Priority Income Fund raises $300 million for loan, CLO investments

By Sarah Lizee

Olympia, Wash., Aug. 21 – Priority Income Fund, Inc. announced that it reached the milestone of $300 million in capital raised, according to a press release.

The fund will invest in senior secured loans or collateralized loan obligations.

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%.

“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,” Nishil Mehta, a principal of Prospect Capital Management LP, said in the release.

New York-based Priority Income is a registered closed-end fund that is designed to provide investors with current income and portfolio diversification.

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