RELATED‑PARTY TRANSACTIONS |
12 Months Ended |
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Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED‑PARTY TRANSACTIONS | Related Party Transactions On June 4, 2018, pursuant to a registered underwritten public offering (the "June 2018 Follow-on Offering"), ORIX USA sold 1,985,983 shares of our Class A common stock and certain of our former and current employees and members of our management sold 1,014,017 shares, in each case, at a price to the public of $49.15 per share. Concurrently with the closing of the offering, the Company repurchased from ORIX USA 697,000 shares of Class A Common Stock at a purchase price per share of $49.11. Expenses related to the June 2018 Follow-on Offering included in the Consolidated Statements of Comprehensive Income include $0 and $498 of professional service and other third-party fees and expenses during the years ended March 31, 2020 and 2019, respectively. On May 30, 2019, pursuant to a registered underwritten public offering, ORIX USA sold 3,000,000 shares of our Class A common stock to the public at a price of $45.80. On August 1, 2019, pursuant to a registered underwritten public offering, ORIX USA sold its remaining ownership of 3,377,935 shares of our Class A common stock to the public at a price of $45.62. The Company provided financial advisory services to ORIX USA and its affiliates and certain other related parties, and received fees for these services totaling approximately $828, $8,819, and $3,006 during the years ended March 31, 2020, 2019, and 2018, respectively. The Company provided certain management and administrative services for the Company's unconsolidated entities and received fees for these services. The Company received fees of $126, $482, and $286 during the years ended March 31, 2020, 2019, and 2018, respectively. On October 25, 2017, pursuant to a registered underwritten public offering, ORIX USA sold 1,750,000 shares of our Class A common stock and certain of our former and current employees and members of our management sold 1,750,000 shares of our Class A common stock, in each case, at a price to the public of $42.00 per share, and such transaction closed on October 30, 2017 (the "October 2017 Follow-on Offering"). On November 3, 2017, ORIX USA sold an additional 125,000 shares of Class A common stock and our former and current employees and members of our management sold an additional 125,000 shares of Class A common stock in connection with the underwriters’ partial exercise of their option to purchase additional shares in the offering. On March 12, 2018, pursuant to a registered underwritten public offering, we issued and sold 2,000,000 shares of our Class A common stock and certain of our former and current employees and members of our management sold 2,000,000 shares of our Class A common stock, in each case, at a price to the public of $47.25 per share (the “March 2018 Follow-on Offering”). In connection with, and prior to, the March 2018 Follow-on Offering, on January 26, 2018, we entered into a Forward Share Purchase Agreement (the "January 2018 Forward Share Purchase Agreement"), with an indirect wholly owned subsidiary of ORIX USA pursuant to which we agreed to purchase from ORIX USA on April 5, 2018 the number of shares of our Class B common stock equal to the number of shares of our Class A common stock sold by us in the March 2018 Follow-on Offering for a purchase price per share equal to the public offering price in the March 2018 Follow-on Offering less underwriting discounts and commissions. On April 5, 2018, the Company settled the transaction provided for in the January 2018 Forward Share Purchase Agreement and acquired 2,000,000 shares of Class B common stock from ORIX USA using the net proceeds we received from the March 2018 Follow-on Offering and the shares were retired. In accordance with the terms of the January 2018 Forward Share Purchase Agreement, the purchase price per share under the January 2018 Forward Share Purchase Agreement was reduced by the per share amount of the dividend paid to ORIX USA on the shares of our Class B common stock subject to the January 2018 Forward Share Purchase Agreement prior to the settlement of the transaction. Expenses related to the October 2017 Follow-on Offering and the March 2018 Follow-on Offering and the January 2018 Forward Share Purchase Agreement included in the Consolidated Statements of Comprehensive Income include $0, $0, and $2,084 of professional service and other third-party fees and expenses during the years ended March 31, 2020, 2019, and 2018, respectively. In the accompanying Consolidated Balance Sheets, the Company carried accounts receivable and unbilled work in progress from related parties totaling approximately $0 and $3 as of March 31, 2020 and 2019, respectively. The Company also deferred income from related parties for service fees totaling $0 and $34 as of March 31, 2020 and 2019, respectively. Other assets in the accompanying consolidated balance sheets includes loans receivable from certain employees of $17,857 and $15,228 and as of March 31, 2020 and 2019, respectively.
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