The table below presents net capital/eligible equity, required minimum capital, excess regulatory capital and retained earnings as of March 31, 2026 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 EU	Brokerage	$	686,750	$	19,509	$	667,241	$	522,253
Freedom Bank KZ	Bank	518,891		231,143		287,747		286,195
Freedom Holding Corp.	Non-regulated holding company	1,489,279		200,000		1,289,279		1,231,500
Freedom Global	Brokerage	139,906		37,068		102,838		163,820
Freedom Life	Life Insurance	117,074		13,550		103,524		107,131
Freedom Armenia ("Freedom AR")	Brokerage	95,550		797		94,753		96,377
Freedom KZ	Brokerage	73,931		452		73,480		141,684
Freedom Insurance	Property and Casual Insurance	59,373		13,550		45,822		34,432
Other regulated operating subsidiaries	Other	25,568		2085		23,483		(53,207)
		$	3,206,322	$	518,154	$	2,688,167	$	2,530,185

The table below presents net capital/eligible equity, required minimum capital, excess regulatory capital and retained earnings as of March 31, 2025 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 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