
	December 31, 2021		March 31, 2021

Corporate debt	$	624,247	$	334,763
Non-US sovereign debt	451,437		333,619
Corporate equity	161,550		47,340
Exchange traded notes	104,462		9,638
US sovereign debt	6,960		10,828
Total trading securities	$	1,348,656	$	736,188

Equity securities	$	1	$	1
Total available-for-sale securities, at fair value	$	1	$	1

As of December 31, 2021, the Company held debt securities of two issuers which individually exceeded 10% of the Company’s total trading securities - the Kazakhstan Sustainability Fund JSC (BBB credit rating) in the amount of $297,214 and the Ministry of Finance of the Republic of Kazakhstan (BBB- credit rating) in the amount of $374,982. The Company

also held equities of Public Joint Stock Company “St. Petersburg Exchange” in the amount of $140,257. As of March 31, 2021, the Company held debt securities of two issuers which individually exceeded 10% of the Company’s total trading securities - the Ministry of Finance of the Republic of Kazakhstan and the Kazakhstan Sustainability Fund JSC in the amounts of $293,451 and $193,677, respectively.

The fair value of assets and liabilities is determined using observable market data based on recent trading activity. Where observable market data is unavailable due to a lack of trading activity, the Company utilizes internally developed models to estimate fair value and independent third parties to validate assumptions, when appropriate. Estimating fair value requires significant management judgment, including benchmarking to similar instruments with observable market data and applying appropriate discounts that reflect differences between the securities that the Company is valuing and the selected benchmark. Depending on the type of securities owned by the Company, other valuation methodologies may be required.

Measurement of fair value is classified within a hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

•Level 2 - Valuation inputs are quoted market prices for identical assets or liabilities in markets that are not active, quoted market prices for similar assets and liabilities in active markets, and other observable inputs directly or indirectly related to the asset or liability being measured.

The following tables present securities assets in the Condensed Consolidated Financial Statements or disclosed in the Notes to the Condensed Consolidated Financial Statements at fair value on a recurring basis as of December 31, 2021, and March 31, 2021:


	Weighted Average Interest Rate		Total		Fair Value Measurements at December 31, 2021 using
					Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Units
					(Level 1)		(Level 2)		(Level 3)

Corporate debt	8.80	%	$	624,247	$	623,463	$	415	$	369
Non-U.S. sovereign debt	9.35	%	451,437		448,895		1,593		949
Corporate equity	—		161,550		155,694		5,409		447
Exchange traded notes	—		104,462		104,462		—		—
U.S. sovereign debt	2	%	6,960		6,960		—		—

Total trading securities			$	1,348,656	$	1,339,474	$	7,417	$	1,765

Equity securities	—		$	1	$	—	$	—	$	1
Total available-for-sale securities, at fair value			$	1	$	—	$	—	$	1


	Weighted Average Interest Rate		Total		Fair Value Measurements at March 31, 2021 using
					Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Units
					(Level 1)		(Level 2)		(Level 3)

Corporate debt	9.22	%	$	334,763	$	334,403	$	—	$	360
Non-U.S. sovereign debt	8.06	%	333,619		333,619		—		—
Corporate equity	—		47,340		28,630		1		18,709
U.S. sovereign debt	1.68	%	10,828		10,828		—		—
Exchange traded notes	—		9,638		9,638		—		—

Total trading securities			$	736,188	$	717,118	$	1	$	19,069

Equity securities	—		$	1	$	—	$	—	$	1
Total available-for-sale securities, at fair value			$	1	$	—	$	—	$	1

The table below presents the valuation techniques and significant level 3 inputs used in the valuation as of December 31, 2021, and March 31, 2021. The table is not intended to be all inclusive, but instead captures the significant unobservable inputs relevant to determination of fair value.


Type	Valuation Technique	FV as of December 31, 2021		FV as of March 31, 2021		Significant Unobservable Inputs	%

Non-US sovereign debt	DCF	$	949	—		Discount rate	13.8%
						Estimated number of years	1 year
Corporate equity	DCF	$	447	$	301	Discount rate	18.5%
						Estimated number of years	9 years
Corporate debt	DCF	$	369	$	360	Discount rate	16.5%
						Estimated number of years	9 years
Corporate equity	DCF	—		$	18,408	Discount rate	10.6%
						Estimated number of years	9 years
Total		$	1,765	$	19,069

As of December 31, 2021, shares of SPBX held by the Company were transferred from level 3 to level 1, due to active trades on the market. During the nine months ended December 31, 2021, market trades of SPBX shares were executed in the market, and market data for these shares became available.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended December 31, 2021, and the year ended March 31, 2021:


	Trading securities		Available-for-sale securities
Balance as of March 31, 2021	$	19,069	$	1
Reclassification to level 1	(18,408)		—
Redemption of securities that use Level 3 inputs	(1,030)		—
Purchase of investments that use Level 3 inputs	1,964		—
Revaluation of investments that use Level 3 inputs	170		—
Balance as of December 31, 2021	1,765		1

Balance as of March 31, 2020	$	11,259	$	1
Sale of investments that use Level 3 inputs	(2)		—
Purchase of investments that use Level 3 inputs	834		—
Revaluation of investments that use Level 3 inputs	6,978		—
Balance as of March 31, 2021	$	19,069	$	1

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 December 31, 2021, and March 31, 2021:


	December 31, 2021
	Assets measured at amortized cost		Unrealized loss accumulated in other comprehensive income/(loss)		Assets measured at fair value

Equity securities	$	1	$	—	$	1

Balance as of December 31, 2021	$	1	$	—	$	1