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INVESTMENT SECURITIES (Tables)
 12 Months Ended
Mar. 31, 2025
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]  
Schedule of trading and available-for-sale securities
As of March 31, 2025 and 2024, trading, held-to-maturity and available-for-sale securities consisted of:
March 31, 2025March 31, 2024
Non-U.S. sovereign debt$1,282,450 $2,409,126 
Corporate debt807,985 1,108,870 
Corporate equity106,227 126,103 
U.S. sovereign debt73,787 43,173 
Exchange traded notes4,837 1,348 
Total trading securities$2,275,286 $3,688,620 
  
Non-US sovereign debt208,231 27,016 
Corporate debt243,730 173,568 
US sovereign debt21,626 16,037 
Total available-for-sale securities, at fair value$473,587 $216,621 
Non-US sovereign debt65,914 — 
Allowance for Non-US sovereign debt
(54)— 
Total held-to-maturity securities$65,860 $— 
Total investment securities2,814,733 3,905,241 
Schedule of maturity of debt securities
The following tables present maturity analysis for available-for-sale securities as of March 31, 2025 and March 31, 2024:
March 31, 2025
Remaining contractual maturity of the agreements
Up to 1 year1-5 years5-10 yearsMore than 10 yearsTotal
Non-US sovereign debt66,593 96,662 29,136 15,840 208,231 
Corporate debt85,300 141,382 9,308 7,740 243,730 
US sovereign debt— 20,421 — 1,205 21,626 
Total available-for-sale securities, at fair value$151,893 $258,465 $38,444 $24,785 $473,587 
March 31, 2024
Remaining contractual maturity of the agreements
Up to 1 year1-5 years5-10 yearsMore than 10 yearsTotal
Corporate debt$65,415 $44,374 $59,553 $4,226 $173,568 
Non-US sovereign debt7,839 7,310 5,797 6,070 27,016 
US sovereign debt— 5,059 9,753 1,225 16,037 
Total available-for-sale securities, at fair value$73,254 $56,743 $75,103 $11,521 $216,621 
The following table presents maturity analysis for held-to-maturity securities as of March 31, 2025:
March 31, 2025
Remaining contractual maturity of the agreements
Up to 1 year1-5 years5-10 yearsMore than 10 yearsTotal
Non-US sovereign debt— — 11,931 53,929 65,860 
Total held-to-maturity securities
$— $— $11,931 $53,929 $65,860 
Schedule of present securities assets at fair value
The following tables present trading securities assets in the Consolidated Financial Statements or disclosed in the Notes to the Consolidated Financial Statements at fair value on a recurring basis as of March 31, 2025 and March 31, 2024:
Weighted
average
interest rate
Total
Fair Value Measurements at
March 31, 2025 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 debt11.24 %$1,282,450 $987,657 $294,793 $— 
Corporate debt13.93 %807,985 299,123 508,862 — 
Corporate equity— 106,227 81,810 6,097 18,320 
U.S. sovereign debt3.99 %73,787 73,787 — — 
Exchange traded notes— 4,837 2,369 2,468 — 
Total trading securities$2,275,286 $1,444,746 $812,220 $18,320 
Non-U.S. sovereign debt9.96 %208,231 128,772 79,459 — 
Corporate debt14.81 %243,730 91,537 152,193 — 
U.S. sovereign debt2.73 %21,626 21,626 — — 
Total available-for-sale securities, at fair value$473,587 $241,935 $231,652 $— 
Weighted
average
interest rate
Total
Fair Value Measurements at
March 31, 2024 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 debt11.61 %$2,409,126 $1,592,380 $816,746 $— 
Corporate debt14.83 %1,108,870 171,218 937,360 292 
Corporate equity— 126,103 102,134 3,819 20,150 
U.S. sovereign debt4.98 %43,173 43,173 — — 
Exchange traded notes— 1,348 1,045 303 — 
Total trading securities$3,688,620 $1,909,950 $1,758,228 $20,442 
Corporate debt15.53 %$173,568 $47,135 $126,433 $— 
Non-U.S. sovereign debt10.48 %27,016 12,378 14,638 — 
U.S. sovereign debt3.54 %16,037 16,037 — — 
Total available-for-sale securities, at fair value$216,621 $75,550 $141,071 $— 
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 March 31, 2025.
March 31, 2025
Assets measured at amortized costGross unrecognized holding gainsGross unrecognized holding lossesFair value of held-to-maturityMaturity Date
Non-US sovereign debt65,860 332 (1,240)64,952 2031 - 2037
Total held-to-maturity securities
$65,860 $332 $(1,240)$64,952 
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 March 31, 2025 and March 31, 2024. 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 March 31, 2025Significant Unobservable Inputs%
   
Corporate equityDCF18,193 Discount rate21.5%
Estimated number of years2 years
Termination multiplier
19.5x
Corporate equityDCF127 Discount rate58.8%
Estimated number of years9 years
$18,320 
Type
Valuation
Technique
FV as of March 31, 2024Significant Unobservable Inputs%
  
Corporate debtDCF$292 Discount rate74.0%
Estimated number of years3 months
Corporate equityDCF20,007 Discount rate13.0%
Estimated number of years4 years, 6 months
Termination multiplier
27x
Corporate equityDCF143 Discount rate58.8%
Estimated number of years9 years
$20,442 
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the years ended March 31, 2025 and March 31, 2024:
Trading
securities
Balance as of March 31, 2023
$5,138 
 
Reclassification to Level 2(32)
Deconsolidation of Freedom UA securities(3,927)
Sale of investments that use Level 3 inputs(15,856)
Purchase of investments that use Level 3 inputs35,807 
Revaluation of investments that use Level 3 inputs(132)
Reclassification to investment in associate(556)
Balance as of March 31, 2024
$20,442 
 
Revaluation of investments that use Level 3 inputs(2,122)
Balance as of March 31, 2025
$18,320 
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 March 31, 2025 and 2024:
March 31, 2025
Assets measured at amortized costRecognized impairment loss in Income StatementUnrealized gain/(loss) accumulated in other comprehensive
income/(loss) including foreign currency translation adjustments, net		Assets
measured at
fair value		Maturity Date
Non-US sovereign debt211,628 (378)(3,019)208,231 2025 - indefinite
Corporate debt$243,660 $(28)$98 $243,730 2025 - 2039
U.S. sovereign debt21,868 — (242)21,626 2027 - 2044
Total available-for-sale securities, at fair value$477,156 $(406)$(3,163)$473,587 
March 31, 2024
Assets measured at amortized costRecognized impairment loss in Income StatementUnrealized loss accumulated in other comprehensive
income/(loss) including foreign currency translation adjustments, net		Assets
measured at
fair value		Maturity Date
Corporate debt$172,689 $(61)$940 $173,568 2024 - 2039
Non-US sovereign debt29,121 (352)(1,753)27,016 2024 - indefinite
U.S. sovereign debt16,767 — (730)16,037 2027 - 2044
Total available-for-sale securities, at fair value$218,577 $(413)$(1,543)$216,621