Sierra Income Corporation, a non-traded business development company, has reinstated and declared a series of monthly distributions for October, November and December 2020 of $0.01 per share.
In April 2020, the company temporarily suspended of its monthly distributions in the wake of the COVID-19 pandemic. The company believed that “it was in the best long-term interests of its shareholders to maintain a conservative approach to its distribution policy during this volatile economic environment.”
“Sierra has closely monitored the performance of the company’s investments and has carefully considered all appropriate options,” the company said in a statement. “The company believes its investment portfolio is stable and that it has sufficient liquidity and financial flexibility to manage through the pandemic.”
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 is externally managed by SIC Advisors LLC, an affiliate of Medley Management Inc. (NYSE: MDLY).