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Securitizations and Variable Interest Entities (Tables)

6 Months Ended

Sep. 30, 2025

Securitizations and Variable Interest Entities [Abstract]

The following tables present the fair value of retained interests which Nomura has continuing involvement in SPEs and their classification in the fair value hierarchy, categorized by the type of transferred assets.


	Billions of yen
	March 31, 2025
	Level 1		Level 2		Level 3		Total		Investment grade		Other
Government, agency and municipal securities	¥	—	¥	241	¥	—	¥	241	¥	241	¥	—
Bank and corporate debt securities		—		—		—		—		—		—
CMBS and RMBS		—		—		9		9		2		7

Total	¥	—	¥	241	¥	9	¥	250	¥	243	¥	7


	Billions of yen
	September 30, 2025
	Level 1		Level 2		Level 3		Total		Investment grade		Other
Government, agency and municipal securities	¥	—	¥	180	¥	—	¥	180	¥	180	¥	—
Bank and corporate debt securities		—		—		—		—		—		—
CMBS and RMBS		—		—		10		10		—		10

Total	¥	—	¥	180	¥	10	¥	190	¥	180	¥	10

Type and carrying value of financial assets


	Billions of yen
	March 31, 2025		September 30, 2025
Assets
Trading assets
Japanese government securities	¥	1	¥	1
Loans for trading purposes		66		155
Loans receivable		481		397

Total	¥	548	¥	553

Liabilities
Borrowings	¥	548	¥	553

Classification of consolidated VIEs' assets and liabilities


	Billions of yen
	March 31, 2025		September 30, 2025
Consolidated VIE assets
Cash and cash equivalents	¥	14	¥	21
Trading assets
Equities		527		555
Debt securities		643		635
CMBS and RMBS		64		47
Derivatives		1		1
Private equity and debt investments		83		131
Office buildings, land, equipment and facilities		3		13
Other		236		304

Total	¥	1,571	¥	1,707

Consolidated VIE liabilities
Trading liabilities
Derivatives	¥	0	¥	1
Borrowings
Short-term borrowings		112		87
Long-term borrowings		935		902
Other		156		191

Total	¥	1,203	¥	1,181

Carrying amount of assets and liabilities of unconsolidated VIEs


	Billions of yen
	March 31, 2025
	Carrying amount of variable interests				Maximum exposure to loss to unconsolidated VIEs
	Assets		Liabilities		Maximum exposure to loss to unconsolidated VIEs
Trading assets and liabilities
Equities	¥	23	¥	—	¥	23
Debt securities		80		—		80
CMBS and RMBS		3,288		—		3,288
Investment trust funds and other		129		—		129
Private equity and debt investments		23		—		23
Loans		1,712		—		1,712
Other		23		—		23
Commitments to extend credit and other guarantees		—		—		167

Total	¥	5,278	¥	—	¥	5,445


	Billions of yen
	September 30, 2025
	Carrying amount of variable interests				Maximum exposure to loss to unconsolidated VIEs
	Assets		Liabilities		Maximum exposure to loss to unconsolidated VIEs
Trading assets and liabilities
Equities	¥	23	¥	—	¥	23
Debt securities		72		—		72
CMBS and RMBS		3,035		—		3,035
Investment trust funds and other		143		—		143
Private equity and debt investments		24		—		24
Loans		1,711		—		1,711
Other		30		—		30
Commitments to extend credit and other guarantees		—		—		214

Total	¥	5,038	¥	—	¥	5,252

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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