Related Party Transactions

9 Months Ended

Mar. 31, 2018

Related Party Transactions

Related Party Transactions

8.   Related Party Transactions

On September 11, 2013, the Company issued a mortgage note (“Mortgage”) lending $2.1 million to a managed school partner (“Partner”). The note bore interest at a fixed rate of 5.25% per year with a five year maturity date and it was secured by the underlying property. During fiscal year 2016, the borrower defaulted on the loan payment, and in March 2017 the Company received the deed of ownership to the property. See Note 12, “Investments – Investment in School Mortgage.”