Priority Income Fund Announces 9.9% Annualized Cash Distribution Rate (on Class R Offering… | News

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NEW YORK, June 01, 2022 (GLOBE NEWSWIRE) — Priority Income Fund, Inc. (“Priority Income Fund” or the “Fund”) today announced that the Board of Directors of the Fund has declared an ordinary shareholder “of basis” in additional stable monthly cash distributions as well as an increase in the quarterly cash distribution to common stockholders.

Total annualized cash distribution is $1.33516 per share (9.9% annualized rate), representing the 8th consecutive quarterly increase, for distributions with record dates between June 3, 2022 and August 26, 2022 , based on the current Class R offering price of $13.50. per ordinary share.

“Basic” cash distributions will have weekly record dates and will be payable monthly to common shareholders of record at the close of business each week. These distributions declared correspond to a weekly cash amount of $0.02014 per common share (representing $0.26182 per common share on a quarterly basis) as follows:

Monthly Cash “Base”
Distribution of shareholders
Check-in dates Payment date Total amount
($ per share)
June 2022 June 3, 10, 17 and 24, 2022 June 27, 2022 $0.08056
July 2022 July 1, 8, 15, 22 and 29, 2022 August 1, 2022 $0.10070
August 2022 August 5, 12, 19 and 26, 2022 August 29, 2022 $0.08056

These “base” monthly cash distributions to common shareholders represent the 102nd, 103rd and 104th consecutive monthly “base” distributions paid by the Fund at a rate at least equal to this regular weekly distribution of $0.02014 per common share.

The Board of Directors of the Fund has increased the quarterly cash “bonus” distribution as follows:

Quarterly Cash “Bonus”
Distribution of shareholders
Registration Date Payment date Rising
($ per share)
June 2022 June 24, 2022 June 27, 2022 $0.071250

This “bonus” cash distribution represents the 33rd quarterly “bonus” cash distribution to common shareholders that the Fund has declared.

The Fund has paid or declared cumulative cash distributions totaling $12.29 per common share since its inception in January 2014 through August 2022.

The Fund is also pleased to announce the declaration of distributions on the Fund’s 7.00% Series D Term Preferred Shares due 2029 (“Series D”), 6.625% Series F Term Preferred Shares due in 2027 (“Series F”), 6.250% Series G Term Preferred Shares due 2026 (“Series G”), 6.000% Series H Term Preferred Shares due 2026 (“Series H”), 6.125% Preferred Shares Series I Term Preferred Shares due 2028 (“Series I”), 6.000% Series J Term Preferred Shares due 2028 (“Series J”), 7.000% Series K Cumulative Preferred Shares (“Series K”) and 6.375% Series L Term Preferred Shares due 2029 (“Series L”).

Ex-dividend date Registration Date Payment date Distribution per share
D-Series June 14, 2022 June 15, 2022 June 30, 2022 $0.43750
F-Series June 14, 2022 June 15, 2022 June 30, 2022 $0.41406
G-Series June 14, 2022 June 15, 2022 June 30, 2022 $0.39063
H-Series June 14, 2022 June 15, 2022 June 30, 2022 $0.37500
I-series June 14, 2022 June 15, 2022 June 30, 2022 $0.38281
J-Series June 14, 2022 June 15, 2022 June 30, 2022 $0.37500
K-series June 14, 2022 June 15, 2022 June 30, 2022 $0.43750
L-series June 14, 2022 June 15, 2022 June 30, 2022 $0.53125

About the Priority Income Fund

Priority Income Fund, Inc. is a registered closed-end fund that was established to acquire and grow an investment portfolio consisting primarily of senior secured loans or pools of senior secured loans known as bonds guaranteed loans (“CLO”). These loans will generally have a variable interest rate and will include a first lien on the assets of the respective borrowers, which are generally 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 LP For more information visit priorityincomefunds.com.

About Prospect Capital Management LP

Based in New York, Prospect is an SEC-registered investment adviser who, along with its predecessors and affiliates, has more than 30 years of experience investing and managing debt and equity securities in high yield using both private partnerships and publicly traded companies. closed structures. Prospect and its affiliates employ a team of approximately 100 professionals who focus on credit-driven investing that generates attractive current income. Prospect, together with its affiliates, had $8.4 billion in assets under management as of March 31, 2022. For more information, call 212.448.0702 or visit prospectcapitalmanagement.com.

About Preferred Capital Securities, LLC

Preferred Capital Securities, LLC is the broker manager of Priority Income Fund, Inc. and has been a member of FINRA/SIPC since 2015. Established in 2013, PCS is a boutique investment bank that distributes real estate investment and credit products in private. and public structures through broker-dealers and registered investment advisers. PCS has raised over $2.3 billion in capital as a wholesale distributor for various alternative investment strategies. For more information, visit http://pcsalts.com.

For sale:

[email protected]

(855) 330-6594

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(855) 422-3223

Further information

Past performance is not indicative of future performance. Our distributions may exceed our income and therefore parts of the distributions we make may be a return of the money you originally invested and represent a return of capital to you for tax purposes. Such a return of capital is not immediately taxable, but reduces your tax base on our shares, which may result in higher taxes for you even if your shares are sold at a lower price than your original investment.

Investors should carefully consider the investment objective and policies, risk considerations, fees and ongoing expenses of an investment before investing. The prospectus and the simplified prospectus contain this information as well as other information relevant to an investment in the fund. Please read the prospectus or simplified prospectus carefully before investing or sending money. To obtain a prospectus, please contact your investment representative or Investor Services at 866.655.3650.

Forward-looking statements

This press release may contain certain forward-looking statements within the meaning of the 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. Such statements, other than statements of historical fact, are very likely to be affected by unknown future events and conditions, including matters of the future which are or are not within the control of Priority Income Fund, Inc. and which Priority Income Fund, Inc. may or may not have contemplated; accordingly, such statements cannot constitute guarantees or assurances as to any aspect of future performance. Actual developments and results are very likely to differ materially from any forward-looking statements. Such statements do not speak only as of the time they are 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, future events or otherwise.

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