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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended December 31, 2024

			OR

o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from ________ to _________

Commission File Number 001-33034


			FREEDOM HOLDING CORP.
			(Exact name of registrant as specified in its charter)

Nevada

30-0233726

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

40 Wall Street, 58th Floor

New York, NY

10005

(Address of principal executive offices)

(Zip Code)

(212) 980 4400

(Registrant's telephone number, including area code)

Securities registered under Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	FRHC	The Nasdaq Capital Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)

Yes ☐ No x

As of February 4, 2025, the registrant had 60,620,217 shares of common stock, par value $0.001, issued and outstanding.

FREEDOM HOLDING CORP.

FORM 10-Q

TABLE OF CONTENTS



		Page
PART I — FINANCIAL INFORMATION

Item 1.	Unaudited Condensed Consolidated Financial Statements	3

	Condensed Consolidated Balance Sheets as of December 31, 2024, and March 31, 2024	3

	Condensed Consolidated Statements of Operations and Statements of Other Comprehensive Income for the Three and Nine Months Ended December 31, 2024 and 2023	4

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2024 and 2023	6

	Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended December 31, 2024 and 2023	9

	Notes to Condensed Consolidated Financial Statements	11

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	60

Item 3.	Qualitative and Quantitative Disclosures About Market Risk	93

Item 4.	Controls and Procedures	97

PART II — OTHER INFORMATION		98

Item 1.	Legal Proceedings	98

Item 1A.	Risk Factors	98

Item 5.	Other Information	98

Item 6.	Exhibits	98

Signatures		99

Table of contents


FREEDOM HOLDING CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (All amounts in thousands of United States dollars, unless otherwise stated)


	December 31, 2024		March 31, 2024

ASSETS
Cash and cash equivalents (including $50 and $203 from related parties)	$	577,940	$	545,084
Restricted cash (including $3,198 and $— with related parties)	742,153		462,637
Trading securities (including $1,128 and $1,326 with related parties)	3,415,517		3,688,620
Available-for-sale securities, at fair value	418,614		216,621
Margin lending, brokerage and other receivables, net (including $22,391 and $22,039 due from related parties)	2,037,673		1,660,275
Loans issued (including $139,514 and $147,440 to related parties)	1,454,259		1,381,715
Fixed assets, net	159,384		83,002
Intangible assets, net	44,488		47,668
Goodwill	48,217		52,648
Right-of-use asset	39,242		36,324
Insurance contract assets	26,518		24,922
Other assets, net (including $16,294 and $5,257 with related parties)	171,040		102,414
TOTAL ASSETS	$	9,135,045	$	8,301,930

LIABILITIES AND SHAREHOLDERS’ EQUITY
Securities repurchase agreement obligations	$	2,199,703	$	2,756,596
Customer liabilities (including $51,017 and $44,127 to related parties)	3,783,291		2,273,830
Margin lending and trade payables	319,043		867,880
Liabilities from insurance activity	407,877		297,180
Current income tax liability	48,276		32,996
Debt securities issued	468,835		267,251
Lease liability	40,401		35,794
Liability arising from continuing involvement	472,867		521,885
Other liabilities (including $157 and $9,854 to related parties)	132,007		81,560
TOTAL LIABILITIES	$	7,872,300	$	7,134,972
Commitments and Contingent Liabilities (Note 23)	—		—

SHAREHOLDERS’ EQUITY
Preferred stock - $0.001 par value; 20,000,000 shares authorized, no shares issued or outstanding	—		—
Common stock - $0.001 par value; 500,000,000 shares authorized; 60,619,217 shares issued and outstanding as of December 31, 2024, and 60,321,813 shares issued and outstanding as of March 31, 2024, respectively	61		60
Additional paid in capital	222,968		183,788
Retained earnings	1,226,079		998,740
Accumulated other comprehensive loss	(189,216)		(18,938)
TOTAL FRHC SHAREHOLDERS’ EQUITY	$	1,259,892	$	1,163,650

Non-controlling interest	2,853		3,308
TOTAL SHAREHOLDERS’ EQUITY	$	1,262,745	$	1,166,958

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	9,135,045	$	8,301,930

The accompanying notes are an integral part of these condensed consolidated financial statements

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FREEDOM HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (Unaudited) (All amounts in thousands of United States dollars, unless otherwise stated)


	Three Months Ended December 31,				Nine Months Ended December 31,
	2024		2023		2024		2023

Revenue:
Fee and commission income (including for the three months ended $556 and $30,112, for the nine months ended $2,259 and $66,029 from related parties)	$	143,436	$	120,159	$	379,976	$	330,565
Net gain/(loss) on trading securities	89,564		(5,089)		105,779		77,498
Interest income (including for the three months ended $380 and $7,566, for the nine months ended $1,023 and $22,650 from related parties)	224,688		226,445		661,016		588,857
Insurance underwriting income	177,472		79,017		467,224		181,882
Net gain on foreign exchange operations	3,945		38,825		18,513		54,430
Net gain/(loss) on derivatives	11,889		(42,568)		30,691		(71,795)
Other income	4,196		1,845		23,606		8,988
TOTAL REVENUE, NET	$	655,190	$	418,634	$	1,686,805	$	1,170,425

Expense:
Fee and commission expense	$	93,927	$	42,818	$	264,911	$	103,116
Interest expense	131,136		131,223		401,519		365,650
Insurance claims incurred, net of reinsurance	104,511		40,989		218,504		96,491
Payroll and bonuses	77,395		45,083		201,129		116,711
Professional services	10,955		6,217		26,468		24,793
Stock compensation expense	13,417		1,039		36,088		3,303
Advertising expense	21,472		11,066		58,722		27,805
General and administrative expense (including for the three months ended $7,892 and $1,502, for the nine months ended $16,864 and $9,063 from related parties)	73,437		32,106		171,782		86,211
Provision for/(recovery of) allowance for expected credit losses	30,612		(3,526)		39,269		15,462
TOTAL EXPENSE	$	556,862	$	307,015	$	1,418,392	$	839,542

INCOME BEFORE INCOME TAX	98,328		111,619		268,413		330,883

Income tax expense	(20,191)		(15,544)		(41,529)		(51,408)

NET INCOME	$	78,137	$	96,075	$	226,884	$	279,475

Less: Net loss attributable to non-controlling interest in subsidiary	(144)		(293)		(455)		(842)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	78,281	$	96,368	$	227,339	$	280,317

OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect	7,993		1,486		15,673		5,893
Reclassification adjustment for net realized (gain)/loss on available-for-sale investments disposed of in the period, net of tax effect	872		(1,881)		1,039		(3,145)
Foreign currency translation adjustments	(101,212)		28,100		(186,990)		(3,593)
OTHER COMPREHENSIVE (LOSS)/INCOME	(92,347)		27,705		(170,278)		(845)

COMPREHENSIVE (LOSS)/INCOME BEFORE NON-CONTROLLING INTERESTS	$	(14,210)	$	123,780	$	56,606	$	278,630

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FREEDOM HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (Unaudited) (All amounts in thousands of United States dollars, unless otherwise stated)



Less: Comprehensive loss attributable to non-controlling interest in subsidiary	(144)		(293)		(455)		(842)

COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(14,066)	$	124,073	$	57,061	$	279,472

EARNINGS PER COMMON SHARE (In U.S. dollars):
Earnings per common share - basic	1.32		1.65		3.83		4.79
Earnings per common share - diluted	1.29		1.63		3.76		4.73

Weighted average number of shares (basic)	59,372,323		58,578,691		59,331,443		58,557,577
Weighted average number of shares (diluted)	60,548,794		59,289,256		60,422,124		59,287,086

The accompanying notes are an integral part of these condensed consolidated financial statements.

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FREEDOM HOLDING CORP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (All amounts in thousands of United States dollars, unless otherwise stated)


	For the Nine Months Ended December 31,
	2024		2023

Cash Flows From Operating Activities
Net income	$	226,884	$	279,475
Adjustments to reconcile net income used in operating activities:
Depreciation and amortization	12,710		11,089
Amortization of deferred acquisition costs	165,651		66,023
Noncash lease expense	9,528		6,536
Change in deferred taxes	(7,308)		3,051
Stock compensation expense	36,088		3,303
Unrealized gain on trading securities	(75,525)		(16,222)
Unrealized gain on derivatives	(4,201)		(886)
Net realized loss/(gain) on available-for-sale securities	1,039		(3,145)
Net change in accrued interest	(32,545)		(108,129)
Revaluation of purchase price of previously held interest in Arbuz	—		(1,040)
Gain from sale of ITS tech	(4,201)		—
Change in insurance reserves	164,356		58,118
Revaluation of investments in associates	(2,111)		—
Change in unused vacation reserves	589		5,538
Provision for allowance for expected credit losses	39,269		15,462
Changes in operating assets and liabilities:
Trading securities	(170,899)		(1,149,192)
Margin lending, brokerage and other receivables (including $(352) and $251,744 changes from related parties)	(509,597)		(603,701)
Insurance contract assets	(6,566)		1,508
Other assets	(230,615)		(83,169)
Brokerage customer liabilities (including $(6,890) and $(17,509) changes from related parties)	1,187,289		71,982
Current income tax liability	15,260		23,149
Margin lending and trade payables (including $(133) and $(2,765) changes from related parties)	(505,097)		30,593
Lease liabilities	(8,394)		(6,458)
Liabilities from insurance activity	7,493		1,879
Other liabilities	34,214		20,881
Net cash flows from/(used in) operating activities	343,311		(1,373,355)

Cash Flows Used In Investing Activities
Purchase of fixed assets	(53,581)		(36,270)
Net change in loans issued to customers	(341,842)		(547,754)
Purchase of available-for-sale securities, at fair value	(392,011)		(169,653)
Proceeds from sale of available-for-sale securities, at fair value	157,939		211,390
Consideration paid for Arbuz	—		(13,281)
Consideration paid for Internet Tourism	—		(1,028)
Consideration paid for Aviata	—		(16,098)
Consideration paid for Ticketon	—		(3,003)
Cash, cash equivalents and restricted cash disposed as a result of deconsolidation of Freedom UA	—		(1,987)
Cash, cash equivalents and restricted cash received from acquisitions	—		2,461
Cash received from sale of ITS Tech	2,000		—
Capital contribution to investment in associate	(2,414)		—

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FREEDOM HOLDING CORP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (All amounts in thousands of United States dollars, unless otherwise stated)


Cash, cash equivalents disposed from sale of ITS Tech	(542)	—
Consideration paid for SilkNetCom	(12,050)	—
Cash received at acquisition of SilkNetCom	54	—




Consideration paid for other acquisitions	(2,804)
Cash received at other acquisitions	39
Prepayment on acquisitions	(7,416)	(17,810)


Net cash flows used in investing activities	(652,628)		(593,033)

Cash Flows From Financing Activities
Net (repayment)/proceeds from securities repurchase agreement obligations	(157,068)		1,370,587
Proceeds from issuance of debt securities	201,663		206,371
Repurchase of mortgage loans under the State Program	(40,962)		(30,317)
Funds received under state program for financing of mortgage loans	60,351		75,817
Net change in bank customer deposits	765,681		271,572
Purchase of non-controlling interest in Arbuz	—		(3,228)
Net proceeds from loans received	3,946		1,526

Net cash flows from financing activities	833,611		1,892,328
Effect of changes in foreign exchange rates on cash and cash equivalents	(212,300)		(6,449)
Effect of expected credit losses on cash and cash equivalents and restricted cash	378		—

NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	312,372		(80,509)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	1,007,721		1,026,945

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	1,320,093	$	946,436


	For The Nine Months Ended December 31,
	2024		2023

Supplemental disclosure of cash flow information:
Cash paid for interest	$	384,736	$	350,106
Income tax paid	$	32,934	$	23,652

Supplemental non-cash disclosures:
Operating lease right-of-use assets obtained/disposed of in exchange for operating lease obligations during the period, net	$	1,485	$	9,426

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FREEDOM HOLDING CORP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (All amounts in thousands of United States dollars, unless otherwise stated)

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows:


	December 31, 2024		December 31, 2023

Cash and cash equivalents	$	577,940	$	561,883
Restricted cash	742,153		384,553
Total cash, cash equivalents and restricted cash shown as in the statement of cash flows	$	1,320,093	$	946,436

The accompanying notes are an integral part of these condensed consolidated financial statements.

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FREEDOM HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)


	Common Stock			Additional paid in capital		Retained earnings		Accumulated other comprehensive loss			Total equity attributable to the shareholders'			Non- controlling interest			Total
	Shares	Amount

At September 30, 2024	60,557,801	$	61	$	209,249	$	1,147,798	$	(96,869)		$	1,260,239		$	2,997		$	1,263,236

Delivered stock based compensation from previous quarter	12,816	—		302		—		—			302			—			302
Stock based compensation	48,600	—		13,417		—		—			13,417			—			13,417
Foreign currency translation adjustments, net of tax effect	—	—		—		—		(101,212)			(101,212)			—			(101,212)
Other comprehensive income	—	—		—		—		8,865			8,865			—			8,865
Net income/(loss)	—	—		—		78,281		—			78,281			(144)			78,137

At December 31, 2024	60,619,217	$	61	$	222,968	$	1,226,079	$	(189,216)	0	$	1,259,892	0	$	2,853	0	$	1,262,745

At March 31, 2024	60,321,813	$	60	$	183,788	$	998,740	$	(18,938)		$	1,163,650		$	3,308		$	1,166,958

Delivered stock based compensation from previous year	215,878	—		3,092		—		—			3,092			—			3,092
Forfeited stock based compensation	(310,700)	—		—		—		—			—			—			—
Stock based compensation	392,226	1		36,088		—		—			36,089			—			36,089
Foreign currency translation adjustments, net of tax effect	—	—		—		—		(186,990)			(186,990)			—			(186,990)
Other comprehensive income	—	—		—		—		16,712			16,712			—			16,712
Net income/(loss)	—	—		—		227,339					227,339			(455)			226,884

At December 31, 2024	60,619,217	$	61	$	222,968	$	1,226,079	$	(189,216)		$	1,259,892		$	2,853		$	1,262,745

The accompanying notes are an integral part of these condensed consolidated financial statements.

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FREEDOM HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)


	Common Stock			Additional paid in capital		Retained earnings		Accumulated other comprehensive loss			Total equity attributable to the shareholders'			Non- controlling interest			Total
	Shares	Amount

At September 30, 2023	59,659,191	$	59	$	166,426	$	807,149	$	(62,550)		$	911,084		$	3,347		$	914,431

Stock based compensation	—	—		1,039		—		—			1,039			—			1,039
Foreign currency translation adjustments, net of tax effect	—	—		—		—		28,100			28,100			—			28,100
Other comprehensive loss	—	—		—		—		(395)			(395)			—			(395)
Net income/(loss)	—	—		—		96,368		—			96,368			(293)			96,075

At December 31, 2023	59,659,191	$	59	$	167,465	$	903,517	$	(34,845)	0	$	1,036,196	0	$	3,054	0	$	1,039,250

At March 31, 2023	59,659,191	$	59	$	164,162	$	647,064	$	(34,000)		$	777,285		$	(6,549)		$	770,736

Cumulative adjustment from adoption of ASC 326	—	—		—		(22,772)		—			(22,772)			—			(22,772)
Stock based compensation	—	—		3,303		—		—			3,303			—			3,303
Disposal of FF Ukraine	—	—		—		(6,549)		—			(6,549)			6,549			—
Purchase of Arbuz shares	—	—		—		5,457		—			5,457			3,640			9,097
Purchase of ReKassa shares	—	—		—		—		—			—			256			256
Foreign currency translation adjustments, net of tax effect	—	—		—		—		(3,593)			(3,593)			—			(3,593)
Other comprehensive income	—	—		—		—		2,748			2,748			—			2,748
Net income/(loss)	—	—		—		280,317		—			280,317			(842)			279,475

At December 31, 2023	59,659,191	$	59	$	167,465	$	903,517	$	(34,845)		$	1,036,196		$	3,054		$	1,039,250

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

NOTE 1 – DESCRIPTION OF BUSINESS

Overview

Freedom Holding Corp. (the "Company" or "FRHC" and, together with its subsidiaries, the "Group") is a corporation organized in the United States under the laws of the State of Nevada that through its operating subsidiaries provides securities brokerage, securities dealing for customers and for its own account, market making activities, investment research, investment counseling, investment banking services, retail and commercial banking, insurance products, payment services information processing services and lifestyle services. The Company also owns several ancillary businesses which complement its core financial services businesses, including telecommunications and media businesses in Kazakhstan that are in a developmental stage. The Company is the holding company of subsidiaries incorporated in Kazakhstan, Cyprus, the United States (USA), the United Kingdom (UK), Armenia, the United Arab Emirates, Uzbekistan, Kyrgyzstan, Tajikistan, Azerbaijan, and Turkey, and the Group also has a presence in Austria, Belgium, Bulgaria, France, Germany, Greece, Italy, Lithuania, The Netherlands, Poland and Spain. The Company's subsidiaries in the United States include a broker-dealer that is registered with the United States Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority ("FINRA"). The Company's common stock is traded on the Nasdaq Capital Market, the Kazakhstan Stock Exchange ("KASE"), and the Astana International Exchange ("AIX").

As of December 31, 2024, the Company owned, directly or indirectly, the following companies:

Name of subsidiary

Jurisdiction of Incorporation

Number of subsidiaries

Business Area

Brokerage Segment

Freedom Finance JSC ("Freedom KZ")

Kazakhstan

Securities broker-dealer

Freedom Finance Global PLC ("Freedom Global")

Kazakhstan

—

Securities broker-dealer

Freedom Finance Europe Limited ("Freedom EU")

Cyprus

Securities broker-dealer

Freedom Finance Armenia LLC ("Freedom AR")

Armenia

—

Securities broker-dealer

Prime Executions, Inc. ("PrimeEx")

USA

—

Securities broker-dealer

Foreign Enterprise LLC Freedom Finance

Uzbekistan

—

Securities broker-dealer

Freedom Broker LLC

Kyrgyzstan

—

Securities broker-dealer

Banking Segment

Freedom Bank Kazakhstan JSC ("Freedom Bank KZ")

Kazakhstan

Commercial bank

Freedom Bank Tajikistan CJSC ("Freedom Bank TJ")

Tajikistan

—

Commercial bank

Insurance Segment

Freedom Finance Life JSC ("Freedom Life")

Kazakhstan

—

Life/health insurance

Freedom Finance Insurance JSC ("Freedom Insurance")

Kazakhstan

—

General insurance

Other Segment

Ticketon Events LLP ("Ticketon")

Kazakhstan

Online ticket sales

Freedom Finance Special Purpose Company LTD ("Freedom SPC")

Kazakhstan

—

Issuance of debt securities

Freedom Finance Commercial LLP

Kazakhstan

—

Sales consulting

Freedom Technologies LLP ("Paybox")

Kazakhstan

Payment services

Aviata LLP ("Aviata")

Kazakhstan

—

Online travel ticket aggregator

Internet-Tourism LLP ("Internet Tourism")

Kazakhstan

—

Online travel ticket aggregator

Arbuz Group LLP ("Arbuz")

Kazakhstan

Online retail trade and e-commerce

Comrun LLP ("ReKassa")

Kazakhstan

—

Mobile and web application

Freedom Telecom Holding Limited ("Freedom Telecom")

Kazakhstan

Telecommunications

Freedom Kazakhstan PC Ltd

Kazakhstan

Holding company

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

Freedom Advertising Ltd

Kazakhstan

—

Advertising

Freedom Shapagat Corporate Fund

Kazakhstan

—

Non-profit

FRHC Fractional SPC LTD

Kazakhstan

—

Issuance of debt securities

Freedom Holding Operations LLP

Kazakhstan

—

Human resources

Freedom Horizons LLP

Kazakhstan

—

Business consulting and services

CLUB T LLP ("CLUB T")

Kazakhstan

—

Restaurant and cafe operations

Freedom Finance Azerbaijan LLC

Azerbaijan

—

Financial educational center

Freedom Finance FZE.

UAE

—

Consulting

Freedom Management Ltd.

UAE

—

Consulting

Freedom Finance Turkey LLC

Turkey

—

Financial consulting

Freedom Finance Technologies Ltd

Cyprus

—

IT development

Freedom Prime UK Limited ("Prime UK")

—

Management consulting

Freedom Structured Products PLC

Cyprus

—

Financial services

FFIN Securities, Inc.

USA

—

Dormant

Freedom U.S. Market LLC

USA

Management company

LD Micro ("LD Micro")

USA

—

Event platform

Freedom US Technologies LLC

USA

—

Technology services

Total subsidiaries

Through its subsidiaries, the Company offers a diverse range of financial services, including banking, brokerage, and insurance, as well as lifestyle services such as online payments, travel, ticketing, e-commerce, and telecommunications and media businesses in Kazakhstan that are in a developmental stage. It operates as a professional participant in the financial markets, holding banking and insurance licenses, as well as licenses to provide various services across multiple stock exchanges, including the Kazakhstan Stock Exchange (KASE), the Astana International Exchange (AIX), the Republican Stock Exchange of Tashkent (UZSE), and the Uzbek Republican Currency Exchange (UZCE). Additionally, it is a member of the New York Stock Exchange (NYSE) and the Nasdaq Stock Exchange (Nasdaq). Freedom EU enhances the Company's offerings by providing clients with operational support and access to investment opportunities in the United States and European securities markets.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounting principles

The Group's accounting policies and accompanying consolidated financial statements conform to accounting principles generally accepted in the United States of America (U.S. GAAP).

Basis of presentation and principles of consolidation

The consolidated financial statements present the consolidated accounts of FRHC and its consolidated subsidiaries. All inter-company balances and transactions have been eliminated from the consolidated financial statements.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements, and related notes thereto, included in the Company’s 2024 Annual Report on Form 10-K. Note 2 to the consolidated financial statements in the Company’s 2024 Annual Report on Form 10-K contains a summary of all of the Company’s significant accounting policies, except for the following amendments:

Non-Consolidation of Freedom Securities Trading Inc.

Freedom Securities Trading Inc. (formerly known as FFIN Brokerage Services, Inc.) ("FST Belize") is a company that is outside of the Group which has been solely owned by Mr. Turlov, our CEO and majority shareholder, since July 2014. The Company does not consolidate FST Belize under either of the primary consolidation methods - the variable interest entity (“VIE”) accounting method or the voting interest method ("VOE") because (i) FST Belize is not a VIE due to the fact it has

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

sufficient equity at risk to finance its activities without additional financial support and the control over its significant activities is held by its sole shareholder, Mr. Turlov, and (ii) Mr. Turlov has a controlling interest in FST Belize such that under the VOE model FRHC is not required to consolidate FST Belize. Other than Mr. Turlov, there are no other shareholders of FST Belize or parties with participating rights or the ability to remove Mr. Turlov from his ownership position in or to make all decisions in respect of FST Belize. While prior to the end of the Company's fiscal year ended March 31, 2024 we had an omnibus brokerage relationship with FST Belize, such relationship had been terminated as of March 31, 2024.

Deconsolidation of Freedom Finance Ukraine LLC

As at December 31, 2024, the Company owned a 9% interest in Freedom Finance Ukraine LLC ("Freedom UA"), a Kyiv, Ukraine-based broker-dealer. The remaining 91% interest in Freedom UA is controlled by Askar Tashtitov, the Company's president. The Company entered into a series of contractual arrangements with Freedom UA and Mr. Tashtitov, including a consulting services agreement, an operating agreement and an option agreement. Through March 31, 2023, the Company had consolidated Freedom UA into the financial statements of the Company. On October 19, 2022, Freedom UA was added to the Ukrainian government's sanctioned entities list, resulting in suspension of its brokerage license. Following the uncertainty surrounding the situation in Ukraine and based on the Company's management's belief that the Company does not maintain effective control over Freedom UA, the Company deconsolidated Freedom UA since April 1, 2023 (the date of loss of control).

Concentration of Revenue

Revenue from one customer of the Group’s Brokerage segment represented the following amount of the Group’s consolidated revenues:


	Three Months Ended December 31, 2024		Three Months Ended December 31, 2023		Nine Months Ended December 31, 2024		Nine Months Ended December 31, 2023
Single non-related party	$	79,875	$	86,286	$	243,159	$	191,242

Impairment of Goodwill

Goodwill is allocated to reporting units, which are identified as the operating segments or one level below operating segments that generate separate financial information, which is regularly reviewed by management. The assignment of goodwill to reporting units allows for the assessment of potential impairment at the appropriate level within the organization.

The Company has identified its reporting units based on its organizational and operational structure, as well as the level at which internal financial information is reviewed by management to make strategic decisions. Four major reporting units have been established: brokerage, banking, insurance, and other. The management team responsible for each business reviews financial information related to this reporting unit, including revenue, expenses, and market trends.

Goodwill has been allocated to each reporting unit based on its relative fair value at the time of acquisition or significant triggering events. The fair value allocation of goodwill to reporting units is periodically reassessed to ensure alignment with the Group's evolving organizational structure and operational dynamics.

Further details regarding the measurement of goodwill impairment and the results of impairment tests for each reporting unit are provided below.

The Company discloses information about its reporting units, the carrying amounts of goodwill allocated to each reporting unit, and the recognized impairment losses. The allocation of goodwill to reporting units ensures a focused evaluation of each unit's financial performance and facilitates the identification of potential impairment, enhancing the transparency and reliability of the Company's financial reporting.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

As of December 31, 2024 and March 31, 2024, goodwill recorded in the Company's Condensed Consolidated Balance Sheets totaled $48,217 and $52,648, respectively. The Company performs an impairment review at least annually unless indicators of impairment exist in interim periods. The entity compares the fair value of a reporting unit with its carrying amount. The goodwill impairment charge is recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. If the fair value exceeds the carrying amount, no impairment is recorded.

The amount of goodwill at December 31, 2024 decreased compared to March 31, 2024 as a result of foreign currency translation difference. The effect was partially offset by goodwill increase due to the acquisition of a 100% interest in EliteCom LLP by Freedom Telecom Holding, which occurred after March 31, 2024. See Note 22 "Acquisitions of subsidiaries" to the condensed consolidated financial statements included in this quarterly report on Form 10-Q.

The changes in the carrying amount of goodwill for three months ended December 31, 2024 and 2023, were as follows:


	Brokerage		Bank		Insurance		Other		Total
Goodwill, gross
Balance as of March 31, 2023	$	2,677	$	2,652	$	980	$	8,715	$	15,024
Write-off due to deconsolidation of Freedom UA	—		—		—		(832)		(832)
Foreign currency translation difference	(7)		96		—		—		89
Acquired	—		—		—		37,957		37,957
Balance as of December 31, 2023	$	2,670	$	2,748	$	980	$	45,840	$	52,238

Balance as of March 31, 2024	$	2,688	$	2,746	$	1,040	$	46,174	$	52,648
Forex	(157)		(14)		(155)		(5,541)		(5,867)
Acquired	—		—		—		1,436		1,436
Balance as of December 31, 2024	$	2,531	$	2,732	$	885	$	42,069	$	48,217

Accumulated impairment
Balance as of March 31, 2023	$	—	$	—	$	—	$	832	$	832
Impairment expense	—		—		—		—		—
Write-off due to deconsolidation of Freedom UA	—		—		—		(832)		(832)
Balance as of December 31, 2023	$	—	$	—	$	—	$	—	$	—

Balance as of March 31, 2024	$	—	$	—	$	—	$	—	$	—
Impairment expense	—		—		—		—		—
Balance as of December 31, 2024	$	—	$	—	$	—	$	—	$	—

Goodwill, net of impairment
Balance as of December 31, 2023	$	2,670	$	2,748	$	980	$	45,840	$	52,238
Balance as of March 31, 2024	$	2,688	$	2,746	$	1,040	$	46,174	$	52,648
Balance as of December 31, 2024	$	2,531	$	2,732	$	885	$	42,069	$	48,217

Recent accounting pronouncements

In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by (i) ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date, and (ii) ASU 2020-11, Financial Services - Insurance (Topic 944): Effective Date and Early Application (collectively referred

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

to herein as ASU 2018-12). ASU 2018-12 changed existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts. ASU 2018-12 includes: (1) a requirement to review and, if there is a change, update cash flow assumptions used to measure the liability for future policy benefits (LFPB) at least annually, and to update the discount rate assumption quarterly, (2) a requirement to account for market risk benefits (MRBs) at fair value, (3) simplified amortization for deferred policy acquisition costs (DAC), and (4) enhanced financial statement presentation and disclosures. For the Company, the Update is effective for fiscal years beginning after December 15, 2024, or interim periods after December 15, 2025. The Company will adopt ASU 2018-12 effective April 1, 2025 using the modified retrospective transition method where permitted. ASU 2018-12 will impact the accounting and disclosure requirements for all long-duration contracts issued by the Company. The Company expects the standard to have an immaterial financial impact on its consolidated financial statements and related disclosures.

In August 2023, the Financial Accounting Standards Board issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in ASU 2023-05 seek to reduce diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective application of the amendments are permitted. The Company is currently evaluating the impact that ASU 2023-05 will have on its consolidated financial statements and related disclosures.

In October 2023, the FASB issued Accounting Standards Update No. 2023-06 (“ASU 2023-06”), Disclosure Improvements - Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative. ASU 2023-06 modified the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. The amendments to the various topics should be applied prospectively, and the effective date will be determined for each individual disclosure based on the effective date of the SEC’s removal of the related disclosure. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, then ASU 2023-06 will not become effective. Early adoption is prohibited. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, no material impact is anticipated.

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances reporting requirements under Topic 280. The enhanced disclosure requirements include title and position of the Chief Operating Decision Maker (CODM), significant segment expenses provided to the CODM, extending certain annual disclosures to interim periods, clarifying that single reportable segment entities must apply ASC 280 in its entirety, and permitting more than one measure of segment profit or loss to be reported under certain circumstances. This change is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. This change will apply retrospectively to all periods presented. The Company is currently evaluating the impact that ASU No 2023-07 will have on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. The amendments in ASU No. 2023-08 are intended to improve the accounting for certain crypto assets by requiring an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized in net income. The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions, and changes during the reporting period. The amendments are effective for all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued (or made available for issuance). If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. ASU No. 2023-08 requires a cumulative-effect adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets) as of the beginning of the annual reporting period in which an entity adopts the amendments. The Company is currently evaluating the impact that ASU No 2023-08 will have on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which would require additional transparency for income tax disclosures, including the income tax rate reconciliation table and cash taxes paid both in the United States and foreign jurisdictions. This standard is effective for annual periods

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

beginning after December 15, 2024. The Company is currently evaluating the impact that ASU No 2023-09 will have on its consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718), Scope Application of Profits Interest and Similar Awards. This standard provides clarity regarding whether profits interest and similar awards are within the scope of Topic 718 of the Accounting Standards Codification. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that ASU No 2024-01 will have on its consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU No. 2024-02, “Codification Improvements - Amendments to Remove References to the Concepts Statements.” ASU 2024-02 removes references to various FASB Concepts Statements within the Codification. The guidance in ASU No. 2024-02 is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years, and can be applied either prospectively to all new transactions recognized on or after the date that the entity first applies the amendments or retrospectively to the beginning of the earliest comparative period presented in which the amendments were first applied. Early adoption is permitted. The Company is currently evaluating the impact that ASU No 2024-02 will have on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures” (Subtopic 220-40). The amendments in this Update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this Update should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that ASU No 2024-03 will have on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-04, “Debt-Debt with Conversion and Other Options” (Subtopic 470-20). The amendments in this Update clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in Update 2020-06. The amendments in this Update permit an entity to apply the new guidance on either a prospective or a retrospective basis. The Company is currently evaluating the impact that ASU No 2024-04 will have on its consolidated financial statements and related disclosures.

NOTE 3 – CASH AND CASH EQUIVALENTS

As of December 31, 2024, and March 31, 2024, cash and cash equivalents consisted of the following:


	December 31, 2024		March 31, 2024

Short term deposits in commercial banks	$	274,776	$	127,051
Short term deposits in National Bank (Kazakhstan)	172,561		196,942
Securities purchased under reverse repurchase agreements	51,685		134,961
Petty cash in bank vault and on hand	42,777		22,613
Short term deposits on brokerage accounts	12,156		2,917
Short term deposits in stock exchanges	9,301		47,830
Short term deposits in National Bank (Tajikistan)	8,367		—
Overnight deposits	4,024		3,557
Cash in transit	2,208		9,633
Bank deposits	275		—
Short term deposits in the Central Depository (Kazakhstan)	152		42
Allowance for cash and cash equivalents	(342)		(462)
Total cash and cash equivalents	$	577,940	$	545,084

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

As of December 31, 2024, and March 31, 2024, total cash and cash equivalents included short-term collateralized securities received under reverse repurchase agreements which the Group concludes mainly on the KASE. The KASE, in turn, guarantees payments to the counterparty. The terms of the short-term collateralized securities received under reverse repurchase agreements as of December 31, 2024, and March 31, 2024 are presented below:


	December 31, 2024
	Interest rates and remaining contractual maturity of the agreements
	Average interest rate		Up to 30 days		Total
Securities purchased under reverse repurchase agreements
Corporate equity	13.88	%	38,605		38,605
Corporate debt	8.04	%	6,421		6,421
Non-US sovereign debt	4.17	%	2,674		$	2,674
Exchange Traded Notes	7.76	%	2,551		2,551
US sovereign debt	3.25	%	1,434		1,434
Total			$	51,685	$	51,685


	March 31, 2024
	Interest rates and remaining contractual maturity of the agreements
	Average interest rate		Up to 30 days		Total
Securities purchased under reverse repurchase agreements
Corporate equity	14.57	%	$	96,647	$	96,647
US sovereign debt	4.77	%	16,885		16,885
Non-US sovereign debt	4.45	%	12,468		12,468
Corporate debt	5.31	%	8,961		8,961
Total			$	134,961	$	134,961

The securities received by the Group as collateral under reverse repurchase agreements are liquid trading securities with market quotes and significant trading volume. The fair value of collateral received by the Group under reverse repurchase agreements as of December 31, 2024 and March 31, 2024, was $51,963 and $133,380, respectively.

As of December 31, 2024 and March 31, 2024, securities purchased under reverse repurchase agreements included accrued interest in the amount of $18 and $106, with a weighted average maturity of 6 days and 3 days, respectively. All securities reverse repurchase agreement transactions were executed on the KASE.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

NOTE 4 – RESTRICTED CASH

As of December 31, 2024, and March 31, 2024, restricted cash consisted of the following:


	December 31, 2024		March 31, 2024

Brokerage customers’ cash	$	648,970	$	366,260
Guaranty deposits	93,796		97,052
Restricted bank accounts	7,836		8,079
Due from banks	6,421		6,374
Deferred distribution payment	23		23
Allowance for restricted cash	(14,893)		(15,151)
Total restricted cash	$	742,153	$	462,637

As of December 31, 2024, and March 31, 2024, part of the Group’s restricted cash was segregated in a special custody account for the exclusive benefit of the relevant brokerage customers.

NOTE 5 – TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE

As of December 31, 2024, and March 31, 2024, trading and available-for-sale securities consisted of the following:


	December 31, 2024		March 31, 2024

Non-U.S. sovereign debt	$	2,420,650	$	2,409,126
Corporate debt	793,240		1,108,870
Corporate equity	118,823		126,103
U.S. sovereign debt	73,363		43,173
Exchange traded notes	9,441		1,348
Total trading securities	$	3,415,517	$	3,688,620


	December 31, 2024		March 31, 2024

Non-U.S. sovereign debt	$	217,102	$	27,016
Corporate debt	180,272		173,568
U.S. sovereign debt	21,240		16,037
Total available-for-sale securities, at fair value	$	418,614	$	216,621

The following tables present maturity analysis for available-for-sale securities as of December 31, 2024, and March 31, 2024:

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)


	December 31, 2024
	Remaining contractual maturity of the agreements
	Up to 1 year		1-5 years		5-10 years		More than 10 years		Total

Non-US sovereign debt	$	62,783	$	97,050	$	35,294	$	21,975	$	217,102
Corporate debt	73,860		60,386		37,952		8,074		180,272
US sovereign debt	—		20,082		—		1,158		21,240
Total available-for-sale securities, at fair value	$	136,643	$	177,518	$	73,246	$	31,207	$	418,614


	March 31, 2024
	Remaining contractual maturity of the agreements
	Up to 1 year		1-5 years		5-10 years		More than 10 years		Total

Corporate debt	$	65,415	$	44,374	$	59,553	$	4,226	$	173,568
Non-US sovereign debt	7,839		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

As of December 31, 2024, the Group held debt securities of two issuers each of which individually exceeded 10% of the Group’s total trading and available-for-sale securities – the Ministry of Finance of the Republic of Kazakhstan (Fitch: BBB credit rating) in the amount of $2,609,589 and the Kazakhstan Sustainability Fund JSC (Fitch: BBB credit rating) in the amount of $544,675. As of March 31, 2024, the Group held debt securities of two issuers each of which individually exceeded 10% of the Group’s total trading securities and available-for-sale securities - the Ministry of Finance of the Republic of Kazakhstan (Fitch: BBB credit rating) in the amount of $2,420,855 and the Kazakhstan Sustainability Fund JSC (Fitch: BBB credit rating) in the amount of $727,440. The debt securities issued by the Ministry of Finance of the Republic of Kazakhstan and the Kazakhstan Sustainability Fund JSC are categorized as non-US sovereign debt and corporate debt, respectively.

As of the December 31, 2024 and March 31, 2024, the Group had $456 and $413 that was recognized as other-than-temporary impairment in accumulated other comprehensive loss.

The fair value of securities 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 Group 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 Group is valuing and the selected benchmark. Depending on the type of securities owned by the Group, 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.

The valuation hierarchy contains three levels:

•Level 1 - Valuation inputs are unadjusted quoted market prices for identical assets or liabilities in active markets.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

•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.

•Level 3 - Valuation inputs are unobservable and significant to the fair value measurement.

The following tables present securities assets in the Сondensed Сonsolidated Balance Sheets or disclosed in the Notes to the condensed consolidated financial statements at fair value on a recurring basis as of December 31, 2024, and March 31, 2024:


	Weighted Average Interest Rate		Total		Fair Value Measurements as of December 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 debt	10.81	%	$	2,420,650	$	1,528,011	$	892,639	$	—
Corporate debt	14.23	%	793,240		473,308		319,074		858
Corporate equity			118,823		96,160		4,121		18,542
U.S. sovereign debt	4.35	%	73,363		73,363		—		—
Exchange traded notes			9,441		7,050		2,391		—

Total trading securities			$	3,415,517	$	2,177,892	$	1,218,225	$	19,400

Non-U.S. sovereign debt	8.86	%	$	217,102	$	106,305	$	110,797	$	—
Corporate debt	14.07	%	180,272		91,601		88,671		—
U.S. sovereign debt	3.41	%	21,240		21,240		—		—

Total available-for-sale securities, at fair value			$	418,614	$	219,146	$	199,468	$	—

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)


	Weighted Average Interest Rate		Total		Fair Value Measurements as of 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 debt	11.61	%	$	2,409,126	$	1,592,380	$	816,746	$	—
Corporate debt	14.83	%	1,108,870		171,218		937,360		292
Corporate equity			126,103		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	$	—

The tables below present the valuation techniques and significant Level 3 inputs used in the valuation as of December 31, 2024, and March 31, 2024. The tables are not intended to be all inclusive, but instead capture the significant unobservable inputs relevant to determination of fair value.

Type

Valuation Technique

FV as of December 31, 2024

Significant Unobservable Inputs

Corporate debt

DCF

858

Discount rate

74.0%

Estimated number of years

3 months

Corporate equity

DCF

18,420

Discount rate

21.5%

Estimated number of years

3 years

Termination multiplier

20x

Corporate equity

DCF

122

Discount rate

58.8%

Estimated number of years

9 years

Total

19,400

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

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

Total

20,442

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, 2024, and the year ended 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 inputs	35,807
Revaluation of investments that use Level 3 inputs	(132)
Reclassification to investment in associate	(556)
Balance as of March 31, 2024	$	20,442

Reclassification to Level 3	—
Sale of investments that use Level 3 inputs	—
Purchase of investments that use Level 3 inputs	—
Revaluation of investments that use Level 3 inputs	(1,042)
Balance as of December 31, 2024	$	19,400

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, 2024, and March 31, 2024:


	December 31, 2024
		Assets measured at amortized cost		Accumulated impairment loss		Unrealized gain accumulated in other comprehensive (loss)/income		Assets measured at fair value		Maturity Date

Non-U.S. sovereign debt		$	214,637	$	(401)	$	2,866	$	217,102	2025-indefinite
Corporate debt		180,438		(55)		(111)		180,272		2025-2039
U.S. sovereign debt		21,950		—		(710)		21,240		2027-2044
Total available-for-sale securities, at fair value		$	417,025	$	(456)	2,045		$	418,614

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)


	March 31, 2024
	Assets measured at amortized cost		Accumulated impairment loss		Unrealized loss accumulated in other comprehensive income/(loss)		Assets measured at fair value		Maturity Date

Corporate debt	$	172,689	$	(61)	$	940	$	173,568	2024-2039
Non-U.S. sovereign debt	29,121		(352)		(1,753)		27,016		2024-indefinite
U.S. sovereign debt	16,767		—		(730)		16,037		2027-2044
Total available-for-sale securities, at fair value	$	218,577	$	(413)	$	(1,543)	$	216,621

NOTE 6 – MARGIN LENDING, BROKERAGE AND OTHER RECEIVABLES, NET

Margin lending, brokerage and other receivables as of December 31, 2024, and March 31, 2024, consisted of:


	December 31, 2024		March 31, 2024

Margin lending receivables	$	2,020,426	$	1,635,377
Receivables from telecommunication services	6,749		—
Bank commissions receivable	6,229		11,574
Bond coupon receivable and dividends accrued	4,765		5,429
Receivables from brokerage clients	2,905		2,603
Other receivables	10,956		17,282

Allowance for receivables	(14,357)		(11,990)

Total margin lending, brokerage and other receivables, net	$	2,037,673	$	1,660,275

Margin lending receivables are amounts owed to the Group from customers as a result of borrowings by such customers against the value of qualifying securities, primarily for the purpose of purchasing additional securities. Amounts may fluctuate from date to date as overall client balances change as a result of market levels, client positioning and leverage. Credit exposures arising from margin lending activities are generally mitigated by their short-term nature, the value of collateral held and the Group's right to call for margin when collateral values decline.

Collateral for margin lending receivables includes cash balances in clients' brokerage accounts and securities, adjusted for clients' off-balance sheet short positions. As of December 31, 2024, and March 31, 2024, the fair value of collateral held by the Group under margin loans was $4,478,894 and $2,824,498, respectively.

As of December 31, 2024, and March 31, 2024, the Company had three non-related party customers and one non-related party customer, respectively, whose individual balances exceeded 10% of the total margin lending, brokerage, and other receivables balance, amounted to $1,433,546 and $399,196, respectively. The collateral held from these non-related party customers was valued at $2,018,735 and $460,771 as of December 31, 2024, and March 31, 2024, respectively.

For both individual and institutional brokerage clients, the Group may enter into arrangements for securities financing transactions in respect of financial instruments held by the Group on behalf of the client or may use such financial instruments for the Group's own account or the account of another client. The Group maintains omnibus brokerage accounts for certain institutional brokerage clients, in which transactions of the underlying clients of such institutional clients are combined in a single account with us. As noted above, the Group may use the assets within the omnibus accounts to finance, lend, provide credit or provide debt financing or otherwise use and direct the order or manner of assets for financing of other clients of the Group.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

As of December 31, 2024, and March 31, 2024, using historical and statistical data, the Group had allowances for brokerage receivables in the amounts of $14,357 and $11,990, respectively.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

NOTE 7 – LOANS ISSUED

Loans issued as of December 31, 2024, consisted of the following:


	Amount Outstanding		Due Dates	Average Interest Rate	Fair Value of Collateral		Loan Currency

Mortgage loans	$	809,608	January 2025 - December 2049	11.1%	$	809,608	KZT
Uncollateralized bank customer loans	223,646		January 2025 - December 2044	27.7%	—		KZT
Collateralized bank customer loans	170,574		January 2025 - July 2043	16.0%	125,656		KZT
Car loans	164,251		January 2025 - April 2032	24.1%	163,375		KZT
Right of claim for purchased retail loans	135,242		January 2025 - February 2030	15.0%	135,242		KZT
Subordinated loan	6,163		December 2025	3.0%	—		USD
Other	1,372		January 2025 - September 2029	18.0%/16.5%	27		KZT

Allowance for loans issued	(56,597)

Total loans issued	$	1,454,259

The Group provides mortgage loans to borrowers on behalf of the JSC Kazakhstan Sustainability Fund (the "Program Operator") related to the state mortgage program "7-20-25" and transfers the rights to claim on the mortgage loans to the Program Operator. The proceeds received from these transfers are presented within funds received under state program for financing of mortgage loans in the Condensed Consolidated Statements of Cash Flows. Under this program, borrowers can receive a mortgage at an interest rate of 7% for 20 years, and the interest payments received by the Group are recognized as interest income in the Company’s Consolidated Statements of Operations and Statements of Other Comprehensive Income. In accordance with the program and trust management agreement for the program, the Group services the transferred loans and remits all repayments of principal it receives plus 4% of the 7% interest received to the Program Operator. The interest paid to the Program Operator is recognized as interest expense in the Condensed Consolidated Statements of Operations and Statements of Other Comprehensive Income. The remaining 3% of the 7% interest is retained by Group. Under the program and trust management agreement, the Group is required to repurchase the rights to make claims on the transferred loans when either loan principal repayments or interest payments are overdue 90 days or more. The repurchase of overdue loans is performed at the loans’ nominal value and is presented within repurchase of mortgage loans under the State Program in the Condensed Consolidated Statements of Cash Flows.

Since the Group transfers the rights to make claims on the loans with recourse for loans that are more than 90 days past due, retains part of the interest received on the loans and agrees to service the loans after the sale of the loans to the Program Operator, the Company has determined that the Group retains control over the loans transferred and continues recognizing the loans, which are accounted for as secured borrowings of the Group in accordance with ASC 860, Transfers and Servicing. As the Company continues to recognize the loans as assets, it also recognizes the associated liability equal to the proceeds received from the Program Operator, which is presented separately as liability arising from continuing involvement in the Condensed Consolidated Balance Sheets. This liability accrues 4% interest annually as described above. As of December 31, 2024 and March 31, 2024, the corresponding liability amounted to $472,867 and $521,885, respectively.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

As of December 31, 2024 and March 31, 2024, mortgage loans include loans under the state mortgage program "7-20-25" with an aggregate principal amount of $484,237 and $532,389, respectively, were presented within loans issued in the Condensed Consolidated Balance Sheets.

The Group has an agreement with FFIN Credit, a company established and controlled by FRHC's controlling shareholder, chairman and chief executive officer, Mr. Timur Turlov, to purchase uncollateralized retail loans from FFIN Credit. FFIN Credit is a non-bank credit institution that issues loans in Kazakhstan under simplified lending procedures. FFIN Credit was created as a pilot project to test and improve the scoring models used for qualifying and issuing loans. The principal operation of FFIN Credit is to provide loans to customers online using biometric identification and its proprietary scoring process. After completion of the pilot project, it is anticipated that FFIN Credit will be sold by Mr. Turlov to the Company. Freedom Bank KZ has legal ownership over the loans purchased from FFIN Credit. However, in accordance with U.S. GAAP, the Group does not recognize those loans, since effective control over the transferred loans are maintained by FFIN Credit. Instead, the Group recognizes the loans receivable from FFIN Credit as right of claim for purchased retail loans on the Consolidated Balance Sheets within loans issued. As of December 31, 2024 and March 31, 2024, right of claims for purchased retail loans amounted to $135,242 and $146,152, respectively.

The total accrued interest for loans issued amounted to $11,874 as of December 31, 2024 and $8,327 as of March 31, 2024.

Loans issued as of March 31, 2024, consisted of the following:


	Amount Outstanding		Due Dates	Average Interest Rate	Fair Value of Collateral		Loan Currency

Mortgage loans	$	741,312	April, 2024 - March, 2049	10.3%	$	740,462	KZT
Car loans	262,708		April, 2024 - March, 2031	23.9%	259,755		KZT
Uncollateralized bank customer loans	245,188		April, 2024 - March, 2044	27.4%	—		KZT
Right of claim for purchased retail loans	146,152		April, 2024 - March, 2029	15.0%	146,152		KZT
Collateralized bank customer loans	22,299		June, 2024 - July, 2043	19.1%	22,270		KZT
Subordinated loan	5,037		December, 2025	3.0%	—		USD
Other	2,638		April, 2024 - January, 2029	18.6%/15.0%/2.5%	18		KZT/USD/EUR

Allowance for loans issued	(43,619)

Total loans issued	$	1,381,715

Credit quality indicators

Freedom Bank KZ uses a loan portfolio quality classification system that indicates signs of a significant increase in credit risk and contractual impairment, depending on the analysis of reasonable and supportable information available at the reporting date. The loan portfolio is classified into “not credit impaired”, “with significant increase in credit risk” and “credit impaired” agreements.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

Loans “not credit impaired” under the agreement are serviced as usual, there are no primary signs of an increase in credit risk. Agreements classified as “with significant increase in credit risk” represent loans for which there is an increase in the credit risk expected over the life of the agreement compared to the initial risk at the date of recognition of the loan. In practice, the sign of such classification is the presence of overdue debt on principal and interest for a period of more than 30 days or the absolute probability of default threshold (PD) exceeding 20%. Agreements classified as “credit impaired” represent loans for which at the reporting date any of the following conditions is met: (i) the individual borrower has been in default for 90 or more days or the borrowers being legal entities have been in default for 60 or more days, (ii) the borrower for the last 6 months (for individuals) and 12 months (for legal entities) restructured the contract due to the deterioration of the financial condition, (iii) the borrower is recognized as credit impaired, a sign of default or a sign of bankruptcy is present, (iv) the deterioration of the financial performance of the borrower, or (v) the presence of other information indicating the existence of a high credit risk.

The table below presents the Group's loan portfolio by credit quality classification and origination year as of December 31, 2024. Current vintage disclosure is the requirement due to first adoption of ASC 326.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)


	Term Loans by Origination Fiscal Year
	2025		2024		2023		2022		2021		Prior		Revolving loans		Total
Mortgage loans	$	228,661	$	185,989	$	364,422	$	30,536	$	—	$	—	$	—	$	809,608
that are not credit impaired	228,546		184,058		362,030		29,928		—		—		—		804,562
with significant increase in credit risk	115		897		1,200		276		—		—		—		2,488
that are credit impaired	—		1,034		1,192		332		—		—		—		2,558
Car loans	2,778		123,984		37,489		—		—		—		—		164,251
that are not credit impaired	2,778		119,315		29,947		—		—		—		—		152,040
with significant increase in credit risk	—		1,271		569		—		—		—		—		1,840
that are credit impaired	—		3,398		6,973		—		—		—		—		10,371
Uncollateralized bank customer loans	77,127		126,817		19,702		—		—		—		—		223,646
that are not credit impaired	76,217		113,674		17,277		—		—		—		—		207,168
with significant increase in credit risk	488		4,098		666		—		—		—		—		5,252
that are credit impaired	422		9,045		1,759		—		—		—		—		11,226
Right of claim for purchased retail loans	92,412		40,147		2,667		16		—		—		—		135,242
that are not credit impaired	92,412		40,147		2,667		16		—		—		—		135,242
with significant increase in credit risk	—		—		—		—		—		—		—		—
that are credit impaired	—		—		—		—		—		—		—		—
Collateralized bank customer loans	161,626		8,793		155		—		—		—		—		170,574
that are not credit impaired	161,591		8,627		155		—		—		—		—		170,373
with significant increase in credit risk	35		47		—		—		—		—		—		82
that are credit impaired	—		119		—		—		—		—		—		119
Subordinated loan	—		—		6,163		—		—		—		—		6,163
that are not credit impaired	—		—		6,163		—		—		—		—		6,163
with significant increase in credit risk	—		—		—		—		—		—		—		—
that are credit impaired	—		—		—		—		—		—		—		—
Other	—		1,193		129		50		—		—		—		1,372
that are not credit impaired	—		1,185		129		50		—		—		—		1,364
with significant increase in credit risk	—		—		—		—		—		—		—		—
that are credit impaired	—		8		—		—		—		—		—		8
Total	$	562,604	$	486,923	$	430,727	$	30,602	$	—	$	—	$	—	$	1,510,856

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

The table below presents the Group's loan portfolio by credit quality classification as of March 31, 2024.


	Term Loans by Origination Fiscal Year
	2024		2023		2022		2021		2020		Prior		Revolving loans		Total
Mortgage loans	$	241,848	$	458,401	$	41,063	$	—	$	—	$	—	$	—	$	741,312
that are not credit impaired	240,974		454,933		40,784		—		—		—		—		736,691
with significant increase in credit risk	676		2,415		111		—		—		—		—		3,202
that are credit impaired	198		1,053		168		—		—		—		—		1,419
Car loans	196,305		66,403		—		—		—		—		—		262,708
that are not credit impaired	193,302		55,427		—		—		—		—		—		248,729
with significant increase in credit risk	1,590		2,232		—		—		—		—		—		3,822
that are credit impaired	1,413		8,744		—		—		—		—		—		10,157
Uncollateralized bank customer loans	210,612		34,568		8		—		—		—		—		245,188
that are not credit impaired	200,211		30,337		—		—		—		—		—		230,548
with significant increase in credit risk	4,715		1,072		—		—		—		—		—		5,787
that are credit impaired	5,686		3,159		8		—		—		—		—		8,853
Right of claim for purchased retail loans	130,291		15,694		167		—		—		—		—		146,152
that are not credit impaired	130,291		15,694		167		—		—		—		—		146,152
with significant increase in credit risk	—		—		—		—		—		—		—		—
that are credit impaired	—		—		—		—		—		—		—		—
Collateralized bank customer loans	21,972		327		—		—		—		—		—		22,299
that are not credit impaired	21,796		327		—		—		—		—		—		22,123
with significant increase in credit risk	89		—		—		—		—		—		—		89
that are credit impaired	87		—		—		—		—		—		—		87
Subordinated loan	—		5,037		—		—		—		—		—		5,037
that are not credit impaired	—		5,037		—		—		—		—		—		5,037
with significant increase in credit risk	—		—		—		—		—		—		—		—
that are credit impaired	—		—		—		—		—		—		—		—
Other	2,404		165		69		—		—		—		—		2,638
that are not credit impaired	2,395		165		69		—		—		—		—		2,629
with significant increase in credit risk	—		—		—		—		—		—		—		—
that are credit impaired	9		—		—		—		—		—		—		9
Total	$	803,432	$	580,595	$	41,307	$	—	$	—	$	—	$	—	$	1,425,334

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)

Aging analysis of past due loans as of December 31, 2024 and March 31, 2024, is as follows:


	December 31, 2024
	Loans 30-59 Days past due		Loans 60-89 days past due		Loans 90 days or more past due and still accruing		Current loans		Total
Mortgage loans	$	1,515	$	973	$	2,558	$	804,562	$	809,608
Car loans	1,151		689		10,371		152,040		164,251
Uncollateralized bank customer loans	2,802		2,450		11,226		207,168		223,646
Right of claim for purchased retail loans	—		—		—		135,242		135,242
Collateralized bank customer loans	50		32		119		170,373		170,574
Subordinated loan	—		—		—		6,163		6,163
Other	—		—		8		1,364		1,372
Total	$	5,518	$	4,144	$	24,282	$	1,476,912	$	1,510,856


	March 31, 2024
	Loans 30-59 Days past due		Loans 60-89 days past due		Loans 90 days or more past due and still accruing		Current loans		Total
Mortgage loans	$	2,133	$	1,069	$	1,419	$	736,691	$	741,312
Car loans	2,167		1,655		10,157		248,729		262,708
Uncollateralized bank customer loans	3,576		2,211		8,853		230,548		245,188
Right of claim for purchased retail loans	—		—		—		146,152		146,152
Collateralized bank customer loans	—		89		87		22,123		22,299
Subordinated loan	—		—		—		5,037		5,037
Other	—		—		9		2,629		2,638
Total	$	7,876	$	5,024	$	20,525	$	1,391,909	$	1,425,334

The activity in the allowance for credit losses for the three months ended December 31, 2024 and 2023 is summarized in the following tables.

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FREEDOM HOLDING CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (All amounts in thousands of United States dollars, except share data, unless otherwise stated)


	Allowance for credit losses
	Mortgage loan		Uncollateralized bank customer loans		Collateralized bank customer loans		Car loans		Right of claim for purchased retail loans		Other		Total
March 31, 2024	$	(3,033)	$	(19,636)	$	(80)	$	(14,262)	$	(6,577)	$	(31)	$	(43,619)
Charges	(6,258)		(28,099)		(3,437)		(4,086)		(9,335)		(22)		(51,237)
Recoveries	1,089		5,257		53		5,506		5,216		—		17,121
Write off	—		12,838		4		2,713		—		32		15,587
Forex	560		2,852		153

Freedom Holding Corp. 10-Q