The table below presents net capital/eligible equity, required minimum capital, excess regulatory capital and retained earnings as of March 31, 2025 for the Company and each of subsidiaries that are regulated entities that is material for our consolidated financial statements.


	Regulated activities	Net Capital/Eligible Equity		Required Minimum capital/solvency		Excess regulatory capital		Retained earnings
(amounts in thousands)
Freedom Holding Corp.	Non-regulated holding company	$	526,906	$	200,000	$	326,906	$	(256,096)
Freedom EU	Brokerage	450,903		19,320		431,584		607,659
Freedom Bank KZ	Bank	382,259		175,396		206,862		159,119
Freedom KZ	Brokerage	43,568		390		43,178		100,440
Freedom Global	Brokerage	66,217		21,564		44,653		56,941
Freedom Life	Life Insurance	58,246		11,692		46,554		70,574
Freedom Armenia ("Freedom AR")	Brokerage	47,994		773		47,221		48,067
Freedom Insurance	Property and Casual Insurance	33,646		11,692		21,954		29,150
Other regulated operating subsidiaries	Other	14,130		267		13,863		(28,622)
		$	1,623,869	$	441,094	$	1,182,775	$	787,232

The table below presents net capital/eligible equity, required minimum capital, excess regulatory capital and retained earnings as of March 31, 2024 for each of our subsidiaries that are regulated entities that is material for our consolidated financial statements.


	Regulated activities	Net Capital/Eligible Equity		Required Minimum capital/solvency		Excess regulatory capital		Retained earnings
(amounts in thousands)
Freedom Bank KZ	Banking	$	329,738	$	196,594	$	133,144	$	193,376
Freedom EU	Brokerage	269,424		10,868		258,556		319,484
Freedom KZ	Brokerage	107,064		413		106,651		122,416
Freedom Life	Life Insurance	50,757		12,395		38,362		57,085
Freedom Insurance	Property and Casual Insurance	30,011		12,395		17,616		19,773
Freedom Global	Brokerage	16,428		12,352		4,076		117,468
Freedom Armenia ("Freedom AR")	Brokerage	7,317		763		6,554		6,447
Other regulated operating subsidiaries	Other	8,533		155		8,378		(11,665)
		$	819,272	$	245,935	$	573,337	$	824,384