Quarterly report [Sections 13 or 15(d)]

INVESTMENT SECURITIES (Tables)

v3.25.2
INVESTMENT SECURITIES (Tables)
 3 Months Ended
Jun. 30, 2025
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]  
Schedule of trading and available-for-sale securities
As of June 30, 2025 and March 31, 2025, trading, available-for-sale securities and held-to-maturity securities consisted of the following:
  June 30, 2025 March 31, 2025
 
Non-U.S. sovereign debt $ 1,042,485  $ 1,282,450 
Corporate debt 751,558  807,985 
Corporate equity 128,316  106,227 
U.S. sovereign debt 74,369  73,787 
Exchange traded notes and funds
 4,664  4,837 
Total trading securities $ 2,001,392  $ 2,275,286 
June 30, 2025 March 31, 2025
Corporate debt $ 239,720  $ 243,730 
Non-U.S. sovereign debt 230,572  208,231 
U.S. sovereign debt 21,846  21,626 
Total available-for-sale securities, at fair value $ 492,138  $ 473,587 
June 30, 2025 March 31, 2025
Non-U.S. sovereign debt $ 303,596  $ 65,914 
Allowance for Non-US sovereign debt (245) (54)
Total held-to-maturity securities $ 303,351  $ 65,860 
Total investment securities $ 2,796,881  $ 2,814,733 
Schedule of maturity of available for sale securities
The following tables present maturity analysis for available-for-sale securities as of June 30, 2025, and March 31, 2025:

June 30, 2025
Remaining contractual maturity of the agreements
Up to 1 year 1-5 years 5-10 years More than 10 years Total
Corporate debt 89,673  137,814  4,500  7,733  239,720 
Non-US sovereign debt $ 51,807  $ 140,196  $ 34,564  $ 4,005  $ 230,572 
US sovereign debt —  20,672  —  1,174  21,846 
Total available-for-sale securities, at fair value $ 141,480  $ 298,682  $ 39,064  $ 12,912  $ 492,138 
March 31, 2025
Remaining contractual maturity of the agreements
Up to 1 year 1-5 years 5-10 years More than 10 years Total
Corporate debt 85,300  141,382  9,308  7,740  243,730 
Non-US sovereign debt 66,593  96,662  29,136  15,840  208,231 
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 

The following tables present maturity analysis for held-to-maturity securities as of June 30, 2025, and March 31, 2025:

June 30, 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 —  107,838  126,783  68,730  303,351 
Total held-to-maturity securities $ —  $ 107,838  $ 126,783  $ 68,730  $ 303,351 

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 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, 2025, and March 31, 2025:
Weighted Average
Interest Rate		 Total
Fair Value Measurements as of June 30, 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 11.06  % $ 1,042,485  $ 632,872  $ 409,613  $ — 
Corporate debt 12.90  % 751,558  294,247  456,270  1,041 
Corporate equity —  128,316  106,238  2,547  19,531 
U.S. sovereign debt 3.88  % 74,369  74,369  —  — 
Exchange traded notes and funds
 —  4,664  2,152  2,512  — 
Total trading securities $ 2,001,392  $ 1,109,878  $ 870,942  $ 20,572 
Corporate debt 15.68  % $ 239,720  $ 69,385  $ 170,335  $ — 
Non-U.S. sovereign debt 11.53  % 230,572  126,118  104,454  — 
U.S. sovereign debt 3.99  % 21,846  21,846  —  — 
Total available-for-sale securities, at fair value $ 492,138  $ 217,349  $ 274,789  $ — 
Weighted Average
Interest Rate
Total
Fair Value Measurements as of 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 and funds
 —  4,837  2,369  2,468  — 
Total trading securities $ 2,275,286  $ 1,444,746  $ 812,220  $ 18,320 
Corporate debt 14.81  % $ 243,730  $ 91,537  $ 152,193  $ — 
Non-U.S. sovereign debt 9.96  % 208,231  128,772  79,459  — 
U.S. sovereign debt 2.73  % 21,626  21,626  —  — 
Total available-for-sale securities, at fair value $ 473,587  $ 241,935  $ 231,652  $ — 
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 June 30, 2025.
June 30, 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 303,351  5,070  (606) 307,815  2029 - 2037
Total held-to-maturity securities
 $ 303,351  $ 5,070  $ (606) $ 307,815 
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 June 30, 2025, and March 31, 2025. 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 June 30, 2025 Significant Unobservable Inputs %
Corporate equity DCF 17,390  Discount rate 23.5%
Estimated number of years 3 years
Termination multiplier
1x
Corporate equity DCF 2,018  Discount rate 11.4%
Estimated number of years 5 years
Termination multiplier
0.95x
Corporate debt DCF 1,041  Discount rate 13.2%
Estimated number of years 2 years
Corporate equity DCF 123  Discount rate 58.8%
Estimated number of years 9 years
Total $ 20,572 

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
Total $ 18,320 
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, 2025, and the year ended March 31, 2025:
Trading securities
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 
Reclassification to Level 3 1,041 
Sale of investments that use Level 3 inputs — 
Purchase of investments that use Level 3 inputs 2,018 
Revaluation of investments that use Level 3 inputs (807)
Balance as of June 30, 2025
 $ 20,572 
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, 2025, and March 31, 2025:
June 30, 2025
Assets measured at amortized cost Accumulated impairment loss Unrealized loss/(gain) accumulated in other comprehensive
income/(loss) including foreign currency translation adjustments, net		 Assets
measured at
fair value		 Maturity Date
Corporate debt $ 238,735  $ —  $ 985  $ 239,720  2025- 2039
Non-U.S. sovereign debt 236,209  (360) (5,277) 230,572  2025 - indefinite
U.S. sovereign debt 22,005  —  (159) 21,846  2027 -2044
Total available-for-sale securities, at fair value $ 496,949  $ (360) (4,451) $ 492,138 
March 31, 2025
Assets measured at amortized cost
Accumulated impairment loss
 Unrealized gain/(loss) accumulated in other comprehensive
income/(loss) including foreign currency translation adjustments, net		 Assets
measured at
fair value		 Maturity Date
Corporate debt $ 243,660  $ (28) $ 98  $ 243,730  2025 - 2039
Non-U.S. sovereign debt 211,628  (378) (3,019) 208,231  2024 - indefinite
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