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v3.25.2

INVESTMENT SECURITIES (Tables) | 3 Months Ended
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Jun. 30, 2025
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] |
Schedule of trading and available-for-sale securities | As of June 30, 2025 and March 31, 2025, trading, available-for-sale securities and held-to-maturity securities consisted of the following:
| June 30, 2025 |  | March 31, 2025
Non-U.S. sovereign debt | $ | 1,042,485 |  |  | $ | 1,282,450 |
Corporate debt | 751,558 |  |  | 807,985 |
Corporate equity | 128,316 |  |  | 106,227 |
U.S. sovereign debt | 74,369 |  |  | 73,787 |
Exchange traded notes and funds | 4,664 |  |  | 4,837 |
Total trading securities | $ | 2,001,392 |  |  | $ | 2,275,286 |
| June 30, 2025 |  | March 31, 2025
Corporate debt | $ | 239,720 |  |  | $ | 243,730 |
Non-U.S. sovereign debt | 230,572 |  |  | 208,231 |
U.S. sovereign debt | 21,846 |  |  | 21,626 |
Total available-for-sale securities, at fair value | $ | 492,138 |  |  | $ | 473,587 |
| June 30, 2025 |  | March 31, 2025
Non-U.S. sovereign debt | $ | 303,596 |  |  | $ | 65,914 |
Allowance for Non-US sovereign debt | (245) |  |  | (54) |
Total held-to-maturity securities | $ | 303,351 |  |  | $ | 65,860 |
Total investment securities | $ | 2,796,881 |  |  | $ | 2,814,733 |
Schedule of maturity of available for sale securities | The following tables present maturity analysis for available-for-sale securities as of June 30, 2025, and March 31, 2025:
| June 30, 2025
| Remaining contractual maturity of the agreements
| Up to 1 year |  | 1-5 years |  | 5-10 years |  | More than 10 years |  | Total
Corporate debt | 89,673 |  |  | 137,814 |  |  | 4,500 |  |  | 7,733 |  |  | 239,720 |
Non-US sovereign debt | $ | 51,807 |  |  | $ | 140,196 |  |  | $ | 34,564 |  |  | $ | 4,005 |  |  | $ | 230,572 |
US sovereign debt | — |  |  | 20,672 |  |  | — |  |  | 1,174 |  |  | 21,846 |
Total available-for-sale securities, at fair value | $ | 141,480 |  |  | $ | 298,682 |  |  | $ | 39,064 |  |  | $ | 12,912 |  |  | $ | 492,138 |
| March 31, 2025
| Remaining contractual maturity of the agreements
| Up to 1 year |  | 1-5 years |  | 5-10 years |  | More than 10 years |  | Total
Corporate debt | 85,300 |  |  | 141,382 |  |  | 9,308 |  |  | 7,740 |  |  | 243,730 |
Non-US sovereign debt | 66,593 |  |  | 96,662 |  |  | 29,136 |  |  | 15,840 |  |  | 208,231 |
US sovereign debt | — |  |  | 20,421 |  |  | — |  |  | 1,205 |  |  | 21,626 |
Total available-for-sale securities, at fair value | $ | 151,893 |  |  | $ | 258,465 |  |  | $ | 38,444 |  |  | $ | 24,785 |  |  | $ | 473,587 |
The following tables present maturity analysis for held-to-maturity securities as of June 30, 2025, and March 31, 2025:
| June 30, 2025
| 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 | — |  |  | 107,838 |  |  | 126,783 |  |  | 68,730 |  |  | 303,351 |
Total held-to-maturity securities | $ | — |  |  | $ | 107,838 |  |  | $ | 126,783 |  |  | $ | 68,730 |  |  | $ | 303,351 |
| March 31, 2025
| 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 | — |  |  | — |  |  | 11,931 |  |  | 53,929 |  |  | 65,860 |
Total held-to-maturity securities | $ | — |  |  | $ | — |  |  | $ | 11,931 |  |  | $ | 53,929 |  |  | $ | 65,860 |
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, 2025, and March 31, 2025:
| Weighted Average Interest Rate |  | Total |  | Fair Value Measurements as of June 30, 2025 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 | 11.06 | % |  | $ | 1,042,485 |  |  | $ | 632,872 |  |  | $ | 409,613 |  |  | $ | — |
Corporate debt | 12.90 | % |  | 751,558 |  |  | 294,247 |  |  | 456,270 |  |  | 1,041 |
Corporate equity | — |  |  | 128,316 |  |  | 106,238 |  |  | 2,547 |  |  | 19,531 |
U.S. sovereign debt | 3.88 | % |  | 74,369 |  |  | 74,369 |  |  | — |  |  | — |
Exchange traded notes and funds | — |  |  | 4,664 |  |  | 2,152 |  |  | 2,512 |  |  | — |
Total trading securities |  |  | $ | 2,001,392 |  |  | $ | 1,109,878 |  |  | $ | 870,942 |  |  | $ | 20,572 |
Corporate debt | 15.68 | % |  | $ | 239,720 |  |  | $ | 69,385 |  |  | $ | 170,335 |  |  | $ | — |
Non-U.S. sovereign debt | 11.53 | % |  | 230,572 |  |  | 126,118 |  |  | 104,454 |  |  | — |
U.S. sovereign debt | 3.99 | % |  | 21,846 |  |  | 21,846 |  |  | — |  |  | — |
Total available-for-sale securities, at fair value |  |  | $ | 492,138 |  |  | $ | 217,349 |  |  | $ | 274,789 |  |  | $ | — |
| Weighted Average Interest Rate |  | Total |  | Fair Value Measurements as of March 31, 2025 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 | 11.24 | % |  | $ | 1,282,450 |  |  | $ | 987,657 |  |  | $ | 294,793 |  |  | $ | — |
Corporate debt | 13.93 | % |  | 807,985 |  |  | 299,123 |  |  | 508,862 |  |  | — |
Corporate equity | — |  |  | 106,227 |  |  | 81,810 |  |  | 6,097 |  |  | 18,320 |
U.S. sovereign debt | 3.99 | % |  | 73,787 |  |  | 73,787 |  |  | — |  |  | — |
Exchange traded notes and funds | — |  |  | 4,837 |  |  | 2,369 |  |  | 2,468 |  |  | — |
Total trading securities |  |  | $ | 2,275,286 |  |  | $ | 1,444,746 |  |  | $ | 812,220 |  |  | $ | 18,320 |
Corporate debt | 14.81 | % |  | $ | 243,730 |  |  | $ | 91,537 |  |  | $ | 152,193 |  |  | $ | — |
Non-U.S. sovereign debt | 9.96 | % |  | 208,231 |  |  | 128,772 |  |  | 79,459 |  |  | — |
U.S. sovereign debt | 2.73 | % |  | 21,626 |  |  | 21,626 |  |  | — |  |  | — |
Total available-for-sale securities, at fair value |  |  | $ | 473,587 |  |  | $ | 241,935 |  |  | $ | 231,652 |  |  | $ | — |
Debt Securities, Held-to-Maturity | The table below presents the amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of held-to-maturity securities as of June 30, 2025.
| June 30, 2025 |  |
|  | Assets measured at amortized cost |  | Gross unrecognized holding gains |  | Gross unrecognized holding losses |  | Fair value of held-to-maturity |  | Maturity Date
Non-US sovereign debt |  | 303,351 |  |  | 5,070 |  |  | (606) |  |  | 307,815 |  |  | 2029 - 2037
Total held-to-maturity securities |  | $ | 303,351 |  |  | $ | 5,070 |  |  | $ | (606) |  |  | $ | 307,815 |  |  |
The table below presents the amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of held-to-maturity securities as of March 31, 2025.
| March 31, 2025 |  |
|  | Assets measured at amortized cost |  | Gross unrecognized holding gains |  | Gross unrecognized holding losses |  | Fair value of held-to-maturity |  | Maturity Date
Non-US sovereign debt |  | 65,860 |  |  | 332 |  |  | (1,240) |  |  | 64,952 |  |  | 2031 - 2037
Total held-to-maturity securities |  | $ | 65,860 |  |  | $ | 332 |  |  | $ | (1,240) |  |  | $ | 64,952 |  |  |
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, 2025, and March 31, 2025. 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 June 30, 2025 |  | Significant Unobservable Inputs |  | %
Corporate equity |  | DCF |  | 17,390 |  |  | Discount rate |  | 23.5%
|  |  |  |  |  | Estimated number of years |  | 3 years
|  |  |  |  |  | Termination multiplier |  | 1x
Corporate equity |  | DCF |  | 2,018 |  |  | Discount rate |  | 11.4%
|  |  |  |  |  | Estimated number of years |  | 5 years
|  |  |  |  |  | Termination multiplier |  | 0.95x
Corporate debt |  | DCF |  | 1,041 |  |  | Discount rate |  | 13.2%
|  |  |  |  |  | Estimated number of years |  | 2 years
Corporate equity |  | DCF |  | 123 |  |  | Discount rate |  | 58.8%
|  |  |  |  |  | Estimated number of years |  | 9 years
Total |  |  |  | $ | 20,572 |  |  |  |  |
Type |  | Valuation Technique |  | FV as of March 31, 2025 |  | Significant Unobservable Inputs |  | %
Corporate equity |  | DCF |  | 18,193 |  |  | Discount rate |  | 21.5%
|  |  |  |  |  | Estimated number of years |  | 2 years
|  |  |  |  |  | Termination multiplier |  | 19.5x
Corporate equity |  | DCF |  | 127 |  |  | Discount rate |  | 58.8%
|  |  |  |  |  | Estimated number of years |  | 9 years
Total |  |  |  | $ | 18,320 |  |  |  |  |
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, 2025, and the year ended March 31, 2025:
|  | Trading securities
Balance as of March 31, 2024 |  | $ | 20,442 |
Revaluation of investments that use Level 3 inputs |  | (2,122) |
Balance as of March 31, 2025 |  | $ | 18,320 |
Reclassification to Level 3 |  | 1,041 |
Sale of investments that use Level 3 inputs |  | — |
Purchase of investments that use Level 3 inputs |  | 2,018 |
Revaluation of investments that use Level 3 inputs |  | (807) |
Balance as of June 30, 2025 |  | $ | 20,572 |
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, 2025, and March 31, 2025:
| June 30, 2025 |  |
|  | Assets measured at amortized cost |  | Accumulated impairment loss |  | Unrealized loss/(gain) accumulated in other comprehensive income/(loss) including foreign currency translation adjustments, net |  | Assets measured at fair value |  | Maturity Date
Corporate debt |  | $ | 238,735 |  |  | $ | — |  |  | $ | 985 |  |  | $ | 239,720 |  |  | 2025- 2039
Non-U.S. sovereign debt |  | 236,209 |  |  | (360) |  |  | (5,277) |  |  | 230,572 |  |  | 2025 - indefinite
U.S. sovereign debt |  | 22,005 |  |  | — |  |  | (159) |  |  | 21,846 |  |  | 2027 -2044
Total available-for-sale securities, at fair value |  | $ | 496,949 |  |  | $ | (360) |  |  | (4,451) |  |  | $ | 492,138 |  |  |
|  | March 31, 2025 |  |
|  | Assets measured at amortized cost |  | Accumulated impairment loss |  | Unrealized gain/(loss) accumulated in other comprehensive income/(loss) including foreign currency translation adjustments, net |  | Assets measured at fair value |  | Maturity Date
Corporate debt |  | $ | 243,660 |  |  | $ | (28) |  |  | $ | 98 |  |  | $ | 243,730 |  |  | 2025 - 2039
Non-U.S. sovereign debt |  | 211,628 |  |  | (378) |  |  | (3,019) |  |  | 208,231 |  |  | 2024 - indefinite
U.S. sovereign debt |  | 21,868 |  |  | — |  |  | (242) |  |  | 21,626 |  |  | 2027 - 2044
Total available-for-sale securities, at fair value |  | $ | 477,156 |  |  | $ | (406) |  |  | $ | (3,163) |  |  | $ | 473,587 |  |  |

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