The board of Sierra Income Corporation, a publicly registered non-traded business development company, has appointed Richard Allorto Jr. to serve as chief financial officer, treasurer and secretary of the company, following the resignation of Christopher Mathieu. Allorto previously served as CFO and secretary of the BDC from April 2012 until November 2016.
Allorto serves as the CFO of affiliated publicly-traded asset management firm, Medley Management Inc. (NYSE: MDLY), a position that he has held since July 2010. He has also served as the CFO and secretary of Medley Capital Corporation since January 2011.
Prior to joining Medley, Allorto held various positions at GSC Group Inc., a registered investment adviser, including CFO of GSC Investment Corp, a business development company that was externally managed by GSC Group. He is a licensed CPA and received a bachelor’s degree in accounting from Seton Hall University.
In other Sierra Income news, the board decided to close the company’s offering on July 31, 2018, as reported by The DI Wire earlier this month. The company previously anticipated closing the offering on April 17, 2019, seven years after it was declared effective by the Securities and Exchange Commission.
Sierra Income Corporation’s initial offering was declared effective by the Securities and Exchange Commission in April 2012. As of the first quarter of 2018, the company’s $1 billion portfolio consisted of debt investments in 112 companies, according to Summit Investment Research. As of July 5, 2018, the BDC had raised approximately $922 million in investor equity.