NEW YORK, Nov. 28, 2016 /PRNewswire/ -- Priority Income Fund, Inc., announced today that its board of directors has declared a bonus distribution of $0.09696 per share of common stock. The bonus distribution is payable on or around January 3, 2017, to stockholders of record at the close of business on December 30, 2016. This bonus distribution is independent from monthly distributions, which are declared separately.
"We are very pleased that this bonus distribution continues to fulfill the Fund's objective of providing income for our shareholders," said Nishil Mehta, a principal of Prospect Capital Management L.P. "Additionally, we are happy to announce that the Fund's total annualized distribution rate [Trailing Twelve Months] for Class R shares was approximately 10 percent as of September 30, 2016."
About Priority Income Fund Priority Income Fund, Inc., is a registered closed-end fund co-sponsored by Prospect Capital Management LLC (Prospect) and the parent company of Provasi Capital Partners, LP. Priority Income Fund 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 advisor 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 September 30, 2016. For more information, call 212.448.0702 or visit prospectcapitalmanagement.com.
Forward-Looking Statements 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.