The table below presents net capital/eligible equity, required minimum capital, excess regulatory capital and retained earnings as of June 30, 2026 for the Company and each of subsidiaries that are regulated entities that is material for our consolidated financial statements.


(amounts in thousands)	Regulated activities	Net Capital/Eligible Equity		Required Minimum capital/solvency		Excess regulatory capital		Retained earnings

Freedom Holding Corp.	Kazakhstan bank holding company	$	1,535,276	$	200,000	$	1,335,276	$	1,263,160
Freedom EU	Brokerage	686,621		19,029		667,592		760,863
Freedom Bank KZ	Bank	524,068		250,005		274,063		292,571
Freedom Global	Brokerage	175,910		42,555		133,355		194,760
Freedom Armenia ("Freedom AR")	Brokerage	112,982		818		112,164		112,737
Freedom Life	Life Insurance	74,340		13,495		60,845		89,798
Freedom KZ	Brokerage	71,667		450		71,218		142,663
Freedom Insurance	Property and Casualty Insurance	62,671		13,495		49,175		44,701
Other regulated operating subsidiaries	Other	30,683		2,063		28,620		(60,041)
		$	3,274,219	$	541,911	$	2,732,308	$	2,841,211

The table below presents net capital/eligible equity, required minimum capital, excess regulatory capital and retained earnings as of March 31, 2026 for each of our subsidiaries that are regulated entities that is material for our consolidated financial statements.


(amounts in thousands)	Regulated activities	Net Capital/Eligible Equity		Required Minimum capital/solvency		Excess regulatory capital		Retained earnings

Freedom Holding Corp.	Kazakhstan bank holding company	$	1,489,279	$	200,000	$	1,289,279	$	1,231,500
Freedom EU	Brokerage	686,750		19,509		667,241		522,253
Freedom Bank KZ	Bank	518,891		231,143		287,747		286,195
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 Casualty Insurance	59,373		13,550		45,822		34,432
Other regulated operating subsidiaries	Other	25,568		2,085		23,483		(53,207)
		$	3,206,322	$	518,154	$	2,688,167	$	2,530,185