Quarterly report pursuant to Section 13 or 15(d)

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

v3.22.4
TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables)
 9 Months Ended
Dec. 31, 2022
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]  
Schedule of trading and available-for-sale securities
As of December 31, 2022, and March 31, 2022, trading and available-for-sale securities consisted of:
  December 31, 2022 March 31, 2022
  (Recasted)
Corporate debt $ 1,097,488  $ 712,134 
Non-U.S. sovereign debt 734,068  360,570 
Corporate equity 62,351  72,354 
U.S. sovereign debt 34,012  10,435 
Exchange traded notes 1,921  2,884 
Total trading securities $ 1,929,840  $ 1,158,377 
December 31, 2022 March 31, 2022
(Recasted)
Corporate debt $ 157,548  $ 145,837 
Non-U.S. sovereign debt 12,905  12,997 
U.S. sovereign debt 3,873  2,530 
Total available-for-sale securities, at fair value $ 174,326  $ 161,364 
Schedule of maturity of available for sale securities
The following tables present maturity analysis for available-for-sale securities as of December 31, 2022, and March 31, 2022:

December 31, 2022
Remaining contractual maturity of the agreements
Up to 1 year 1-5 years 5-10 years More than 10 years Total
Corporate debt 46,229  64,260  47,047  12  157,548 
Non-US sovereign debt —  5,280  861  6,764  12,905 
US sovereign debt —  898  1,712  1,263  3,873 
Total available-for-sale securities, at fair value $ 46,229  $ 70,438  $ 49,620  $ 8,039  $ 174,326 

March 31, 2022
Remaining contractual maturity of the agreements
Up to 1 year 1-5 years 5-10 years More than 10 years Total
Corporate debt 69,364  50,155  26,284  34  145,837 
Non-US sovereign debt 1,692  864  1,086  9,355  12,997 
US sovereign debt —  —  —  2,530  2,530 
Total available-for-sale securities, at fair value $ 71,056  $ 51,019  $ 27,370  $ 11,919  $ 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 December 31, 2022, and March 31, 2022:
Weighted Average
Interest Rate		 Total
Fair Value Measurements as of December 31, 2022 using
Quoted Prices in
Active Markets
for Identical Assets		 Significant
Other Observable
Inputs		 Significant Unobservable
Units
(Level 1) (Level 2) (Level 3)
Corporate debt 13.99  % $ 1,097,488  $ 1,001,417  $ 95,800  $ 271 
Non-U.S. sovereign debt 12.26  % 734,068  577,828  156,213  27 
Corporate equity —  % 62,351  60,127  1,895  329 
U.S. sovereign debt 4.30  % 34,012  34,012  —  — 
Exchange traded notes —  % 1,921  1,223  698  — 
Total trading securities $ 1,929,840  $ 1,674,607  $ 254,606  $ 627 
Corporate debt 14.88  % $ 157,548  $ 134,427  $ 23,121  $ — 
Non-US sovereign debt 8.99  % 12,905  5,894  7,011  — 
US sovereign debt 4.20  % 3,873  3,873  —  — 
Total available-for-sale securities, at fair value $ 174,326  $ 144,194  $ 30,132  $ — 
Weighted Average
Interest Rate
Total Fair Value Measurements as of March 31, 2022 (Recasted) using
Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs
(Level 1) (Level 2) (Level 3)
Corporate debt 9.09  % $ 712,134  $ 711,539  $ —  $ 595 
Non-U.S. sovereign debt 13.15  % 360,570  352,274  —  8,296 
Corporate equity —  72,354  71,827  276  251 
U.S. sovereign debt 2.35  % 10,435  10,435  —  — 
Exchange traded notes —  2,884  2,884  —  — 
Total trading securities $ 1,158,377  $ 1,148,959  $ 276  $ 9,142 
Corporate debt 11.09  % $ 145,837  $ 145,837  $ —  $ — 
Non-U.S. sovereign debt 5.51  % 12,997  12,997  —  — 
U.S. sovereign debt 2.17  % 2,530  2,530  —  — 
Total available-for-sale securities, at fair value $ 161,364  $ 161,364  $ —  $ — 
Schedule of valuation techniques and significant level 3 inputs
The tables below present the valuation techniques and significant level 3 inputs used in the valuation as of December 31, 2022, and March 31, 2022. The tables are not intended to be all inclusive, but instead capture the significant unobservable inputs relevant to determination of fair value.
Type Valuation Technique FV as of December 31, 2022 Significant Unobservable Inputs %
Non-US sovereign debt DCF $ 27  Discount rate 48.8%
Estimated number of years 11 years
Corporate debt DCF 271  Discount rate 74.0%
Estimated number of years 3 months
Corporate equity DCF 329  Discount rate 58.8%
Estimated number of years 9 years
Total $ 627 
Type Valuation Technique FV as of March 31, 2022 Significant Unobservable Inputs %
Non-US sovereign debt DCF $ 7,524  Discount rate 69.0%
Estimated number of years 11 years
Non-US sovereign debt DCF 772  Discount rate 13.9%
Estimated number of years 1 year
Corporate debt DCF 595  Discount rate 45.0%
Estimated number of years 3 months
Corporate equity DCF 251  Discount rate 20.0%
Estimated number of years 9 years
Total $ 9,142 
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, 2022, and the year ended March 31, 2022:
Trading securities
Balance as of March 31, 2022 (Recasted)
 $ 9,142 
Purchase of investments that use Level 3 inputs 1,980 
Reclassification to level 2 (1,842)
Reclassification of securities from Freedom UA to restricted accounts (2,384)
Sale (5,089)
Revaluation of investments that use Level 3 inputs (622)
Translation difference (558)
Balance as of December 31, 2022
 $ 627 
Balance as of March 31, 2021 (Recasted)
 $ 19,032 
Reclassification to level 3 682 
Reclassification to level 1 (18,370)
Purchase of investments that use Level 3 inputs 10,812 
Revaluation of investments that use Level 3 inputs (3,014)
Balance as of March 31, 2022 (Recasted)
 $ 9,142 
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, 2022, and March 31, 2022:
December 31, 2022
Assets measured at amortized cost Recognized impairment loss in Income Statement Unrealized gain/(loss) accumulated in other comprehensive
income/(loss)		 Assets
measured at
fair value		 Maturity Date
Corporate debt $ 154,689  $ (402) $ 2,883  $ 157,548  2023 - 2042
Non-US sovereign debt 14,482  —  (1,577) 12,905  2024 - indefinite
U.S. sovereign debt 4,574  —  (701) 3,873  2024 - 2044
Total available-for-sale securities, at fair value $ 173,745  $ (402) $ 605  $ 174,326 
March 31, 2022 (Recasted)
Assets measured at amortized cost Unrealized loss accumulated in other comprehensive
income/(loss)		 Assets
measured at
fair value		 Maturity Date
Corporate debt $ 146,112  $ (275) $ 145,837  2022 - 2035
Non-U.S. sovereign debt 13,784  (787) 12,997  2022 - indefinite
U.S. sovereign debt 2,912  (382) 2,530  2044
Total available-for-sale securities, at fair value $ 162,808  $ (1,444) $ 161,364