v3.26.1
Fair value measurements (Tables)
 12 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair value of financial assets and financial liabilities carried on recurring basis
The following tables present the amounts of Nomura’s financial instruments carried at fair value on a recurring basis as of March 31, 2025 and 2026 within the fair value hierarchy.
 
 
 
Billions of yen
 
 
March 31, 2025
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Counterparty

and

Cash Collateral

Netting
(1)
 
 
Balance as of

March 31, 2025
 
Assets:
 
      
 
      
 
      
 
      
 
      
Trading assets and private equity and debt investments
(2)
 
      
 
      
 
      
 
      
 
      
Equities
(3)
 
¥
2,807
 
 
¥
1,661
 
 
¥
21
 
 
¥
    — 
 
 
¥
4,489
 
Private equity and debt investments
(5)
 
 
0
 
 
 
2
 
 
 
103
 
 
 
   — 
 
 
 
105
 
Japanese government securities
 
 
2,674
 
 
 
 — 
 
 
 
 — 
 
 
 
  — 
 
 
 
2,674
 
Japanese agency and municipal securities
 
 
 — 
 
 
 
222
 
 
 
0
 
 
 
  — 
 
 
 
222
 
Foreign government, agency and municipal securities
 
 
4,402
 
 
 
2,346
 
 
 
6
 
 
 
  — 
 
 
 
6,754
 
Bank and corporate debt securities and loans for trading purposes
 
 
 — 
 
 
 
1,762
 
 
 
181
 
 
 
  — 
 
 
 
1,943
 
Commercial mortgage-backed securities (“CMBS”)
 
 
 — 
 
 
 
2
 
 
 
10
 
 
 
  — 
 
 
 
12
 
Residential mortgage-backed securities (“RMBS”)
 
 
 — 
 
 
 
3,335
 
 
 
48
 
 
 
  — 
 
 
 
3,383
 
Issued/Guaranteed by government sponsored entity
 
 
 — 
 
 
 
3,204
 
 
 
 — 
 
 
 
  — 
 
 
 
3,204
 
Other
 
 
 — 
 
 
 
131
 
 
 
48
 
 
 
  — 
 
 
 
179
 
Real estate-backed securities
 
 
 — 
 
 
 
137
 
 
 
207
 
 
 
  — 
 
 
 
344
 
Collateralized debt obligations (“CDOs”) and other
(6)
 
 
  — 
 
 
 
35
 
 
 
42
 
 
 
   — 
 
 
 
77
 
Investment trust funds and other
 
 
470
 
 
 
7
 
 
 
3
 
 
 
  — 
 
 
 
480
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total trading assets and private equity and debt investments
 
 
10,353
 
 
 
9,509
 
 
 
621
 
 
 
  — 
 
 
 
20,483
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
(7)
 
      
 
      
 
      
 
      
 
      
Equity contracts
 
 
14
 
 
 
2,541
 
 
 
17
 
 
 
    — 
 
 
 
2,572
 
Interest rate contracts
 
 
22
 
 
 
12,306
 
 
 
100
 
 
 
    — 
 
 
 
12,428
 
Credit contracts
 
 
1
 
 
 
240
 
 
 
63
 
 
 
    — 
 
 
 
304
 
Foreign exchange contracts
 
 
0
 
 
 
4,330
 
 
 
33
 
 
 
    — 
 
 
 
4,363
 
Other contracts
 
 
3
 
 
 
5
 
 
 
3
 
 
 
    — 
 
 
 
11
 
Netting
 
 
 — 
 
 
 
 — 
 
 
 
 — 
 
 
 
(17,711
) 
 
 
(17,711
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivative assets
 
 
40
 
 
 
19,422
 
 
 
216
 
 
 
(17,711
) 
 
 
1,967
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal
 
¥
10,393
 
 
¥
28,931
 
 
¥
837
 
 
¥
(17,711
) 
 
¥
22,450
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and receivables
(8)
 
 
 — 
 
 
 
1,795
 
 
 
448
 
 
 
  — 
 
 
 
2,243
 
Collateralized agreements
(9)
 
 
 — 
 
 
 
344
 
 
 
15
 
 
 
  — 
 
 
 
359
 
Other assets
(2)
 
      
 
      
 
      
 
      
 
      
Non-trading
debt securities
(10)
 
 
116
 
 
 
352
 
 
 
17
 
 
 
   — 
 
 
 
485
 
Other
(3)(4)(11)
 
 
211
 
 
 
259
 
 
 
275
 
 
 
       — 
 
 
 
745
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
¥
10,720
 
 
¥
31,681
 
 
¥
1,592
 
 
¥
(17,711
) 
 
¥
26,282
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
      
 
      
 
      
 
      
 
      
Trading liabilities
 
      
 
      
 
      
 
      
 
      
Equities
 
¥
2,757
 
 
¥
18
 
 
¥
1
 
 
¥
 — 
 
 
¥
2,776
 
Japanese government securities
 
 
2,569
 
 
 
— 
 
 
 
— 
 
 
 
 — 
 
 
 
2,569
 
Japanese agency and municipal securities
 
 
— 
 
 
 
2
 
 
 
— 
 
 
 
 — 
 
 
 
2
 
Foreign government, agency and municipal securities
 
 
2,828
 
 
 
754
 
 
 
— 
 
 
 
 — 
 
 
 
3,582
 
Bank and corporate debt securities
 
 
— 
 
 
 
217
 
 
 
0
 
 
 
 — 
 
 
 
217
 
Residential mortgage-backed securities (“RMBS”)
 
 
— 
 
 
 
0
 
 
 
— 
 
 
 
 — 
 
 
 
0
 
Collateralized Debt Obligation (CDO) and Other Securitized Product
(6)
 
 
 — 
 
 
 
 — 
 
 
 
 — 
 
 
 
  — 
 
 
 
 — 
 
Investment trust funds and other
 
 
249
 
 
 
2
 
 
 
0
 
 
 
 — 
 
 
 
251
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total trading liabilities
 
 
8,403
 
 
 
993
 
 
 
1
 
 
 
 — 
 
 
 
9,397
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
(7)
 
      
 
      
 
      
 
      
 
      
Equity contracts
 
 
5
 
 
 
3,048
 
 
 
16
 
 
 
  — 
 
 
 
3,069
 
Interest rate contracts
 
 
31
 
 
 
11,523
 
 
 
94
 
 
 
  — 
 
 
 
11,648
 
Credit contracts
 
 
1
 
 
 
282
 
 
 
99
 
 
 
  — 
 
 
 
382
 
Foreign exchange contracts
 
 
 — 
 
 
 
4,148
 
 
 
46
 
 
 
  — 
 
 
 
4,194
 
Other contracts
 
 
1
 
 
 
42
 
 
 
7
 
 
 
  — 
 
 
 
50
 
Netting
 
 
 — 
 
 
 
 — 
 
 
 
 — 
 
 
 
(17,361
) 
 
 
(17,361
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivative liabilities
 
 
38
 
 
 
19,043
 
 
 
262
 
 
 
(17,361
) 
 
 
1,982
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal
 
¥
8,441
 
 
¥
20,036
 
 
¥
263
 
 
¥
(17,361
) 
 
¥
11,379
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term borrowings
(12)
 
¥
 — 
 
 
¥
595
 
 
¥
36
 
 
¥
  — 
 
 
¥
631
 
Payables and deposits
(13)(14)
 
 
 — 
 
 
 
311
 
 
 
14
 
 
 
   — 
 
 
 
325
 
Collateralized financing
(9)
 
 
 — 
 
 
 
704
 
 
 
 — 
 
 
 
  — 
 
 
 
704
 
Long-term borrowings
(12)(15)(16)
 
 
10
 
 
 
6,428
 
 
 
477
 
 
 
    — 
 
 
 
6,915
 
Other liabilities
(17)
 
 
132
 
 
 
265
 
 
 
65
 
 
 
  — 
 
 
 
462
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
¥
8,583
 
 
¥
28,339
 
 
¥
855
 
 
¥
(17,361
) 
 
¥
20,416
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Billions of yen
 
 
March 31, 2026
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Counterparty

and

Cash Collateral
Netting
(1)
 
 
Balance as of

March 31, 2026
 
Assets:
 
 
 
 
 
Trading assets and private equity and debt investments
(2)
 
      
 
      
 
      
 
      
 
      
Equities
(3)
 
¥
3,992
 
 
¥
1,576
 
 
¥
14
 
 
¥
   — 
 
 
¥
5,582
 
Private equity and debt investments
(5)
 
 
  — 
 
 
 
2
 
 
 
146
 
 
 
   — 
 
 
 
148
 
Japanese government securities
 
 
3,983
 
 
 
 — 
 
 
 
 — 
 
 
 
  — 
 
 
 
3,983
 
Japanese agency and municipal securities
 
 
 — 
 
 
 
142
 
 
 
 — 
 
 
 
  — 
 
 
 
142
 
Foreign government, agency and municipal securities
 
 
4,591
 
 
 
2,549
 
 
 
4
 
 
 
  — 
 
 
 
7,144
 
Bank and corporate debt securities and loans for trading purposes
 
 
 — 
 
 
 
2,028
 
 
 
104
 
 
 
  — 
 
 
 
2,132
 
Commercial mortgage-backed securities (“CMBS”)
 
 
 — 
 
 
 
9
 
 
 
0
 
 
 
  — 
 
 
 
9
 
Residential mortgage-backed securities (“RMBS”)
 
 
 — 
 
 
 
3,172
 
 
 
10
 
 
 
  — 
 
 
 
3,182
 
Issued/Guaranteed by government sponsored entity
 
 
 — 
 
 
 
3,021
 
 
 
 — 
 
 
 
  — 
 
 
 
3,021
 
Other
 
 
 — 
 
 
 
151
 
 
 
10
 
 
 
  — 
 
 
 
161
 
Real estate-backed securities
 
 
 — 
 
 
 
445
 
 
 
82
 
 
 
  — 
 
 
 
527
 
Collateralized debt obligations (“CDOs”) and other
(6)
 
 
  — 
 
 
 
25
 
 
 
34
 
 
 
   — 
 
 
 
59
 
Investment trust funds and other
 
 
372
 
 
 
56
 
 
 
9
 
 
 
  — 
 
 
 
437
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total trading assets and private equity and debt investments
 
 
12,938
 
 
 
10,004
 
 
 
403
 
 
 
  — 
 
 
 
23,345
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
(7)
 
      
 
      
 
      
 
      
 
      
Equity contracts
 
 
0
 
 
 
3,016
 
 
 
37
 
 
 
  — 
 
 
 
3,053
 
Interest rate contracts
 
 
1
 
 
 
15,686
 
 
 
119
 
 
 
  — 
 
 
 
15,806
 
Credit contracts
 
 
0
 
 
 
296
 
 
 
98
 
 
 
  — 
 
 
 
394
 
Foreign exchange contracts
 
 
0
 
 
 
5,709
 
 
 
35
 
 
 
  — 
 
 
 
5,744
 
Other contracts
 
 
0
 
 
 
3
 
 
 
6
 
 
 
  — 
 
 
 
9
 
Netting
 
 
 — 
 
 
 
 — 
 
 
 
 — 
 
 
 
(22,113
) 
 
 
(22,113
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivative assets
 
 
1
 
 
 
24,710
 
 
 
295
 
 
 
(22,113
) 
 
 
2,893
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal
 
¥
12,939
 
 
¥
34,714
 
 
¥
698
 
 
¥
(22,113
) 
 
¥
26,238
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and receivables
(8)
 
 
6
 
 
 
2,244
 
 
 
584
 
 
 
  — 
 
 
 
2,834
 
Collateralized agreements
(9)
 
 
 — 
 
 
 
455
 
 
 
16
 
 
 
  — 
 
 
 
471
 
Other assets
(2)
 
      
 
      
 
      
 
      
 
      
Non-trading
debt securities
(10)
 
 
347
 
 
 
366
 
 
 
48
 
 
 
   — 
 
 
 
761
 
Other
(3)(4)(11)
 
 
368
 
 
 
264
 
 
 
308
 
 
 
        — 
 
 
 
940
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
¥
13,660
 
 
¥
38,043
 
 
¥
1,654
 
 
¥
(22,113
) 
 
¥
31,244
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
      
 
      
 
      
 
      
 
      
Trading liabilities
 
      
 
      
 
      
 
      
 
      
Equities
 
¥
3,438
 
 
¥
34
 
 
¥
0
 
 
¥
 — 
 
 
¥
3,472
 
Japanese government securities
 
 
2,719
 
 
 
— 
 
 
 
— 
 
 
 
 — 
 
 
 
2,719
 
Japanese agency and municipal securities
 
 
— 
 
 
 
2
 
 
 
— 
 
 
 
 — 
 
 
 
2
 
Foreign government, agency and municipal securities
 
 
2,694
 
 
 
1,255
 
 
 
— 
 
 
 
 — 
 
 
 
3,949
 
Bank and corporate debt securities
 
 
— 
 
 
 
220
 
 
 
0
 
 
 
 — 
 
 
 
220
 
Residential mortgage-backed securities (“RMBS”)
 
 
— 
 
 
 
0
 
 
 
— 
 
 
 
 — 
 
 
 
0
 
Collateralized Debt Obligation (CDO) and Other Securitized Product
(6)
 
 
 — 
 
 
 
0
 
 
 
1
 
 
 
  — 
 
 
 
1
 
Investment trust funds and other
 
 
120
 
 
 
13
 
 
 
— 
 
 
 
 — 
 
 
 
133
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total trading liabilities
 
 
8,971
 
 
 
1,524
 
 
 
1
 
 
 
 — 
 
 
 
10,496
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
(7)
 
      
 
      
 
      
 
      
 
      
Equity contracts
 
 
0
 
 
 
3,561
 
 
 
10
 
 
 
 — 
 
 
 
3,571
 
Interest rate contracts
 
 
24
 
 
 
14,476
 
 
 
135
 
 
 
 — 
 
 
 
14,635
 
Credit contracts
 
 
3
 
 
 
402
 
 
 
154
 
 
 
 — 
 
 
 
559
 
Foreign exchange contracts
 
 
— 
 
 
 
5,292
 
 
 
57
 
 
 
 — 
 
 
 
5,349
 
Other contracts
 
 
2
 
 
 
27
 
 
 
8
 
 
 
 — 
 
 
 
37
 
Netting
 
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
(21,731
) 
 
 
(21,731
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivative liabilities
 
 
29
 
 
 
23,758
 
 
 
364
 
 
 
(21,731
) 
 
 
2,420
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal
 
¥
9,000
 
 
¥
25,282
 
 
¥
365
 
 
¥
(21,731
) 
 
¥
12,916
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term borrowings
(12)
 
¥
 — 
 
 
¥
873
 
 
¥
43
 
 
¥
  — 
 
 
¥
916
 
Payables and deposits
(13)(14)
 
 
 — 
 
 
 
303
 
 
 
12
 
 
 
   — 
 
 
 
315
 
Collateralized financing
(9)
 
 
 — 
 
 
 
694
 
 
 
 — 
 
 
 
  — 
 
 
 
694
 
Long-term borrowings
(12)(15)(16)
 
 
11
 
 
 
8,024
 
 
 
452
 
 
 
    — 
 
 
 
8,487
 
Other liabilities
(17)
 
 
255
 
 
 
284
 
 
 
67
 
 
 
  — 
 
 
 
606
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
¥
9,266
 
 
¥
35,460
 
 
¥
939
 
 
¥
(21,731
) 
 
¥
23,934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Represents the amount offset under counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives assets or liabilities.
 
(2)
Investments that are carried at fair value using NAV per share as a practical expedient have not been classified in the fair value hierarchy. As of March 31, 2025 and March 31, 2026, the fair values of these investments which are included in
Trading assets and private equity and debt investments
were ¥73 billion and ¥104 billion, respectively. As of March 31, 2025 and March 31, 2026, the fair values of these investments which are included in
Other assets
were ¥3 billion and ¥15 billion, respectively.
(3)
Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the FVO.
(4)
Includes equity investments which comprise listed and unlisted equity securities held for operating purposes in the amounts of ¥72,184 million and ¥26,217 million, respectively, as of March 31, 2025 and ¥97,173 million and ¥26,018 million, respectively, as of March 31, 2026.
(5)
Private equity and debt investments
include minority private equity and venture capital equity investments and other junior debt investments such as mezzanine debt held for
non-trading
purposes, and
post-IPO
investments. These investments also include equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the FVO.
(6)
Includes collateralized loan obligations (“CLOs”) and asset-backed securities (“ABS”) such as those secured on credit card loans, auto loans and student loans.
(7)
Derivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.
(8)
Includes loans and receivables for which the fair value option has been elected.
(9)
Includes collateralized agreements or collateralized financing for which the FVO has been elected.
(10)
Includes
non-trading
debt securities for which the FVO has been elected and AFS debt securities.
(11)
Includes
non-financial
assets carried at fair value on a recurring basis using similar valuation methodologies to those used for financial instruments.
(12)
Includes structured notes for which the FVO has been elected.
(13)
Includes deposits received at banks for which the FVO has been elected.
(14)
Includes embedded derivatives bifurcated from deposits received at banks. Deposits are adjusted for fair value changes in corresponding embedded derivatives for presentation in the consolidated balance sheets.
(15)
Includes embedded derivatives bifurcated from issued structured notes. Structured notes are adjusted for fair value changes in corresponding embedded derivatives for presentation in the consolidated balance sheets
(16)
Includes liabilities recognized from secured financing transactions that are accounted for as financings rather than sales. Nomura elected the fair value option for these liabilities.
(17)
Includes loan commitments for which the FVO has been elected.
Schedule of quantitative and qualitative information regarding significant unobservable inputs and assumptions for certain level 3 financial instruments
   
March 31, 2025
Financial Instrument
  
Fair
value in
billions of
yen
    
Valuation
technique
  
Significant
unobservable
valuation input
  
Range of
valuation
inputs
(1)
  
Weighted
Average
(2)(3)
  
Impact of
increases in
significant
unobservable
valuation
inputs
(4)(5)
  
  Interrelationships  
between valuation
inputs
(6)
Assets:
              
Trading assets and private equity and debt investments
              
Equities
   ¥ 21       DCF/ Option models   Credit spreads   2.5%   2.5%   Lower fair value   Not applicable
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Private equity and debt investments
  
 
103  
 
  
DCF
  
WACC
Growth rates
Credit spreads
Liquidity discounts
  
5.8 – 17.3%
0.0
 – 2.0%
7.9 – 11.0%
5.0 – 30.0%
  
11.6%
1.2%
9.4%
16.0%
  
Lower fair value
Higher fair value
Lower fair value
Lower fair value
  
No predictable interrelationship
   
 
  
 
  
 
  
 
  
 
  
 
    Market multiples   EV/EBITDA ratios   7.8 – 16.2 x   10.0 x   Higher fair value   No predictable interrelationship
    PE Ratios   10.6 – 28.4 x   15.2 x   Higher fair value
      Liquidity discounts   5.0 – 20.0%   9.6%   Lower fair value  
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Foreign government, agency and municipal securities
  
 
6  
 
  
DCF
  
Credit spreads
Recovery rates
  
0.0
 – 2.4%
3.4 – 18.0%
  
1.1%
14.4%
  
Lower fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Bank and corporate debt securities and loans for trading purposes
  
 
181  
 
  
DCF
  
Credit spreads
Recovery rates
  
0.0
 – 227.0%
0.0
 – 100.0%
  
14.3%
79.8%
  
Lower fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
 
   
March 31, 2025
Financial Instrument
  
Fair
value in
billions of
yen
    
Valuation
technique
  
Significant
unobservable
valuation input
  
Range of
valuation
inputs
(1)
  
Weighted
Average
(2)(3)
  
Impact of
increases in
significant
unobservable
valuation
inputs
(4)(5)
  
  Interrelationships  
between valuation
inputs
(6)
Commercial mortgage- backed securities (“CMBS”)
  
¥
10  
 
  
DCF
  
Yields
Loss severities
  
21.1%
65.0%
  
21.1%
65.0%
  
Lower fair value
Lower fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Residential mortgage-backed securities (“RMBS”)
  
 
48  
 
  
DCF
  
Yields
Prepayment rates
Loss severities
  
21.5 – 62.2%
12.0 – 15.0%
0.
0
 – 100.0%
  
41.6%
13.5%
50.4%
  
Lower fair value
Lower fair value
Lower fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Real estate-backed securities
  
 
207  
 
  
DCF
  
Loss severities
  
0.0
 – 16.9%
  
2.3%
  
Lower fair value
  
Not applicable
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Collateralized debt obligations (“CDOs”) and other
  
 
42  
 
  
DCF
  
Yields
Prepayment rates
Default probabilities
Loss severities
Credit spreads
  
4.0 – 50.0%
20.0%
2.0%
62.9 – 100.0%
0.1 – 16.9%
  
13.6%
20.0%
2.0%
87.7%
4.7%
  
Lower fair value
Lower fair value
Lower fair value
Lower fair value
Lower fair value
  
Change in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Investment trust funds and other
  
 
3  
 
  
DCF
  
Liquidity discounts
  
1.5 – 2.9%
  
2.1%
  
Lower fair value
  
Not applicable
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Derivatives, net:
              
Equity contracts
     1      
Option models
  
Dividend yield
Volatilities
Correlations
  
0.0
 – 16.6%
3.5 – 99.4%
(0.85) – 0.99
  
— 
— 
— 
  
Higher fair value
Higher fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Interest rate contracts
  
 
6  
 
  
DCF/ Option models
  
Interest rates
Volatilities
Volatilities
Correlations
  
0.9 – 4.5%
9.8 – 13.3%
41.0 – 261.7 bp
(1.00) – 0.99
  
— 
— 
— 
— 
  
Higher fair value
Higher fair value
Higher fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Credit contracts
     (36)      
DCF/ Option models
  
Credit spreads
Recovery rates
Volatilities
Correlations
  
0.0
 – 132.2%
1.0 – 90.0%
45.9 – 51.9%
0.00
 – 0.85
  
— 
— 
— 
— 
  
Higher fair value
Higher fair value
Higher fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Foreign exchange contracts
  
 
(13)  
 
  
Option models
  
Volatilities
Correlations
  
1.6 – 18.8%
0.29 – 0.70
  
— 
— 
  
Higher fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Loans and receivables
  
 
448  
 
  
DCF
  
Credit spreads
Recovery rates
  
0.0
 – 193.2%
66.7 – 100.0%
  
9.9%
95.1%
  
Lower fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Collateralized agreements
  
 
15  
 
  
DCF
  
Repo rate
  
6.4%
  
6.4%
  
Lower fair value
  
Not applicable
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Other assets
              
Non-trading
debt securities
  
 
17  
 
  
DCF
  
Credit spreads
  
5.2 – 14.4%
  
7.3%
  
Lower fair value
  
Not applicable
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
 
   
March 31, 2025
Financial Instrument
  
Fair
value in
billions of
yen
    
Valuation
technique
  
Significant
unobservable
valuation input
  
Range of
valuation
inputs
(1)
  
Weighted
Average
(2)(3)
  
Impact of
increases in
significant
unobservable
valuation
inputs
(4)(5)
  
  Interrelationships  
between valuation
inputs
(6)
Other
(7)(8)
  
¥
 275       DCF  
WACC
Growth rates
  
10.6%
3.0%
  
10.6%
3.0%
  
Lower fair value
Higher fair value
   No predictable interrelationship
   
 
  
 
  
 
  
 
  
 
  
 
    Market multiples   Liquidity discounts   25.0%   25.0%   Lower fair value   Not applicable
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Liabilities:
              
Short-term borrowings
  
 
36  
 
  
DCF/ Option models
  
Volatilities
Correlations
  
5.0 – 51.5%
(0.72) – 0.96
  
— 
— 
  
Higher fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Payable and deposits
     14       DCF/ Option models  
Volatilities
Correlations
  
9.8 – 10.6%
0.40 – 0.98
  
— 
— 
  
Higher fair value
Higher fair value
   No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Long-term borrowings
  
 
477  
 
  
DCF
  
Loss severities
  
12.7 – 99.5%
  
79.8%
  
Lower fair value
  
Not applicable
   
 
  
 
  
 
  
 
  
 
  
 
    DCF/ Option models  
Volatilities
Volatilities
Correlations
  
5.0 – 51.5%
44.1 – 67.9 bp
(1.00) – 0.99
  
— 
— 
— 
  
Higher fair value
Higher fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Other liabilities
     65      
DCF
  
Credit spreads
Recovery rates
  
0.8 – 7.1%
91.0 – 99.5%
  
1.0%
93.8%
  
Lower fair value
Higher fair value
   No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
 
   
March 31, 2026
Financial Instrument
  
Fair
value in
billions of
yen
    
Valuation
technique
  
Significant
unobservable
valuation input
  
Range of
valuation
inputs
(1)
  
Weighted
Average
(2)(3)
  
Impact of
increases in
significant
unobservable
valuation
inputs
(4)(5)
  
Interrelationships
between valuation
inputs
(6)
Assets:
              
Trading assets and private equity and debt investments
              
Equities
   ¥ 14       DCF/
Option models		  
Credit spreads
  
2.9%
  
2.9%
  
Lower fair value
  
Not applicable
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Private equity and debt investments
  
 
146  
 
  
DCF
  
WACC
Growth rates
Credit spreads
Liquidity discounts
  
7.5 – 16.2%
0.0 – 2.0%
0.0 – 49.9%
0.0 – 30.0%
  
12.2%
1.7%
8.5%
11.0%
  
Lower fair value
Higher fair value
Lower fair value
Lower fair value
  
No predictable interrelationship
   
 
  
 
  
 
  
 
  
 
  
 
    Market multiples   EV/EBITDA ratios   5.9 – 11.4 x   8.9 x   Higher fair value   No predictable interrelationship
    PE Ratios   12.1 – 20.8 x   15.2 x   Higher fair value
      Liquidity discounts   10.0 – 20.0%   12.6%   Lower fair value  
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Foreign government, agency and municipal securities
  
 
4  
 
  
DCF
  
Credit spreads
Recovery rates
  
0.0 – 2.3%
12.5 – 18.0%
  
1.1%
17.2%
  
Lower fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Bank and corporate debt securities and loans for trading purposes
  
 
104  
 
  
DCF
  
Credit spreads
Recovery rates
  
0.5 – 12.6%
0.0 – 99.5%
  
4.8%
38.2%
  
Lower fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
 
   
March 31, 2026
Financial Instrument
  
Fair
value in
billions of
yen
    
Valuation
technique
  
Significant
unobservable
valuation input
  
Range of
valuation
inputs
(1)
  
Weighted
Average
(2)(3)
  
Impact of
increases in
significant
unobservable
valuation
inputs
(4)(5)
  
Interrelationships
between valuation
inputs
(6)
Residential mortgage-backed securities (“RMBS”)
  
¥
10  
 
  
DCF
  
Yields
Prepayment rates
Loss severities
  
140.2%
12.0%
0.0 – 100.0%
  
140.2%
12.0%
9.4%
  
Lower fair value
Lower fair value
Lower fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Real estate-backed securities
  
 
   82  
 
  
DCF
  
Loss severities
  
0.0 – 17.5%
  
0.5%
  
Lower fair value
  
Not applicable
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Collateralized debt obligations (“CDOs”) and other
  
 
34  
 
  
DCF
  
Yields
Prepayment rates
Default probabilities
Loss severities
Credit spreads
  
8.5 – 40.7%
20.0%
2.0%
69.3 – 100.0%
0.2%
  
17.9%
20.0%
2.0%
93.6%
0.2%
  
Lower fair value
Lower fair value
Lower fair value
Lower fair value
Lower fair value
  
Change in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Investment trust funds and other
  
 
9  
 
  
DCF
  
Liquidity discounts
  
2.4 – 15.2%
  
5.5%
  
Lower fair value
  
Not applicable
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Derivatives, net:
              
Equity contracts
     27      
Option models
  
Dividend yield
Volatilities
Correlations
  
0.0 – 12.6%
3.7 – 100.9%
(0.85) – 0.98
  
— 
— 
— 
  
Higher fair value
Higher fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Interest rate contracts
  
 
(16)  
 
  
DCF/ Option models
  
Interest rates
Volatilities
Volatilities
Correlations
  
2.6 – 5.0%
9.7 – 13.0%
42.4 – 109.9 bp
(1.00) – 1.00
  
— 
— 
— 
— 
  
Higher fair value
Higher fair value
Higher fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Credit contracts
     (56)      
DCF/ Option models
  
Credit spreads
Recovery rates
Volatilities
Correlations
  
0.0 – 156.3%
1.0 – 90.0%
25.0 – 81.6%
0.30 – 0.85
  
— 
— 
— 
— 
  
Higher fair value
Higher fair value
Higher fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Foreign exchange contracts
  
 
(22)  
 
  
Option models
  
Interest rates
Volatilities
Correlations
  
3.1 – 3.1%
1.4 – 16.1%
0.24 – 0.70
  
— 
— 
— 
  
Higher fair value
Higher fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Loans and receivables
  
 
584  
 
  
DCF
  
Credit spreads
Recovery rates
  
0.0 – 20.0%
64.5 – 100.0%
  
5.9%
97.4%
  
Lower fair value
Higher fair value
  
No predictable interrelationship
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Collateralized agreements
  
 
16  
 
  
DCF
  
Repo rate
  
5.2 – 5.6%
  
5.4%
  
Lower fair value
  
Not applicable
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Other assets
              
Non-trading
debt securities
  
 
48  
 
  
DCF
  
Credit spreads
  
4.1 – 18.5%
  
8.5%
  
Lower fair value
  
Not applicable
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
Other
(7)(8)
     308      
DCF
  
WACC
Growth rates
Credit spreads
  
10.5%
3.0%
0.3 – 22.0%
  
10.5%
3.0%
3.2%
  
Lower fair value
Higher fair value
Lower fair value
   No predictable interrelationship
   
 
  
 
  
 
  
 
  
 
  
 
    Market multiples   Liquidity discounts   25.0%   25.0%  
Lower fair value
  
Not applicable
 
 
 
    
 
  
 
  
 
  
 
  
 
  
 
 
 
 
 
March 31, 2026
Financial Instrument
 
Fair
value in
billions of
yen
 
 
Valuation
technique
 
Significant
unobservable
valuation input
 
Range of
valuation
inputs
(1)
 
Weighted
Average
(2)(3)
 
Impact of
increases in
significant
unobservable
valuation
inputs
(4)(5)
 
Interrelationships
between valuation
inputs
(6)
Liabilities:
 
      
 
  
 
  
 
  
 
  
 
  
 
  
Short-term borrowings
 
 ¥
43
  
 
 
DCF/ Option models
 
Volatilities
Correlations
 
16.7
 
– 60.2%
(0.72) – 0.95
 
— 
— 
 
Higher fair value
Higher fair value
 
No predictable interrelationship
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payable and deposits
 
 
12
  
 
 
DCF/ Option models
 
Volatilities
Correlations
 
9.7 – 10.8%
0.40 – 0.97
 
— 
— 
 
Higher fair value
Higher fair value
 
No predictable interrelationship
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term borrowings
 
 
452
  
 
 
DCF
 
Loss severities
 
9.5 – 99.3%
 
54.4%
 
Lower fair value
 
Not applicable
 
 
      
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
 
DCF/ Option models
 
Volatilities
 
9.7 – 60.2%
 
— 
 
Higher fair value
 
No predictable interrelationship
 
 
      
 
Volatilities
Correlations
 
65.5 – 85.8 bp
(1.00) – 0.97
 
— 
— 
 
Higher fair value
Higher fair value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other liabilities
 
 
67
  
 
 
DCF
 
Credit spreads
Recovery rates
 
0.8 – 4.0%
91.0 – 99.8%
 
0.8%
93.9%
 
Lower fair value
Higher fair value
 
No predictable interrelationship
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Range information is provided in percentages, coefficients and multiples and represents the highest and lowest level significant unobservable valuation input used to value that type of financial instrument. A wide dispersion in the range does not necessarily reflect increased uncertainty or subjectivity in the valuation input and is typically just a consequence of the different characteristics of the financial instruments themselves.
(2)
Weighted average information for
non-derivatives
is calculated by weighting each valuation input by the fair value of the financial instrument.
(3)
Nomura has not provided weighted average information for derivatives as unlike cash products the risk on such products is distinct from the balance sheet value and is subject to netting. Discussion of the ranges of significant unobservable valuation inputs for derivatives and short-term and long-term borrowings which contain embedded derivatives classified in Level 3 is provided below as a substitute for weighted average information.
(4)
The above table only considers the impact of an increase in each significant unobservable valuation input on the fair value measurement of the financial instrument. However, a decrease in the significant unobservable valuation input would have the opposite effect on the fair value measurement of the financial instrument. For example, if an increase in a significant unobservable valuation input would result in a lower fair value measurement, a decrease in the significant unobservable valuation input would result in a higher fair value measurement.
(5)
The impact of an increase in the significant unobservable valuation input on the fair value measurement for a derivative assumes Nomura is long risk to the input (such as being long volatility). Where Nomura is short such risk, the impact of an increase would have a converse effect on the fair value measurement of the derivative.
(6)
Consideration of the interrelationships between significant unobservable valuation inputs is only relevant where more than one unobservable valuation input is used to determine the fair value measurement of the financial instrument.
(7)
Valuation techniques and unobservable valuation inputs in respect of equity securities reported within
Other assets
in the consolidated balance sheets.
(8)
Includes
non-financial
assets carried at fair value on a recurring basis
Increases and decreases of Level 3 assets and liabilities measured at fair value on recurring basis unrealized and realized gain/losses included in revenue
For the years ended March 31, 2025 and 2026, gains and losses related to Level 3 assets and liabilities did not have a material impact on Nomura’s liquidity and capital resources management.
 
 
 
 
 
 
Billions of yen
 
 
 
 
 
 
Year ended March 31, 2025
 
 
 
Balance

as of

April 1,

2024
 
 
Total gains

(losses)

recognized

in net
income
(1)
 
 
Total gains

(losses)

recognized in

other

comprehensive

income
 
  
Purchases /
issues
(2)
 
 
Sales /

redemptions
(2)
 
 
Settlements
 
 
Foreign

exchange

movements
 
 
Transfers

into

Level 3
(4)(5)
 
 
Transfers

out of

Level 3
(5) (6)
 
 
Balance

as of

March 31,

2025
 
Assets:
 
      
 
      
 
      
  
      
 
      
 
      
 
      
 
      
 
      
 
      
Trading assets and private equity and debt investments
 
      
 
      
 
      
  
      
 
      
 
      
 
      
 
      
 
      
 
      
Equities
 
¥
8
 
 
¥
0
 
 
¥
— 
 
  
¥
17
 
 
¥
(13
) 
 
¥
— 
 
 
¥
1
 
 
¥
15
 
 
¥
(7
) 
 
¥
21
 
Private equity and debt investments
 
 
80
 
 
 
3
 
 
 
— 
 
  
 
37
 
 
 
(9
) 
 
 
— 
 
 
 
0
 
 
 
 — 
 
 
 
(8
) 
 
 
103
 
Japanese agency and municipal securities
 
 
0
 
 
 
 — 
 
 
 
— 
 
  
 
 — 
 
 
 
0
 
 
 
— 
 
 
 
— 
 
 
 
 — 
 
 
 
 — 
 
 
 
0
 
Foreign government, agency and municipal securities
 
 
3
 
 
 
0
 
 
 
— 
 
  
 
5
 
 
 
(5
) 
 
 
— 
 
 
 
0
 
 
 
7
 
 
 
(4
) 
 
 
6
 
Bank and corporate debt securities and loans for trading purposes
 
 
173
 
 
 
(5
) 
 
 
— 
 
  
 
205
 
 
 
(240
) 
 
 
— 
 
 
 
(5
) 
 
 
69
 
 
 
(16
) 
 
 
181
 
Commercial mortgage-backed securities (“CMBS”)
 
 
0
 
 
 
2
 
 
 
— 
 
  
 
7
 
 
 
(6
) 
 
 
— 
 
 
 
— 
 
 
 
7
 
 
 
 — 
 
 
 
10
 
Residential mortgage-backed securities (“RMBS”)
 
 
35
 
 
 
2
 
 
 
— 
 
  
 
56
 
 
 
(46
) 
 
 
— 
 
 
 
(1
) 
 
 
2
 
 
 
0
 
 
 
48
 
Real estate-backed securities
 
 
122
 
 
 
11
 
 
 
— 
 
  
 
370
 
 
 
(294
) 
 
 
— 
 
 
 
(2
) 
 
 
 — 
 
 
 
 — 
 
 
 
207
 
Collateralized debt obligations (“CDOs”) and other
 
 
46
 
 
 
(25
) 
 
 
— 
 
  
 
107
 
 
 
(86
) 
 
 
— 
 
 
 
0
 
 
 
 — 
 
 
 
0
 
 
 
42
 
Investment trust funds and other
 
 
3
 
 
 
0
 
 
 
— 
 
  
 
68
 
 
 
(68
) 
 
 
— 
 
 
 
0
 
 
 
0
 
 
 
 — 
 
 
 
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total trading assets and private equity and debt investments
 
 
470
 
 
 
(12
) 
 
 
— 
 
  
 
872
 
 
 
(767
) 
 
 
— 
 
 
 
(7
) 
 
 
100
 
 
 
(35
) 
 
 
621
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives, net
(3)
 
      
 
      
 
      
  
      
 
      
 
      
 
      
 
      
 
      
 
      
Equity contracts
 
 
5
 
 
 
0
 
 
 
 — 
 
  
 
  — 
 
 
 
  — 
 
 
 
(5
) 
 
 
0
 
 
 
0
 
 
 
1
 
 
 
1
 
Interest rate contracts
 
 
32
 
 
 
(20
) 
 
 
 — 
 
  
 
  — 
 
 
 
  — 
 
 
 
12
 
 
 
(4
) 
 
 
(19
) 
 
 
5
 
 
 
6
 
Credit contracts
 
 
(46
) 
 
 
(30
) 
 
 
 — 
 
  
 
  — 
 
 
 
  — 
 
 
 
37
 
 
 
1
 
 
 
(1
) 
 
 
3
 
 
 
(36
) 
Foreign exchange contracts
 
 
3
 
 
 
(9
) 
 
 
 — 
 
  
 
  — 
 
 
 
  — 
 
 
 
(5
) 
 
 
0
 
 
 
0
 
 
 
(2
) 
 
 
(13
) 
Other contracts
 
 
 — 
 
 
 
2
 
 
 
 — 
 
  
 
  — 
 
 
 
  — 
 
 
 
1
 
 
 
(2
) 
 
 
(5
) 
 
 
  — 
 
 
 
(4
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total derivatives, net
 
 
(6
) 
 
 
(57
) 
 
 
 — 
 
  
 
  — 
 
 
 
  — 
 
 
 
40
 
 
 
(5
) 
 
 
(25
) 
 
 
7
 
 
 
(46
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal
 
¥
464
 
 
¥
(69
) 
 
¥
  — 
 
  
¥
872
 
 
¥
(767
) 
 
¥
40
 
 
¥
(12
) 
 
¥
75
 
 
¥
(28
) 
 
¥
575
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and receivables
 
¥
291
 
 
¥
24
 
 
¥
— 
 
  
¥
199
 
 
¥
(234
) 
 
¥
— 
 
 
¥
(14
) 
 
¥
244
 
 
¥
(62
) 
 
¥
448
 
Collateralized agreements
 
 
12
 
 
 
0
 
 
 
— 
 
  
 
2
 
 
 
 — 
 
 
 
1
 
 
 
0
 
 
 
 — 
 
 
 
 — 
 
 
 
15
 
Other assets
 
      
 
      
 
      
  
      
 
      
 
      
 
      
 
      
 
      
 
      
Non-trading
debt securities
 
 
21
 
 
 
0
 
 
 
— 
 
  
 
3
 
 
 
(7
) 
 
 
— 
 
 
 
0
 
 
 
 — 
 
 
 
 — 
 
 
 
17
 
Other
(7)
 
 
253
 
 
 
20
 
 
 
 — 
 
  
 
45
 
 
 
(11
) 
 
 
 — 
 
 
 
(4
) 
 
 
0
 
 
 
(28
) 
 
 
275
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
¥
1,041
 
 
¥
(25
) 
 
¥
— 
 
  
¥
1,121
 
 
¥
(1,019
) 
 
¥
41
 
 
¥
(30
) 
 
¥
319
 
 
¥
(118
) 
 
¥
1,330
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
      
 
      
 
      
  
      
 
      
 
      
 
      
 
      
 
      
 
      
Trading liabilities
 
      
 
      
 
      
  
      
 
      
 
      
 
      
 
      
 
      
 
      
Equities
 
¥
0
 
 
¥
0
 
 
¥
— 
 
  
¥
3
 
 
¥
(2
) 
 
¥
— 
 
 
¥
0
 
 
¥
0
 
 
¥
0
 
 
¥
1
 
Bank and corporate debt securities
 
 
1
 
 
 
0
 
 
 
— 
 
  
 
2
 
 
 
(3
) 
 
 
— 
 
 
 
0
 
 
 
0
 
 
 
0
 
 
 
0
 
Collateralized debt obligations (“CDOs”) and other
 
 
— 
 
 
 
 — 
 
 
 
— 
 
  
 
0
 
 
 
0
 
 
 
— 
 
 
 
0
 
 
 
 — 
 
 
 
0
 
 
 
0
 
Investment trust funds and other
 
 
0
 
 
 
0
 
 
 
— 
 
  
 
0
 
 
 
0
 
 
 
— 
 
 
 
0
 
 
 
 — 
 
 
 
 — 
 
 
 
0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total trading liabilities
 
¥
1
 
 
¥
0
 
 
¥
— 
 
  
¥
5
 
 
¥
(5
) 
 
¥
— 
 
 
¥
0
 
 
¥
0
 
 
¥
0
 
 
¥
1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term borrowings
 
 
23
 
 
 
(1
) 
 
 
0
 
  
 
70
 
 
 
(41
) 
 
 
— 
 
 
 
0
 
 
 
1
 
 
 
(18
) 
 
 
36
 
Payables and deposits
 
 
15
 
 
 
1
 
 
 
0
 
  
 
1
 
 
 
 — 
 
 
 
— 
 
 
 
— 
 
 
 
1
 
 
 
(2
) 
 
 
14
 
Long-term borrowings
 
 
474
 
 
 
0
 
 
 
9
 
  
 
218
 
 
 
(172
) 
 
 
— 
 
 
 
0
 
 
 
11
 
 
 
(45
) 
 
 
477
 
Other liabilities
 
 
44
 
 
 
0
 
 
 
— 
 
  
 
47
 
 
 
(25
) 
 
 
— 
 
 
 
(1
) 
 
 
0
 
 
 
0
 
 
 
65
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
¥
557
 
 
¥
0
 
 
¥
9
 
  
¥
341
 
 
¥
(243
) 
 
¥
— 
 
 
¥
(1
) 
 
¥
13
 
 
¥
(65)
 
 
¥
593
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         
Billions of yen
  
         
Year ended March 31, 2026
  
   
Balance

as of

April 1,

2025
    
Total gains

(losses)

recognized

in net
income
(1)
    
Total gains

(losses)

recognized in

other

comprehensive

income
    
Purchases /
issues
(2)
    
Sales /

redemptions
(2)
    
Settlements
    
Foreign

exchange

movements
    
Transfers

into

Level 3
(4)(5)
    
Transfers

out of

Level 3
(5)(6)
    
Balance

as of

March 31,

2026
  
Assets:
                    
Trading assets and private equity and debt investments
                    
Equities
   ¥ 21     ¥ 0     ¥ —      ¥ 16     ¥ (36 )    ¥ —      ¥ 2     ¥ 14     ¥ (3 )    ¥ 14  
Private equity and debt investments
     103       5       —        101       (44 )      —        1       1       (21 )      146  
Japanese agency and municipal securities
     0       0       —        2       (2 )      —        —         —         —        —   
Foreign government, agency and municipal securities
     6       1       —        5       (6 )      —        0       4       (6 )      4  
Bank and corporate debt securities and loans for trading purposes
     181       8       —        103       (182 )      —        13       39       (58 )      104   
Commercial mortgage-backed securities (“CMBS”)
     10       0       —        0       (10 )      —        —         —        0       0  
Residential mortgage-backed securities (“RMBS”)
     48       (3 )      —        3       (20 )      —        2       1       (21 )      10  
Real estate-backed securities
     207       0       —        362       (287 )      —        8       18       (226 )      82  
Collateralized debt obligations (“CDOs”) and other
     42       (9 )      —        39       (36 )      —        1       0       (3 )      34  
Investment trust funds and other
     3       0       —        88       (79 )      —        0       5       (8 )      9  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total trading assets and private equity and debt investments
     621       2       —        719       (702 )      —        27       82       (346 )      403  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Derivatives, net
(3)
                    
Equity contracts
     1       2        —           —          —        32       (1 )      (15 )      8       27  
Interest rate contracts
     6       16        —           —          —        (29 )      2       8       (19 )      (16 ) 
Credit contracts
     (36 )      2        —           —          —        (25 )      (2 )      12       (7 )      (56 ) 
Foreign exchange contracts
     (13 )      (12 )       —           —          —        4       1       (1 )      (1 )      (22 ) 
Other contracts
     (4 )      (2 )       —           —          —        2       0       2         —        (2 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total derivatives, net
     (46 )      6        —             —             —        (16 )      0       6       (19 )      (69 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Subtotal
   ¥ 575     ¥ 8     ¥ —      ¥ 719     ¥ (702 )    ¥ (16 )    ¥ 27     ¥ 88     ¥ (365 )    ¥ 334  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Loans and receivables
   ¥ 448     ¥ 32     ¥ —      ¥ 237     ¥ (285 )    ¥ —      ¥ 40     ¥ 178     ¥ (66 )    ¥ 584  
Collateralized agreements
     15       0       —         —         —        —        1        —         —        16  
Other assets
                    
Non-trading
debt securities
     17       2       —        10       (8 )      —        1       26        —        48  
Other
(7)
     275       32        —        80       (99 )       —        21       1       (2 )      308  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   ¥ 1,330     ¥ 74     ¥ —      ¥ 1,046     ¥ (1,094 )    ¥ (16 )    ¥ 90     ¥ 293     ¥ (433 )    ¥ 1,290  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liabilities:
                    
Trading liabilities
                    
Equities
   ¥ 1     ¥ 0     ¥ —      ¥ 0     ¥ 0     ¥ —      ¥ 0     ¥ 0     ¥ (1 )    ¥ 0  
Bank and corporate debt securities
     0       0       —        0       0       —        0       0       0       0  
Collateralized debt obligations (“CDOs”) and other
     0       (1 )      —        1       (1 )      —        0        —         —        1  
Investment trust funds and other
     0       0       —        0       0       —        0        —         —        —   
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total trading liabilities
   ¥ 1     ¥ (1 )    ¥ —      ¥ 1     ¥ (1 )    ¥ —      ¥ 0     ¥ 0     ¥ (1 )    ¥ 1  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Short-term borrowings
     36       (2 )      0       96       (79 )      —        2       1       (15 )      43  
Payables and deposits
     14       1       0        —        (1 )      —        —         —         —        12  
Long-term borrowings
     477       (16 )      (3 )      194       (178 )      —        1       21       (82 )      452  
Other liabilities
     65       (1 )      —        100       (104 )      —        5       2       (2 )      67  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   ¥ 593     ¥ (19 )    ¥ (3 )    ¥ 391     ¥ (363 )    ¥ —      ¥ 8     ¥ 24     ¥ (100)     ¥ 575  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
 
(1)
Includes gains and losses reported primarily within
Net gain on trading, Gain on private equity and debt investments,
and also within
Gain (loss) on investments in equity securities, Revenue
—
Other
and
Non-interest
expenses
—
Other, Interest and dividends
and
Interest expense
in the consolidated statements of income.
 
 
(2)
Amounts reported in
Purchases / issues
include increases in trading liabilities while
Sales / redemptions
include decreases in trading liabilities.
(3)
Derivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.
(4)
Amounts of gains and losses on these transfers which were recognized in the period when the
Transfers into Level
 3
occurred were not significant for the years ended March 31, 2025 and March 31, 2026.
(5)
Transfers into Level
 3
indicate certain valuation inputs of a financial instrument become unobservable or significant.
Transfers out of Level
 3
indicate certain valuation inputs of a financial instrument become observable or insignificant. See “
Quantitative and qualitative information regarding significant unobservable valuation inputs”
above for the valuation inputs of each financial instruments.
(6)
Transfers out of Level
 3
include financial instruments that moved out of level 3 by application of measurement alternative. See Note 6 “
Non-trading
investments
” for further information of financial instruments under the measurement alternative.
(7)
Includes
non-financial
assets carried at fair value on a recurring basis.
Fair value, level 3 assets and liabilities measured on recurring basis, unrealized gains (losses)
The following table presents the amounts of unrealized gains (losses) for the years ended March 31, 2025 and 2026, relating to those financial instruments which Nomura classified in Level 3 within the fair value hierarchy and that were still held by Nomura at the relevant consolidated balance sheet date.
 
    
Billions of yen
  
    
March 31
  
              
    
2025
    
2026
  
    
Unrealized gains / (losses)
(1)
  
Assets:
     
Trading assets and private equity and debt investments
     
Equities
    ¥ 0     ¥ (1 ) 
Private equity and debt investments
      (1 )      1  
Foreign government, agency and municipal securities
      0       1  
Bank and corporate debt securities and loans for trading purposes
      (6 )      5  
Commercial mortgage-backed securities (“CMBS”)
      7       0  
Residential mortgage-backed securities (“RMBS”)
      2       (2 )
Real estate-backed securities
      5       (3 )
Collateralized debt obligations (“CDOs”) and other
      (24 )      (5 )
Investment trust funds and other
      0       0  
  
 
 
    
 
 
  
Total trading assets and private equity and debt investments
      (17 )      (4 )
  
 
 
    
 
 
  
Derivatives, net
(2)
     
Equity contracts
      (3 )      19  
Interest rate contracts
      (23 )      (2 )
Credit contracts
      (26 )      (16 )
Foreign exchange contracts
      (7 )      (11 )
Other contracts
      2       (2 )
  
 
 
    
 
 
  
Total derivatives, net
      (57 )      (12 )
  
 
 
    
 
 
  
Subtotal
    ¥ (74 )    ¥ (16 )
  
 
 
    
 
 
  
Loans and receivables
      14       22  
Collateralized agreements
      0       0  
Other assets
     
Non-Trading
debt Securities
      0       1  
Other
(3)
      20       49  
  
 
 
    
 
 
  
Total
    ¥ (40 )    ¥ 56  
  
 
 
    
 
 
  
 
 
 

 
  
Billions of yen
 
 
  
March 31
 
 
  
 
 
 
 
 
 
  
2025
 
 
2026
 
 
  
Unrealized gains / (losses)
(1)
 
Liabilities:
  
 
Trading liabilities
  
 
Equities
    ¥ 0     ¥ 0  
Bank and corporate debt securities
      0       0  
Collateralized debt obligation (“CDOs”) and other
      1       0  
  
 
 
    
 
 
  
Total trading liabilities
    ¥ 1     ¥ 0  
  
 
 
    
 
 
  
Short-term borrowings
(4)
      (7 )      1  
Payables and deposits
(4)
      1       1  
Long-term borrowings
(4)
      24       5  
Other liabilities
      (1 )      (1 ) 
  
 
 
    
 
 
  
Total
    ¥   18     ¥   6  
  
 
 
    
 
 
  
 
 
(1)
Includes gains and losses reported within
Net gain on trading, Gain on private equity and debt investments
, and also within
Gain(loss) on investments in equity securities, Revenue
—
Other
and
Non-interest
expenses
—
Other, Interest and dividends
and
Interest expense
in the consolidated statements of income.
(2)
Derivatives which contain multiple types of risk are classified based on the primary risk type of the instrument.
(3)
Includes
non-financial
assets carried at fair value on a recurring basis.
(4)
Includes unrealized gains and losses of ¥10 billion and ¥(1) billion for the years ended March 31, 2025 and 2026 recognized in
Other comprehensive income (loss)
for recurring Level 3 fair value measurements held at the end of the reporting period.
Information on investments where net asset value per share is calculated
The following tables present information on these investments where NAV per share is calculated or disclosed as of March 31, 2025 and 2026. Investments are presented by major category relevant to the nature of Nomura’s business and risks.
 
    
Billions of yen
  
    
March 31, 2025
  
    
Fair
value
     
Unfunded

commitments
(1)
     
Redemption frequency

(if currently eligible)
(2)
     
Redemption notice
(3)
  
Hedge funds
    ¥ 11      ¥ 4        Daily-Monthly       
Same
 day-30 days
  
Venture capital funds
      19        3       
— 
      
—
  
Private equity funds and private credit funds
      43        10       
— 
      
— 
 
Real estate funds
      4        0       
— 
      
—
  
  
 
 
     
 
 
        
Total
    ¥  77      ¥  17        
  
 
 
     
 
 
        
 
 
  
Billions of yen
 
 
  
March 31, 2026
 
 
  
Fair
value
 
  
Unfunded

commitments
(1)
 
  
Redemption frequency

(if currently eligible)
(2)
 
  
Redemption notice
(3)
 
Hedge funds
    ¥ 33      ¥ 2        Daily-Monthly       
Same
 day-30 days
  
Venture capital funds
      20        3       
— 
      
—
  
Private equity funds and private credit funds
      63        8       
— 
      
— 
 
Real estate funds
      3        0       
— 
      
—
  
  
 
 
     
 
 
        
Total
    ¥  119      ¥  13        
  
 
 
     
 
 
        
 
(1)
The contractual amount of any unfunded commitments Nomura is required to make to the entities in which the
invest
ment is held.
(2)
The frequency with which Nomura is permitted to redeem investments.
(3)
The range in prior notice period for redemption.
Gains (losses) due to changes in fair value for financial instruments measured at fair value using fair value option
The following table presents gains (losses) due to changes in fair value for financial instruments carried at FV-NI using the FVO for the years ended March 31, 2024, 2025 and 2026.
 
 
  
Billions of yen
 
 
  
Year ended March 31
 
 
  
 
 
 
 
 
 
 
 
 
  
2024
 
 
2025
 
 
2026
 
 
  
Gains/(Losses)
(1)
 
Assets:
  
 
 
Trading assets and private equity and debt investments
(2)
  
 
 
Trading assets
    ¥ 0     ¥ 4     ¥ 16  
Private equity and debt investments
      2       2       1  
Loans and receivables
      54       45       52  
Collateralized agreements
(3)
      6       20       12  
Other assets
(2)(4)
      22       15       37  
  
 
 
    
 
 
    
 
 
  
Total
    ¥ 84     ¥ 86     ¥ 118  
  
 
 
    
 
 
    
 
 
  
Liabilities:
       
Short-term borrowings
(5)
    ¥ 13     ¥ 153     ¥ 83  
Payables and deposits
      8       6       38  
Collateralized financing
(3)
      (17 )      (23 )      (17 )
 
Long-term borrowings
(5)(6)
      (110 )      (48 )      12  
Other liabilities
(7)
      (1 )      (1 )      (11 )
  
 
 
    
 
 
    
 
 
  
Total
    ¥ (107 )    ¥ 87     ¥ 105
  
 
 
    
 
 
    
 
 
  
 
(1)
Includes gains and losses reported primarily within
Revenue – Net gain on trading
and
Revenue
—
Other
in the consolidated statements of income.
(2)
Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the FVO.
(3)
Includes reverse repurchase and repurchase agreements.
(4)
Includes
non-trading
debt securities.
(5)
Includes structured notes and other financial liabilities.
(6)
Includes secured financing transactions arising from transfers of financial assets which did not meet the criteria for sales accounting.
(7)
Includes unfunded written loan commitments.
Schedule of impact of changes in its own creditworthiness on certain financial liabilities
 
  
Billions of yen
 
 
  
 Year ended March 31 
 
 
  
 2025 
 
  
 2026 
 
Changes recognized as a credit (debit) to other comprehensive income
    ¥ 26      ¥ (55 )
Credit (debit) amounts reclassified to earnings
      0        (1 )
 
Cumulative credit balance recognized in accumulated other comprehensive income
      78        22  
Geographic allocations of trading assets related to government, agency, municipal securities
    
Billions of yen
  
    
March 31, 2025
  
    
Japan
     
U.S.
     
EU & U.K.
     
Other
     
Total
(1)
  
Government, agency and municipal securities
    ¥ 2,896      ¥ 2,629      ¥ 2,655      ¥ 1,470      ¥ 9,650  
 
 
  
Billions of yen
 
 
  
March 31, 2026
 
 
  
Japan
 
  
U.S.
 
  
EU & U.K.
 
  
Other
 
  
Total
(1)
 
Government, agency and municipal securities
    ¥ 4,125      ¥ 3,141      ¥ 2,587      ¥ 1,416      ¥ 11,269  
 
(1)
Other than above, there were ¥313 billion and ¥653 billion of government, agency and municipal securities reported within
Other assets
—
Non-trading
debt securities
in the consolidated balance sheets as of March 31, 2025 and 2026, respectively. These securities are primarily Japanese government, agency and municipal securities.
Carrying values, fair values and classification within the fair value hierarchy for certain classes of financial instrument
 
The following tables present carrying values, fair values and classification within the fair value hierarchy for certain classes of financial instrument as of March 31, 2025 and 2026.
 
   
Billions of yen
  
   
March 31, 2025
(1)
  
               
Fair value by level
  
   
Carrying

value
    
Fair
value
    
Level 1
    
Level 2
    
Level 3
  
Assets:
          
Cash and cash equivalents
   ¥ 4,424     ¥ 4,424     ¥ 4,424     ¥ —      ¥ —   
Time deposits
     642       642       —        642       —   
Deposits with stock exchanges and other segregated cash
     448       448       —        448       —   
Loans receivable
(2)
     6,022       6,020       —        3,436       2,584  
Securities purchased under agreements to resell
     14,005       14,005       —        13,991       14  
Securities borrowed
     4,659       4,659       —        4,659       —   
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   ¥ 30,200     ¥ 30,198     ¥ 4,424     ¥ 23,176     ¥ 2,598  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liabilities:
          
Short-term borrowings
   ¥ 1,117     ¥ 1,117     ¥ —      ¥ 1,081     ¥ 36  
Deposits received at banks
     3,106       3,106       —        3,092       14  
Securities sold under agreements to repurchase
     16,288       16,288       —        16,288       —   
Securities loaned
     1,965       1,965       —        1,965       —   
Other secured borrowings
     393       393       —        393       —   
Long-term borrowings
     13,374       13,385       10       12,879       496  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   ¥ 36,243     ¥ 36,254     ¥ 10     ¥ 35,698     ¥ 546  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
 
 
 
Billions of yen
 
 
 
March 31, 2026
(1)
 
 
 
 
 
 
 
 
 
Fair value by level
 
 
 
Carrying

value
 
 
Fair
value
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
Assets:
 
 
 
 
 
Cash and cash equivalents
   ¥ 4,299     ¥ 4,299     ¥ 4,299     ¥ —      ¥ —   
Time deposits
     710       710       —        710       —   
Deposits with stock exchanges and other segregated cash
     641       641       —        641       —   
Loans receivable
(2)
     7,742       7,740       —        4,449       3,291  
Securities purchased under agreements to resell
     13,210       13,210       —        13,195       15  
Securities borrowed
     4,340       4,340       —        4,340       —   
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   ¥ 30,942     ¥ 30,940     ¥ 4,299     ¥ 23,335     ¥ 3,306  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liabilities:
          
Short-term borrowings
   ¥ 1,753     ¥ 1,753     ¥ —      ¥ 1,710     ¥ 43  
Deposits received at banks
     3,667       3,667       —        3,655       12  
Securities sold under agreements to repurchase
     15,234       15,234       —        15,234       —   
Securities loaned
     2,448       2,448       —        2,448       —   
Other secured borrowings
     384       384       —        384       —   
Long-term borrowings
     15,545       15,562       11       15,085       466  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   ¥ 39,031     ¥ 39,048     ¥ 11     ¥ 38,516     ¥ 521  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Includes financial instruments which are carried at fair value on a recurring basis.
(2)
Carrying values are shown after deducting relevant allowances for current expected credit losses.
Equity securities subject to contractual sale restrictions
The following table presents a summary of equity securities primarily reported within
Other assets—Other
in consolidated balance sheet which are subject to contractual sale restrictions as of March 31, 2025 and 2026.
 
 
  
Millions of yen
 
 
  
March 31, 2025
 
 
  
 
 
  
Remaining duration
 
 
  
Fair value
 
  
Less than

1 year
 
  
1 to 5

years
 
  
More than

5 years
 
Restriction on transfer
    ¥ 200,658      ¥ 9      ¥ 200,621      ¥ 28  
Consent from third parties
      7,806        18        —        7,788  
Others
      2,148        —        —        2,148  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    ¥ 210,612      ¥ 27      ¥ 200,621      ¥ 9,964  
  
 
 
     
 
 
     
 
 
     
 
 
  
    
Millions of yen
  
    
March 31, 2026
  
           
Remaining duration
  
    
Fair value
     
Less than

1 year
     
1 to 5

years
     
More than

5 years
  
Restriction on transfer
    ¥ 250,291      ¥ 250,291      ¥ —      ¥ —  
Consent from third parties
      8,054        —        —        8,054  
Others
      3,745        —        —        3,745  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    ¥ 262,090      ¥
 
 250,291      ¥ —      ¥ 11,799  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
No specific conditions could cause a lapse in the sale restrictions as disclosed above.