
	March 31, 2025
	As previously reported		Effect of adoption of ASU 2018-12		As recasted

ASSETS
Cash and cash equivalents	$	837,302	$	—	$	837,302
Restricted cash	807,468		—		807,468
Investment securities	2,814,733		—		2,814,733
Margin lending, brokerage and other receivables, net	3,319,145		—		3,319,145
Loans issued	1,595,435		—		1,595,435
Fixed assets, net	191,103		—		191,103
Intangible assets, net	54,186		—		54,186
Goodwill	49,093		—		49,093
Right-of-use asset	39,828		—		39,828
Insurance contract assets	37,183		—		37,183
Other assets, net	168,541		1,100		169,641
TOTAL ASSETS	$	9,914,017	$	1,100	$	9,915,117

LIABILITIES AND SHAREHOLDERS' EQUITY
Securities repurchase agreement obligations	$	1,418,443	$	—	$	1,418,443
Customer liabilities	4,304,999		—		4,304,999
Margin lending and trade payables	1,322,241		—		1,322,241
Insurance contract liabilities	481,539		(9,106)		472,433
Current income tax liability	28,919		—		28,919
Debt securities issued	469,551		—		469,551
Lease liability	40,525		—		40,525
Liability arising from continuing involvement	503,705		—		503,705
Other liabilities	129,737		—		129,737
TOTAL LIABILITIES	$	8,699,659	$	(9,106)	$	8,690,553
Commitments and Contingent Liabilities (Note 29)	—		—		—

SHAREHOLDERS' EQUITY
Preferred stock - $0.001 par value; $20,000,000 shares authorized, no shares issued or outstanding	—		—		—
Common stock - $0.001 par value; 500,000,000 shares authorized; 60,993,949 shares issued and outstanding as of March 31, 2025	61		—		61
Additional paid in capital	246,610		—		246,610
Retained earnings	1,085,565		(7,393)		1,078,172
Accumulated other comprehensive loss	(117,995)		17,599		(100,396)
TOTAL FRHC SHAREHOLDERS' EQUITY	$	1,214,241	$	10,206	$	1,224,447

Non-controlling interest	117		—		117
TOTAL SHAREHOLDERS' EQUITY	$	1,214,358	$	10,206	$	1,224,564

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	9,914,017	$	1,100	$	9,915,117


	Year ended March 31, 2025
	As reported		Effect of adoption of ASU 2018-12		As recasted

Revenue:
Fee and commission income	$	505,026	$	—	$	505,026
Net loss on trading securities	(57,810)		—		(57,810)
Interest income	864,453		—		864,453
Net insurance revenue	617,596		(46,372)		571,224
Net gain on foreign exchange operations	51,684		—		51,684
Net gain on derivatives	12,404		—		12,404
Sales of goods and services	40,102		—		40,102
Other income	17,072		—		17,072
TOTAL REVENUE, NET	2,050,527		(46,372)		2,004,155

Expense:
Fee and commission expense	346,074		428		346,502
Interest expense	535,895		—		535,895
Insurance claims and policyholders benefits, net of reinsurance	298,109		(37,621)		260,488
Payroll and bonuses	288,163		(816)		287,347
Professional services	28,924		—		28,924
Stock compensation expense	59,592		—		59,592
Advertising and sponsorship expense	124,627		—		124,627
General and administrative expense	162,474		—		162,474
Allowance for expected credit losses	62,445		—		62,445
Cost of sales	31,278		—		31,278
TOTAL EXPENSE	1,937,581		(38,009)		1,899,572

INCOME BEFORE INCOME TAX	112,946		(8,363)		104,583

Income tax expense	(28,425)		—		(28,425)

NET INCOME	84,521		(8,363)		76,158

Less: Net loss attributable to non-controlling interest in subsidiary	(129)		—		(129)

NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	84,650	$	(8,363)	$	76,287

OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect	4,364		—		4,364


Reclassification adjustment for net realized loss on available-for-sale investments disposed of in the period, net of tax effect	681		—		681
Change in discount rate on liability for future policy benefits	—		6,807		6,807
Foreign currency translation adjustments	(104,102)		—		(104,102)
OTHER COMPREHENSIVE (LOSS)/INCOME	(99,057)		6,807		(92,250)

COMPREHENSIVE LOSS BEFORE NON-CONTROLLING INTERESTS	$	(14,536)	$	(1,556)	$	(16,092)

Less: Comprehensive loss attributable to non-controlling interest in subsidiary	(129)		—		(129)

COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(14,407)	$	(1,556)	$	(15,963)


	Year ended March 31, 2024
	As reported		Effect of adoption of ASU 2018-12		As recasted

Revenue:
Fee and commission income	$	440,333	$	—	$	440,333
Net gain on trading securities	133,854		—		133,854
Interest income	828,224		—		828,224
Net insurance revenue	264,218		(19,096)		245,122
Net gain on foreign exchange operations	72,245		—		72,245
Net loss on derivatives	(103,794)		—		(103,794)
Sales of goods and services	21,576		—		21,576
Other income	9,696		—		9,696
TOTAL REVENUE, NET	1,666,352		(19,096)		1,647,256

Expense:
Fee and commission expense	154,351		365		154,716
Interest expense	501,111		—		501,111
Insurance claims and policyholder benefits, net of reinsurance	139,561		(22,288)		117,273
Payroll and bonuses	181,023		(740)		180,283
Professional services	34,238		—		34,238
Stock compensation expense	22,719		—		22,719
Advertising and sponsorship expense	38,327		—		38,327
General and administrative expense	120,888		—		120,888
Allowance for expected credit losses	21,225		—		21,225
Cost of sales	17,538		—		17,538
TOTAL EXPENSE	1,230,981		(22,663)		1,208,318

INCOME BEFORE INCOME TAX	435,371		3,567		438,938

Income tax expense	(60,419)		—		(60,419)

NET INCOME	374,952		3,567		378,519

Less: Net loss attributable to non-controlling interest in subsidiary	(588)		—		(588)

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	375,540	$	3,567	$	379,107

OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect	6,196		—		6,196


Reclassification adjustment for net realized loss on available-for-sale investments disposed of in the period, net of tax effect	(3,209)		—		(3,209)
Change in discount rate on liability for future policy benefits	—		(4,811)		(4,811)
Foreign currency translation adjustments	12,075		—		12,075

OTHER COMPREHENSIVE INCOME/(LOSS)	15,062		(4,811)		10,251

COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS	$	390,014	$	(1,244)	$	388,770

Less: Comprehensive loss attributable to non-controlling interest in subsidiary	(588)		—		(588)

COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	390,602	$	(1,244)	$	389,358