TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables)
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3 Months Ended |
Jun. 30, 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 June 30, 2022, and March 31, 2022, trading and available-for-sale securities consisted of:
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June 30, 2022 |
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March 31, 2022 |
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(Recast) |
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(Recast) |
| Non-U.S. sovereign debt |
$ |
688,843 |
|
|
$ |
360,570 |
|
| Corporate debt |
545,448 |
|
|
712,134 |
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| Corporate equity |
47,540 |
|
|
72,354 |
|
| U.S. sovereign debt |
14,696 |
|
|
10,435 |
|
| Exchange traded notes |
1,875 |
|
|
2,884 |
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| Total trading securities |
$ |
1,298,402
|
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|
$ |
1,158,377
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June 30, 2022 |
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March 31, 2022 |
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(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
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|
$ |
161,364
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| 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:
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Weighted Average
Interest Rate |
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Total |
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Fair Value Measurements at
June 30, 2022 (recast) 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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| Non-U.S. sovereign debt |
13.40 |
% |
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$ |
688,843 |
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|
$ |
686,851 |
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|
$ |
1,174 |
|
|
$ |
818 |
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| Corporate debt |
10.20 |
% |
|
545,448 |
|
|
545,292 |
|
|
— |
|
|
156 |
|
| Corporate equity |
— |
% |
|
47,540 |
|
|
47,109 |
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|
180 |
|
|
251 |
|
| U.S. sovereign debt |
3.02 |
% |
|
14,696 |
|
|
14,696 |
|
|
— |
|
|
— |
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| Exchange traded notes |
— |
% |
|
1,875 |
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|
1,875 |
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|
— |
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— |
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| Total trading securities |
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$ |
1,298,402
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$ |
1,295,823
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$ |
1,354
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|
$ |
1,225
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| Corporate debt |
10.60 |
% |
|
$ |
132,372 |
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|
$ |
132,372 |
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|
$ |
— |
|
|
$ |
— |
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| Non-U.S. sovereign debt |
11.50 |
% |
|
84,748 |
|
|
84,748 |
|
|
— |
|
|
— |
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| U.S. sovereign debt |
3.00 |
% |
|
2,349 |
|
|
2,349 |
|
|
— |
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|
— |
|
| Corporate equity |
— |
% |
|
1 |
|
|
— |
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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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$ |
219,470
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$ |
219,469
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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, 2022 (Recast) using |
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Quoted Prices in Active Markets for Identical Assets |
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Significant Other Observable Inputs |
|
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 |
9.19 |
% |
|
$ |
712,134 |
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|
$ |
711,539 |
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|
$ |
— |
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|
$ |
595 |
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| Non-U.S. sovereign debt |
12.87 |
% |
|
360,570 |
|
|
352,274 |
|
|
— |
|
|
8,296 |
|
| Corporate equity |
— |
|
|
72,354 |
|
|
71,828 |
|
|
275 |
|
|
251 |
|
| U.S. sovereign debt |
2.35 |
% |
|
10,435 |
|
|
10,435 |
|
|
— |
|
|
— |
|
| Exchange traded notes |
— |
|
|
2,884 |
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|
2,884 |
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|
— |
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— |
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| Total trading securities |
— |
|
|
$ |
1,158,377
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$ |
1,148,960
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$ |
275
|
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$ |
9,142
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| Corporate debt |
11.09 |
% |
|
$ |
145,836 |
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|
$ |
145,836 |
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|
$ |
— |
|
|
$ |
— |
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| Non-U.S. sovereign debt |
5.51 |
% |
|
12,997 |
|
|
12,551 |
|
|
— |
|
|
446 |
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| U.S. sovereign debt |
— |
|
|
2,530 |
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|
2,530 |
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|
— |
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— |
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| Corporate equity |
— |
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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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$ |
161,364
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$ |
160,917
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$ |
—
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$ |
447
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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 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.
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| Type |
|
Valuation Technique |
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FV as of June 30, 2022 (Recast) |
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FV as of March 31, 2022 (Recast) |
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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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$ |
772 |
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Discount rate |
|
13.9% |
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Estimated number of years |
|
1 year |
| Corporate equity |
|
DCF |
|
251 |
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|
251 |
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Discount rate |
|
20.0% |
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Estimated number of years |
|
9 years |
| Corporate debt |
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DCF |
|
156 |
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|
595 |
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Discount rate |
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45.0% |
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Estimated number of years |
|
3 months |
| Non-US sovereign debt |
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DCF |
|
818 |
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|
7,524 |
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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 |
| Total |
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$ |
1,225
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$ |
9,142
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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:
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Trading securities |
|
Available-for-sale securities |
Balance as of March 31, 2022 (Recast) |
$ |
9,142
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|
$ |
1
|
|
| Reclassification to level 1 |
(1,707) |
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|
— |
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| Sale of investments that use Level 3 inputs |
(3,943) |
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|
— |
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| Revaluation of investments that use Level 3 inputs |
(2,268) |
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|
— |
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| Translation difference |
1 |
|
|
— |
|
Balance as of June 30, 2022 (Recast) |
$ |
1,225
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$ |
1 |
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Balance as of March 31, 2021 (Recast) |
$ |
19,032
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$ |
1
|
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| Reclassification to level 3 |
682 |
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|
— |
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| Reclassification to level 1 |
(18,370) |
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— |
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| Purchase of investments that use Level 3 inputs |
10,812 |
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|
— |
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| Revaluation of investments that use Level 3 inputs |
(3,014) |
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— |
|
Balance as of March 31, 2022 (Recast) |
$ |
9,142
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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 June 30, 2022, and March 31, 2022:
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June 30, 2022 (recast) |
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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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| Corporate debt |
|
$ |
133,127 |
|
|
$ |
(755) |
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$ |
132,372 |
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| Non-US sovereign debt |
|
83,387 |
|
|
1,361 |
|
|
84,748 |
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| U.S. sovereign debt |
|
2,988 |
|
|
(639) |
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|
2,349 |
|
| Corporate equity |
|
1 |
|
|
— |
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|
1 |
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| Total available-for-sale securities, at fair value |
|
$ |
219,503
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$ |
(33) |
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$ |
219,470
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