NEW YORK, July 31, 2020 /PRNewswire/ -- Sierra Income
Corporation ("Sierra" or the "Company") today announced that its
Board of Directors has determined to continue the temporary
suspension of the monthly distributions on the shares of the
Company's common stock to enhance financial flexibility.
Shareholder distributions, including both cash and through the
distribution reinvestment plan, will be suspended through
September 30, 2020. The Company
expects to evaluate resumption of monthly distributions at a future
date. The Company believes that it is in the best long-term
interests of its shareholders to maintain a conservative approach
to its distribution policy during this volatile economic
environment.
About Sierra Income Corporation
Sierra is a non-traded business development company that invests
primarily in first lien senior secured debt, second lien secured
debt and, to a lesser extent, subordinated debt of middle market
companies in a broad range of industries with annual revenue
between $50 million and $1 billion. Sierra's investment objective is to
generate current income, and to a lesser extent, long-term capital
appreciation. Sierra is externally managed by SIC Advisors LLC,
which is an investment adviser registered under the Investment
Advisers Act of 1940, as amended. For additional information,
please visit Sierra Income Corporation at
www.sierraincomecorp.com.
About SIC Advisors LLC
SIC Advisors LLC is an affiliate of Medley Management Inc.
(NYSE: MDLY, "Medley"). Medley is an alternative asset management
firm offering yield solutions to retail and institutional
investors. Medley's national direct origination franchise is a
premier provider of capital to the middle market in the U.S. Medley
has $3.8 billion of assets under
management in two business development companies, Medley Capital
Corporation (NYSE: MCC) (TASE: MCC) and Sierra Income Corporation,
a credit interval fund, Sierra Total Return Fund (NASDAQ:SRNTX) and
several private investment vehicles. Over the past 18 years, we
have provided capital to over 400 companies across 35 industries in
North America1. For
additional information, please visit Medley Management Inc. at
www.mdly.com.
Medley LLC, the operating company of Medley Management Inc., has
outstanding bonds which trade on the New York Stock Exchange under
the symbols (NYSE:MDLX) and (NYSE:MDLQ). Medley Capital Corporation
is dual-listed on the New York Stock Exchange (NYSE:MCC) and the
Tel Aviv Stock Exchange (TASE: MCC) and has outstanding bonds which
trade on both the New York Stock Exchange under the symbols
(NYSE:MCV), (NYSE:MCX) and the Tel Aviv Stock Exchange under the
symbol (TASE: MCC.B1).
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws and regulations. These
forward-looking statements are identified by their use of terms and
phrases such as "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "predict,"
"project," "should," "will" and other similar terms and phrases,
including references to assumptions and forecasts of future
results. Forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and
other factors that may cause the actual results to differ
materially from those anticipated at the time the forward-looking
statements are made. These forward-looking statements are made
based on various underlying assumptions and are subject to numerous
uncertainties and risks, including, without limitation: Sierra's
continued effectiveness in investing and managing capital; adverse
changes in the economy generally or in the industries in which
Sierra's portfolio companies operate; uncertainties associated with
the impact from the COVID-19 pandemic, including its impact on the
global and U.S. capital markets, the global and U.S. economy, the
operational and financial performance of our portfolio companies,
and liquidity; and such other factors described under the caption
"Risk Factors" included in Sierra's filings with the Securities and
Exchange Commission (www.sec.gov). Although Sierra believes the
expectations reflected in such forward-looking statements are based
upon reasonable assumptions, it can give no assurance that the
expectations will be attained or that any deviation will not be
material. Sierra undertakes no obligation to update any
forward-looking statement contained herein to conform the statement
to actual results or changes in Sierra's expectations.
Investor Relations Contact:
Sam Anderson
Head of Capital Markets & Risk Management
Medley Management Inc.
212-759-0777
Media Contact:
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co. LP
212-257-4170
_____________________________
1 Medley Management Inc. is the parent company of Medley
LLC and several registered investment advisers (collectively,
"Medley"). Assets under management refers to assets of our funds,
which represents the sum of the net asset value of such funds, the
drawn and undrawn debt (at the fund level, including amounts
subject to restrictions) and uncalled committed capital (including
commitments to funds that have yet to commence their investment
periods). Assets under management are as of March 31, 2020.
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SOURCE Sierra Income Corporation
