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INVESTMENT SECURITIES (Tables)
 6 Months Ended
Sep. 30, 2025
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]  
Schedule of Trading and Available-for-Sale 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, 2025March 31, 2025
 
Non-U.S. sovereign debt$977,357 $1,282,450 
Corporate debt532,203 807,985 
Corporate equity148,271 106,227 
U.S. sovereign debt76,343 73,787 
Exchange traded notes and funds
6,352 4,837 
Total trading securities$1,740,526 $2,275,286 
September 30, 2025March 31, 2025
Non-U.S. sovereign debt$220,214 $208,231 
Corporate debt197,676 243,730 
U.S. sovereign debt21,911 21,626 
Total available-for-sale securities, at fair value$439,801 $473,587 
September 30, 2025March 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 
Schedule of Maturity of Available for Sale Securities
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 year1-5 years5-10 yearsMore than 10 yearsTotal
Non-US sovereign debt$32,621 $53,008 $130,351 $4,234 220,214 
Corporate debt62,833 127,476 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 year1-5 years5-10 yearsMore than 10 yearsTotal
Corporate debt85,300 141,382 9,308 7,740 243,730 
Non-US sovereign debt66,593 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 year1-5 years5-10 yearsMore than 10 yearsTotal
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 year1-5 years5-10 yearsMore than 10 yearsTotal
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 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 debt11.59 %$977,357 $492,282 $485,075 $— 
Corporate debt12.90 %532,203 257,185 273,945 1,073 
Corporate equity— 148,271 125,700 1,190 21,381 
U.S. sovereign debt3.72 %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 debt11.47 %$220,214 $78,235 $141,979 $— 
Corporate debt16.11 %197,676 95,532 102,144 — 
U.S. sovereign debt2.40 %21,911 21,911 — — 
Total available-for-sale securities, at fair value$439,801 $195,678 $244,123 $— 
Weighted Average
Interest Rate
Total
Fair Value Measurements as of March 31, 2025 using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Units
(Level 1)(Level 2)(Level 3)
Non-U.S. sovereign debt11.24 %$1,282,450 $987,657 $294,793 $— 
Corporate debt13.93 %807,985 299,123 508,862 — 
Corporate equity— 106,227 81,810 6,097 18,320 
U.S. sovereign debt3.99 %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 debt14.81 %$243,730 $91,537 $152,193 $— 
Non-U.S. sovereign debt9.96 %208,231 128,772 79,459 — 
U.S. sovereign debt2.73 %21,626 21,626 — — 
Total available-for-sale securities, at fair value$473,587 $241,935 $231,652 $— 
Schedule of 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 September 30, 2025.
September 30, 2025
Assets measured at amortized costGross unrecognized holding gainsGross unrecognized holding lossesFair value of held-to-maturityMaturity Date
Non-US sovereign debt331,092 88 (19,965)311,215 2028 - 2037
Total held-to-maturity securities
$331,092 $88 $(19,965)$311,215 
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 costGross unrecognized holding gainsGross unrecognized holding lossesFair value of held-to-maturityMaturity Date
Non-US sovereign debt65,860 332 (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 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.
TypeValuation TechniqueFV as of September 30, 2025Significant Unobservable Inputs%
Corporate equityDCF19,291 Discount rate13.4%
Estimated number of years3 years
Termination multiplier
15.1x
Corporate equityDCF1,974 Discount rate11.4%
Estimated number of years5 years
Termination multiplier
0.95x
Corporate debtDCF1,073 Discount rate13.2%
Estimated number of years2 years
Corporate equityDCF116 Discount rate58.8%
Estimated number of years9 years
Total$22,454 

TypeValuation TechniqueFV as of March 31, 2025Significant Unobservable Inputs%
Corporate equityDCF18,193 Discount rate21.5%
Estimated number of years2 years
Termination multiplier
19.5x
Corporate equityDCF127 Discount rate58.8%
Estimated number of years9 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 31,073 
Sale of investments that use Level 3 inputs — 
Purchase of investments that use Level 3 inputs1,974 
Revaluation of investments that use Level 3 inputs1,087 
Balance as of September 30, 2025
$22,454 
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 September 30, 2025, and March 31, 2025:
September 30, 2025
Assets measured at amortized costAccumulated impairment lossUnrealized 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 debt198,580 — (904)197,676 2025 - 2039
U.S. sovereign debt21,927 — (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 debt211,628 (378)(3,019)208,231 2024 - indefinite
U.S. sovereign debt21,868 — (242)21,626 2027 - 2044
Total available-for-sale securities, at fair value$477,156 $(406)$(3,163)$473,587