Quarterly report pursuant to Section 13 or 15(d)

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

v3.23.3
TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables)
6 Months Ended
Sep. 30, 2023
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]  
Schedule of trading and available-for-sale securities
As of September 30, 2023, and March 31, 2023, trading and available-for-sale securities consisted of:
  September 30, 2023 March 31, 2023
 
Non-U.S. sovereign debt $ 2,323,178  1,029,857 
Corporate debt 1,135,870  1,269,879 
Corporate equity 97,718  65,741 
U.S. sovereign debt 44,778  45,022 
Exchange traded notes 2,340  2,057 
Total trading securities $ 3,603,884  $ 2,412,556 
September 30, 2023 March 31, 2023
Corporate debt $ 133,093  $ 191,082 
Non-U.S. sovereign debt 47,363  40,162 
U.S. sovereign debt 12,090  7,809 
Total available-for-sale securities, at fair value $ 192,546  $ 239,053 
Schedule of maturity of available for sale securities
The following tables present maturity analysis for available-for-sale securities as of September 30, 2023, and March 31, 2023:

September 30, 2023
Remaining contractual maturity of the agreements
Up to 1 year 1-5 years 5-10 years More than 10 years Total
Corporate debt 8,579  72,941  51,563  10  133,093 
Non-US sovereign debt —  35,935  5,316  6,112  47,363 
US sovereign debt 1,990  7,334  1,624  1,142  12,090 
Total available-for-sale securities, at fair value $ 10,569  $ 116,210  $ 58,503  $ 7,264  $ 192,546 
March 31, 2023
Remaining contractual maturity of the agreements
Up to 1 year 1-5 years 5-10 years More than 10 years Total
Corporate debt 77,006  82,579  31,486  11  191,082 
Non-US sovereign debt —  33,143  820  6,199  40,162 
US sovereign debt 1,947  2,805  1,725  1,332  7,809 
Total available-for-sale securities, at fair value $ 78,953  $ 118,527  $ 34,031  $ 7,542  $ 239,053 
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, 2023, and March 31, 2023:
Weighted Average
Interest Rate
Total
Fair Value Measurements as of September 30, 2023 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 12.48  % $ 2,323,178  $ 2,287,959  $ 35,219  $ — 
Corporate debt 15.31  % 1,135,870  595,392  524,268  16,210 
Corporate equity —  % 97,718  75,154  2,233  20,331 
U.S. sovereign debt 5.18  % 44,778  44,778  —  — 
Exchange traded notes —  % 2,340  907  1,433  — 
Total trading securities $ 3,603,884  $ 3,004,190  $ 563,153  $ 36,541 
Corporate debt 17.68  % $ 133,093  $ 74,194  $ 58,899  $ — 
Non-US sovereign debt 13.81  % 47,363  46,539  824  — 
US sovereign debt 5.36  % 12,090  12,090  —  — 
Total available-for-sale securities, at fair value $ 192,546  $ 132,823  $ 59,723  $  
Weighted Average
Interest Rate
Total Fair Value Measurements as of March 31, 2023 using
Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs
Significant Unobservable Units
(Level 1) (Level 2) (Level 3)
Corporate debt 15.62  % $ 1,269,879  $ 1,106,584  $ 162,895  $ 400 
Non-U.S. sovereign debt 12.04  % 1,029,857  971,762  54,319  3,776 
Corporate equity —  65,741  62,971  1,808  962 
U.S. sovereign debt 4.22  % 45,022  45,022  —  — 
Exchange traded notes —  2,057  447  1,610  — 
Total trading securities $ 2,412,556  $ 2,186,786  $ 220,632  $ 5,138 
Corporate debt 15.78  % $ 191,082  $ 129,504  $ 61,578  $ — 
Non-U.S. sovereign debt 13.64  % 40,162  39,624  538  — 
U.S. sovereign debt 4.24  % 7,809  7,809  —  — 
Total available-for-sale securities, at fair value $ 239,053  $ 176,937  $ 62,116  $  
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, 2023, and March 31, 2023. 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, 2023 Significant Unobservable Inputs %
Corporate debt DCF $ 15,816  Discount rate 11.1%
Estimated number of years 2 years
Corporate debt DCF 394  Discount rate 74.0%
Estimated number of years 3 months
Corporate equity DCF 19,996  Discount rate 13.0%
Estimated number of years 4 years, 6 months
Corporate equity DCF 335  Discount rate 58.8%
Estimated number of years 9 years
Total $ 36,541 

Type Valuation Technique FV as of March 31, 2023 Significant Unobservable Inputs %
Non-US sovereign debt DCF $ 3,776  Discount rate 48.8%
Estimated number of years 11 years
Corporate debt DCF 400  Discount rate 74.0%
Estimated number of years 3 months
Corporate equity DCF 962  Discount rate 58.8%
Estimated number of years 9 years
Total $ 5,138 
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, 2023, and the year ended March 31, 2023:
Trading securities
Balance as of March 31, 2023
$ 5,138 
Purchase of investments that use Level 3 inputs 35,805 
Reclassification to level 2 (32)
Deconsolidation of Freedom UA securities (3,927)
Revaluation of investments that use Level 3 inputs 113 
Reclassification to investment in associate (556)
Balance as of September 30, 2023
$ 36,541 
Balance as of March 31, 2022
$ 9,142 
Reclassification to level 2 (1,339)
Sale of investments that use Level 3 inputs (5,213)
Purchase of investments that use Level 3 inputs 2,604 
Revaluation of investments that use Level 3 inputs (56)
Balance as of March 31, 2023
$ 5,138 
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, 2023, and March 31, 2023:
September 30, 2023
Assets measured at amortized cost Recognized impairment loss in Income Statement
Unrealized loss accumulated in other comprehensive
loss
Assets
measured at
fair value
Maturity Date
Corporate debt $ 132,781  $ (50) $ 362  $ 133,093  2023-2035
Non-US sovereign debt 49,843  (309) (2,171) 47,363  2024-indefinite
U.S. sovereign debt 12,969  —  (879) 12,090  2023-2044
Total available-for-sale securities, at fair value $ 195,593  $ (359) (2,688) $ 192,546 
March 31, 2023
Assets measured at amortized cost Recognized impairment loss in Income Statement Unrealized loss accumulated in other comprehensive
income/(loss)
Assets
measured at
fair value
Maturity Date
Corporate debt $ 192,167  $ (402) $ (683) $ 191,082  2023-2035
Non-U.S. sovereign debt 42,456  —  (2,294) 40,162  2024-indefinite
U.S. sovereign debt 8,391  —  (582) 7,809  2023-2044
Total available-for-sale securities, at fair value $ 243,014  $ (402) $ (3,559) $ 239,053