Priority Income Fund, a non-traded closed-end fund, announced that its board of directors has declared additional steady monthly cash “base” common shareholder distributions, as well as a 13.6% increase in quarterly cash “bonus” common shareholder distributions.
The annualized total cash distribution is $1.38516 per share (11.3% annualized rate), representing the 13th consecutive quarterly increase, for distributions with record dates between September 1, 2023, and November 24, 2023, based on the current Class R offering price of $12.23 per common share.
Priority Income Fund says the cash “base” distributions will have weekly record dates and will be payable monthly to common stockholders of record as of the close of business each week. These declared distributions equal a weekly cash amount of $0.02014 per share of common stock (representing $0.26182 per common share on a quarterly basis).
The fund has paid or declared cumulative cash distributions totaling $13.97 per common share since inception in January 2014 through November 2023.
Priority Income Fund 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.