NEW YORK--(BUSINESS WIRE)--Priority Income Fund, Inc. ("Priority Income Fund" or the "Fund") announced today an increase in its weekly cash shareholder base distributions to an annualized rate of 8.0% for distributions from September 1, 2018 through November 30, 2018. These series of distributions will have weekly record dates and will be payable monthly to the stockholders of record as of the close of business each week. The declared distributions equal a weekly amount of $0.02303 per share of common stock.
- Distributions for the September 7, 14, 21 and 28 record dates will be paid on or around October 1, 2018.
- Distributions for the October 5, 12, 19, and 26 record dates will be paid on or around October 29, 2018.
- Distributions for the November 2, 9, 16, 23 and 30 record dates will be paid on or around December 3, 2018.
The Fund's board of directors has also declared a bonus distribution of $0.07479 per share of common stock. This is the 19th bonus distribution that the Fund has declared. The bonus distribution is payable on or around October 1, 2018, to stockholders of record at the close of business on September 28, 2018.
“The Priority Income Fund was designed to provide attractive cash shareholder distributions, and we are pleased to have paid consistent distributions for over four years. With the Board’s approval, we are pleased to announce that we are increasing the monthly pay base distributions while modifying the quarterly pay bonus distribution. The Fund’s total annualized distribution rate in the trailing twelve months for Class R shares was just under 10 percent as of August 31, 2018,” said Nishil Mehta, Managing Director of Prospect Capital Management L.P. “The increase in monthly cash distribution rates reflects our confidence in the portfolio and our outlook for the foreseeable future.”
The marketing period for the Priority Income Fund is currently expected to continue until November 2nd, 2019 and the Fund anticipates accepting subscriptions until that date. If advisors have questions about the Fund, please call Destra Capital (the Fund’s sub-distributor) at (877) 855-3434.
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. For more information, visit priority-incomefund.com.
About Prospect Capital Management L.P.
Headquartered in New York City, Prospect is an SEC-registered investment adviser that, along with its predecessors and affiliates, has a more than 25-year history of investing in and managing high-yielding debt and equity investments using both private partnerships and publicly traded closed-end structures. Prospect and its affiliates employ a team of approximately 100 professionals who focus on credit-oriented investments yielding attractive current income. Prospect has $6.2 billion of assets under management as of June 30, 2018. For more information, call 212.448.0702 or visit prospectcapitalmanagement.com.
About Destra Capital
Destra Capital connects financial advisors and their clients with innovative investment strategies, in uniquely positioned products from experienced asset managers. Destra takes the long view, setting goals to rise above fleeting market statistics toward the opportunity for long-term returns. Destra Capital Investments LLC is a member FINRA/SIPC.
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 a return of the money that 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 basis in our shares, which may result in higher taxes 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 or send money. To obtain a prospectus, please contact your investment representative or Destra Capital Investments LLC at 877.855.3434.
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. Any such statements, other than statements of historical fact, are highly likely to be affected by unknowable future events and 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. may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results 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, future events or otherwise.