NEWYORK, September 9, 2024 /BusinessWire/ --Priority Income Fund, Inc. (“Priority Income Fund” or the “Fund”) announced today that the Fund’s Board of Directors has declared monthly cash “base” and “bonus” common shareholder distributions for September 2024, October 2024 and November2024.
The annualized total cash distribution is$1.34016 per share (11.7% annualized rate for Class R and 12.6% annualized rate for Class I), for distributions with record dates between September10, 2024 and November 5, 2024 based on the current Class R offering price of $11.43 per common share and the current Class I offering price of $10.66 per common share.
The cash “base” distribution will have monthly record dates and will be payable monthly to common stockholders of record at the close of business each month. These declared distributions equal a weekly cash amount of $0.02014 per share of common stock (or $0.26182on a quarterly basis) as follows:
Monthly Cash “Base”
Shareholder Distribution Record Date Payment Date Total Amount ($ per share)
September 2024 September 10, 2024 September 30, 2024 $0.08056
October 2024 October 3, 2024 October 28, 2024 $0.08056
November 2024 November 5, 2024 November 25, 2024 $0.10070
These distributions represent the 129th, 130th and 131st consecutive monthly “base” distributions paid by the Fund.
The Fund's Board of Directors has also declared new monthly cash “bonus” distributions, as follows:
Quarterly Cash “Bonus”
Shareholder Distribution Record Date Payment Date Amount ($ per share)
September 2024 September 10, 2024 September 30, 2024 $0.024167
October 2024 October 3, 2024 October 28, 2024 $0.024167
November 2024 November 5, 2024 December 2, 2024 $0.024167
The September, October and November cash “bonus” distributions represents the 48th, 49th, and 50th “bonus” distributions that the Fund has declared, which are now paid monthly starting January 2024.
The Fund has paid or declared cumulative cash distributions totaling $15.31 per common share since inception in January 2014 through November 2024.
The Fund also announced today the declaration of distributions on shares of the Fund’s 7.00% Series D Term Preferred Stock due 2029 (“Series D”), 6.625% Series F Term Preferred Stock due 2027 (“Series F”), 6.250% Series G Term Preferred Stock due 2026(“Series G”), 6.000% Series H Term Preferred Stock due 2026 (“Series H”),6.125% Series I Term Preferred Stock due 2028 (“Series I”), 6.000% Series J Term Preferred Stock due 2028 (“Series J”), 7.000% Series K Cumulative Preferred Stock (“Series K”), and 6.375% Series L Term Preferred Stock due 2029(“Series L”).
Ex-Dividend Date Record Date Payable Date Distribution per Share
Series D September 23, 2024 September 23, 2024 September 30, 2024 $0.43750
Series F September 23, 2024 September 23, 2024 September 30, 2024 $0.41406
Series G September 23, 2024 September 23, 2024 September 30, 2024 $0.39063
Series H September 23, 2024 September 23, 2024 September 30, 2024 $0.37500
Series I September 23, 2024 September 23, 2024 September 30, 2024 $0.38281
Series J September 23, 2024 September 23, 2024 September 30, 2024 $0.37500
Series K September 23, 2024 September 23, 2024 September 30, 2024 $0.43750
Series L September 23, 2024 September 23, 2024 September 30, 2024 $0.39844
Distributions shall first be treated as a distribution of taxable investment company income undistributed from the prior year, and then treated as a distribution of taxable investment company income for the current year. This treatment will not affect tax reporting to shareholders.
About Priority Income Fund
Priority Income Fund, Inc. is a registered closed-end fund that was created to acquire and grow an investment portfolio primarily consisting of senior secured loans or pools of senior secured loans known as collateralized loan obligations("CLOs"). Such loans will generally have a floating interest rate and include a first lien on the assets of the respective borrowers, which typically are private and public companies based in the United States. The Fund is managed by Priority Senior Secured Income Management, LLC, which is led by a team of investment professionals from the investment and operations team of Prospect Capital Management L.P. For more information, visit https://www.priorityincomefund.com.
About Prospect Capital Management L.P.
Prospect Capital Management L.P.(“Prospect”), headquartered in New York City, is an SEC-registered investmentadviser that, along with its predecessors and affiliates, has more than 30-yearsof investing in and managing high-yielding debt and equity investments usingboth private partnerships and publicly traded closed-end structures. Prospectand its affiliates employ a team of over 100 professionals who focus oncredit-oriented investments yielding attractive current income. Prospect,together with its affiliates, has $8.9 billion of assets under management as of June 30, 2024. For more information, call (212) 448-0702 or visit https://www.prospectcap.com.
About Preferred Capital Securities, LLC
Preferred CapitalSecurities, LLC (“PCS”) serves as the dealer-manager for Priority Income Fund,Inc. and has been a member of FINRA/SIPC since 2015. Formed in 2013, PCS is aboutique managing broker-dealer that distributes alternative investments, includingreal estate and credit investment products in private and public structuresthrough broker dealers and registered investment advisors. PCS has raised over$4.8 billion of capital as a wholesale distributor for various alternativeinvestment strategies. For more information, call
855-320-1414 orvisit http://www.pcsalts.com.
For Sales:
(855) 330-6594
For Service:
(855) 422-3223
Additional Information
Past performance is not indicative of future performance. Our distributions may exceed ourearnings, and therefore, portions of the distributions that we make may be areturn of the money that you originally invested and represent a return ofcapital to you for tax purposes. Such a return of capital is not immediatelytaxable, but reduces your tax basis in our shares, which may result in highertaxes for you even if your shares are sold at a price below your originalinvestment.
Investors should consider the investmentobjective and policies, risk considerations, charges and ongoing expenses of aninvestment carefully before investing. The prospectus and summary prospectuscontains this and other information relevant to an investment in the fund.Please read the prospectus or summary prospectus carefully before you invest orsend money. To obtain a prospectus, please contact your investmentrepresentative or Investor Services at 866.655.3650.
Forward-Looking Statements
Thispress release may contain certain forward-looking statements within the meaningof the Private Securities Litigation Reform Act of 1995, including statementsregarding the future performance of Priority Income Fund, Inc. Words such as"believes," "expects," "projects," and"future" or similar expressions are intended to identifyforward-looking statements. Any such statements, other than statements ofhistorical fact, are highly likely to be affected by unknowable future eventsand conditions, including elements of the future that are or are not under thecontrol of Priority Income Fund, Inc. and that Priority Income Fund, Inc. mayor may not have considered; accordingly, such statements cannot be guaranteesor assurances of any aspect of future performance. Actual developments andresults are highly likely to vary materially from any forward-lookingstatements. Such statements speak only as of the time when made, and PriorityIncome Fund, Inc. undertakes no obligation to publicly update or revise anyforward-looking statements, whether as a result of new information, futureevents or otherwise.
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