Quarterly report [Sections 13 or 15(d)]

INVESTMENT SECURITIES (Tables)

v3.25.3
INVESTMENT SECURITIES (Tables)
 6 Months Ended
Sep. 30, 2025
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]  
Schedule of Trading and Available-for-Sale Securities
As of September 30, 2025 and March 31, 2025, trading, available-for-sale securities and held-to-maturity securities consisted of the following:
  September 30, 2025 March 31, 2025
 
Non-U.S. sovereign debt $ 977,357  $ 1,282,450 
Corporate debt 532,203  807,985 
Corporate equity 148,271  106,227 
U.S. sovereign debt 76,343  73,787 
Exchange traded notes and funds
 6,352  4,837 
Total trading securities $ 1,740,526  $ 2,275,286 
September 30, 2025 March 31, 2025
Non-U.S. sovereign debt $ 220,214  $ 208,231 
Corporate debt 197,676  243,730 
U.S. sovereign debt 21,911  21,626 
Total available-for-sale securities, at fair value $ 439,801  $ 473,587 
September 30, 2025 March 31, 2025
Non-U.S. sovereign debt $ 331,263  $ 65,914 
Allowance for Non-US sovereign debt (171) (54)
Total held-to-maturity securities $ 331,092  $ 65,860 
Total investment securities $ 2,511,419  $ 2,814,733 
Schedule of Maturity of Available for Sale Securities
The following tables present maturity analysis for available-for-sale securities as of September 30, 2025, and March 31, 2025:

September 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 $ 32,621  $ 53,008  $ 130,351  $ 4,234  220,214 
Corporate debt 62,833  127,476  4,242  3,125  197,676 
US sovereign debt —  20,714  —  1,197  21,911 
Total available-for-sale securities, at fair value $ 95,454  $ 201,198  $ 134,593  $ 8,556  $ 439,801 
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 September 30, 2025, and March 31, 2025:

September 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 —  160,275  105,291  65,526  331,092 
Total held-to-maturity securities $ —  $ 160,275  $ 105,291  $ 65,526  $ 331,092 

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 September 30, 2025, and March 31, 2025:
Weighted Average
Interest Rate		 Total
Fair Value Measurements as of September 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 11.59  % $ 977,357  $ 492,282  $ 485,075  $ — 
Corporate debt 12.90  % 532,203  257,185  273,945  1,073 
Corporate equity —  148,271  125,700  1,190  21,381 
U.S. sovereign debt 3.72  % 76,343  76,343  —  — 
Exchange traded notes and funds
 —  6,352  4,572  1,780  — 
Total trading securities $ 1,740,526  $ 956,082  $ 761,990  $ 22,454 
Non-U.S. sovereign debt 11.47  % $ 220,214  $ 78,235  $ 141,979  $ — 
Corporate debt 16.11  % 197,676  95,532  102,144  — 
U.S. sovereign debt 2.40  % 21,911  21,911  —  — 
Total available-for-sale securities, at fair value $ 439,801  $ 195,678  $ 244,123  $ — 
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  $ — 
Schedule of 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 September 30, 2025.
September 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 331,092  88  (19,965) 311,215  2028 - 2037
Total held-to-maturity securities
 $ 331,092  $ 88  $ (19,965) $ 311,215 
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 presents the valuation techniques and significant Level 3 inputs used in the valuation as of September 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 September 30, 2025 Significant Unobservable Inputs %
Corporate equity DCF 19,291  Discount rate 13.4%
Estimated number of years 3 years
Termination multiplier
15.1x
Corporate equity DCF 1,974  Discount rate 11.4%
Estimated number of years 5 years
Termination multiplier
0.95x
Corporate debt DCF 1,073  Discount rate 13.2%
Estimated number of years 2 years
Corporate equity DCF 116  Discount rate 58.8%
Estimated number of years 9 years
Total $ 22,454 

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 six months ended September 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 1,073 
Sale of investments that use Level 3 inputs — 
Purchase of investments that use Level 3 inputs 1,974 
Revaluation of investments that use Level 3 inputs 1,087 
Balance as of September 30, 2025
 $ 22,454 
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, 2025, and March 31, 2025:
September 30, 2025
Assets measured at amortized cost Accumulated impairment loss Unrealized loss accumulated in other comprehensive
(loss)/income including foreign currency translation adjustments, net		 Assets
measured at
fair value		 Maturity Date
Non-U.S. sovereign debt $ 225,572  $ (388) $ (4,970) $ 220,214  2025 - indefinite
Corporate debt 198,580  —  (904) 197,676  2025 - 2039
U.S. sovereign debt 21,927  —  (16) 21,911  2027 - 2044
Total available-for-sale securities, at fair value $ 446,079  $ (388) (5,890) $ 439,801 
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