NEW YORK, December 4, 2023 /BusinessWire/ --Priority Income Fund, Inc. ("Priority Income Fund" or the "Fund") announced today that the Fund’s Board of Directors has declared a steady monthly cash “base” and a quarterly “bonus” common shareholder distribution for December. The Fund also announced a change from quarterly “bonus” distributions to monthly cash “bonus” common shareholder distributions beginningin January 2024.
The annualized total cash distribution is $1.38516 per share (11.6% annualizedrate for Class R and 12.4% annualized rate for Class I), for distributions with record dates between December 5, 2023 and February 5, 2024 based on the current Class R offering price of $11.96 per common share and the current Class I offering price of $11.15 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 $0.26182 on a quarterly basis) as follows:
Monthly Cash “Base” Shareholder Distribution Record Date Payment Date Total Amount($ per share)
December 2023 December 5, 2023 December 26, 2023 $0.10070
January 2024 January 4, 2024 January 29, 2024 $0.08056
February 2024 February 5, 2024 February 26, 2024 $0.08056
These distributions represent the 120th,121st, and 122nd consecutive monthly “base” distributions paid by the Fund at a rate that is greater or equal to this steady weekly distribution of $0.02014 per share of common stock.
The Fund's Board of Directors has also declared new monthly cash “bonus” distributions, as follows:
Quarterly Cash “Bonus” Shareholder Distribution Record Date Payment Date Amount ($ per share)
December 2023 December 5, 2023 December 26, 2023 $0.083750
January 2024 January 4, 2024 January 29, 2024 $0.027917
February 2024 February 5, 2024 February 26, 2024 $0.027917
The December cash “bonus” distribution represents the 39th quarterly “bonus” distribution that the Fund hasdeclared, and it is the second consecutive new monthly “bonus” common shareholder distribution.
The Fund has paid or declared cumulative cash distributions totaling $14.37 per commonshare since inception in January 2014 through February 2024.
The Fund is also pleased to announce 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 December 15, 2023 December 18, 2023 December 29, 2023 $0.43750
Series F December 15, 2023 December 18, 2023 December 29, 2023 $0.41406
Series G December 15, 2023 December 18, 2023 December 29, 2023 $0.39063
Series H December 15, 2023 December 18, 2023 December 29, 2023 $0.37500
Series I December 15, 2023 December 18, 2023 December 29, 2023 $0.38281
Series J December 15, 2023 December 18, 2023 December 29, 2023 $0.37500
Series K December 15, 2023 December 18, 2023 December 29, 2023 $0.43750
Series L December 15, 2023 December 18, 2023 December 29, 2023 $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 IncomeFund
PriorityIncome Fund, Inc. is a registered closed-end fund that was created to acquire and grow an investment portfolio primarily consisting of senior secured loansor 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 typicallyare private and public companies based in the United States. The Fund is managed by Priority Senior Secured Income Management, LLC, which is led by ateam of investment professionals from the investment and operations team of Prospect Capital Management L.P. Formore information, visit priorityincomefund.com.
About Prospect CapitalManagement L.P.
Prospect Capital Management L.P.(“Prospect”), headquartered in New York City, is an SEC-registered investment adviser 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. Prospect and its affiliates employ a team of approximately 100 professionals who focuson credit-oriented investments yielding attractive current income. Prospect, together with its affiliates, has $8.8 billion of assets under management as of September 30, 2023. For more information, call (212) 448-0702 or visit https://www.prospectcap.com.
About Preferred CapitalSecurities, LLC
Preferred Capital Securities, 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 a boutique investment banking firm that distributes real estate and credit investment products in private and public structures through broker dealers and registeredinvestment advisors. PCS has raised over $4.2 billion of capital as a wholesale distributor for various alternative investment strategies. For moreinformation, visit http://www.pcsalts.com.
For Sales:
salesdesk@pcsalts.com
(855) 330-6594
For Service:
investorservices@pcsalts.com
(855) 422-3223
Additional Information
Past performance is not indicative of future performance. Our distributions may exceed our earnings, and therefore, portions of the distributions that we make may be are turn of the money that you originally invested and represent a return ofcapital to you for tax purposes. Such a return of capital is not immediately taxable, 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 original investment.
Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus and summary prospectus contains 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 investment representative or Investor Services at 866.655.3650.
Forward-Looking Statements
This pressrelease may contain certain forward-looking statements within the meaning ofthe Private Securities Litigation Reform Act of 1995, including statements regarding the future performance of Priority Income Fund, Inc. Words such as"believes," "expects," "projects," and"future" or similar expressions are intended to identify forward-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 the control of Priority Income Fund, Inc. and that Priority Income Fund, Inc. mayor may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments andresults are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and Priority Income Fund, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, futureevents or otherwise.
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