Quarterly report pursuant to Section 13 or 15(d)

TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables)

v3.22.2
TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables)
 3 Months Ended
Jun. 30, 2022
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]  
Schedule of trading and available-for-sale securities
As of June 30, 2022, and March 31, 2022, trading and available-for-sale securities consisted of:
  June 30, 2022 March 31, 2022
  (Recast)
Non-U.S. sovereign debt $ 711,097  $ 374,856 
Corporate debt 626,482  788,111 
Corporate equity 56,773  99,584 
U.S. sovereign debt 14,696  10,435 
Exchange traded notes 11,433  7,888 
Total trading securities $ 1,420,481  $ 1,280,874 
June 30, 2022 March 31, 2022
(Recast)
Corporate debt $ 132,372  $ 145,836 
Non-U.S. sovereign debt 84,748  12,997 
U.S. sovereign debt 2,349  2,530 
Corporate equity 1  1 
Total available-for-sale securities, at fair value $ 219,470  $ 161,364 
Schedule of present securities assets at fair value
The following tables present securities assets in the Сondensed Сonsolidated Balance Sheets or disclosed in the Notes to the condensed consolidated financial statements at fair value on a recurring basis as of June 30, 2022, and March 31, 2022:
Weighted Average
Interest Rate		 Total Fair Value Measurements at June 30, 2022 using
Quoted Prices in
Active Markets
for Identical Assets		 Significant
Other Observable
Inputs		 Significant Unobservable
Units
(Level 1) (Level 2) (Level 3)
Non-U.S. sovereign debt 13.20  % $ 711,097  $ 709,105  $ 1,174  $ 818 
Corporate debt 10.40  % 626,482  626,326  —  156 
Corporate equity —  % 56,773  53,218  3,301  254 
U.S. sovereign debt 3.02  % 14,696  14,696  —  — 
Exchange traded notes —  % 11,433  11,433  —  — 
Total trading securities $ 1,420,481  $ 1,414,778  $ 4,475  $ 1,228 
Corporate debt 10.60  % $ 132,372  $ 132,372  $ —  $ — 
Non-U.S. sovereign debt 11.50  % 84,748  84,748  —  — 
U.S. sovereign debt 3.00  % 2,349  2,349  —  — 
Corporate equity —  % 1  —  —  1 
Total available-for-sale securities, at fair value $ 219,470  $ 219,469  $ —  $ 1 
Weighted Average
Interest Rate
Total Fair Value Measurements at March 31, 2022 (Recast) using
Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Units
(Level 1) (Level 2) (Level 3)
Corporate debt 9.19  % $ 788,111  $ 787,516  $ —  $ 595 
Non-U.S. sovereign debt 12.87  % 374,856  366,560  —  8,296 
Corporate equity —  99,584  94,289  5,042  253 
U.S. sovereign debt 2.35  % 10,435  10,435  —  — 
Exchange traded notes —  7,888  7,888  —  — 
Total trading securities —  $ 1,280,874  $ 1,266,688  $ 5,042  $ 9,144 
Corporate debt 11.09  % $ 145,836  $ 145,836  $ —  $ — 
Non-U.S. sovereign debt 5.51  % 12,997  12,551  —  446 
U.S. sovereign debt —  2,530  2,530  —  — 
Corporate equity —  1  —  —  1 
Total available-for-sale securities, at fair value $ 161,364  $ 160,917  $ —  $ 447 
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 June 30, 2022, and March 31, 2022. The table is not intended to be all inclusive, but instead captures the significant unobservable inputs relevant to determination of fair value.
Type Valuation Technique FV as of June 30, 2022 FV as of March 31, 2022 (Recast) Significant Unobservable Inputs %
Non-US sovereign debt DCF $ —  $ 772  Discount rate 13.9%
Estimated number of years 1 year
Corporate equity DCF 254  253  Discount rate 20.0%
Estimated number of years 9 years
Corporate debt DCF 156  595  Discount rate 45.0%
Estimated number of years 3 months
Non-US sovereign debt DCF 818  7,524  Discount rate 69.0%
Estimated number of years 11 years
Total $ 1,228  $ 9,144 
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended June 30, 2022, and the year ended March 31, 2022:
Trading securities Available-for-sale securities
Balance as of March 31, 2022 (Recast)
 $ 9,144  $ 1 
Reclassification to level 1 (1,707) — 
Sale of investments that use Level 3 inputs (3,943) — 
Revaluation of investments that use Level 3 inputs (2,267) — 
Translation difference 1  — 
Balance as of June 30, 2022 (Recast)
 $ 1,228  $ 1 
Balance as of March 31, 2021 (Recast)
 $ 19,069  $ 1 
Reclassification to level 3 683  — 
Reclassification to level 1 (18,408) — 
Purchase of investments that use Level 3 inputs 10,813  — 
Revaluation of investments that use Level 3 inputs (3,013) — 
Balance as of March 31, 2022 (Recast)
 $ 9,144  $ 1 
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 June 30, 2022, and March 31, 2022:
June 30, 2022
Assets measured at amortized cost Unrealized loss accumulated in other comprehensive
income/(loss)		 Assets
measured at
fair value
Corporate debt $ 133,127  $ (755) $ 132,372 
Non-US sovereign debt 83,387  1,361  84,748 
U.S. sovereign debt 2,988  (639) 2,349 
Corporate equity 1  —  1 
Total available-for-sale securities, at fair value $ 219,503  $ (33) $ 219,470