Quarterly report pursuant to Section 13 or 15(d)

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

v3.24.3
TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables)
 6 Months Ended
Sep. 30, 2024
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]  
Schedule of trading and available-for-sale securities
As of September 30, 2024, and March 31, 2024, trading and available-for-sale securities consisted of the following:
  September 30, 2024 March 31, 2024
 
Non-U.S. sovereign debt $ 2,353,084  $ 2,409,126 
Corporate debt 1,071,502  1,108,870 
Corporate equity 128,434  126,103 
U.S. sovereign debt 41,442  43,173 
Exchange traded notes 6,656  1,348 
Total trading securities $ 3,601,118  $ 3,688,620 
September 30, 2024 March 31, 2024
Corporate debt $ 184,556  $ 173,568 
Non-U.S. sovereign debt 78,446  27,016 
U.S. sovereign debt 21,578  16,037 
Total available-for-sale securities, at fair value $ 284,580  $ 216,621 
Schedule of maturity of available for sale securities
The following tables present maturity analysis for available-for-sale securities as of September 30, 2024, and March 31, 2024:
September 30, 2024
Remaining contractual maturity of the agreements
Up to 1 year 1-5 years 5-10 years More than 10 years Total
Corporate debt 29,395  98,466  52,424  4,271  184,556 
Non-US sovereign debt 17,764  17,675  36,100  6,907  78,446 
US sovereign debt —  11,946  8,357  1,275  21,578 
Total available-for-sale securities, at fair value $ 47,159  $ 128,087  $ 96,881  $ 12,453  $ 284,580 

March 31, 2024
Remaining contractual maturity of the agreements
Up to 1 year 1-5 years 5-10 years More than 10 years Total
Corporate debt 65,415  44,374  59,553  4,226  173,568 
Non-US sovereign debt 7,839  7,310  5,797  6,070  27,016 
US sovereign debt —  5,059  9,753  1,225  16,037 
Total available-for-sale securities, at fair value $ 73,254  $ 56,743  $ 75,103  $ 11,521  $ 216,621 
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, 2024, and March 31, 2024:
Weighted Average
Interest Rate		 Total
Fair Value Measurements as of September 30, 2024 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 12.05  % $ 2,353,084  $ 2,090,214  $ 262,870  $ — 
Corporate debt 13.96  % 1,071,502  336,376  734,754  372 
Corporate equity 128,434  106,526  3,513  18,395 
U.S. sovereign debt 3.62  % 41,442  41,442  —  — 
Exchange traded notes 6,656  6,132  524  — 
Total trading securities $ 3,601,118  $ 2,580,690  $ 1,001,661  $ 18,767 
Corporate debt 14.23  % $ 184,556  $ 56,457  $ 128,099  $ — 
Non-US sovereign debt 11.31  % 78,446  56,694  21,752  — 
US sovereign debt 2.68  % 21,578  21,578  —  — 
Total available-for-sale securities, at fair value $ 284,580  $ 134,729  $ 149,851  $ — 
Weighted Average
Interest Rate
Total
Fair Value Measurements as of March 31, 2024 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 11.61  % $ 2,409,126  $ 1,592,380  $ 816,746  $ — 
Corporate debt 14.83  % 1,108,870  171,218  937,360  292 
Corporate equity 126,103  102,134  3,819  20,150 
U.S. sovereign debt 4.98  % 43,173  43,173  —  — 
Exchange traded notes 1,348  1,045  303  — 
Total trading securities $ 3,688,620  $ 1,909,950  $ 1,758,228  $ 20,442 
Corporate debt 15.53  % $ 173,568  $ 47,135  $ 126,433  $ — 
Non-U.S. sovereign debt 10.48  % 27,016  12,378  14,638  — 
U.S. sovereign debt 3.54  % 16,037  16,037  —  — 
Total available-for-sale securities, at fair value $ 216,621  $ 75,550  $ 141,071  $ — 
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, 2024, and March 31, 2024. 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, 2024 Significant Unobservable Inputs %
Corporate debt DCF 372  Discount rate 74.0%
Estimated number of years 3 months
Corporate equity DCF 18,262  Discount rate 13.0%
Estimated number of years 4 years, 3 months
Termination multiplier
26.8x
Corporate equity DCF 133  Discount rate 58.8%
Estimated number of years 9 years
Total $ 18,767 
Type Valuation Technique FV as of March 31, 2024 Significant Unobservable Inputs %
Corporate debt DCF $ 292  Discount rate 74.0%
Estimated number of years 3 months
Corporate equity DCF 20,007  Discount rate 13.0%
Estimated number of years 4 years, 6 months
Termination multiplier
27x
Corporate equity DCF 143  Discount rate 58.8%
Estimated number of years 9 years
Total $ 20,442 
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, 2024, and the year ended March 31, 2024:
Trading securities
Balance as of March 31, 2023 $ 5,138 
Reclassification to Level 2 $ (32)
Deconsolidation of Freedom UA securities (3,927)
Sale of investments that use Level 3 inputs (15,856)
Purchase of investments that use Level 3 inputs 35,807 
Revaluation of investments that use Level 3 inputs (132)
Reclassification to investment in associate (556)
Balance as of March 31, 2024 $ 20,442 
Reclassification to Level 3
 — 
Sale of investments that use Level 3 inputs — 
Purchase of investments that use Level 3 inputs — 
Revaluation of investments that use Level 3 inputs (1,675)
Balance as of September 30, 2024
 $ 18,767 
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, 2024, and March 31, 2024:
September 30, 2024
Assets measured at amortized cost
Accumulated impairment loss
 Unrealized loss accumulated in other comprehensive
income/(loss)		 Assets
measured at
fair value		 Maturity Date
Corporate debt $ 182,778  $ (47) $ 1,825  $ 184,556  2024-2039
Non-US sovereign debt 78,083  (314) 677  78,446  2025-indefinite
U.S. sovereign debt 21,813  —  (235) 21,578  2027-2044
Total available-for-sale securities, at fair value $ 282,674  $ (361) 2,267  $ 284,580 
March 31, 2024
Assets measured at amortized cost
Accumulated impairment loss
 Unrealized loss accumulated in other comprehensive
income/(loss)		 Assets
measured at
fair value		 Maturity Date
Corporate debt $ 172,689  $ (61) $ 940  $ 173,568  2024-2039
Non-U.S. sovereign debt 29,121  (352) (1,753) 27,016  2024-indefinite
U.S. sovereign debt 16,767  —  (730) 16,037  2027-2044
Total available-for-sale securities, at fair value $ 218,577  $ (413) $ (1,543) $ 216,621