
	March 31, 2026		March 31, 2025

Non-U.S. sovereign debt	$	1,337,577	$	1,282,450
Corporate debt	793,850		807,985
Corporate equity	166,394		106,227
U.S. sovereign debt	33,060		73,787
Exchange traded notes	8,219		4,837
Total trading securities	$	2,339,100	$	2,275,286

Corporate debt	311,604		243,730
Non-US sovereign debt	240,453		208,231
US sovereign debt	21,981		21,626
Total available-for-sale securities, at fair value	$	574,038	$	473,587

Non-US sovereign debt	429,660		65,914
Allowance for Non-US sovereign debt	(237)		(54)
Total held-to-maturity securities	$	429,423	$	65,860

Total investment securities	$	3,342,561	$	2,814,733


	March 31, 2026
	Remaining contractual maturity of the agreements
	Up to 1 year		1-5 years		5-10 years		More than 10 years		Total

Corporate debt	$	24,824	$	210,742	$	72,497	$	3,541	$	311,604
Non-US sovereign debt	7,378		63,767		167,372		1,936		240,453
US sovereign debt	10,940		9,870		—		1,171		21,981
Total available-for-sale securities, at fair value	$	43,142	$	284,379	$	239,869	$	6,648	$	574,038


	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


	March 31, 2026
	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	—		195,701		138,207		95,515		429,423

Total held-to-maturity securities	$	—	$	195,701	$	138,207	$	95,515	$	429,423


	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, 2026, 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 $1,897,085 and Kazakhstan Sustainability Fund JSC (Fitch: BBB credit rating) in the amount of $544,306. 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 amounts of $578,862. 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, 2026 and March 31, 2025:


	Weighted average interest rate		Total		Fair Value Measurements at March 31, 2026 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	10.06	%	$	1,337,577	$	693,830	$	643,747	$	—
Corporate debt	16.80	%	793,850		542,401		250,371		1,078
Corporate equity	—		166,394		141,270		3,927		21,197
U.S. sovereign debt	3.89	%	33,060		33,060		—		—
Exchange traded notes	—		8,219		6,019		2,200		—

Total trading securities			$	2,339,100	$	1,416,580	$	900,245	$	22,275

Corporate debt	16.41	%	311,604		131,108		180,496		—
Non-U.S. sovereign debt	8.85	%	240,453		74,055		166,398		—
U.S. sovereign debt	2.03	%	21,981		21,981		—		—

Total available-for-sale securities, at fair value			$	574,038	$	227,144	$	346,894	$	—

As of March 31, 2026, the fair value of held-to-maturity securities, determined using Level 1 inputs, totaled $341,132, and using Level 2 inputs, totaled $108,533. 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, 2026.


	March 31, 2026
		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		429,423		26,423		(6,181)		449,665		2027 - 2037
Total held-to-maturity securities		$	429,423	$	26,423	$	(6,181)	$	449,665


	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

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 present the Valuation Techniques and Significant Level 3 inputs used in the valuation as of March 31, 2026 and March 31, 2025. 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, 2026

Significant Unobservable Inputs

Corporate equity

DCF

18,840

Discount rate

9.0%

Estimated number of years

3 years

Termination multiplier

10.5x

Corporate equity

DCF

2,223

Discount rate

10.36%

Estimated number of years

6 years

Termination multiplier

0.935x

Corporate debt

DCF

1,078

Discount rate

13.2%

Estimated number of years

2 years

Corporate equity

DCF

134

Discount rate

58.8%

Estimated number of years

9 years

22,275

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


	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




Purchase of investments that use Level 3 inputs	2,222
Revaluation of investments that use Level 3 inputs	633
Reclassification to investment in associate	1,093
Foreign currency translation	7

Balance as of March 31, 2026	$	22,275

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, 2026 and 2025:


	March 31, 2026
		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

Corporate debt		$	304,548	$	—	$	7,056	$	311,604	2026 - 2039
Non-US sovereign debt		244,312		(376)		(3,483)		240,453		2026 - indefinite
U.S. sovereign debt		21,984		—		(3)		21,981		2027 - 2044
Total available-for-sale securities, at fair value		$	570,844	$	(376)	$	3,570	$	574,038


	March 31, 2025
		Assets measured at amortized cost		Recognized impairment loss in Income Statement		Unrealized (loss)/gain 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-US sovereign debt		211,628		(378)		(3,019)		208,231		2025 - 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