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TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables)

12 Months Ended

Mar. 31, 2024

Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]

Schedule of trading and available-for-sale securities

As of March 31, 2024 and 2023, trading and available-for-sale securities consisted of:

			March 31, 2024						March 31, 2023
Non-U.S. sovereign debt			$	2,409,126					$	1,029,857
Corporate debt			1,108,870						1,269,879
Corporate equity			126,103						65,741
U.S. sovereign debt			43,173						45,022
Exchange traded notes			1,348						2,057
Total trading securities			$	3,688,620					$	2,412,556
Corporate debt			173,568						191,082
Non-US sovereign debt			27,016						40,162
US sovereign debt			16,037						7,809
Total available-for-sale securities, at fair value			$	216,621					$	239,053

The following tables present maturity analysis for available-for-sale securities as of March 31, 2024 and March 31, 2023:

			March 31, 2024
			Remaining contractual maturity of the agreements
			Up to 1 year						1-5 years						5-10 years						More than 10 years						Total
Corporate debt			65,415						44,374						59,553						4,226						173,568
Non-US sovereign debt			7,839						7,310						5,797						6,070						27,016
US sovereign debt			—						5,059						9,753						1,225						16,037
Total available-for-sale securities, at fair value			$	73,254					$	56,743					$	75,103					$	11,521					$	216,621

			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

Schedule of present securities assets at fair value

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, 2024 and March 31, 2023:

			Weighted average interest rate						Total						Fair Value Measurements at March 31, 2024 using
															Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant unobservable units
															(Level 1)						(Level 2)						(Level 3)
Non-U.S. sovereign debt			11.61		%				$	2,409,126					$	1,592,380					$	816,746					$	—
Corporate debt			14.83		%				1,108,870						171,218						937,360						292
Corporate equity									126,103						102,134						3,819						20,150
U.S. sovereign debt			4.98		%				43,173						43,173						—						—
Exchange traded notes									1,348						1,045						303						—
Total trading securities									$	3,688,620					$	1,909,950					$	1,758,228					$	20,442
Corporate debt			15.53		%				173,568						47,135						126,433						—
Non-U.S. sovereign debt			10.48		%				27,016						12,378						14,638						—
U.S. sovereign debt			3.54		%				16,037						16,037						—						—
Total available-for-sale securities, at fair value									$	216,621					$	75,550					$	141,071					$	—

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

Schedule of valuation techniques and significant level 3 inputs

The tables below present the Valuation Techniques and Significant Level 3 inputs used in the valuation as of March 31, 2024 and March 31, 2023. 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, 2024

Significant Unobservable Inputs

%

Corporate debt

DCF

$

292

Discount rate

74.0%

Estimated number of years

3 months

Corporate equity

DCF

20,007

Discount rate

13.0%

Estimated number of years

4 years, 6 months

Termination multiplier

27x

Corporate equity

DCF

143

Discount rate

58.8%

Estimated number of years

9 years

$

20,442

Type

Valuation Technique

FV as of March 31, 2023

Significant Unobservable Inputs

%

Non-US sovereign debt

DCF

$

3,776

Discount rate

48.8%

Estimated number of years

11 years

Corporate debt

DCF

400

Discount rate

74.0%

Estimated number of years

3 months

Corporate equity

DCF

962

Discount rate

58.8%

Estimated number of years

9 years

$

5,138

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the years ended March 31, 2024 and March 31, 2023:

			Trading securities
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
Reclassification to Level 2			(32)
Deconsolidation of Freedom UA securities			(3,927)
Sale of investments that use Level 3 inputs			(15,856)
Purchase of investments that use Level 3 inputs			35,807
Revaluation of investments that use Level 3 inputs			(132)
Reclassification to investment in associate			(556)
Balance as of March 31, 2024			$	20,442

Schedule of amortized cost, unrealized gains and losses accumulated in other comprehensive income, and fair value of available-for-sale securities

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, 2024 and 2023:

			March 31, 2024
						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						$	172,689					$	(61)					$	940					$	173,568					2024 - 2039
Non-US sovereign debt						29,121						(352)						(1,753)						27,016						2024 - indefinite
U.S. sovereign debt						16,767						—						(730)						16,037						2027 - 2044
Total available-for-sale securities, at fair value						$	218,577					$	(413)					$	(1,543)					$	216,621

			March 31, 2023
						Assets measured at amortized cost						Recognized impairment loss in Income Statement						Unrealized 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

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