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TRADING AND AVAILABLEFORSALE SECURITIES AT FAIR VALUE (Tables) | 6 Months Ended
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Sep. 30, 2021
TRADING AND AVAILABLEFORSALE SECURITIES AT FAIR VALUE |
Schedule of trading securities |
|  | September 30, 2021 |  |  | March 31, 2021 |
Corporate debt |  | $ | 618,428 |  |  | $ | 334,763 |
Non-US sovereign debt |  |  | 261,442 |  |  |  | 333,619 |
Corporate equity |  |  | 70,377 |  |  |  | 47,340 |
Exchange traded notes |  |  | 17,028 |  |  |  | 9,638 |
US sovereign debt |  |  | 7,206 |  |  |  | 10,828 |
Total trading securities |  | $ | 974,481 |  |  | $ | 736,188 |
Equity securities |  | $ | 1 |  |  | $ | 1 |
Total available-for-sale securities, at fair value |  | $ | 1 |  |  | $ | 1 |
|  |  |  |  |  |  |  | Fair Value Measurements at |
|  |  |  |  |  |  |  | September 30, 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 |  |  | 8.3 | % |  | $ | 618,428 |  |  | $ | 618,050 |  |  | $ | - |  |  | $ | 378 |
Non-U.S. sovereign debt |  |  | 7.88 | % |  |  | 261,442 |  |  |  | 259,480 |  |  |  | - |  |  |  | 1,962 |
Corporate equity |  |  | - |  |  |  | 70,377 |  |  |  | 19,710 |  |  |  | 50,291 |  |  |  | 376 |
Exchange traded notes |  |  | - |  |  |  | 17,028 |  |  |  | 17,028 |  |  |  | - |  |  |  | - |
U.S. sovereign debt |  |  | 1.6 | % |  |  | 7,206 |  |  |  | 7,206 |  |  |  | - |  |  |  | - |
Total trading securities |  |  |  |  |  | $ | 974,481 |  |  | $ | 921,474 |  |  | $ | 50,291 |  |  | $ | 2,716 |
Equity securities |  |  |  |  |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | 1 |
Total available-for-sale securities, at fair value |  |  |  |  |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | 1 |
|  |  |  |  |  |  |  | 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 Significant unobservable inputs relevant to determination of fair value |
Type |  | Valuation Technique |  | FV as of September 30, 2021 |  |  | FV as of March 31, 2021 |  |  | Significant Unobservable Inputs |  | % |
Corporate equity |  | DCF |  | $ | - |  |  | $ | 18,408 |  |  | Discount rate |  |  | 10.6 | %
|  |  |  |  |  |  |  |  |  |  |  | Estimated number of years |  | 9 years |
Corporate debt |  | DCF |  | $ | 374 |  |  | $ | 360 |  |  | Discount rate |  |  | 16.5 | %
|  |  |  |  |  |  |  |  |  |  |  | Estimated number of years |  | 9 years |
Corporate equity |  | DCF |  | $ | 380 |  |  | $ | 301 |  |  | Discount rate |  |  | 18.5 | %
|  |  |  |  |  |  |  |  |  |  |  | Estimated number of years |  | 9 years |
Non-US sovereign debt |  | DCF |  | $ | 1,030 |  |  |  | - |  |  | Discount rate |  |  | 13.3 | %
|  |  |  |  |  |  |  |  |  |  |  | Estimated number of years |  | 6 months |
Non-US sovereign debt |  | DCF |  | $ | 932 |  |  |  | - |  |  | Discount rate |  |  | 13.8 | %
|  |  |  |  |  |  |  |  |  |  |  | Estimated number of years |  | 1 year |
Total |  |  |  | $ | 2,716 |  |  | $ | 19,069 |  |  |  |  |  |  |
Schedule of investments |
|  | Trading securities |  |  | Available-for-sale securities |
Balance as of March 31, 2021 |  | $ | 19,069 |  |  | $ | 1 |
Reclassification to level 2 |  |  | (18,408 | ) |  |  | - |
Purchase of investments that use Level 3 inputs |  |  | 1,965 |  |  |  | - |
Revaluation of investments that use Level 3 inputs |  |  | 90 |  |  |  | - |
Balance as of September 30, 2021 |  | $ | 2,716 |  |  | $ | 1 |
|  | Trading securities |  |  | Available-for-sale securities |
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 |
|  |  |  |  | September 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 September 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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