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

INVESTMENT SECURITIES (Tables)

v3.26.1
INVESTMENT SECURITIES (Tables)
 12 Months Ended
Mar. 31, 2026
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]  
Schedule of trading and available-for-sale securities
As of March 31, 2026 and 2025, trading, held-to-maturity and available-for-sale securities consisted of:
March 31, 2026 March 31, 2025
Non-U.S. sovereign debt $ 1,337,577  $ 1,282,450 
Corporate debt 793,850  807,985 
Corporate equity 166,394  106,227 
U.S. sovereign debt 33,060  73,787 
Exchange traded notes 8,219  4,837 
Total trading securities $ 2,339,100  $ 2,275,286 
   
Corporate debt 311,604  243,730 
Non-US sovereign debt 240,453  208,231 
US sovereign debt 21,981  21,626 
Total available-for-sale securities, at fair value $ 574,038  $ 473,587 
Non-US sovereign debt 429,660  65,914 
Allowance for Non-US sovereign debt
 (237) (54)
Total held-to-maturity securities $ 429,423  $ 65,860 
Total investment securities $ 3,342,561  $ 2,814,733 
Schedule of maturity of debt securities
The following tables present maturity analysis for available-for-sale securities as of March 31, 2026 and March 31, 2025:
March 31, 2026
Remaining contractual maturity of the agreements
Up to 1 year 1-5 years 5-10 years More than 10 years Total
Corporate debt $ 24,824  $ 210,742  $ 72,497  $ 3,541  $ 311,604 
Non-US sovereign debt 7,378  63,767  167,372  1,936  240,453 
US sovereign debt 10,940  9,870  —  1,171  21,981 
Total available-for-sale securities, at fair value $ 43,142  $ 284,379  $ 239,869  $ 6,648  $ 574,038 
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 table presents maturity analysis for held-to-maturity securities as of March 31, 2026 and March 31, 2025:
March 31, 2026
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 —  195,701  138,207  95,515  429,423 
Total held-to-maturity securities
 $ —  $ 195,701  $ 138,207  $ 95,515  $ 429,423 

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, 2026 and March 31, 2025:
Weighted
average
interest rate
Total
Fair Value Measurements at
March 31, 2026 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 10.06  % $ 1,337,577  $ 693,830  $ 643,747  $ — 
Corporate debt 16.80  % 793,850  542,401  250,371  1,078 
Corporate equity —  166,394  141,270  3,927  21,197 
U.S. sovereign debt 3.89  % 33,060  33,060  —  — 
Exchange traded notes —  8,219  6,019  2,200  — 
Total trading securities $ 2,339,100  $ 1,416,580  $ 900,245  $ 22,275 
Corporate debt 16.41  % 311,604  131,108  180,496  — 
Non-U.S. sovereign debt 8.85  % 240,453  74,055  166,398  — 
U.S. sovereign debt 2.03  % 21,981  21,981  —  — 
Total available-for-sale securities, at fair value $ 574,038  $ 227,144  $ 346,894  $ — 
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 
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 held to maturity, amortized cost to fair value 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, 2026.
March 31, 2026
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 429,423  26,423  (6,181) 449,665  2027 - 2037
Total held-to-maturity securities
 $ 429,423  $ 26,423  $ (6,181) $ 449,665 
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, 2026 and March 31, 2025. 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, 2026 Significant Unobservable Inputs %
     
Corporate equity DCF 18,840  Discount rate 9.0%
Estimated number of years 3 years
Termination multiplier
10.5x
Corporate equity DCF 2,223  Discount rate 10.36%
Estimated number of years 6 years
Termination multiplier
0.935x
Corporate debt DCF 1,078  Discount rate 13.2%
Estimated number of years 2 years
Corporate equity DCF 134  Discount rate 58.8%
Estimated number of years 9 years
$ 22,275 
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 
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, 2026 and 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 
 
Purchase of investments that use Level 3 inputs 2,222 
Revaluation of investments that use Level 3 inputs 633 
Reclassification to investment in associate 1,093 
Foreign currency translation 7 
Balance as of March 31, 2026
 $ 22,275 
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, 2026 and 2025:
March 31, 2026
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
Corporate debt $ 304,548  $ —  $ 7,056  $ 311,604  2026 - 2039
Non-US sovereign debt 244,312  (376) (3,483) 240,453  2026 - indefinite
U.S. sovereign debt 21,984  —  (3) 21,981  2027 - 2044
Total available-for-sale securities, at fair value $ 570,844  $ (376) $ 3,570  $ 574,038 
March 31, 2025
Assets measured at amortized cost Recognized impairment loss in Income Statement Unrealized (loss)/gain 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-US sovereign debt 211,628  (378) (3,019) 208,231  2025 - 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