COMMITMENTS AND CONTINGENCIES

12 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Operating Leases. The Company leases office space under an operating lease agreement scheduled to expire in June 2020. The Company pays property taxes, insurance and maintenance expenses related to this lease. Rent expense for the years ended June 30, 2015, 2014, and 2013 was $2,806, $2,111, and $1,644, respectively.

Pursuant to the terms of these non-cancelable lease agreements in effect at June 30, 2015, future minimum lease payments are as follows:



(Dollars in thousands)	Future minimum lease payments
2016	$	2,673
2017	3,292
2018	3,654
2019	3,821
2020	3,993
Thereafter	—
Total	$	17,433