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Sierra Income Corporation Suspends Distributions

The board of Sierra Income Corporation, a non-traded business development company, has suspended monthly distributions.

The board of Sierra Income Corporation, a non-traded business development company, has suspended monthly distributions, indicating that the suspension is temporary and would enhance financial flexibility.

Shareholder distributions, including both cash and through the distribution reinvestment plan, will be suspended beginning with the month ending April 30, 2020.

“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,” Sierra said.

Sierra Income Corporation 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 range of industries with annual revenue between $50 million and $1 billion. The company’s offering launched in April 2012 and has raised nearly $1 billion in investor equity before closing in July 2018. Sierra oversees an investment portfolio with a fair value of $675.6 million, as of the December 31, 2019.

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