NEW YORK, Aug. 21, 2017 /PRNewswire/ -- Priority Income Fund, Inc. ("the Fund"), announced today that the Fund has reached the milestone of $300 million in capital raised. The Fund is designed to provide investors with current income and portfolio diversification by investing in broad securitized pools of senior secured loans made primarily to U.S. companies.
"We believe this milestone is a positive affirmation of our commitment to provide investors with access to a strategy offering attractive income potential while also acting as an important portfolio diversifier," said Nishil Mehta, a principal of Prospect Capital Management L.P.
Through the second calendar quarter of 2017, the Fund has declared 14 consecutive quarterly bonus distributions in addition to 43 consecutive monthly base dividends, resulting in a total annualized distribution rate in the trailing twelve months for Class R shares of approximately 9.5 percent.
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 $7.5 billion of capital under management (including undrawn credit facilities) as of March 31, 2017. For more information, call 212.448.0702 or visit prospectcapitalmanagement.com.
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.
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.
For Priority Income Fund, Inc.
SOURCE Priority Income Fund, Inc.