TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables)
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3 Months Ended |
Dec. 31, 2021 |
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| Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] |
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| Schedule of trading and available-for-sale securities |
As of December 31, 2021, and March 31, 2021, trading and available-for-sale securities consisted of:
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December 31, 2021 |
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March 31, 2021 |
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| Corporate debt |
$ |
624,247 |
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$ |
334,763 |
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| Non-US sovereign debt |
451,437 |
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333,619 |
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| Corporate equity |
161,550 |
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47,340 |
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| Exchange traded notes |
104,462 |
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9,638 |
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| US sovereign debt |
6,960 |
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10,828 |
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| Total trading securities |
$ |
1,348,656
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$ |
736,188
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| Equity securities |
$ |
1 |
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$ |
1 |
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| Total available-for-sale securities, at fair value |
$ |
1
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$ |
1
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| Schedule of present securities assets at fair value |
The following tables present securities assets in the Condensed Consolidated Financial Statements or disclosed in the Notes to the Condensed Consolidated Financial Statements at fair value on a recurring basis as of December 31, 2021, and March 31, 2021:
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Weighted Average
Interest Rate |
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Total |
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Fair Value Measurements at
December 31, 2021 using
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Quoted Prices in
Active Markets
for Identical Assets |
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Significant
Other Observable
Inputs |
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Significant Unobservable
Units |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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| Corporate debt |
8.80 |
% |
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$ |
624,247 |
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$ |
623,463 |
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$ |
415 |
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$ |
369 |
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| Non-U.S. sovereign debt |
9.35 |
% |
|
451,437 |
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|
448,895 |
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|
1,593 |
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|
949 |
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| Corporate equity |
— |
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|
161,550 |
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155,694 |
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5,409 |
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|
447 |
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| Exchange traded notes |
— |
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|
104,462 |
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104,462 |
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— |
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— |
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| U.S. sovereign debt |
2 |
% |
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6,960 |
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6,960 |
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— |
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— |
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| Total trading securities |
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$ |
1,348,656
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$ |
1,339,474
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$ |
7,417
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$ |
1,765
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| Equity securities |
—
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$ |
1 |
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$ |
— |
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$ |
— |
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$ |
1 |
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| Total available-for-sale securities, at fair value |
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$ |
1 |
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$ |
— |
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$ |
— |
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$ |
1 |
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Weighted Average
Interest Rate
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Total |
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Fair Value Measurements at
March 31, 2021 using
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Quoted Prices in
Active Markets
for Identical Assets |
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Significant
Other Observable Inputs |
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Significant Unobservable
Units |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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| Corporate debt |
9.22 |
% |
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$ |
334,763 |
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$ |
334,403 |
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$ |
— |
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$ |
360 |
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| Non-U.S. sovereign debt |
8.06 |
% |
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333,619 |
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333,619 |
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— |
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— |
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| Corporate equity |
— |
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47,340 |
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28,630 |
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1 |
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18,709 |
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| U.S. sovereign debt |
1.68 |
% |
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10,828 |
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10,828 |
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— |
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— |
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| Exchange traded notes |
— |
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9,638 |
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9,638 |
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— |
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— |
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| Total trading securities |
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$ |
736,188
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$ |
717,118
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$ |
1
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$ |
19,069
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| Equity securities |
—
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$ |
1 |
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$ |
— |
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$ |
— |
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$ |
1 |
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| Total available-for-sale securities, at fair value |
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$ |
1 |
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$ |
— |
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$ |
— |
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$ |
1 |
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| Schedule of valuation techniques and significant level 3 inputs |
The table below presents the valuation techniques and significant level 3 inputs used in the valuation as of December 31, 2021, and March 31, 2021. The table is not intended to be all inclusive, but instead captures the significant unobservable inputs relevant to determination of fair value.
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| Type |
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Valuation Technique |
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FV as of December 31, 2021 |
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FV as of March 31, 2021 |
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Significant Unobservable Inputs |
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% |
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| Non-US sovereign debt |
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DCF |
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$ |
949 |
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— |
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Discount rate |
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13.8% |
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Estimated number of years |
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1 year |
| Corporate equity |
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DCF |
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$ |
447 |
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$ |
301 |
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Discount rate |
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18.5% |
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Estimated number of years |
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9 years |
| Corporate debt |
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DCF |
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$ |
369 |
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$ |
360 |
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Discount rate |
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16.5% |
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Estimated number of years |
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9 years |
| Corporate equity |
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DCF |
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— |
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$ |
18,408 |
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Discount rate |
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10.6% |
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Estimated number of years |
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9 years |
| Total |
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$ |
1,765
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$ |
19,069
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As of December 31, 2021, shares of SPBX held by the Company were transferred from level 3 to level 1, due to active trades on the market. During the nine months ended December 31, 2021, market trades of SPBX shares were executed in the market, and market data for these shares became available.
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended December 31, 2021, and the year ended March 31, 2021:
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Trading
securities |
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Available-for-sale securities |
Balance as of March 31, 2021 |
$ |
19,069
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$ |
1
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| Reclassification to level 1 |
(18,408) |
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— |
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| Redemption of securities that use Level 3 inputs |
(1,030) |
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— |
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| Purchase of investments that use Level 3 inputs |
1,964 |
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— |
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| Revaluation of investments that use Level 3 inputs |
170 |
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— |
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Balance as of December 31, 2021 |
1,765
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1 |
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Balance as of March 31, 2020 |
$ |
11,259
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$ |
1
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| Sale of investments that use Level 3 inputs |
(2) |
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— |
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| Purchase of investments that use Level 3 inputs |
834 |
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— |
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| Revaluation of investments that use Level 3 inputs |
6,978 |
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— |
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Balance as of March 31, 2021 |
$ |
19,069
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$ |
1
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| Schedule of amortized cost, unrealized gains and losses accumulated in other comprehensive income, and fair value of available-for-sale securities |
The table below presents the amortized cost, unrealized gains and losses accumulated in other comprehensive income, and fair value of available-for-sale securities as of December 31, 2021, and March 31, 2021:
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December 31, 2021 |
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Assets measured at amortized
cost |
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Unrealized loss accumulated in
other comprehensive
income/(loss) |
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Assets
measured at
fair value |
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| Equity securities |
$ |
1 |
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$ |
— |
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$ |
1 |
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Balance as of December 31, 2021 |
$ |
1
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$ |
—
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$ |
1
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March 31, 2021 |
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Assets measured
at amortized cost |
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Unrealized loss accumulated in
other comprehensive
income/(loss) |
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Assets
measured at
fair value |
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| Equity securities |
$ |
1 |
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$ |
— |
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$ |
1 |
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Balance as of March 31, 2021 |
$ |
1
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$ |
—
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$ |
1
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