| Schedule of compliance with regulatory capital requirements under banking regulations |
The table below presents net capital/eligible equity, required minimum capital, excess regulatory capital and retained earnings as of March 31, 2026 for the Company and each of subsidiaries that are regulated entities that is material for our consolidated financial statements.
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Regulated activities |
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Net Capital/Eligible Equity |
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Required Minimum capital/solvency |
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Excess regulatory capital |
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Retained earnings |
| (amounts in thousands) |
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| Freedom EU |
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Brokerage |
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$ |
686,750 |
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$ |
19,509 |
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$ |
667,241 |
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$ |
522,253 |
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Freedom Bank KZ |
|
Bank |
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518,891 |
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|
231,143 |
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|
287,747 |
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|
286,195 |
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Freedom Holding Corp. |
|
Non-regulated holding company |
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1,489,279 |
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200,000 |
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1,289,279 |
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|
1,231,500 |
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| Freedom Global |
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Brokerage |
|
139,906 |
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|
37,068 |
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|
102,838 |
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|
163,820 |
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| Freedom Life |
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Life Insurance |
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117,074 |
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|
13,550 |
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|
103,524 |
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|
107,131 |
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Freedom Armenia ("Freedom AR") |
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Brokerage |
|
95,550 |
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|
797 |
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|
94,753 |
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|
96,377 |
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| Freedom KZ |
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Brokerage |
|
73,931 |
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|
452 |
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|
73,480 |
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|
141,684 |
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| Freedom Insurance |
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Property and Casual Insurance |
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59,373 |
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|
13,550 |
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|
45,822 |
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|
34,432 |
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| Other regulated operating subsidiaries |
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Other |
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25,568 |
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2085 |
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23,483 |
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(53,207) |
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$ |
3,206,322
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$ |
518,154
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$ |
2,688,167
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$ |
2,530,185
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The table below presents net capital/eligible equity, required minimum capital, excess regulatory capital and retained earnings as of March 31, 2025 for each of our subsidiaries that are regulated entities that is material for our consolidated financial statements.
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Regulated activities |
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Net Capital/Eligible Equity |
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Required Minimum capital/solvency |
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Excess regulatory capital |
|
Retained earnings |
| (amounts in thousands) |
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Freedom Holding Corp. |
|
Non-regulated holding company |
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$ |
526,906 |
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$ |
200,000 |
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$ |
326,906 |
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$ |
(256,096) |
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| Freedom EU |
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Brokerage |
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450,903 |
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|
19,320 |
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|
431,584 |
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|
607,659 |
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Freedom Bank KZ |
|
Bank |
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382,259 |
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|
175,396 |
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|
206,862 |
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|
159,119 |
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| Freedom KZ |
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Brokerage |
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43,568 |
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|
390 |
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43,178 |
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|
100,440 |
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| Freedom Global |
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Brokerage |
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66,217 |
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|
21,564 |
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|
44,653 |
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|
56,941 |
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| Freedom Life |
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Life Insurance |
|
58,246 |
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|
11,692 |
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|
46,554 |
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|
70,574 |
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Freedom Armenia ("Freedom AR") |
|
Brokerage |
|
47,994 |
|
|
773 |
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|
47,221 |
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|
48,067 |
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| Freedom Insurance |
|
Property and Casual Insurance |
|
33,646 |
|
|
11,692 |
|
|
21,954 |
|
|
29,150 |
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| Other regulated operating subsidiaries |
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Other |
|
14,130 |
|
|
267 |
|
13,863 |
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(28,622) |
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$ |
1,623,869
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$ |
441,094
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$ |
1,182,775
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$ |
787,232
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