# Priority Income Fund

> Priority Income Fund is a non-traded closed-end fund managed by Prospect Capital Management L.P. The Fund seeks to generate current income and, secondarily, long-term capital appreciation by investing at least 80% of total assets in securitized pools of senior secured loans (equity and debt collateralized loan obligation tranches) and/or directly in senior secured loans in the primary or secondary markets. The Fund has an 12-year operating history and approximately $397.3 million in total assets across over 1,500 underlying floating rate loans.

## About
Priority Senior Secured Income Management, LLC, a private investment firm that is registered as an investment adviser with the Securities and Exchange Commission and is an affiliate of Prospect Capital Management. Priority Senior Secured Income Management, LLC oversees the management of the Fund's activities and is responsible for making investment decisions for the portfolio. The Fund's administrator, Prospect Administration LLC, provides administration services necessary for us to operate. The Advisor is headquartered at 10 East 40th Street, 42nd Floor, New York, NY 10016. The Fund was launched on January 3, 2014 and is distributed through Preferred Capital Securities (PCS), an independent managing broker-dealer. The Fund is available to investors through broker-dealers and registered investment advisers across the United States and Puerto Rico. Minimum investment: $1,000.

## Investment Strategy
- Primary objective: current income through collateralized loan obligations ("CLO") equity, CLO debt tranches, and direct senior secured loans
- At least 80% of total assets in securitized pools of senior secured loans or direct senior secured loan investments
- Exposure to approximately 1,500 underlying loans across approximately 167 CLO positions
- Senior secured loans occupy the most senior position in a borrower's capital structure, providing priority claim on assets in default
- Diversified exposure across geographies, industries, and loan vintages through CLO structure
- Low default rate of underlying loans of 0.83%
- 12-year track record since January 2014 of paying fully covered dividends
- Floating rate loans provide protection from interest rate movement

## Key BENEFITS OF Senior Secured Loans
- Priority in claims
- Highest priority in the capital structure
- First lien on borrower's assets
- Restrictive financial covenants
- Loans are not interest rate sensitive due to floating rate and Libor floors
- Typical borrower: Average loan size of $1.0B+, EBITDA of $100M+, Rated by Moody's and S&P

## Key Metrics
- Annualized distribution rate: 18.92%
- Total assets: approximately $397.3 million
- Underlying loans: approximately 1,500
- CLO positions: approximately 167
- Fund inception: January 3, 2014
- Minimum investment: $1,000
- Structure: Non-traded closed-end 1940 Act investment company 
- Low default rate of 0.83%

## Key Pages
- [Home](https://www.priorityincomefund.com/): Fund overview, distribution rate, total assets, and CLO strategy summary.
- [Investment Strategy](https://www.priorityincomefund.com/investment-strategy/): Detailed description of the Fund's CLO-focused investment approach and portfolio construction.
- [Our Team](https://www.priorityincomefund.com/our-team/): Portfolio managers and leadership. Managed by Grier Eliasek (President & CEO, Prospect Capital Management) and Josh Soffer (Managing Director).
- [Distributions](https://www.priorityincomefund.com/distributions/): Monthly and bonus distribution history from inception to present.
- [Performance](https://www.priorityincomefund.com/performance/): Historical net asset value (NAV) data and performance tables.
- [Resources](https://www.priorityincomefund.com/resources/): Investor document library including prospectus, investment strategy overview, forms, tax documents, proxy statements, and SEC filings.
- [Press](https://www.priorityincomefund.com/press/): Press releases covering distribution announcements, preferred stock activity, and fund milestones.
- [Risks](https://www.priorityincomefund.com/risks/): Full risk factor disclosure including CLO-specific risks, illiquidity, leverage, and below-investment-grade debt exposure.
- [Contact](https://www.priorityincomefund.com/contact/): Investor services contact form, phone (855-422-3223), and email (investorservices@pcsalts.com).

## Key Facts
- Full name: Priority Income Fund
- Structure: Non-traded closed-end registered investment company under the Investment Company Act of 1940
- Adviser: Priority Senior Secured Management, LLC
- Managing broker-dealer: Preferred Capital Securities (PCS)
- Headquarters: 10 East 40th Street, 42nd Floor, New York, NY 10016
- Investor services: investorservices@pcsalts.com | 855-422-3223
- Fund inception: January 3, 2014
- Total assets: approximately $397.3 million
- Distribution rate: 18.92% annualized
- Investor portal: https://www.secureaccountview.com/BFWeb/clients/priorityinc/index
- 2023 CreditFlux winner