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INVESTMENT SECURITIES | 6 Months Ended
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Sep. 30, 2025
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] |
INVESTMENT SECURITIES | INVESTMENT SECURITIES As of September 30, 2025 and March 31, 2025, trading, available-for-sale securities and held-to-maturity securities consisted of the following:
| September 30, 2025 |  | March 31, 2025
Non-U.S. sovereign debt | $ | 977,357 |  |  | $ | 1,282,450 |
Corporate debt | 532,203 |  |  | 807,985 |
Corporate equity | 148,271 |  |  | 106,227 |
U.S. sovereign debt | 76,343 |  |  | 73,787 |
Exchange traded notes and funds | 6,352 |  |  | 4,837 |
Total trading securities | $ | 1,740,526 |  |  | $ | 2,275,286 |
| September 30, 2025 |  | March 31, 2025
Non-U.S. sovereign debt | $ | 220,214 |  |  | $ | 208,231 |
Corporate debt | 197,676 |  |  | 243,730 |
U.S. sovereign debt | 21,911 |  |  | 21,626 |
Total available-for-sale securities, at fair value | $ | 439,801 |  |  | $ | 473,587 |
| September 30, 2025 |  | March 31, 2025
Non-U.S. sovereign debt | $ | 331,263 |  |  | $ | 65,914 |
Allowance for Non-US sovereign debt | (171) |  |  | (54) |
Total held-to-maturity securities | $ | 331,092 |  |  | $ | 65,860 |
Total investment securities | $ | 2,511,419 |  |  | $ | 2,814,733 |
The following tables present maturity analysis for available-for-sale securities as of September 30, 2025, and March 31, 2025:
| September 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 | $ | 32,621 |  |  | $ | 53,008 |  |  | $ | 130,351 |  |  | $ | 4,234 |  |  | 220,214 |
Corporate debt | 62,833 |  |  | 127,476 |  |  | 4,242 |  |  | 3,125 |  |  | 197,676 |
US sovereign debt | — |  |  | 20,714 |  |  | — |  |  | 1,197 |  |  | 21,911 |
Total available-for-sale securities, at fair value | $ | 95,454 |  |  | $ | 201,198 |  |  | $ | 134,593 |  |  | $ | 8,556 |  |  | $ | 439,801 |
| 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 September 30, 2025, and March 31, 2025:
| September 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 | — |  |  | 160,275 |  |  | 105,291 |  |  | 65,526 |  |  | 331,092 |
Total held-to-maturity securities | $ | — |  |  | $ | 160,275 |  |  | $ | 105,291 |  |  | $ | 65,526 |  |  | $ | 331,092 |
| 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 |
As of September 30, 2025, the Group held debt securities of a single issuer that individually exceeded 10% of the Group’s total investment securities - the Ministry of Finance of the Republic of Kazakhstan (Fitch: BBB credit rating) in the amount of $1,492,464. Similarly, as of March 31, 2025, the Group held debt securities of two issuers each of which individually exceeded 10% of the Group’s total investment securities - the Ministry of Finance of the Republic of Kazakhstan (Fitch: BBB credit rating) in the amount of $1,527,340 and the Kazakhstan Sustainability Fund JSC (Fitch: BBB credit rating) in the amount of $578,862. The debt securities issued by the Ministry of Finance of the Republic of Kazakhstan and the Kazakhstan Sustainability Fund JSC are categorized as non-US sovereign debt and corporate debt, respectively. As of the September 30, 2025 and March 31, 2025, the Group had $388 and $406 that was recognized as 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 September 30, 2025, and March 31, 2025:
| Weighted Average Interest Rate |  | Total |  | Fair Value Measurements as of September 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 | 11.59 | % |  | $ | 977,357 |  |  | $ | 492,282 |  |  | $ | 485,075 |  |  | $ | — |
Corporate debt | 12.90 | % |  | 532,203 |  |  | 257,185 |  |  | 273,945 |  |  | 1,073 |
Corporate equity | — |  |  | 148,271 |  |  | 125,700 |  |  | 1,190 |  |  | 21,381 |
U.S. sovereign debt | 3.72 | % |  | 76,343 |  |  | 76,343 |  |  | — |  |  | — |
Exchange traded notes and funds | — |  |  | 6,352 |  |  | 4,572 |  |  | 1,780 |  |  | — |
Total trading securities |  |  | $ | 1,740,526 |  |  | $ | 956,082 |  |  | $ | 761,990 |  |  | $ | 22,454 |
Non-U.S. sovereign debt | 11.47 | % |  | $ | 220,214 |  |  | $ | 78,235 |  |  | $ | 141,979 |  |  | $ | — |
Corporate debt | 16.11 | % |  | 197,676 |  |  | 95,532 |  |  | 102,144 |  |  | — |
U.S. sovereign debt | 2.40 | % |  | 21,911 |  |  | 21,911 |  |  | — |  |  | — |
Total available-for-sale securities, at fair value |  |  | $ | 439,801 |  |  | $ | 195,678 |  |  | $ | 244,123 |  |  | $ | — |
As of September 30, 2025, the fair value of held-to-maturity securities, determined using Level 1 inputs, totaled $70,876, and using Level 2 inputs, totaled $240,339. 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 September 30, 2025.
| September 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 |  | 331,092 |  |  | 88 |  |  | (19,965) |  |  | 311,215 |  |  | 2028 - 2037
Total held-to-maturity securities |  | $ | 331,092 |  |  | $ | 88 |  |  | $ | (19,965) |  |  | $ | 311,215 |  |  |
| 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 |  |  | $ | — |
As of March 31, 2025, the fair value of held-to-maturity securities, determined using Level 1 inputs, totaled $45,216, and using Level 2 inputs, totaled $19,736. 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 |  |  |
The tables below presents the valuation techniques and significant Level 3 inputs used in the valuation as of September 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 September 30, 2025 |  | Significant Unobservable Inputs |  | %
Corporate equity |  | DCF |  | 19,291 |  |  | Discount rate |  | 13.4%
|  |  |  |  |  | Estimated number of years |  | 3 years
|  |  |  |  |  | Termination multiplier |  | 15.1x
Corporate equity |  | DCF |  | 1,974 |  |  | Discount rate |  | 11.4%
|  |  |  |  |  | Estimated number of years |  | 5 years
|  |  |  |  |  | Termination multiplier |  | 0.95x
Corporate debt |  | DCF |  | 1,073 |  |  | Discount rate |  | 13.2%
|  |  |  |  |  | Estimated number of years |  | 2 years
Corporate equity |  | DCF |  | 116 |  |  | Discount rate |  | 58.8%
|  |  |  |  |  | Estimated number of years |  | 9 years
Total |  |  |  | $ | 22,454 |  |  |  |  |
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 six months ended September 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 |  | 1,073 |
Sale of investments that use Level 3 inputs |  | — |
Purchase of investments that use Level 3 inputs |  | 1,974 |
Revaluation of investments that use Level 3 inputs |  | 1,087 |
Balance as of September 30, 2025 |  | $ | 22,454 |
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 September 30, 2025, and March 31, 2025:
| September 30, 2025 |  |
|  | Assets measured at amortized cost |  | Accumulated impairment loss |  | Unrealized loss accumulated in other comprehensive (loss)/income including foreign currency translation adjustments, net |  | Assets measured at fair value |  | Maturity Date
Non-U.S. sovereign debt |  | $ | 225,572 |  |  | $ | (388) |  |  | $ | (4,970) |  |  | $ | 220,214 |  |  | 2025 - indefinite
Corporate debt |  | 198,580 |  |  | — |  |  | (904) |  |  | 197,676 |  |  | 2025 - 2039
U.S. sovereign debt |  | 21,927 |  |  | — |  |  | (16) |  |  | 21,911 |  |  | 2027 - 2044
Total available-for-sale securities, at fair value |  | $ | 446,079 |  |  | $ | (388) |  |  | (5,890) |  |  | $ | 439,801 |  |  |
|  | 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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