Sierra Income Corporation Announces Q2 2021 Distributions
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NEW YORK, April 29, 2021 /PRNewswire/ -- Sierra Income Corporation ("Sierra" or the "Company") today announced that, on April 28, 2021, its Board of Directors (the "Board") declared a series of monthly distributions for April, May, and June 2021 of $0.010 per share. Stockholders of record as of each respective record date will be entitled to receive the distribution. Below are the details for each respective distribution:
Amount Per Share
June 30, 2021
The Board also authorized a share repurchase program, pursuant to which the Company intends to conduct quarterly share repurchases, beginning in the second quarter of 2021, of the lesser of (i) the number of shares of common stock, par value $0.0001 per share (the "Shares"), that the Company can purchase with the proceeds received under the Company's distribution reinvestment plan from the prior quarter; or (ii) 2.5% of the weighted average number of Shares outstanding in the prior four calendar quarters (the "Share Repurchase Program"). Notwithstanding the foregoing, in connection with the first share repurchase offer for the quarter ending June 30, 2021, the Company intends to repurchase the number of Shares that the Company can purchase with the proceeds received under the Company's distribution reinvestment plan from the prior two quarters. The purpose of the Share Repurchase Program is to allow stockholders to sell their Shares back to the Company at a price equal to the most recently disclosed net asset value per share of the Company's common stock immediately prior to the date of such share repurchase. Shares will be purchased from stockholders participating in the Share Repurchase Program on a pro rata basis. The Share Repurchase Program may be suspended, extended, modified or discontinued by the Board at any time.