Quarterly report pursuant to Section 13 or 15(d)

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

v3.23.1
TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables)
 3 Months Ended 6 Months Ended
Sep. 30, 2022
Sep. 30, 2022
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]    
Schedule of trading and available-for-sale securities
As of September 30, 2022, and March 31, 2022, trading and available-for-sale securities consisted of:
  September 30, 2022 March 31, 2022
  (Recasted)
Corporate debt $ 666,137  $ 712,133 
Non-U.S. sovereign debt 634,056  360,570 
Corporate equity 32,522  72,354 
U.S. sovereign debt 23,883  10,435 
Exchange traded notes 2,946  2,884 
Total trading securities $ 1,359,544  $ 1,158,377 
September 30, 2022 March 31, 2022
(Recasted)
Corporate debt $ 155,529  $ 145,836 
Non-U.S. sovereign debt 8,293  12,997 
U.S. sovereign debt 4,352  2,530 
Corporate equity 1  1 
Total available-for-sale securities, at fair value $ 168,175  $ 161,364 
 
Schedule of maturity of available for sale securities   The following tables present maturity analysis for available-for-sale securities as of September 30, 2022, and March 31, 2022:
September 30, 2022
Remaining contractual maturity of the agreements
Up to 1 year 1-5 years 5-10 years More than 10 years Total
Non-US sovereign debt —  430  850  7,013  8,293 
Corporate debt 50,533  53,456  49,411  2,129  155,529 
US sovereign debt —  1,389  1,694  1,269  4,352 
Corporate equity —  —  —  1  1 
Total available-for-sale securities, at fair value $ 50,533  $ 55,275  $ 51,955  $ 10,412  $ 168,175 

March 31, 2022
Remaining contractual maturity of the agreements
Up to 1 year 1-5 years 5-10 years More than 10 years Total
Non-US sovereign debt 1,692  864  1,086  9,355  12,997 
Corporate debt 69,364  50,155  26,284  33  145,836 
US sovereign debt —  —  —  2,530  2,530 
Corporate equity —  —  —  1  1 
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 September 30, 2022, and March 31, 2022:
Weighted Average
Interest Rate		 Total
Fair Value Measurements as of September 30, 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 10.90  % $ 666,137  $ 622,933  $ 42,689  $ 515 
Non-U.S. sovereign debt 10.90  % 634,056  421,301  209,418  3,337 
Corporate equity —  % 32,522  19,986  12,213  323 
U.S. sovereign debt 4.32  % 23,883  20,997  2,886  — 
Exchange traded notes —  % 2,946  2,465  481  — 
Total trading securities $ 1,359,544  $ 1,087,682  $ 267,687  $ 4,175 
Corporate debt 12.20  % $ 155,529  $ 147,582  $ 7,947  $ — 
Non-US sovereign debt 5.90  % 8,293  7,661  632  — 
US sovereign debt 4.05  % 4,352  3,510  842  — 
Corporate equity —  % 1  —  —  1 
Total available-for-sale securities, at fair value $ 168,175  $ 158,753  $ 9,421  $ 1 
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  % $ 712,133  $ 711,538  $ —  $ 595 
Non-U.S. sovereign debt 13.15  % 360,571  352,275  —  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  % $ 145,836  $ 145,836  $ —  $ — 
Non-U.S. sovereign debt 5.51  % 12,997  12,551  —  446 
U.S. sovereign debt 2.17  % 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 tables below present the valuation techniques and significant level 3 inputs used in the valuation as of September 30, 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 September 30, 2022 Significant Unobservable Inputs %
Non-US sovereign debt DCF $ 3,337  Discount rate 48.8%
Estimated number of years 11 years
Corporate debt DCF 515  Discount rate 74.0%
Estimated number of years 3 months
Corporate equity DCF 323  Discount rate 58.8%
Estimated number of years 9 years
Total $ 4,175 
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 six months ended September 30, 2022, and the year ended March 31, 2022:
Trading securities Available-for-sale securities
Balance as of March 31, 2022 (Recasted)
 $ 9,142  $ 1 
Purchase of investments that use Level 3 inputs 1,750  446 
Reclassification to level 2 (1,267) — 
Sale (4,716) — 
Revaluation of investments that use Level 3 inputs (160) — 
Translation difference (574) — 
Balance as of September 30, 2022 (Recasted)
 $ 4,175  $ 447 
Balance as of March 31, 2021 (Recasted)
 $ 19,032  $ 1 
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  $ 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 September 30, 2022, and March 31, 2022:
September 30, 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 $ 152,826  $ (402) $ 3,105  $ 155,529  2022 - 2042
Non-US sovereign debt 10,002  —  (1,709) 8,293  2024 - indefinite
U.S. sovereign debt 5,035  —  (683) 4,352  2024 - 2044
Corporate equity 1  —  —  1  not applicable
Total available-for-sale securities, at fair value $ 167,864  $ (402) $ 713  $ 168,175 
March 31, 2022 (Recasted)
Assets measured at amortized cost Unrealized gain/(loss) accumulated in other comprehensive
income/(loss)		 Assets
measured at
fair value		 Maturity Date
Corporate debt $ 146,111  $ (275) $ 145,836  2022 - 2035
Non-U.S. sovereign debt 13,784  (787) 12,997  2022 - indefinite
U.S. sovereign debt 2,912  (382) 2,530  2044
Corporate equity 1  —  1  not applicable
Total available-for-sale securities, at fair value $ 162,808  $ (1,444) $ 161,364