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Medley LLC (NYSE: MDLX, MDLQ) received a notice from the NYSE for failing to timely file its Quarterly Report on Form 10-Q for the quarter ending March 31, 2021. The NYSE allows Medley to regain compliance by filing the report by November 24, 2021. The delay is attributed to significant demands from Medley LLC's Chapter 11 bankruptcy case. The firm continues to work on the filing, but no specific date has been set. Medley manages $1.9 billion in assets and has provided capital to over 450 companies across various industries.
Medley Management Inc. (NYSE: MDLY) has received a notice from the NYSE for failing to file its Quarterly Report on Form 10-Q for Q1 2021 due by March 31, 2021. The company can regain compliance by filing the report by November 24, 2021. If not filed, the NYSE may grant a further six-month extension or commence delisting proceedings. The delay is due to complex accounting related to the deconsolidation of Medley LLC amid its Chapter 11 case. Medley has $1.9 billion in assets under management, servicing over 450 companies across North America.
Sierra Income Corporation has declared monthly distributions of $0.010 per share for April, May, and June 2021, payable to stockholders of record. The respective record and payment dates are set for each month. Additionally, the Board authorized a Share Repurchase Program, allowing quarterly buybacks starting in Q2 2021, limited to either proceeds from the distribution reinvestment plan or 2.5% of the weighted average shares outstanding. This initiative aims to facilitate stockholders' ability to sell shares at recently disclosed net asset value.
On April 16, 2021, Medley Management Inc. (NYSE: MDLY) announced the promotions of Howard Liao to CEO, Dean Crowe to President, and David Richards to COO, effective May 3, 2021. Liao, who currently serves as Chief Investment Officer, succeeds co-CEOs Brook and Seth Taube, who continue as co-Chairmen. Medley, an alternative asset management firm with $2.9 billion in assets under management, provides yield solutions and has funded over 450 companies. The press release highlights the leadership transition aimed at driving future success.
Medley Management reported a challenging Q4 and fiscal year 2020, with total revenues of $8.5 million for Q4 and $33.3 million for the year, a decline from 2019 figures. The company recorded a net loss of $2.6 million for Q4 and $18.5 million for the year, translating to a net loss per share of $0.88 and $4.26, respectively. Assets under management fell significantly, with total AUM at $2.9 billion and fee-earning AUM at $1.3 billion. Despite reducing total expenses, the firm faced ongoing challenges due to market conditions and portfolio valuations.
Sierra Income Corporation has announced monthly distributions of $0.010 per share for January, February, and March 2021. The record dates are January 28, February 25, and March 30, with payment dates on January 29, February 26, and March 31, respectively. Sierra, a non-traded business development company, focuses on investing in senior secured debt of middle-market companies. Medley Management Inc., affiliated with Sierra, manages assets of $3.4 billion and aims to provide capital to the middle market.
