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v3.25.2

RELATED PARTY TRANSACTIONS | 3 Months Ended
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Jun. 30, 2025
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Related party transactions as of June 30, 2025 and March 31, 2025, consisted of the following:
| June 30, 2025 |  | March 31, 2025
| Related party balances |  | Total category as per financial statements captions |  | Related party balances |  | Total category as per financial statements captions
ASSETS |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,067 |  |  | $ | 567,907 |  |  | $ | 2,233 |  |  | $ | 837,302 |
Companies controlled by management | 2,067 |  |  |  |  | 2,233 |  |  |
Restricted cash | $ | 30 |  |  | $ | 1,100,959 |  |  | $ | 30 |  |  | $ | 807,468 |
Companies controlled by management | 30 |  |  |  |  | 30 |  |  |
Investment securities | $ | 1,139 |  |  | $ | 2,796,881 |  |  | $ | 1,174 |  |  | $ | 2,814,733 |
Companies controlled by management | 1,139 |  |  |  |  | 1,174 |  |  |
Margin lending, brokerage and other receivables, net | $ | 14,056 |  |  | $ | 2,896,713 |  |  | $ | 41,308 |  |  | $ | 3,319,145 |
Management | 12,400 |  |  |  |  | 10,080 |  |  |
Companies controlled by management | 1,652 |  |  |  |  | 31,228 |  |  |
Other | 4 |  |  |  |  | — |  |  |
Loans issued | $ | 231,731 |  |  | $ | 1,749,402 |  |  | $ | 188,445 |  |  | $ | 1,595,435 |
Management | 351 |  |  |  |  | 291 |  |  |
Companies controlled by management | 231,380 |  |  |  |  | 188,154 |  |  |
Other assets, net | $ | 17,122 |  |  | $ | 197,224 |  |  | $ | 18,080 |  |  | $ | 168,541 |
Management | 103 |  |  |  |  | 486 |  |  |
Companies controlled by management | 17,019 |  |  |  |  | 17,594 |  |  |
LIABILITIES |  |  |  |  |  |  |
Customer liabilities | $ | 149,572 |  |  | $ | 4,446,747 |  |  | $ | 48,161 |  |  | $ | 4,304,999 |
Management | 18,644 |  |  |  |  | 13,827 |  |  |
Companies controlled by management | 129,286 |  |  |  |  | 32,607 |  |  |
Other | 1,642 |  |  |  |  | 1,727 |  |  |
Margin lending and trade payables | $ | 1,617 |  |  | $ | 993,146 |  |  | $ | 1,307 |  |  | $ | 1,322,241 |
Management | — |  |  |  |  | 201 |  |  |
Companies controlled by management | 1,617 |  |  |  |  | 1,106 |  |  |
Liabilities from insurance activity | $ | 10,484 |  |  | $ | 519,057 |  |  | $ | 5,960 |  |  | $ | 481,539 |
Companies controlled by management | 10,484 |  |  |  |  | 5,960 |  |  |
Other liabilities | $ | 1,640 |  |  | $ | 184,772 |  |  | $ | 1,407 |  |  | $ | 129,737 |
Management | 1,424 |  |  |  |  | 1,281 |  |  |
Companies controlled by management | 215 |  |  |  |  | 125 |  |  |
Other | 1 |  |  |  |  | 1 |  |  |
| Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024
| Related party amounts |  | Total category as per financial statements captions |  | Related party amounts |  | Total category as per financial statements captions
Revenue: |  |  |  |  |  |  |
Fee and commission income | $ | 684 |  |  | $ | 107,642 |  |  | $ | 866 |  |  | $ | 115,489 |
Management | 147 |  |  |  |  | 219 |  |  |
Companies controlled by management | 533 |  |  |  |  | 645 |  |  |
Other | 4 |  |  |  |  | 2 |  |  |
Interest income | $ | 583 |  |  | $ | 198,571 |  |  | $ | 270 |  |  | $ | 226,004 |
Management | 266 |  |  |  |  | 205 |  |  |
Companies controlled by management | 317 |  |  |  |  | 65 |  |  |
Insurance premiums earned, net of reinsurance | $ | 5,927 |  |  | $ | 153,257 |  |  | $ | 1,149 |  |  | $ | 129,408 |
Management | 11 |  |  |  |  | 3 |  |  |
Companies controlled by management | 5,914 |  |  |  |  | 500 |  |  |
Other | 2 |  |  |  |  | 646 |  |  |
Expense: |  |  |  |  |  |  |
Fee and commission expense | $ | 1,411 |  |  | $ | 84,871 |  |  | $ | 157 |  |  | $ | 80,147 |
Management | 1 |  |  |  |  | — |  |  |
Companies controlled by management | 1,410 |  |  |  |  | 157 |  |  |
Interest expense | $ | 436 |  |  | $ | 113,410 |  |  | $ | 381 |  |  | $ | 145,718 |
Management | 110 |  |  |  |  | 109 |  |  |
Companies controlled by management | 313 |  |  |  |  | 267 |  |  |
Other | 13 |  |  |  |  | 5 |  |  |
Advertising and sponsorship expense | $ | 5,513 |  |  | $ | 24,463 |  |  | $ | 2,045 |  |  | $ | 21,896 |
Companies controlled by management | 5,513 |  |  |  |  | 2,045 |  |  |
General and administrative expense | $ | 681 |  |  | $ | 41,975 |  |  | $ | 680 |  |  | $ | 40,410 |
Management | 343 |  |  |  |  | 233 |  |  |
Companies controlled by management | 338 |  |  |  |  | 447 |  |  |
As of June 30, 2025 and March 31, 2025, the Group had loans issued which included uncollateralized bank customer loans purchased from FFIN Credit, a company outside of the Group which is controlled by Timur Turlov. As of June 30, 2025, 56% of the Group's total related party other assets consisted of a prepayment to Freedom Data Centers LLP (formerly, Freedom Telecom LLP) for the potential acquisition of A-Telecom LLP compared to 55% as of March 31, 2025. The potential acquisition of A-Telecom LLP is part of the Group’s strategy to expand its presence in the telecommunications market in Kazakhstan and to develop a digital fintech ecosystem. Freedom Data Centers LLP is considered a related party based on the scale of its economic transactions with the Group. As of June 30, 2025, 6% of the Group's total related party customer liabilities were bank deposits from Turlov Family Office Securities (PTY) LTD held with Freedom Bank KZ, compared to 13% as of March 31, 2025. Turlov Family Office Securities (PTY) LTD is a private securities brokerage company that is wholly owned by Mr. Timur Turlov. Additionally, 64% of the Group's total related party customer liabilities as of June 30, 2025 were from a private company ITS Central Securities Depository Limited, compared to 1% as of March 31, 2025. Private company ITS Central Securities Depository Limited is a subsidiary of International Trading System Limited, an affiliate of the Group. As of both June 30, 2025 and March 31, 2025, 99.9% of the Group's total related party liabilities from insurance activity were liabilities from FFIN Credit. The Group provides voluntary credit risk insurance covering losses arising from borrower defaults on microloan agreements originated by FFIN Credit. In addition, during the three months ended June 30, 2025, the Group recognized $5,462 insurance premiums earned, net of reinsurance, from such insurance services. The Group continues to support the development of chess and football in Kazakhstan. During the three months ended June 30, 2025, the Group incurred advertising and sponsorship expense from Kazakhstan Chess Federation in the amount of $1,608 and from Freedom Youth Football League of Kazakhstan in the amount of $2,526. Kazakhstan Chess Federation is a Kazakhstan-based company in which Timur Turlov holds a management position. Freedom Youth Football League of Kazakhstan is a Kazakhstan-based company fully owned by Turlov Private Holding, in which Timur Turlov holds 99.9% of the shares. The sponsorship contributions to the Kazakhstan Chess Federation and Freedom Youth Football League of Kazakhstan during the three months ended June 30, 2025 were made to support the preparation and holding of championships, tournaments, training camps and other events.

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