v3.26.1
INVESTMENT SECURITIES (Tables)
 12 Months Ended
Mar. 31, 2026
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]  
Schedule of trading and available-for-sale securities
As of March 31, 2026 and 2025, trading, held-to-maturity and available-for-sale securities consisted of:
March 31, 2026March 31, 2025
Non-U.S. sovereign debt$1,337,577 $1,282,450 
Corporate debt793,850 807,985 
Corporate equity166,394 106,227 
U.S. sovereign debt33,060 73,787 
Exchange traded notes8,219 4,837 
Total trading securities$2,339,100 $2,275,286 
  
Corporate debt311,604 243,730 
Non-US sovereign debt240,453 208,231 
US sovereign debt21,981 21,626 
Total available-for-sale securities, at fair value$574,038 $473,587 
Non-US sovereign debt429,660 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 
Schedule of maturity of debt securities
The following tables present maturity analysis for available-for-sale securities as of March 31, 2026 and March 31, 2025:
March 31, 2026
Remaining contractual maturity of the agreements
Up to 1 year1-5 years5-10 yearsMore than 10 yearsTotal
Corporate debt$24,824 $210,742 $72,497 $3,541 $311,604 
Non-US sovereign debt7,378 63,767 167,372 1,936 240,453 
US sovereign debt10,940 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 year1-5 years5-10 yearsMore than 10 yearsTotal
Corporate debt$85,300 $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 table presents maturity analysis for held-to-maturity securities as of March 31, 2026 and March 31, 2025:
March 31, 2026
Remaining contractual maturity of the agreements
Up to 1 year1-5 years5-10 yearsMore than 10 yearsTotal
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 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 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 debt10.06 %$1,337,577 $693,830 $643,747 $— 
Corporate debt16.80 %793,850 542,401 250,371 1,078 
Corporate equity— 166,394 141,270 3,927 21,197 
U.S. sovereign debt3.89 %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 debt16.41 %311,604 131,108 180,496 — 
Non-U.S. sovereign debt8.85 %240,453 74,055 166,398 — 
U.S. sovereign debt2.03 %21,981 21,981 — — 
Total available-for-sale securities, at fair value$574,038 $227,144 $346,894 $— 
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 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— 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 held to maturity, amortized cost to fair value 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 costGross unrecognized holding gainsGross unrecognized holding lossesFair value of held-to-maturityMaturity Date
Non-US sovereign debt429,423 26,423 (6,181)449,665 2027 - 2037
Total held-to-maturity securities
$429,423 $26,423 $(6,181)$449,665 
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 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, 2026Significant Unobservable Inputs%
   
Corporate equityDCF18,840 Discount rate9.0%
Estimated number of years3 years
Termination multiplier
10.5x
Corporate equityDCF2,223 Discount rate10.36%
Estimated number of years6 years
Termination multiplier
0.935x
Corporate debtDCF1,078 Discount rate13.2%
Estimated number of years2 years
Corporate equityDCF134 Discount rate58.8%
Estimated number of years9 years
$22,275 
Type
Valuation
Technique
FV 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
$18,320 
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the years ended March 31, 2026 and 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 
 
Purchase of investments that use Level 3 inputs2,222 
Revaluation of investments that use Level 3 inputs633 
Reclassification to investment in associate1,093 
Foreign currency translation7 
Balance as of March 31, 2026
$22,275 
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 March 31, 2026 and 2025:
March 31, 2026
Assets measured at amortized costRecognized impairment loss in Income StatementUnrealized 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 debt244,312 (376)(3,483)240,453 2026 - indefinite
U.S. sovereign debt21,984 — (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 costRecognized impairment loss in Income StatementUnrealized (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 debt211,628 (378)(3,019)208,231 2025 - 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