Annual report [Section 13 and 15(d), not S-K Item 405]

INVESTMENT SECURITIES (Tables)

v3.25.1
INVESTMENT SECURITIES (Tables)
 12 Months Ended
Mar. 31, 2025
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]  
Schedule of trading and available-for-sale securities
As of March 31, 2025 and 2024, trading, held-to-maturity and available-for-sale securities consisted of:
March 31, 2025 March 31, 2024
Non-U.S. sovereign debt $ 1,282,450  $ 2,409,126 
Corporate debt 807,985  1,108,870 
Corporate equity 106,227  126,103 
U.S. sovereign debt 73,787  43,173 
Exchange traded notes 4,837  1,348 
Total trading securities $ 2,275,286  $ 3,688,620 
   
Non-US sovereign debt 208,231  27,016 
Corporate debt 243,730  173,568 
US sovereign debt 21,626  16,037 
Total available-for-sale securities, at fair value $ 473,587  $ 216,621 
Non-US sovereign debt 65,914  — 
Allowance for Non-US sovereign debt
 (54) — 
Total held-to-maturity securities $ 65,860  $ — 
Total investment securities 2,814,733  3,905,241 
Schedule of maturity of debt securities
The following tables present maturity analysis for available-for-sale securities as of March 31, 2025 and March 31, 2024:
March 31, 2025
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 66,593  96,662  29,136  15,840  208,231 
Corporate debt 85,300  141,382  9,308  7,740  243,730 
US sovereign debt —  20,421  —  1,205  21,626 
Total available-for-sale securities, at fair value $ 151,893  $ 258,465  $ 38,444  $ 24,785  $ 473,587 
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 
The following table presents maturity analysis for held-to-maturity securities as of March 31, 2025:
March 31, 2025
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 —  —  11,931  53,929  65,860 
Total held-to-maturity securities
 $ —  $ —  $ 11,931  $ 53,929  $ 65,860 
Schedule of present securities assets at fair value
The following tables present trading securities assets in the Consolidated Financial Statements or disclosed in the Notes to the Consolidated Financial Statements at fair value on a recurring basis as of March 31, 2025 and March 31, 2024:
Weighted
average
interest rate
Total
Fair Value Measurements at
March 31, 2025 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 11.24  % $ 1,282,450  $ 987,657  $ 294,793  $ — 
Corporate debt 13.93  % 807,985  299,123  508,862  — 
Corporate equity —  106,227  81,810  6,097  18,320 
U.S. sovereign debt 3.99  % 73,787  73,787  —  — 
Exchange traded notes —  4,837  2,369  2,468  — 
Total trading securities $ 2,275,286  $ 1,444,746  $ 812,220  $ 18,320 
Non-U.S. sovereign debt 9.96  % 208,231  128,772  79,459  — 
Corporate debt 14.81  % 243,730  91,537  152,193  — 
U.S. sovereign debt 2.73  % 21,626  21,626  —  — 
Total available-for-sale securities, at fair value $ 473,587  $ 241,935  $ 231,652  $ — 
Weighted
average
interest rate
Total
Fair Value Measurements at
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  $ — 
Debt securities, held-to-maturity The table below presents the amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of held-to-maturity securities as of March 31, 2025.
March 31, 2025
Assets measured at amortized cost Gross unrecognized holding gains Gross unrecognized holding losses Fair value of held-to-maturity Maturity Date
Non-US sovereign debt 65,860  332  (1,240) 64,952  2031 - 2037
Total held-to-maturity securities
 $ 65,860  $ 332  $ (1,240) $ 64,952 
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 March 31, 2025 and March 31, 2024. The table is not intended to be all inclusive, but instead captures the significant unobservable inputs relevant to determination of fair value.
Type
Valuation
Technique
 FV as of March 31, 2025 Significant Unobservable Inputs %
     
Corporate equity DCF 18,193  Discount rate 21.5%
Estimated number of years 2 years
Termination multiplier
19.5x
Corporate equity DCF 127  Discount rate 58.8%
Estimated number of years 9 years
$ 18,320 
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
$ 20,442 
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the years ended March 31, 2025 and 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 
 
Revaluation of investments that use Level 3 inputs (2,122)
Balance as of March 31, 2025
 $ 18,320 
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 March 31, 2025 and 2024:
March 31, 2025
Assets measured at amortized cost Recognized impairment loss in Income Statement Unrealized gain/(loss) accumulated in other comprehensive
income/(loss) including foreign currency translation adjustments, net		 Assets
measured at
fair value		 Maturity Date
Non-US sovereign debt 211,628  (378) (3,019) 208,231  2025 - indefinite
Corporate debt $ 243,660  $ (28) $ 98  $ 243,730  2025 - 2039
U.S. sovereign debt 21,868  —  (242) 21,626  2027 - 2044
Total available-for-sale securities, at fair value $ 477,156  $ (406) $ (3,163) $ 473,587 
March 31, 2024
Assets measured at amortized cost Recognized impairment loss in Income Statement Unrealized loss accumulated in other comprehensive
income/(loss) including foreign currency translation adjustments, net		 Assets
measured at
fair value		 Maturity Date
Corporate debt $ 172,689  $ (61) $ 940  $ 173,568  2024 - 2039
Non-US 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