XML 68 R41.htm IDEA: XBRL DOCUMENT v3.24.2.u1
TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables)
 3 Months Ended
Jun. 30, 2024
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]  
Schedule of trading and available-for-sale securities
As of June 30, 2024, and March 31, 2024, trading and available-for-sale securities consisted of:
 June 30, 2024March 31, 2024
 
Non-U.S. sovereign debt$2,135,862 $2,409,126 
Corporate debt1,084,410 1,108,870 
Corporate equity123,520 126,103 
U.S. sovereign debt43,452 43,173 
Exchange traded notes6,692 1,348 
Total trading securities$3,393,936 $3,688,620 
June 30, 2024March 31, 2024
Corporate debt$194,327 $173,568 
Non-U.S. sovereign debt52,413 27,016 
U.S. sovereign debt16,120 16,037 
Total available-for-sale securities, at fair value$262,860 $216,621 
Schedule of maturity of available for sale securities
The following tables present maturity analysis for available-for-sale securities as of June 30, 2024, and March 31, 2024:

June 30, 2024
Remaining contractual maturity of the agreements
Up to 1 year1-5 years5-10 yearsMore than 10 yearsTotal
Corporate debt37,704 86,644 59,322 10,657 194,327 
Non-US sovereign debt14,240 17,884 13,643 6,646 52,413 
US sovereign debt— 5,132 9,798 1,190 16,120 
Total available-for-sale securities, at fair value$51,944 $109,660 $82,763 $18,493 $262,860 

March 31, 2024
Remaining contractual maturity of the agreements
Up to 1 year1-5 years5-10 yearsMore than 10 yearsTotal
Corporate debt65,415 44,374 59,553 4,226 173,568 
Non-US sovereign debt7,839 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 
Schedule of present securities assets at fair value
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 June 30, 2024, and March 31, 2024:
Weighted Average
Interest Rate		Total
Fair Value Measurements as of June 30, 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 debt12.43 %$2,135,862 $1,455,803 $680,059 $— 
Corporate debt14.52 %1,084,410 242,177 842,016 217 
Corporate equity123,520 101,371 3,717 18,432 
U.S. sovereign debt4.19 %43,452 43,452 — — 
Exchange traded notes6,692 5,853 839 — 
Total trading securities$3,393,936 $1,848,656 $1,526,631 $18,649 
Corporate debt14.96 %$194,327 $31,643 $162,684 $— 
Non-US sovereign debt11.73 %52,413 45,027 7,386 — 
US sovereign debt4.60 %16,120 16,120 — — 
Total available-for-sale securities, at fair value$262,860 $92,790 $170,070 $— 
Weighted Average
Interest Rate
Total
Fair Value Measurements as of March 31, 2024 using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Units
(Level 1)(Level 2)(Level 3)
Non-U.S. sovereign debt11.61 %$2,409,126 $1,592,380 $816,746 $— 
Corporate debt14.83 %1,108,870 171,218 937,360 292 
Corporate equity126,103 102,134 3,819 20,150 
U.S. sovereign debt4.98 %43,173 43,173 — — 
Exchange traded notes1,348 1,045 303 — 
Total trading securities$3,688,620 $1,909,950 $1,758,228 $20,442 
Corporate debt15.53 %$173,568 $47,135 $126,433 $— 
Non-U.S. sovereign debt10.48 %27,016 12,378 14,638 — 
U.S. sovereign debt3.54 %16,037 16,037 — — 
Total available-for-sale securities, at fair value$216,621 $75,550 $141,071 $— 
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 June 30, 2024, and March 31, 2024. The tables are not intended to be all inclusive, but instead capture the significant unobservable inputs relevant to determination of fair value.
TypeValuation TechniqueFV as of June 30, 2024Significant Unobservable Inputs%
Corporate debtDCF217 Discount rate74.0%
Estimated number of years3 months
Corporate equityDCF18,296 Discount rate13.0%
Estimated number of years4 years, 6 months
Termination multiplier
27x
Corporate equityDCF136 Discount rate58.8%
Estimated number of years9 years
Total$18,649 
TypeValuation TechniqueFV as of March 31, 2024Significant Unobservable Inputs%
Corporate debtDCF$292 Discount rate74.0%
Estimated number of years3 months
Corporate equityDCF20,007 Discount rate13.0%
Estimated number of years4 years, 6 months
Termination multiplier
27x
Corporate equityDCF143 Discount rate58.8%
Estimated number of years9 years
Total$20,442 
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended June 30, 2024, and the year ended March 31, 2024:
Trading securities
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 inputs35,807 
Revaluation of investments that use Level 3 inputs(132)
Reclassification to investment in associate(556)
Balance as of March 31, 2024$20,442 
Reclassification to level 2— 
Sale of investments that use Level 3 inputs — 
Purchase of investments that use Level 3 inputs— 
Revaluation of investments that use Level 3 inputs(1,792)
Balance as of June 30, 2024$18,650 
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 June 30, 2024, and March 31, 2024:
June 30, 2024
Assets measured at amortized cost
Accumulated impairment loss
Unrealized loss accumulated in other comprehensive
income/(loss)		Assets
measured at
fair value		Maturity Date
Corporate debt$193,160 $(51)$1,218 $194,327 2024-2039
Non-US sovereign debt54,123 (312)(1,398)52,413 2024-indefinite
U.S. sovereign debt16,883 — (763)16,120 2027-2044
Total available-for-sale securities, at fair value$264,166 $(363)(943)$262,860 
March 31, 2024
Assets measured at amortized cost
Accumulated impairment loss
Unrealized loss accumulated in other comprehensive
income/(loss)		Assets
measured at
fair value		Maturity Date
Corporate debt$172,689 $(61)$940 $173,568 2024-2039
Non-U.S. sovereign debt29,121 (352)$(1,753)27,016 2024-indefinite
U.S. sovereign debt16,767 — $(730)16,037 2027-2044
Total available-for-sale securities, at fair value$218,577 $(413)$(1,543)$216,621