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Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present recorded amounts of major financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and September 30, 2025:

March 31, 2025

		Millions of yen
		Total Carrying Value in Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Loans held for sale*1		¥	97,694			¥	0			¥	29,900			¥	67,794
Available-for-sale debt securities:			2,607,637				12,243				2,377,740				217,654
Japanese and foreign government bond securities*2			1,092,526				7,510				1,085,016				0
Japanese prefectural and foreign municipal bond securities			406,830				0				395,952				10,878
Corporate debt securities*3			802,545				4,733				793,560				4,252
CMBS and RMBS in the Americas			106,751				0				99,669				7,082
Other asset-backed securities and debt securities			198,985				0				3,543				195,442
Equity securities*4*5			418,690				137,014				119,466				162,210
Derivative assets:			64,170				361				54,992				8,817
Interest rate swap agreements			17,869				0				17,869				0
Options held/written and other			15,767				0				6,950				8,817
Futures, foreign exchange contracts			20,964				361				20,603				0
Foreign currency swap agreements			9,570				0				9,570				0
Netting*6			(20,495	)			—				—				—
Net derivative assets			43,675				—				—				—
Other assets:			2,586				0				0				2,586
Reinsurance recoverables*7			2,586				0				0				2,586
Total		¥	3,190,777			¥	149,618			¥	2,582,098			¥	459,061
Liabilities:
Derivative liabilities:		¥	56,038			¥	129			¥	55,257			¥	652
Interest rate swap agreements			2,774				0				2,774				0
Options held/written and other			13,715				0				13,063				652
Futures, foreign exchange contracts			39,387				129				39,258				0
Foreign currency swap agreements			159				0				159				0
Credit derivatives written			3				0				3				0
Netting*6			(20,495	)			—				—				—
Net derivative Liabilities			35,543				—				—				—
Policy Liabilities and Policy Account Balances:			136,257				0				0				136,257
Variable annuity and variable life insurance contracts*8			136,257				0				0				136,257
Accounts Payable			15,259				0				0				15,259
Contingent Consideration			15,259				0				0				15,259
Total		¥	207,554			¥	129			¥	55,257			¥	152,168

September 30, 2025

		Millions of yen
		Total Carrying Value in Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Loans held for sale*1		¥	85,724			¥	0			¥	33,128			¥	52,596
Trading debt securities			834				0				834				0
Available-for-sale debt securities:			2,703,054				8,917				2,401,367				292,770
Japanese and foreign government bond securities*2			1,058,282				3,705				1,054,577				0
Japanese prefectural and foreign municipal bond securities			409,965				0				399,548				10,417
Corporate debt securities*3			941,119				5,212				815,639				120,268
CMBS and RMBS in the Americas			132,296				0				125,258				7,038
Other asset-backed securities and debt securities			161,392				0				6,345				155,047
Equity securities*4*5			446,978				127,195				136,746				183,037
Derivative assets:			84,038				61				75,132				8,845
Interest rate swap agreements			17,841				0				17,841				0
Options held/written and other			15,878				0				7,033				8,845
Futures, foreign exchange contracts			34,213				61				34,152				0
Foreign currency swap agreements			16,098				0				16,098				0
Credit derivatives held			8				0				8				0
Netting*6			(37,649	)			—				—				—
Net derivative assets			46,389				—				—				—
Other assets:			1,515				0				0				1,515
Reinsurance recoverables*7			1,515				0				0				1,515
Total		¥	3,322,143			¥	136,173			¥	2,647,207			¥	538,763
Liabilities:
Derivative liabilities:		¥	74,391			¥	200			¥	73,410			¥	781
Interest rate swap agreements			2,845				0				2,845				0
Options held/written and other			19,618				0				18,837				781
Futures, foreign exchange contracts			51,354				200				51,154				0
Foreign currency swap agreements			573				0				573				0
Credit derivatives written			1				0				1				0
Netting*6			(37,649	)			—				—				—
Net derivative Liabilities			36,742				—				—				—
Policy Liabilities and Policy Account Balances:			142,700				0				0				142,700
Variable annuity and variable life insurance contracts*8			142,700				0				0				142,700
Accounts Payable			18,168				0				0				18,168
Contingent Consideration			18,168				0				0				18,168
Total		¥	235,259			¥	200			¥	73,410			¥	161,649

*1 A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were a gain of ¥451 million and a loss of ¥1,077 million from the change in the fair value of the loans for the six months ended September 30, 2024 and 2025, respectively. No gains or losses were recognized in earnings during the six months ended September 30, 2024 and 2025 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2025, were ¥98,135 million and ¥97,694 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥441 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of September 30, 2025, were ¥85,865 million and ¥85,724 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥141 million. The amounts of aggregate unpaid principal balance and aggregate fair value of loans that are 90 days or more past due or, in non-accrual status as of March 31, 2025, were ¥17,098 million and ¥16,346 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥752 million. The amounts of aggregate unpaid principal balance and aggregate fair value of loans that are 90 days or more past due or, in non-accrual status as of September 30, 2025, were ¥11,635 million and ¥11,192 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥443 million.

*2 A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥41 million and ¥90 million from the change in the fair value of those investments for the six months ended September 30, 2024 and 2025, respectively. The amounts of aggregate fair value elected the fair value option were ¥5,379 million and ¥5,335 million as of March 31, 2025 and September 30, 2025, respectively.

*3 A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥415 million and ¥365 million from the change in the fair value of those investments for the six months ended September 30, 2024 and 2025, respectively. The amounts of aggregate fair value elected the fair value option were ¥10,679 million and ¥11,676 million as of March 31, 2025 and September 30, 2025, respectively.

*4 Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities. Included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” in the consolidated statements of income were gains of ¥1,799 million and ¥1,206 million from the change in the fair value of those investments for the six months ended September 30, 2024 and 2025, respectively. The amounts of aggregate fair value elected the fair value option were ¥24,960 million and ¥24,488 million as of March 31, 2025 and September 30, 2025, respectively.

*5 The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥118,666 million and ¥140,587 million as of March 31, 2025 and September 30, 2025, respectively.

*6 It represents the amount offset under counterparty netting of derivative assets and liabilities.

*7 Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets were ¥2,586 million and ¥1,515 million as of March 31, 2025 and September 30, 2025, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings during the six months ended September 30, 2024 and 2025, see Note 17 “Income and Expenses Relating to Life Insurance Operations.”

*8 Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances were ¥136,257 million and ¥142,700 million as of March 31, 2025 and September 30, 2025, respectively. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the six months ended September 30, 2024 and 2025, see Note 17 “Income and Expenses Relating to Life Insurance Operations.”

Reconciliation of Financial Assets and Liabilities (Net) Measured at Fair Value on Recurring Basis Using Significant Unobservable Input

The following tables present the reconciliation of financial assets and liabilities (net) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended September 30, 2024 and 2025:

Six months ended September 30, 2024

		Millions of yen
		Balance at April 1, 2024				Gains or losses (realized/unrealized)												Purchases*3				Sales				Settlements*4				Transfers in and/ or out of Level 3 (net)				Balance at September 30, 2024				Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, 2024*1				Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at September 30, 2024*2
						Included in earnings*1				Included in other comprehensive income*2				Total
Loans held for sale		¥	96,566			¥	(222	)		¥	(4,910	)		¥	(5,132	)		¥	453			¥	0			¥	(8,837	)		¥	0			¥	83,050			¥	56			¥	(4,910	)
Available-for-sale debt securities			319,297				(3,251	)			(6,019	)			(9,270	)			65,240				(50,630	)			(88,336	)			0				236,301				(3,649	)			25,351
Japanese prefectural and foreign municipal bond securities			10,922				(61	)			(476	)			(537	)			0				0				(9	)			0				10,376				(61	)			(476	)
Corporate debt securities			5,586				(124	)			(15	)			(139	)			0				0				(70	)			0				5,377				(325	)			(15	)
CMBS and RMBS in the Americas			7,165				0				(403	)			(403	)			0				0				0				0				6,762				0				(403	)
Other asset-backed securities and debt securities			295,624				(3,066	)			(5,125	)			(8,191	)			65,240				(50,630	)			(88,257	)			0				213,786				(3,263	)			26,245
Equity securities			162,857				(4,902	)			(9,831	)			(14,733	)			19,451				0				(1,923	)			0				165,652				(4,956	)			(9,834	)
Investment funds			162,857				(4,902	)			(9,831	)			(14,733	)			19,451				0				(1,923	)			0				165,652				(4,956	)			(9,834	)
Derivative assets and liabilities (net)			2,284				6,921				(538	)			6,383				0				0				0				0				8,667				6,921				(538	)
Options held/written and other			2,284				6,921				(538	)			6,383				0				0				0				0				8,667				6,921				(538	)
Other asset			2,786				(365	)			0				(365	)			476				0				(38	)			0				2,859				(365	)			0
Reinsurance recoverables*5			2,786				(365	)			0				(365	)			476				0				(38	)			0				2,859				(365	)			0
Policy Liabilities and Policy Account Balances			167,207				4,141				(104	)			4,037				0				0				(11,839	)			0				151,331				4,141				(104	)
Variable annuity and variable life insurance contracts*6			167,207				4,141				(104	)			4,037				0				0				(11,839	)			0				151,331				4,141				(104	)
Accounts Payable:			14,136				(382	)			344				(38	)			0				0				0				0				14,174				(382	)			344
Contingent Consideration			14,136				(382	)			344				(38	)			0				0				0				0				14,174				(382	)			344

Six months ended September 30, 2025

		Millions of yen
		Balance at April 1, 2025				Gains or losses (realized/unrealized)												Purchases*3				Sales				Settlements*4				Transfers in and/ or out of Level 3 (net)				Balance at September 30, 2025				Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, 2025*1				Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at September 30, 2025*2
						Included in earnings *1				Included in other comprehensive income*2				Total
Loans held for sale		¥	67,794			¥	(682	)		¥	(561	)		¥	(1,243	)		¥	63			¥	0			¥	(14,018	)		¥	0			¥	52,596			¥	(147	)		¥	(561	)
Available-for-sale debt securities			217,654				3,852				2,802				6,654				117,856				(560	)			(48,834	)			0				292,770				4,537				303
Japanese prefectural and foreign municipal bond securities			10,878				(177	)			(97	)			(274	)			0				0				(187	)			0				10,417				(177	)			(97	)
Corporate debt securities			4,252				4,792				4,016				8,808				107,208				0				0				0				120,268				4,792				(2	)
CMBS and RMBS in the Americas			7,082				0				(44	)			(44	)			0				0				0				0				7,038				0				(45	)
Other asset-backed securities and debt securities			195,442				(763	)			(1,073	)			(1,836	)			10,648				(560	)			(48,647	)			0				155,047				(78	)			447
Equity securities			162,210				5,797				(387	)			5,410				17,453				0				(2,036	)			0				183,037				5,815				(384	)
Investment funds			162,210				5,797				(387	)			5,410				17,453				0				(2,036	)			0				183,037				5,815				(384	)
Derivative assets and liabilities (net)			8,165				150				(251	)			(101	)			0				0				0				0				8,064				150				(251	)
Options held/written and other			8,165				150				(251	)			(101	)			0				0				0				0				8,064				150				(251	)
Other asset			2,586				(1,421	)			0				(1,421	)			412				0				(62	)			0				1,515				(1,421	)			0
Reinsurance recoverables*5			2,586				(1,421	)			0				(1,421	)			412				0				(62	)			0				1,515				(1,421	)			0
Policy Liabilities and Policy Account Balances			136,257				(17,278	)			264				(17,014	)			0				0				(10,571	)			0				142,700				(17,278	)			264
Variable annuity and variable life insurance contracts*6			136,257				(17,278	)			264				(17,014	)			0				0				(10,571	)			0				142,700				(17,278	)			264
Accounts Payable:			15,259				(244	)			(1,190	)			(1,434	)			1,475				0				0				0				18,168				(244	)			(1,190	)
Contingent Consideration			15,259				(244	)			(1,190	)			(1,434	)			1,475				0				0				0				18,168				(244	)			(1,190	)

*1 Principally, gains and losses from available-for-sale debt securities are included in “Gains on investment securities and dividends”, “Write-downs of securities” or “Life insurance premiums and related investment income”; equity securities are included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” and loans held for sale, derivative assets and liabilities (net), and accounts payable are included in “Other (income) and expense” respectively. Additionally, for available-for-sale debt securities, amortization of interest recognized in finance revenues is included in these columns.

*2 Unrealized gains and losses from loans held for sale are included in “Net change of foreign currency translation adjustments”, unrealized gains and losses from available-for-sale debt securities are included in “Net change of unrealized gains (losses) on investment in securities” and “Net change of foreign currency translation adjustments”, unrealized gains and losses from equity securities, and derivative assets and liabilities (net) are included mainly in “Net change of foreign currency translation adjustments”, unrealized gains and losses from policy liabilities and policy account balances are included in “Net change of debt valuation adjustments”, unrealized gains and losses from accounts payable are included in “Net change of foreign currency translation adjustments.”

*3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included.

*4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included.

*5 “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.”

*6 “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. For a reconciliation of the total amount of policy account balances and the balances of market risk benefits related to variable annuity and variable life insurance contracts during year ended March 31, 2025 and for the six months ended September 30, 2025, see Note 18 “Long-Durations Insurance Contracts Relating to Life Insurance Operations.”

Recorded Amounts of Major Assets Measured at Fair Value on Nonrecurring Basis

The following tables present recorded amounts of assets measured at fair value on a nonrecurring basis during year ended March 31, 2025 and the six months ended September 30, 2025. These assets are measured at fair value on a nonrecurring basis mainly to recognize impairment:

Year ended March 31, 2025

		Millions of yen
		Total Carrying Value in Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Real estate collateral-dependent loans (net of allowance for credit losses)		¥	5,881			¥	0			¥	0			¥	5,881
Investment in operating leases, property under facility operations and office facilities			8,105				0				0				8,105
Certain equity securities			15,193				0				15,193				0
Certain equity method investments			20,619				0				0				20,619
		¥	49,798			¥	0			¥	15,193			¥	34,605
Six months ended September 30, 2025
		Millions of yen
		Total Carrying Value in Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Loans held for sale		¥	168			¥	0			¥	47			¥	121
Real estate collateral-dependent loans (net of allowance for credit losses)			3,490				0				0				3,490
Investment in operating leases			234				0				0				234
Certain equity securities			37,465				0				37,465				0
Certain equity method investments			1,109				0				0				1,109
		¥	42,466			¥	0			¥	37,512			¥	4,954

Information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets and liabilities measured at fair value on a recurring basis

The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and September 30, 2025.

		March 31, 2025
		Millions of yen
		Fair value				Valuation technique(s)		Significant unobservable inputs		Range (Weighted average)
Assets:
Loans held for sale		¥	67,794			Discounted cash flows		Discount rate		7.0% – 12.1% (9.4%)
Available-for-sale debt securities:
Japanese prefectural and foreign municipal bond securities			6,319			Discounted cash flows		Discount rate		5.8% – 9.8% (8.0%)
			4,559			Appraisals/Broker quotes		—		—
Corporate debt securities			302			Discounted cash flows		Discount rate		1.5% (1.5%)
			3,950			Appraisals/Broker quotes		—		—
CMBS and RMBS in the Americas			7,082			Appraisals/Broker quotes		—		—
Other asset-backed securities and debt securities			34,670			Discounted cash flows		Discount rate		0.4% – 51.2% (5.5%)
								Probability of default		0.2% (0.2%)
			160,772			Appraisals/Broker quotes		—		—
Equity securities:
Investment funds and other			133,585			Discounted cash flows		WACC		13.3% – 23.7% (16.8%)
								EV/Terminal EBITDA multiple		4.2x-12x (8.8x)
						Market multiples		EV/Last twelve months EBITDA multiple		4.3x-9.5x (7.8x)
								EV/Forward EBITDA multiple		4.2x-9x (7.7x)
								EV/Precedent transaction last twelve months EBITDA multiple		4.3x-11.9x (8.7x)
			22,859			Appraisals/Broker quotes		—		—
			5,766			Discounted cash flows		Discount rate		11.5% – 12.0% (11.7%)
Derivative assets:
Options held/written and other			8,297			Discounted cash flows		Discount rate		12.0% – 33.0% (14.7%)
			520			Appraisals/Broker quotes		—		—
Other assets:
Reinsurance recoverables			2,586			Discounted cash flows		Discount rate		0.5% – 2.4% (1.3%)
								Mortality rate		0.0% – 100.0% (2.9%)
								Lapse rate		1.5% – 14.0% (4.7%)
								Annuitization rate (guaranteed minimum annuity benefit)		100.0% (100.0%)
Total		¥	459,061
Liabilities:
Derivative liabilities:
Options held/written and other		¥	652			Discounted cash flows		Discount rate		12.0% – 33.0% (14.7%)
Policy liabilities and Policy Account Balances:
Variable annuity and variable life insurance contracts			136,257			Discounted cash flows		Discount rate		0.5% – 2.4% (1.3%)
								Mortality rate		0.0% – 100.0% (2.3%)
								Lapse rate		1.5% – 30.0% (5.7%)
								Annuitization rate (guaranteed minimum annuity benefit)		0.0% – 100.0% (67.1%)
Accounts Payable:
Contingent Consideration			15,259			Discounted cash flows		EV/Terminal EBITDA multiple		15.0x (15.0x)
Total		¥	152,168

		September 30, 2025
		Millions of yen
		Fair value				Valuation technique(s)		Significant unobservable inputs		Range (Weighted average)
Assets:
Loans held for sale		¥	52,596			Discounted cash flows		Discount rate		6.8% – 11.3% (8.8%)
Available-for-sale debt securities:
Japanese prefectural and foreign municipal bond securities			5,996			Discounted cash flows		Discount rate		4.2% – 9.8% (7.8%)
			4,421			Appraisals/Broker quotes		—		—
Corporate debt securities			116,025			Discounted cash flows		Discount rate		5.5% (5.5%)
								Equity Volatility		60.0% (60.0%)
			3,933			Appraisals/Broker quotes		—		—
			310			Discounted cash flows		Discount rate		1.6% (1.6%)
CMBS and RMBS in the Americas			7,038			Appraisals/Broker quotes		—		—
Other asset-backed securities and debt securities			41,268			Discounted cash flows		Discount rate		0.4% – 51.2% (5.3%)
								Probability of default		0.2% (0.2%)
			113,779			Appraisals/Broker quotes		—		—
Equity securities:
Investment funds			154,908			Market multiples		EV/Last twelve months EBITDA multiple		3.5x-9.3x (8.0x)
								EV/Forward EBITDA multiple		7.4 (7.4x)
			22,388			Appraisals/Broker quotes		—		—
			5,741			Discounted cash flows		Discount rate		11.5% – 12.0% (11.7%)
Derivative assets:
Options held/written and other			8,495			Discounted cash flows		Discount rate		12.0% – 33.0% (14.8%)
			350			Appraisals/Broker quotes		—		—
Other assets:
Reinsurance recoverables			1,515			Discounted cash flows		Discount rate		0.7% – 2.6% (1.4%)
								Mortality rate		0.0% – 100.0% (3.2%)
								Lapse rate		1.5% – 14.0% (4.7%)
								Annuitization rate (guaranteed minimum annuity benefit)		100.0% (100.0%)
Total		¥	538,763
Liabilities:
Derivative liabilities:
Options held/written and other		¥	781			Discounted cash flows		Discount rate		12.0% – 33.0% (14.8%)
Policy liabilities and Policy Account Balances:
Variable annuity and variable life insurance contracts			142,700			Discounted cash flows		Discount rate		0.7% – 2.6% (1.4%)
								Mortality rate		0.0% – 100.0% (2.3%)
								Lapse rate		1.5% – 30.0% (5.7%)
								Annuitization rate (guaranteed minimum annuity benefit)		0.0% – 100.0% (65.7%)
Accounts Payable:
Contingent Consideration			16,679			Discounted cash flows		EV/Terminal EBITDA multiple		15.0x (15.0x)
			1,489			Discounted cash flows		Discount rate		4.8% – 5.0% (4.9%)
								EBTDA Volatility		35.0% (35.0%)
Total		¥	161,649

Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Nonrecurring Basis

The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets measured at fair value on a nonrecurring basis during year ended March 31, 2025 and the six months ended September 30, 2025.

		March 31, 2025
		Millions of yen
		Fair value				Valuation technique(s)		Significant unobservable inputs		Range (Weighted average)
Assets:
Real estate collateral-dependent loans (net of allowance for credit losses)		¥	1,064			Direct capitalization		Capitalization rate		4.4% – 5.2% (4.7%)
			4,817			Appraisals/Broker quotes		—		—
Investment in operating leases, property under facility operations and office facilities			3,314			Discounted cash flows		Discount rate		6.1% (6.1%)
			4,791			Appraisals/Broker quotes		—		—
Certain equity method investments			20,619			Appraisals/Broker quotes		—		—
		¥	34,605

		September 30, 2025
		Millions of yen
		Fair value				Valuation technique(s)		Significant unobservable inputs		Range (Weighted average)
Assets:
Loans held for sale		¥	121			Discounted cash flows		Discount rate		5.0% – 8.0% (6.5%)
Real estate collateral-dependent loans (net of allowance for credit losses)			1,142			Direct capitalization		Capitalization rate		4.7% – 5.5% (4.9%)
			2,348			Appraisals/Broker quotes		—		—
Investment in operating leases			234			Appraisals/Broker quotes		—		—
Certain equity method investments			1,109			Appraisals/Broker quotes		—		—
		¥	4,954

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-Topic 820
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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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