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TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables) | 3 Months Ended
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Jun. 30, 2021
TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE |
Schedule of trading securities |
|  | June 30, 2021 |  |  | March 31, 2021 |
Corporate debt |  | $ | 447,283 |  |  | $ | 334,763 |
Non-US sovereign debt |  |  | 302,086 |  |  |  | 333,619 |
Corporate equity |  |  | 49,920 |  |  |  | 47,340 |
US sovereign debt |  |  | 13,041 |  |  |  | 10,828 |
Exchange traded notes |  |  | 13,034 |  |  |  | 9,638 |
Total trading securities |  | $ | 825,364 |  |  | $ | 736,188 |
Equity securities |  | $ | 1 |  |  | $ | - |
Preferred shares |  |  | - |  |  |  | 1 |
Total available-for-sale securities, at fair value |  | $ | 1 |  |  | $ | 1 |
Schedule of Significant unobservable inputs relevant to determination of fair value |
|  |  |  |  |  |  |  | Fair Value Measurements at March 31, 2021 using |
|  | Weighted Average |  |  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Units |
|  | Interest Rate |  |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Corporate debt |  |  | 9.22 | % |  | $ | 334,763 |  |  | $ | 334,403 |  |  | $ | - |  |  | $ | 360 |
Non-U.S. sovereign debt |  |  | 8.06 | % |  |  | 333,619 |  |  |  | 333,619 |  |  |  | - |  |  |  | - |
Corporate equity |  |  | - |  |  |  | 47,340 |  |  |  | 28,630 |  |  |  | 1 |  |  |  | 18,709 |
U.S. sovereign debt |  |  | 1.68 | % |  |  | 10,828 |  |  |  | 10,828 |  |  |  | - |  |  |  | - |
Exchange traded notes |  |  | - |  |  |  | 9,638 |  |  |  | 9,638 |  |  |  | - |  |  |  | - |
Total trading securities |  |  |  |  |  | $ | 736,188 |  |  | $ | 717,118 |  |  | $ | 1 |  |  | $ | 19,069 |
Equity securities |  |  | - |  |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | 1 |
Total available-for-sale securities, at fair value |  |  |  |  |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | 1 |
Schedule of investments |
Type |  | Valuation Technique |  | FV as of June 30, 2021 |  |  | FV as of March 31, 2021 |  |  | Significant Unobservable Inputs |  | % |
Corporate equity |  | DCF |  | $ | 18,411 |  |  | $ | 18,408 |  |  | Discount rate |  |  | 10.6% |
|  |  |  |  |  |  |  |  |  |  |  | Estimated number of years |  |  | 9 years |
Corporate debt |  | DCF |  | $ | 370 |  |  | $ | 360 |  |  | Discount rate |  |  | 16.5% |
|  |  |  |  |  |  |  |  |  |  |  | Estimated number of years |  |  | 9 years |
Corporate equity |  | DCF |  | $ | 365 |  |  | $ | 301 |  |  | Discount rate |  |  | 18.5% |
|  |  |  |  |  |  |  |  |  |  |  | Estimated number of years |  |  | 9 years |
Non-US sovereign debt |  | DCF |  | $ | 1,000 |  |  |  | - |  |  | Discount rate |  |  | 13.3% |
|  |  |  |  |  |  |  |  |  |  |  | Estimated number of years |  |  | 6 months |
Non-US sovereign debt |  | DCF |  | $ | 905 |  |  |  | - |  |  | Discount rate |  |  | 13.81% |
|  |  |  |  |  |  |  |  |  |  |  | Estimated number of years |  |  | 1 year |
Total |  |  |  | $ | 21,051 |  |  | $ | 19,069 |  |  |  |  |  |  |
|  | Trading securities |  |  | Available-for-sale securities |
Balance as of March 31, 2021 |  | $ | 19,069 |  |  | $ | 1 |
Purchase of investments that use Level 3 inputs |  |  | 1,907 |  |  |  | - |
Revaluation of investments that use Level 3 inputs |  |  | 75 |  |  |  | - |
Balance as of June 30, 2021 |  | $ | 21,051 |  |  |  | 1 |
Balance as of March 31, 2020 |  | $ | 11,259 |  |  | $ | 1 |
Sale of investments that use Level 3 inputs |  |  | (2 | ) |  |  | - |
Purchase of investments that use Level 3 inputs |  |  | 834 |  |  |  | - |
Revaluation of investments that use Level 3 inputs |  |  | 6,978 |  |  |  | - |
Balance as of March 31, 2021 |  | $ | 19,069 |  |  | $ | 1 |
Fair value of available for sale securities |
|  | June 30, 2021 |
|  | Assets measured at amortized cost |  |  | Unrealized loss accumulated in other comprehensive income/(loss) |  |  | Assets measured at fair value |
Equity securities |  | $ | 1 |  |  | $ | - |  |  | $ | 1 |
Balance as of June 30, 2021 |  | $ | 1 |  |  | $ | - |  |  | $ | 1 |
|  | March 31, 2021 |
|  | Assets measured at amortized cost |  |  | Unrealized loss accumulated in other comprehensive income/(loss) |  |  | Assets measured at fair value |
Equity securities |  | $ | 1 |  |  | $ | - |  |  | $ | 1 |
Balance as of March 31, 2021 |  | $ | 1 |  |  | $ | - |  |  | $ | 1 |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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