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TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE | 9 Months Ended
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Dec. 31, 2023
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] |
TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE | TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE As of December 31, 2023, and March 31, 2023, trading and available-for-sale securities consisted of:
| December 31, 2023 |  | March 31, 2023
Non-U.S. sovereign debt | $ | 2,370,508 |  |  | $ | 1,029,857 |
Corporate debt | 1,165,732 |  |  | 1,269,879 |
Corporate equity | 99,589 |  |  | 65,741 |
U.S. sovereign debt | 43,231 |  |  | 45,022 |
Exchange traded notes | 1,393 |  |  | 2,057 |
Total trading securities | $ | 3,680,453 |  |  | $ | 2,412,556 |
| December 31, 2023 |  | March 31, 2023
Corporate debt | $ | 127,402 |  |  | $ | 191,082 |
Non-U.S. sovereign debt | 62,987 |  |  | 40,162 |
U.S. sovereign debt | 12,108 |  |  | 7,809 |
Total available-for-sale securities, at fair value | $ | 202,497 |  |  | $ | 239,053 |
The following tables present maturity analysis for available-for-sale securities as of December 31, 2023, and March 31, 2023:
| December 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 | 34,691 |  |  | 48,898 |  |  | 43,803 |  |  | 10 |  |  | 127,402 |
Non-US sovereign debt | 43,581 |  |  | 7,054 |  |  | 5,718 |  |  | 6,634 |  |  | 62,987 |
US sovereign debt | 9,145 |  |  | — |  |  | 1,700 |  |  | 1,263 |  |  | 12,108 |
Total available-for-sale securities, at fair value | $ | 87,417 |  |  | $ | 55,952 |  |  | $ | 51,221 |  |  | $ | 7,907 |  |  | $ | 202,497 |
| 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 |
As of December 31, 2023, the Group held debt securities of two issuers each of which individually exceeded 10% of the Group’s total trading securities - the Ministry of Finance of the Republic of Kazakhstan (Fitch: BBB credit rating) in the amount of $2,357,330 and Kazakhstan Sustainability Fund JSC (Fitch: BBB credit rating) in the amount of $721,133. As of March 31, 2023, the Group held debt securities of two issuers each of which individually exceeded 10% of the Group’s total trading securities - the Ministry of Finance of the Republic of Kazakhstan and the Kazakhstan Sustainability Fund JSC in the amounts of $1,015,161 and $834,917, respectively. The debt securities issued by the Ministry of Finance of the Republic of Kazakhstan and Kazakhstan Sustainability Fund JSC are categorized as non-US sovereign debt and corporate debt, respectively. As of December 31, 2023 and March 31, 2023 the Group recognized $342 and $390, respectively, other-than-temporary impairment in accumulated other comprehensive loss. 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 Group 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 Group is valuing and the selected benchmark. Depending on the type of securities owned by the Group, 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. The valuation hierarchy contains three levels: •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 securities assets in the Сondensed Сonsolidated Balance Sheets or disclosed in the Notes to the condensed consolidated financial statements at fair value on a recurring basis as of December 31, 2023, and March 31, 2023:
| Weighted Average Interest Rate |  | Total |  | Fair Value Measurements as of December 31, 2023 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 | 12.51 | % |  | $ | 2,370,508 |  |  | $ | 1,443,144 |  |  | $ | 927,330 |  |  | $ | 34 |
Corporate debt | 15.52 | % |  | 1,165,732 |  |  | 397,767 |  |  | 751,490 |  |  | 16,475 |
Corporate equity | — | % |  | 99,589 |  |  | 77,577 |  |  | 1,603 |  |  | 20,409 |
U.S. sovereign debt | 4.71 | % |  | 43,231 |  |  | 43,231 |  |  | — |  |  | — |
Exchange traded notes | — | % |  | 1,393 |  |  | 908 |  |  | 485 |  |  | — |
Total trading securities |  |  | $ | 3,680,453 |  |  | $ | 1,962,627 |  |  | $ | 1,680,908 |  |  | $ | 36,918 |
Corporate debt | 16.67 | % |  | $ | 127,402 |  |  | $ | 40,645 |  |  | $ | 86,757 |  |  | $ | — |
Non-US sovereign debt | 13.51 | % |  | 62,987 |  |  | 50,557 |  |  | 12,430 |  |  | — |
US sovereign debt | 4.37 | % |  | 12,108 |  |  | 12,108 |  |  | — |  |  | — |
Total available-for-sale securities, at fair value |  |  | $ | 202,497 |  |  | $ | 103,310 |  |  | $ | 99,187 |  |  | $ | — |
| Weighted Average Interest Rate |  | Total |  | Fair Value Measurements as of 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 |  |  | $ | — |
The tables below present the valuation techniques and significant level 3 inputs used in the valuation as of December 31, 2023, and March 31, 2023. The tables are not intended to be all inclusive, but instead capture the significant unobservable inputs relevant to determination of fair value.
Type |  | Valuation Technique |  | FV as of December 31, 2023 |  | Significant Unobservable Inputs |  | %
Corporate debt |  | DCF |  | $ | 16,220 |  |  | Discount rate |  | 11.1%
|  |  |  |  |  | Estimated number of years |  | 2 years
Corporate debt |  | DCF |  | 255 |  |  | Discount rate |  | 74.0%
|  |  |  |  |  | Estimated number of years |  | 3 months
Corporate equity |  | DCF |  | 20,022 |  |  | Discount rate |  | 13.0%
|  |  |  |  |  | Estimated number of years |  | 4 years, 6 months
Non-U.S. sovereign debt |  | DCF |  | 34 |  |  | Discount rate |  | 48.8%
|  |  |  |  |  | Estimated number of years |  | 11 years
Corporate equity |  | DCF |  | 387 |  |  | Discount rate |  | 58.8%
|  |  |  |  |  | Estimated number of years |  | 9 years
Total |  |  |  | $ | 36,918 |  |  |  |  |
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
Total |  |  |  | $ | 5,138 |  |  |  |  |
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended December 31, 2023, and the year ended March 31, 2023:
|  | Trading securities
Balance as of March 31, 2023 |  | $ | 5,138 |
Purchase of investments that use Level 3 inputs |  | 35,805 |
Deconsolidation of Freedom UA securities |  | (3,927) |
Revaluation of investments that use Level 3 inputs |  | 458 |
Reclassification to investment in associate |  | (556) |
Balance as of December 31, 2023 |  | $ | 36,918 |
Balance as of March 31, 2022 |  | $ | 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 December 31, 2023, and March 31, 2023:
| December 31, 2023 |  |
|  | Assets measured at amortized cost |  | Recognized impairment loss in Income Statement |  | Unrealized loss accumulated in other comprehensive loss |  | Assets measured at fair value |  | Maturity Date
Corporate debt |  | $ | 127,073 |  |  | $ | (61) |  |  | $ | 390 |  |  | $ | 127,402 |  |  | 2024-2035
Non-US sovereign debt |  | 64,799 |  |  | (281) |  |  | (1,531) |  |  | 62,987 |  |  | 2024-indefinite
U.S. sovereign debt |  | 12,776 |  |  | — |  |  | (668) |  |  | 12,108 |  |  | 2024-2044
Total available-for-sale securities, at fair value |  | $ | 204,648 |  |  | $ | (342) |  |  | (1,809) |  |  | $ | 202,497 |  |  |
|  | 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-U.S. 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 |  |  |
NET (LOSS)/GAIN ON TRADING SECURITIES During the three months ended December 31, 2023, and December 31, 2022, net (loss)/gain on trading securities was comprised of:
| Three Months Ended December 31, 2023 |  | Three Months Ended December 31, 2022
Net gain/(loss) recognized during the period on trading securities sold during the period | $ | 9,353 |  |  | $ | (47,801) |
Net unrealized (loss)/gain recognized during the reporting period on trading securities still held at the reporting date | (14,442) |  |  | 73,257 |
Net (loss)/gain recognized during the period on trading securities | $ | (5,089) |  |  | $ | 25,456 |
| Nine Months Ended December 31, 2023 |  | Nine Months Ended December 31, 2022
Net gain/(loss) recognized during the period on trading securities sold during the period | $ | 61,276 |  |  | $ | (26,790) |
Net unrealized gain recognized during the reporting period on trading securities still held at the reporting date | 16,222 |  |  | 65,684 |
Net gain recognized during the period on trading securities | $ | 77,498 |  |  | $ | 38,894 |
During the three months ended December 31, 2023 the Group sold securities for a gain of $9,353 and recognized unrealized loss in amount of $14,442. The principal factor contributing to the unrealized net loss is the decline in prices of debt securities within the Kazakhstan Sustainability Fund JSC we continued to hold at December 31, 2023. During the three months ended December 31, 2022 the Group sold securities for a loss of $47,801 and recognized unrealized gain in amount of $73,257.

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