Priority Income Fund Declares New NAV Per Share
Priority Income Fund Inc., a non-traded closed-end fund, has declared a monthly net asset value per share, as of November 30, 2020.
Priority Income Fund Inc., a non-traded closed-end fund, has declared a monthly net asset value per share of $11.17, as of November 30, 2020, an increase of approximate 7.3 percent compared to last month’s NAV per share of $10.41.
In connection with the new valuation, Class R shares are now priced at $12.04, Class RIA shares at $11.32, and Class I shares at $11.23.
The previous month, Class R shares were priced at $11.22 each, Class RIA shares at $10.54, and Class I shares at $10.46.
In other Priority Income news, the board has increased the percentage of independent directors by reducing its size from five to four directors. The company said in a filing with the Securities and Exchange Commission that the change was made “in the interests of promoting good corporate governance.”
The board now includes three independent directors and one interested director, and is 75 percent independent under The Investment Company Act of 1940.
In connection with this change, Robert Muller, formerly an interested director, no longer serves on the board.
Priority Income Fund had $571 million of total assets as of December 31, 2019 and invests in pools of senior secured loans made primarily to U.S. companies whose debt is rated below investment grade or, in limited circumstances, unrated. The fund launched in May 2013 and raised $391.5 million in investor equity as of September 2020.
