| Schedule of trading securities |
|
|
September 30,
2021
|
|
|
March 31,
2021
|
|
|
|
|
|
|
|
|
Corporate debt |
|
$ |
618,428 |
|
|
$ |
334,763 |
|
Non-US sovereign debt |
|
|
261,442 |
|
|
|
333,619 |
|
Corporate equity |
|
|
70,377 |
|
|
|
47,340 |
|
Exchange traded notes |
|
|
17,028 |
|
|
|
9,638 |
|
US sovereign debt |
|
|
7,206 |
|
|
|
10,828 |
|
Total trading securities |
|
$ |
974,481 |
|
|
$ |
736,188 |
|
|
|
|
|
|
|
|
|
|
Equity securities |
|
$ |
1 |
|
|
$ |
1 |
|
Total available-for-sale securities, at fair value |
|
$ |
1 |
|
|
$ |
1 |
|
|
|
|
|
|
|
|
|
Fair Value Measurements at |
|
|
|
|
|
|
|
|
|
September 30, 2021 using |
|
|
|
Weighted Average |
|
|
|
|
|
Quoted Prices in Active Markets for Identical Assets |
|
|
Significant Other Observable Inputs |
|
|
Significant Unobservable Units |
|
|
|
Interest Rate |
|
|
Total |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt |
|
|
8.3 |
% |
|
$ |
618,428 |
|
|
$ |
618,050 |
|
|
$ |
- |
|
|
$ |
378 |
|
Non-U.S. sovereign debt |
|
|
7.88 |
% |
|
|
261,442 |
|
|
|
259,480 |
|
|
|
- |
|
|
|
1,962 |
|
Corporate equity |
|
|
- |
|
|
|
70,377 |
|
|
|
19,710 |
|
|
|
50,291 |
|
|
|
376 |
|
Exchange traded notes |
|
|
- |
|
|
|
17,028 |
|
|
|
17,028 |
|
|
|
- |
|
|
|
- |
|
U.S. sovereign debt |
|
|
1.6 |
% |
|
|
7,206 |
|
|
|
7,206 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total trading securities |
|
|
|
|
|
$ |
974,481 |
|
|
$ |
921,474 |
|
|
$ |
50,291 |
|
|
$ |
2,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities |
|
|
|
|
|
$ |
1 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1 |
|
Total available-for-sale securities, at fair value |
|
|
|
|
|
$ |
1 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1 |
|
|
|
|
|
|
|
|
|
Fair Value Measurements at |
|
|
|
|
|
|
|
|
|
March 31, 2021 using |
|
|
|
Weighted Average |
|
|
|
|
|
Quoted Prices in Active Markets for Identical Assets |
|
|
Significant Other Observable Inputs |
|
|
Significant Unobservable Units |
|
|
|
Interest Rate |
|
|
Total |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt |
|
|
9.22 |
% |
|
$ |
334,763 |
|
|
$ |
334,403 |
|
|
$ |
- |
|
|
$ |
360 |
|
Non-U.S. sovereign debt |
|
|
8.06 |
% |
|
|
333,619 |
|
|
|
333,619 |
|
|
|
- |
|
|
|
- |
|
Corporate equity |
|
|
- |
|
|
|
47,340 |
|
|
|
28,630 |
|
|
|
1 |
|
|
|
18,709 |
|
U.S. sovereign debt |
|
|
1.68 |
% |
|
|
10,828 |
|
|
|
10,828 |
|
|
|
- |
|
|
|
- |
|
Exchange traded notes |
|
|
- |
|
|
|
9,638 |
|
|
|
9,638 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total trading securities |
|
|
|
|
|
$ |
736,188 |
|
|
$ |
717,118 |
|
|
$ |
1 |
|
|
$ |
19,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities |
|
|
- |
|
|
$ |
1 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1 |
|
Total available-for-sale securities, at fair value |
|
|
|
|
|
$ |
1 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1 |
|
|
| Schedule of Significant unobservable inputs relevant to determination of fair value |
Type |
|
Valuation Technique |
|
FV as of
September 30,
2021
|
|
|
FV as of
March 31,
2021
|
|
|
Significant Unobservable Inputs |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate equity |
|
DCF |
|
$ |
- |
|
|
$ |
18,408 |
|
|
Discount rate |
|
|
10.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Estimated number of years |
|
9 years |
|
Corporate debt |
|
DCF |
|
$ |
374 |
|
|
$ |
360 |
|
|
Discount rate |
|
|
16.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Estimated number of years |
|
9 years |
|
Corporate equity |
|
DCF |
|
$ |
380 |
|
|
$ |
301 |
|
|
Discount rate |
|
|
18.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Estimated number of years |
|
9 years |
|
Non-US sovereign debt |
|
DCF |
|
$ |
1,030 |
|
|
|
- |
|
|
Discount rate |
|
|
13.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Estimated number of years |
|
6 months |
|
Non-US sovereign debt |
|
DCF |
|
$ |
932 |
|
|
|
- |
|
|
Discount rate |
|
|
13.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Estimated number of years |
|
1 year |
|
Total |
|
|
|
$ |
2,716 |
|
|
$ |
19,069 |
|
|
|
|
|
|
|
|
| Schedule of investments |
|
|
Trading
securities
|
|
|
Available-for-sale securities |
|
Balance as of March 31, 2021 |
|
$ |
19,069 |
|
|
$ |
1 |
|
Reclassification to level 2 |
|
|
(18,408 |
) |
|
|
- |
|
Purchase of investments that use Level 3 inputs |
|
|
1,965 |
|
|
|
- |
|
Revaluation of investments that use Level 3 inputs |
|
|
90 |
|
|
|
- |
|
Balance as of September 30, 2021 |
|
$ |
2,716 |
|
|
$ |
1 |
|
|
|
Trading
securities
|
|
|
Available-for-sale securities |
|
Balance as of March 31, 2020 |
|
$ |
11,259 |
|
|
$ |
1 |
|
Sale of investments that use Level 3 inputs |
|
|
(2 |
) |
|
|
- |
|
Purchase of investments that use Level 3 inputs |
|
|
834 |
|
|
|
- |
|
Revaluation of investments that use Level 3 inputs |
|
|
6,978 |
|
|
|
- |
|
Balance as of March 31, 2021 |
|
$ |
19,069 |
|
|
$ |
1 |
|
|