Company: FRHC
Filing Date: 2025-07-29
Form Type: ARS
Source: 0000924805-25-000027
Chunk: 194

Company: Freedom Holding Corp.
Filing Date: 2025-07-29
Form: ARS
Chunk 194
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,103 102,134 3,819 20,150 U.S. sovereign debt 4.98 % 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 debt 15.53 % $ 173,568 $ 47,135 $ 126,433 $ — Non-U.S. sovereign debt 10.48 % 27,016 12,378 14,638 — U.S. sovereign debt 3.54 % 16,037 16,037 — — Total available-for-sale securities, at fair value $ 216,621 $ 75,550 $ 141,071 $ — Table of Contents FREEDOM HOLDING CORP. NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2024 (All amounts in thousands of United States dollars, except share data, unless otherwise stated) 123

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, 2025 Significant Unobservable Inputs % Corporate equity DCF 18,193 Discount rate 21.5% Estimated number of years 2 years Termination multiplier 19.5x Corporate equity DCF 127 Discount rate 58.8% Estimated number of years 9 years $ 18,320 Type Valuation Technique FV as of March 31, 2024 Significant Unobservable Inputs % Corporate debt DCF $ 292 Discount rate 74.0% Estimated number of years 3 months Corporate equity DCF 20,007 Discount rate 13.0% Estimated number of years 4 years, 6 months Termination multiplier 27x Corporate equity DCF 143 Discount rate 58.8% Estimated number of years 9 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 $