TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables)
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12 Months Ended |
Mar. 31, 2022 |
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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 March 31, 2022 and 2021, trading and available-for-sale securities consisted of:
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March 31, 2022 |
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March 31, 2021 |
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| Corporate debt |
$ |
738,394 |
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$ |
334,763 |
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| Non-US sovereign debt |
357,071 |
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|
333,619 |
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| Corporate equity |
91,254 |
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|
47,340 |
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| US sovereign debt |
10,306 |
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|
10,828 |
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| Exchange traded notes |
6,454 |
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|
9,638 |
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| Total trading securities |
$ |
1,203,479 |
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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 trading securities assets in the Consolidated Financial Statements or disclosed in the Notes to the Consolidated Financial Statements at fair value on a recurring basis as of March 31, 2022 and 2021:
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Weighted
average
interest rate
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Total |
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Fair Value Measurements at
March 31, 2022 using
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Quoted Prices in Active
Markets for Identical
Assets
(Level 1) |
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Significant Other
Observable Inputs
(Level 2) |
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Significant unobservable
units
(Level 3) |
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| Corporate debt |
9.61 |
% |
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$ |
738,394 |
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$ |
737,799 |
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$ |
— |
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|
$ |
595 |
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| Non-U.S. sovereign debt |
13.11 |
% |
|
357,071 |
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|
348,775 |
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|
— |
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|
8,296 |
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| Corporate equity |
— |
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|
91,254 |
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|
85,959 |
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|
5,042 |
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|
253 |
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| U.S. sovereign debt |
2.36 |
% |
|
10,306 |
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|
10,306 |
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— |
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— |
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| Exchange traded notes |
— |
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6,454 |
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6,454 |
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— |
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— |
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| Total trading securities |
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$ |
1,203,479 |
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$ |
1,189,293 |
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$ |
5,042 |
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$ |
9,144 |
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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 |
|
Fair Value Measurements at
March 31, 2021 using
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|
Quoted Prices in Active
Markets for Identical
Assets
(Level 1) |
|
Significant Other
Observable Inputs
(Level 2) |
|
Significant unobservable
units
(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 |
% |
|
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 |
% |
|
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 March 31, 2022 and 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 |
|
Valuation
Technique
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FV as of March 31,
2022 |
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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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| 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 |
| Corporate equity |
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DCF |
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$ |
253 |
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$ |
301 |
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Discount rate |
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20.0% |
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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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$ |
595 |
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$ |
360 |
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Discount rate |
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45.0% |
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Estimated number of years |
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3 months |
| Non-US sovereign debt |
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DCF |
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$ |
7,524 |
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$ |
— |
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Discount rate |
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69.0% |
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Estimated number of years |
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11 years |
| Non-US sovereign debt |
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DCF |
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$ |
772 |
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$ |
— |
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Discount rate |
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13.9% |
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Estimated number of years |
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1 year |
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$ |
9,144 |
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$ |
19,069 |
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As of March 31, 2022, shares of SPBX held by the Company were transferred from level 3 to level 1, due to active trades on the market. During the year ended March 31, 2022, 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 year ended March 31, 2022:
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Trading
securities |
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Available-for-sale
securities
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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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| Foreign currency translation |
— |
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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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| Reclassification to level 3 |
683 |
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— |
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| Reclassification to level 1 |
(18,408) |
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| Purchase of investments that use Level 3 inputs |
10,813 |
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— |
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| Revaluation of investments that use Level 3 inputs |
(3,013) |
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— |
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| Foreign currency translation |
— |
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— |
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Balance as of March 31, 2022 |
$ |
9,144 |
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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 March 31, 2022 and 2021:
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March 31, 2022 |
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Assets
measured at
amortized cost |
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Unrealized loss
accumulated in other
comprehensive
income |
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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, 2022 |
$ |
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 |
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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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