
	March 31, 2023		March 31, 2022
			(Recasted)
Corporate debt	$	1,269,879	$	712,134
Non-US sovereign debt	1,029,857		360,570
Corporate equity	65,741		72,354
US sovereign debt	45,022		10,435
Exchange traded notes	2,057		2,884
Total trading securities	$	2,412,556	$	1,158,377

Corporate equity	—		1
Corporate debt	191,082		145,836
Non-US sovereign debt	40,162		12,997
US sovereign debt	7,809		2,530
Total available-for-sale securities, at fair value	$	239,053	$	161,364


	March 31, 2023
	Remaining contractual maturity of the agreements
	Up to 1 year		1-5 years		5-10 years		More than 10 years		Total

Corporate debt	77,006		82,579		31,486		11		191,082
Non-US sovereign debt	—		33,143		820		6,199		40,162
US sovereign debt	1,947		2,805		1,725		1,332		7,809
Total available-for-sale securities, at fair value	$	78,953	$	118,527	$	34,031	$	7,542	$	239,053


	March 31, 2022
	Remaining contractual maturity of the agreements
	Up to 1 year		1-5 years		5-10 years		More than 10 years		Total

Corporate debt	69,364		50,155		26,284		33		145,836
Non-US sovereign debt	1,692		864		1,086		9,355		12,997
US sovereign debt	—		—		—		2,530		2,530
Corporate equity	—		—		—		1		1
Total available-for-sale securities, at fair value	$	71,056	$	51,019	$	27,370	$	11,919	$	161,364

As of March 31, 2023, the Company held debt securities of two issuers which individually exceeded 10% of the Company's total trading securities - Kazakhstan Sustainability Fund JSC (Fitch: BBB credit rating) in the amount of $834,917 and the Ministry of Finance of the Republic of Kazakhstan (S&P Global: BBB- credit rating) in the amount of $1,015,161. As of March 31, 2022, the Company held debt securities of two issuers which individually exceeded 10% of the Company's total trading securities - the Ministry of Finance of the Republic of Kazakhstan and the Kazakhstan Sustainability Fund JSC in the amounts of $357,343 and $488,560, respectively.

The fair value of securities is determined using observable market data based on recent trading activity. Where observable market data is unavailable due to a lack of trading activity, the Company utilizes internally developed models to estimate fair value and independent third parties to validate assumptions, when appropriate. Estimating fair value requires significant management judgment, including benchmarking to similar instruments with observable market data and applying appropriate discounts that reflect differences between the securities that the Company is valuing and the selected benchmark. Depending on the type of securities owned by the Company, other valuation methodologies may be required.

Measurement of fair value is classified within a hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement.


•Level 1 - Valuation inputs are unadjusted quoted market prices for identical assets or liabilities in active markets.
•Level 2 - Valuation inputs are quoted market prices for identical assets or liabilities in markets that are not active, quoted market prices for similar assets and liabilities in active markets, and other observable inputs directly or indirectly related to the asset or liability being measured.
•Level 3 - Valuation inputs are unobservable and significant to the fair value measurement.

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, 2023 and 2022:


	Weighted average interest rate		Total		Fair Value Measurements at March 31, 2023 using
					Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant unobservable units (Level 3)

Corporate debt	15.62	%	$	1,269,879	$	1,106,584	$	162,895	$	400
Non-U.S. sovereign debt	12.04	%	1,029,857		971,762		54,319		3,776
Corporate equity	—		65,741		62,971		1,808		962
U.S. sovereign debt	4.22	%	45,022		45,022		—		—
Exchange traded notes	—		2,057		447		1,610		—

Total trading securities			$	2,412,556	$	2,186,786	$	220,632	$	5,138

Corporate debt	15.78	%	191,082		129,504		61,578		—
Non-U.S. sovereign debt	13.64	%	40,162		39,624		538		—
U.S. sovereign debt	4.24	%	7,809		7,809		—		—

Total available-for-sale securities, at fair value			$	239,053	$	176,937	$	62,116	$	—


	Weighted average interest rate		Total		Fair Value Measurements at March 31, 2022 (Recasted) using
					Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant unobservable units (Level 3)

Corporate debt	9.09	%	$	712,134	$	711,539	$	—	$	595
Non-U.S. sovereign debt	13.15	%	360,570		352,274		—		8,296
Corporate equity	—		72,354		71,827		276		251
U.S. sovereign debt	2.35	%	10,435		10,435		—		—
Exchange traded notes	—		2,884		2,884		—		—

Total trading securities			$	1,158,377	$	1,148,959	$	276	$	9,142

Corporate equity	—		$	1	—		—		1
Corporate debt	11.09	%	145,836		145,836		—		—
Non-U.S. sovereign debt	5.51	%	12,997		12,997		—		—
U.S. sovereign debt	2.17	%	2,530		2,530		—		—

Total available-for-sale securities, at fair value			$	161,364	$	161,363	$	—	$	1

The table below presents the Valuation Techniques and Significant Level 3 Inputs used in the valuation as of March 31, 2023 and 2022. 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, 2023

Significant Unobservable Inputs

Corporate equity

DCF

961

Discount rate

58.8%

Estimated number of years

9 years

Corporate debt

DCF

399

Discount rate

74.0%

Estimated number of years

3 months

Non-US sovereign debt

DCF

3,778

Discount rate

48.8%

Estimated number of years

11 years

5,138

Type

Valuation

Technique

FV as of March 31, 2022

Significant Unobservable Inputs

Corporate equity

DCF

251

Discount rate

20.0%

Estimated number of years

9 years

Corporate debt

DCF

595

Discount rate

45.0%

Estimated number of years

3 months

Non-US sovereign debt

DCF

7,524

Discount rate

69.0%

Estimated number of years

11 years

Non-US sovereign debt

DCF

772

Discount rate

13.9%

Estimated number of years

1 year

9,142


	Trading securities
Balance as of March 31, 2021 (Recasted)	$	19,033

Reclassification to level 3	682
Reclassification to level 1	(18,371)
Purchase of investments that use Level 3 inputs	10,812
Revaluation of investments that use Level 3 inputs	(3,014)
Balance as of March 31, 2022 (Recasted)	$	9,142

Reclassification to level 2	(1,339)
Sale of investments that use Level 3 inputs	(5,213)
Purchase of investments that use Level 3 inputs	2,604
Revaluation of investments that use Level 3 inputs	(56)
Balance as of March 31, 2023	$	5,138

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, 2023 and 2022:


	March 31, 2023
		Assets measured at amortized cost		Recognized impairment loss in Income Statement		Unrealized gain/(loss) accumulated in other comprehensive income/(loss)		Assets measured at fair value		Maturity Date

Corporate debt		$	192,167	$	(402)	$	(683)	$	191,082	2023 - 2035
Non-US sovereign debt		42,456		—		(2,294)		40,162		2024 - indefinite
U.S. sovereign debt		8,391		—		(582)		7,809		2023 - 2044
Total available-for-sale securities, at fair value		$	243,014	$	(402)	$	(3,559)	$	239,053


	March 31, 2022 (Recasted)
		Assets measured at amortized cost		Unrealized gain/(loss) accumulated in other comprehensive income/(loss)		Assets measured at fair value		Maturity Date

Corporate debt		$	146,111	$	(275)	$	145,836	2022 - 2035
Non-US sovereign debt		13,784		(787)		12,997		2022 - indefinite
U.S. sovereign debt		2,912		(382)		2,530		2044
Corporate equity		1		—		1		not applicable
Total available-for-sale securities, at fair value		$	162,808	$	(1,444)	$	161,364