---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-020024"
form_type: "8-K"
ticker: "BSRR"
cik: "0001130144"
company_name: "SIERRA BANCORP"
filed_at: "2023-12-28T23:59:59+00:00"
generated_at: "2026-06-07T06:13:48.252861+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Sierra Bancorp sells 13 branch properties for $19.9M in sale-leaseback; records $14.3M gain

## Summary
- Total sale price $19.9M for 13 California branches; first tranche closed Dec 21, 2023, second tranche expected early Q1 2024.
- Proceeds in excess of book value of approx $14.3M; first full-year rent ~$1.7M pre-tax, offset by $0.3M depreciation elimination.
- Bank will lease each property for 18 years with renewal options; no branch closures or market exits.
- Evaluating potential sale of securities portfolio in loss position to offset some of the gain.

## SEC filing metadata
- accession: 0001558370-23-020024
- form_type: 8-K
- ticker: BSRR
- cik: 0001130144
- company_name: SIERRA BANCORP
- filed_at: 2023-12-28T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1130144/000155837023020024/0001558370-23-020024-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1130144/000155837023020024/bsrr-20231221x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-020024
- JSON: https://secwatch.observer/filing/0001558370-23-020024.json
- Plain text: https://secwatch.observer/filing/0001558370-23-020024.txt

## Key facts
- Material Agreements
  SIERRA BANCORP entered into Agreements with Bots Owner LLC and Bots Owner 002 LLC valued at $19.9 million (effective 2023-12-21).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Bots Owner LLC and Bots Owner 002 LLC
  - Value: $19.9 million
  - Effective: 2023-12-21
  source text: On December 21, 2023, Bank of the Sierra (the “Bank”), a wholly owned subsidiary of Sierra Bancorp (the “Company”), entered into two separate agreements for the purchase and sale of real property, to be executed in two tranches (the “Agreements”), with Bots Owner LLC and Bots Owner 002 LLC (collectively the “Purchasers”), each an affiliate of Blue Owl Real Estate Capital LLC
  evidence_url: https://www.sec.gov/Archives/edgar/data/1130144/000155837023020024/0001558370-23-020024-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.