Quarterly report [Sections 13 or 15(d)]

NET GAIN ON TRADING SECURITIES

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NET GAIN ON TRADING SECURITIES
 9 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
NET GAIN ON TRADING SECURITIES NET GAIN ON TRADING SECURITIES
During the three months and nine months ended December 31, 2025 and December 31, 2024, net gain on trading securities was comprised of:
Three Months Ended
December 31, 2025
Three Months Ended
December 31, 2024
Net gain recognized during the period on trading securities sold during the period $ 52,305  $ 15,013 
Net unrealized (loss)/gain recognized during the reporting period on trading securities still held at the reporting date (8,827) 74,551 
Net gain recognized during the period on trading securities $ 43,478  $ 89,564 

Nine Months Ended
December 31, 2025		 Nine Months Ended
December 31, 2024
Net gain recognized during the period on trading securities sold during the period $ 105,091  $ 30,254 
Net unrealized gain recognized during the reporting period on trading securities still held at the reporting date 21,093  75,525 
Net gain recognized during the period on trading securities $ 126,184  $ 105,779 

During the three months ended December 31, 2025, there was a realized gain on trading securities of $52.3 million, which is attributable to Kazakhstan sovereign bonds sold during the three months ended December 31, 2025. However, the Group has incurred an unrealized net loss of $8.8 million during the same period due to the decline in the value of securities positions held as of December 31, 2025.
During the nine months ended December 31, 2025, there was a realized gain on trading securities of $126.2 million, which is attributable to Kazakhstan sovereign bonds sold during the nine months ended December 31, 2025. Also, the Group has recognized an unrealized net gain of $21.1 million during the same period due to an increase in the value of securities positions held as of December 31, 2025. The majority of the unrealized net gain is attributable to Kazakhstan sovereign bonds.