v3.26.1
INVESTMENT SECURITIES (Tables)
 3 Months Ended
Jun. 30, 2026
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]  
Schedule of Trading and Available-for-Sale Securities
As of June 30, 2026 and March 31, 2026, trading, available-for-sale securities and held-to-maturity securities consisted of the following:
June 30, 2026March 31, 2026
Non-U.S. sovereign debt$2,073,085 $1,337,577 
Corporate debt682,474 793,850 
Corporate equity148,815 166,394 
U.S. sovereign debt32,778 33,060 
Exchange traded notes and funds
37,525 8,219 
Total trading securities$2,974,677 $2,339,100 
June 30, 2026March 31, 2026
Corporate debt$422,690 $311,604 
Non-U.S. sovereign debt242,009 240,453 
U.S. sovereign debt22,085 21,981 
Total available-for-sale securities, at fair value$686,784 $574,038 
June 30, 2026March 31, 2026
Non-U.S. sovereign debt$486,448 $429,660 
Corporate debt35,358 — 
Allowance(285)(237)
Total held-to-maturity securities$521,521 $429,423 
Total investment securities$4,182,982 $3,342,561 
Schedule of Maturity of Available for Sale Securities
The following tables present maturity analysis for available-for-sale securities as of June 30, 2026, and March 31, 2026:

June 30, 2026
Remaining contractual maturity of the agreements
Up to 1 year1-5 years5-10 yearsMore than 10 yearsTotal
Corporate debt$42,944 $320,996 $55,087 $3,663 $422,690 
Non-US sovereign debt49,837 22,043 168,179 1,950 242,009 
US sovereign debt11,043 9,876 — 1,166 22,085 
Total available-for-sale securities, at fair value$103,824 $352,915 $223,266 $6,779 $686,784 
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 

The following tables present maturity analysis for held-to-maturity securities as of June 30, 2026, and March 31, 2026:

June 30, 2026
Remaining contractual maturity of the agreements
Up to 1 year1-5 years5-10 yearsMore than 10 yearsTotal
Corporate debt$— $— $35,326 $— $35,326 
Non-US sovereign debt— 195,247 115,350 175,598 486,195 
Total held-to-maturity securities$— $195,247 $150,676 $175,598 $521,521 

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 
Schedule of Present Securities Assets at Fair Value
The following tables present securities assets in the Сondensed Сonsolidated Balance Sheets or disclosed in the Notes to the condensed consolidated financial statements at fair value on a recurring basis as of June 30, 2026, and March 31, 2026:
Weighted Average
Interest Rate		Total
Fair Value Measurements as of June 30, 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 debt11.20 %$2,073,085 $816,276 $1,256,809 $— 
Corporate debt15.43 %682,474 444,449 236,948 1,077 
Corporate equity— 148,815 124,554 1,923 22,338 
U.S. sovereign debt4.14 %32,778 32,778 — — 
Exchange traded notes and funds
— 37,525 32,171 5,354 — 
Total trading securities$2,974,677 $1,450,228 $1,501,034 $23,415 
Corporate debt16.84 %$422,690 $239,704 $182,986 $— 
Non-U.S. sovereign debt8.71 %242,009 41,140 200,869 — 
U.S. sovereign debt1.88 %22,085 22,085 — — 
Total available-for-sale securities, at fair value$686,784 $302,929 $383,855 $— 
Weighted Average
Interest Rate
Total
Fair Value Measurements as of March 31, 2026 using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant 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 and funds
— 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 $— 
Schedule of Debt Securities, Held-to-Maturity 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 June 30, 2026.
June 30, 2026
Assets measured at amortized costGross unrecognized holding gainsGross unrecognized holding lossesFair value of held-to-maturityMaturity Date
Corporate debt$35,326 $2,949 $— $38,275 2032
Non-US sovereign debt486,195 11,989 (4,462)493,722 2027 - 2040
Total held-to-maturity securities
$521,521 $14,938 $(4,462)$531,997 
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 
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 June 30, 2026, and March 31, 2026. The tables are not intended to be all inclusive, but instead capture the significant unobservable inputs relevant to determination of fair value.
TypeValuation TechniqueFV as of June 30, 2026Significant Unobservable Inputs%
Corporate equityDCF$19,895 Discount rate9.43%
Estimated number of years4 years
Termination multiplier10.5
Corporate equityDCF2,310 Discount rate10.11%
Estimated number of years4 years
Termination multiplier0.935
Corporate debtDCF1,077 Discount rate13.2%
Estimated number of years2 years
Corporate equityDCF133 Discount rate58.8%
Estimated number of years9 years
Total$23,415 

TypeValuation TechniqueFV as of March 31, 2026Significant Unobservable Inputs%
Corporate equityDCF$18,840 Discount rate9.0%
Estimated number of years3 years
Termination multiplier10.5
Corporate equityDCF2,223 Discount rate10.36%
Estimated number of years6 years
Termination multiplier0.935
Corporate debtDCF1,078 Discount rate13.2%
Estimated number of years2 years
Corporate equityDCF134 Discount rate58.8%
Estimated number of years9 years
Total$22,275 
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended June 30, 2026, and the year ended March 31, 2026:
Trading securities
Balance as of March 31, 2025$18,320 
Revaluation of investments that use Level 3 inputs633 
Reclassification to associate1,093 
Purchase of investments that use Level 3 inputs2,222 
Foreign currency translation7 
Balance as of March 31, 2026$22,275 
Revaluation of investments that use Level 3 inputs1,140 
Balance as of June 30, 2026
$23,415 
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 June 30, 2026, and March 31, 2026:
June 30, 2026
Assets measured at amortized costAccumulated impairment lossUnrealized loss accumulated in other comprehensive
(loss)/income including foreign currency translation adjustments, net		Assets
measured at
fair value		Maturity Date
Corporate debt$419,121 $— $3,569 $422,690 2026 - 2039
Non-U.S. sovereign debt244,687 (495)(2,183)242,009 2026 - indefinite
U.S. sovereign debt22,123 — (38)22,085 2027 - 2044
Total available-for-sale securities, at fair value$685,931 $(495)$1,348 $686,784 
March 31, 2026
Assets measured at amortized cost
Accumulated impairment loss
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-U.S. 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