On April 14, 2021, Brook Taube and Seth Taube submitted their resignations as Co-Chief Executive Officers of Medley Management Inc. and Medley LLC effective as of May 3, 2021. Messrs. Brook Taube and Seth Taube are expected to continue to serve as Co-Chairmen of MDLY's board of directors (the Board of Directors") and to support the existing management team and provide strategic guidance. On April 14, 2021, the Board of Directors appointed Howard Liao as Chief Executive Officer of MDLY and Medley LLC, Dean Crowe as President of MDLY and Medley LLC, and David Richards as Chief Operating Officer of MDLY and Medley LLC, each effective as of May 3, 2021. Mr. Liao currently serves as Medley's Chief Investment Officer and will additionally retain this title. Mr. Richards currently serves as Medley's Chief Credit Officer and will additionally retain this title. Mr. Crowe currently serves as a Senior Managing Director and member of Medley's Investment Committee. Messrs. Liao, Crowe and Richards will each serve at the pleasure of the Board of Directors. Howard Liao has served as a Senior Managing Director and the Chief Investment Officer of Medley since March 2020. He served as Medley's Head of Corporate Credit from January 2016 to March 2020 and has served as a member of Medley's Investment Committee since January 2016. Dean Crowe has served as a Senior Managing Director of Medley since August 2015 and a member of the Investment Committee since June 2014. He served as the Head of Investing of Medley from December 2015 to March 2020 and has served as the President of Sierra Income Corporation since March 2020 and was the Chief Operating Officer of Sierra Income Corporation from August 2015 to March 2020.