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TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables) | 9 Months Ended
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Dec. 31, 2024
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] |
Schedule of trading and available-for-sale securities | As of December 31, 2024, and March 31, 2024, trading and available-for-sale securities consisted of the following:
| December 31, 2024 |  | March 31, 2024
Non-U.S. sovereign debt | $ | 2,420,650 |  |  | $ | 2,409,126 |
Corporate debt | 793,240 |  |  | 1,108,870 |
Corporate equity | 118,823 |  |  | 126,103 |
U.S. sovereign debt | 73,363 |  |  | 43,173 |
Exchange traded notes | 9,441 |  |  | 1,348 |
Total trading securities | $ | 3,415,517 |  |  | $ | 3,688,620 |
| December 31, 2024 |  | March 31, 2024
Non-U.S. sovereign debt | $ | 217,102 |  |  | $ | 27,016 |
Corporate debt | 180,272 |  |  | 173,568 |
U.S. sovereign debt | 21,240 |  |  | 16,037 |
Total available-for-sale securities, at fair value | $ | 418,614 |  |  | $ | 216,621 |
Schedule of maturity of available for sale securities | The following tables present maturity analysis for available-for-sale securities as of December 31, 2024, and March 31, 2024:
| December 31, 2024
| Remaining contractual maturity of the agreements
| Up to 1 year |  | 1-5 years |  | 5-10 years |  | More than 10 years |  | Total
Non-US sovereign debt | $ | 62,783 |  |  | $ | 97,050 |  |  | $ | 35,294 |  |  | $ | 21,975 |  |  | $ | 217,102 |
Corporate debt | 73,860 |  |  | 60,386 |  |  | 37,952 |  |  | 8,074 |  |  | 180,272 |
US sovereign debt | — |  |  | 20,082 |  |  | — |  |  | 1,158 |  |  | 21,240 |
Total available-for-sale securities, at fair value | $ | 136,643 |  |  | $ | 177,518 |  |  | $ | 73,246 |  |  | $ | 31,207 |  |  | $ | 418,614 |
| 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 |
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 December 31, 2024, and March 31, 2024:
| Weighted Average Interest Rate |  | Total |  | Fair Value Measurements as of December 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 | 10.81 | % |  | $ | 2,420,650 |  |  | $ | 1,528,011 |  |  | $ | 892,639 |  |  | $ | — |
Corporate debt | 14.23 | % |  | 793,240 |  |  | 473,308 |  |  | 319,074 |  |  | 858 |
Corporate equity |  |  | 118,823 |  |  | 96,160 |  |  | 4,121 |  |  | 18,542 |
U.S. sovereign debt | 4.35 | % |  | 73,363 |  |  | 73,363 |  |  | — |  |  | — |
Exchange traded notes |  |  | 9,441 |  |  | 7,050 |  |  | 2,391 |  |  | — |
Total trading securities |  |  | $ | 3,415,517 |  |  | $ | 2,177,892 |  |  | $ | 1,218,225 |  |  | $ | 19,400 |
Non-U.S. sovereign debt | 8.86 | % |  | $ | 217,102 |  |  | $ | 106,305 |  |  | $ | 110,797 |  |  | $ | — |
Corporate debt | 14.07 | % |  | 180,272 |  |  | 91,601 |  |  | 88,671 |  |  | — |
U.S. sovereign debt | 3.41 | % |  | 21,240 |  |  | 21,240 |  |  | — |  |  | — |
Total available-for-sale securities, at fair value |  |  | $ | 418,614 |  |  | $ | 219,146 |  |  | $ | 199,468 |  |  | $ | — |
| Weighted Average Interest Rate |  | Total |  | Fair Value Measurements as of 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 |  |  | $ | — |
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 December 31, 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.
Type |  | Valuation Technique |  | FV as of December 31, 2024 |  | Significant Unobservable Inputs |  | %
Corporate debt |  | DCF |  | $ | 858 |  |  | Discount rate |  | 74.0%
|  |  |  |  |  | Estimated number of years |  | 3 months
Corporate equity |  | DCF |  | 18,420 |  |  | Discount rate |  | 21.5%
|  |  |  |  |  | Estimated number of years |  | 3 years
|  |  |  |  |  | Termination multiplier |  | 20x
Corporate equity |  | DCF |  | 122 |  |  | Discount rate |  | 58.8%
|  |  |  |  |  | Estimated number of years |  | 9 years
Total |  |  |  | $ | 19,400 |  |  |  |  |
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
Total |  |  |  | $ | 20,442 |  |  |  |  |
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, 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 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 |
Reclassification to Level 3 |  | — |
Sale of investments that use Level 3 inputs |  | — |
Purchase of investments that use Level 3 inputs |  | — |
Revaluation of investments that use Level 3 inputs |  | (1,042) |
Balance as of December 31, 2024 |  | $ | 19,400 |
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 December 31, 2024, and March 31, 2024:
| December 31, 2024 |  |
|  | Assets measured at amortized cost |  | Accumulated impairment loss |  | Unrealized gain accumulated in other comprehensive (loss)/income |  | Assets measured at fair value |  | Maturity Date
Non-U.S. sovereign debt |  | $ | 214,637 |  |  | $ | (401) |  |  | $ | 2,866 |  |  | $ | 217,102 |  |  | 2025-indefinite
Corporate debt |  | 180,438 |  |  | (55) |  |  | (111) |  |  | 180,272 |  |  | 2025-2039
U.S. sovereign debt |  | 21,950 |  |  | — |  |  | (710) |  |  | 21,240 |  |  | 2027-2044
Total available-for-sale securities, at fair value |  | $ | 417,025 |  |  | $ | (456) |  |  | 2,045 |  |  | $ | 418,614 |  |  |
|  | 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 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 |  |  |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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