Priority Income Fund Joins Schwab Alternative Investment OneSource Platform
Priority Income Fund Inc., a non-traded closed-end fund, reported that the fund is now available to registered investment advisers on the Schwab Alternative Investment OneSource platform.
Priority Income Fund Inc., a non-traded closed-end fund, reported that the fund is now available to registered investment advisers on the Schwab Alternative Investment OneSource platform.
The Schwab Alternative Investment OneSource platform provides access to a diversified portfolio of non-listed alternative investments issued by various asset managers all with streamlined execution, consolidated reporting and no annual custody fees.
“We are pleased to have joined the Schwab Alternative Investment OneSource platform,” said Grier Eliasek, president and chief executive officer of the fund. “We are making Priority Income Fund even more accessible to registered investment advisers.”
According to the company, the fund has raised $1.0 billion in cumulative capital, including commitments under the fund’s credit facility. The company claims that it focuses on providing investors with current income and long-term capital appreciation by investing in broad pools of senior secured loans made primarily to U.S. companies.
Through Sept. 30, 2022, the fund has declared 34 quarterly bonus distributions in addition to 107 consecutive monthly base distributions, resulting in a total annualized distribution rate for I shares of 11.6% and 10.5% for R shares, based on a current class I offering price of $11.55 per common share and $12.79 for R shares.
As of April 2022, Priority Income Fund had sold 39.1 million shares of common stock for approximately $574.1 million.
Priority Income Fund had $757.1 million of total assets as of Dec. 31, 2021, 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.
