
	March 31, 2025		March 31, 2024

Non-U.S. sovereign debt	$	1,282,450	$	2,409,126
Corporate debt	807,985		1,108,870
Corporate equity	106,227		126,103
U.S. sovereign debt	73,787		43,173
Exchange traded notes	4,837		1,348
Total trading securities	$	2,275,286	$	3,688,620

Non-US sovereign debt	208,231		27,016
Corporate debt	243,730		173,568
US sovereign debt	21,626		16,037
Total available-for-sale securities, at fair value	$	473,587	$	216,621

Non-US sovereign debt	65,914		—
Allowance for Non-US sovereign debt	(54)		—
Total held-to-maturity securities	$	65,860	$	—

Total investment securities	2,814,733		3,905,241


	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	66,593		96,662		29,136		15,840		208,231
Corporate debt	85,300		141,382		9,308		7,740		243,730
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


	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


	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 March 31, 2025, the Group held debt securities of two issuers 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 Kazakhstan Sustainability Fund JSC (Fitch: BBB credit rating) in the amount of $578,862. As of March 31, 2024, the Group held debt securities of two issuers each of which individually exceeded 10% of the Group's total trading securities and available-for-sale securities - the Ministry of Finance of the Republic of Kazakhstan (Fitch: BBB credit rating) in the amount of $2,420,855 and the Kazakhstan Sustainability Fund JSC (Fitch: BBB credit rating) in the amounts of $727,440. The debt securities issued by the Ministry of Finance of the Republic of Kazakhstan and Kazakhstan Sustainability Fund JSC are categorized as non-US sovereign debt and corporate debt, respectively.

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.


•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 trading securities assets in the Consolidated Financial Statements or disclosed in the Notes to the Consolidated Financial Statements at fair value on a recurring basis as of March 31, 2025 and March 31, 2024:


	Weighted average interest rate		Total		Fair Value Measurements at 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	—		4,837		2,369		2,468		—

Total trading securities			$	2,275,286	$	1,444,746	$	812,220	$	18,320



Non-U.S. sovereign debt	9.96	%	208,231		128,772		79,459		—
Corporate debt	14.81	%	243,730		91,537		152,193		—
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


	Weighted average interest rate		Total		Fair Value Measurements at 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	$	—

The tables below present the Valuation Techniques and Significant Level 3 inputs used in the valuation as of March 31, 2025 and March 31, 2024. The table is not intended to be all inclusive, but instead captures the significant unobservable inputs relevant to determination of fair value.

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

18,320

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

20,442


	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





Revaluation of investments that use Level 3 inputs	(2,122)

Balance as of March 31, 2025	$	18,320

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 March 31, 2025 and 2024:


	March 31, 2025
		Assets measured at amortized cost		Recognized impairment loss in Income Statement		Unrealized gain/(loss) accumulated in other comprehensive income/(loss) including foreign currency translation adjustments, net		Assets measured at fair value		Maturity Date

Non-US sovereign debt		211,628		(378)		(3,019)		208,231		2025 - indefinite
Corporate debt		$	243,660	$	(28)	$	98	$	243,730	2025 - 2039
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


	March 31, 2024
		Assets measured at amortized cost		Recognized impairment loss in Income Statement		Unrealized loss accumulated in other comprehensive income/(loss) including foreign currency translation adjustments, net		Assets measured at fair value		Maturity Date

Corporate debt		$	172,689	$	(61)	$	940	$	173,568	2024 - 2039
Non-US 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