description	Gross amounts of recognized assets		offset in the balance sheet		in the balance sheet		Financial instruments		Cash collateral received/(posted)(1)		Net amount

Derivatives	$	8,244,355	$	—	$	8,244,355	$	—	$	—	$	8,244,355
Total	$	8,244,355	$	—	$	8,244,355	$	—	$	—	$	8,244,355

As of December 31, 2013

Offsetting of Financial Liabilities and Derivative Liabilities

							Gross amounts not offset in the balance
					Net amounts of		sheet
Description	Gross amounts of recognized liabilities		Gross amounts offset in the balance sheet		liabilities presented in the balance sheet		Financial instruments collateral		Cash collateral posted/(received)(1)		Net amount

Derivatives	$	7,031,033	$	—	$	7,031,033	$	—	$	7,031,033	$	—
Repurchase agreements	609,834,793		—		609,834,793		609,834,793		—		—
Total	$	616,865,826	$	—	$	616,865,826	$	609,834,793	$	7,031,033	$	—

(1) Included in cash collateral held by broker on consolidated balance sheets.

Master netting agreements that the Company has entered into with its derivative and repurchase agreement counterparties allow for netting of the same transaction, in the same currency, on the same date. Assets, liabilities, and collateral subject to master netting agreements as of March 31, 2014 and December 31, 2013 are disclosed in the tables above. The Company does not present its derivative and repurchase agreements net on the combined consolidated financial statements.