Priority Income Fund Announces 11.3% Annualized Cash Distribution Rate (on Class R Offering Price) Through Board Declarations of a 13.6% Increase in Quarterly Cash “Bonus” Common Shareholder Distribution in Addition to Steady Monthly Cash “Base” Common

NEW YORK, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Priority Income Fund, Inc. ("Priority Income Fund" or the "Fund") announced today that the Fund’s 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.

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) as follows:

These monthly cash “base” common shareholder distributions represent the 117^th, 118^th, and 119^th consecutive such monthly “base” distributions paid by the Fund at a rate at least equal to this steady weekly distribution of $0.02014 per share of common stock.

The Fund's board of directors has increased the quarterly cash “bonus” distribution as follows:

This cash “bonus” distribution represents the 38^th cash quarterly “bonus” common shareholder distribution that the Fund has declared.

The Fund has paid or declared cumulative cash distributions totaling $13.97 per common share since inception in January 2014 through November 2023.

The Fund is also pleased to announce the declaration of distributions on shares of the Fund’s 7.00% Series D Term Preferred Stock due 2029 (“Series D”), 6.625% Series F Term Preferred Stock due 2027 (“Series F”), 6.250% Series G Term Preferred Stock due 2026 (“Series G”), 6.000% Series H Term Preferred Stock due 2026 (“Series H”), 6.125% Series I Term Preferred Stock due 2028 (“Series I”), 6.000% Series J Term Preferred Stock due 2028 (“Series J”), 7.000% Series K Cumulative Preferred Stock (“Series K”), and 6.375% Series L Term Preferred Stock due 2029 (“Series L”).

Distributions shall first be treated as distributions of previously undistributed prior year investment company taxable income and then as distributions of current year investment company taxable income but will not affect tax reporting to shareholders.

About Priority Income Fund
Priority Income Fund, Inc. is a registered closed-end fund that 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. The Fund is managed by Priority Senior Secured Income Management, LLC, which is led by a team of investment professionals from the investment and operations team of Prospect Capital Management L.P. For more information, visit priorityincomefund.com.

About Prospect Capital Management L.P.
Prospect Capital Management L.P. (“Prospect”), headquartered in New York City, is an SEC-registered investment adviser that, along with its predecessors and affiliates, has more than 30-years 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, together with its affiliates, has $8.7 billion of assets under management as of March 31, 2023. For more information, call (212) 448-0702 or visit https://www.prospectcap.com.

About Preferred Capital Securities, LLC
Preferred Capital Securities, LLC (“PCS”) serves as the dealer-manager for Priority Income Fund, Inc. and has been a member of FINRA/SIPC since 2015. Formed in 2013, PCS is a boutique investment banking firm that distributes real estate and credit investment products in private and public structures through broker dealers and registered investment advisors. PCS has raised over $4.2 billion of capital as a wholesale distributor for various alternative investment strategies. For more information, visit http://www.pcsalts.com.

For Sales:
salesdesk@pcsalts.com
(855) 330-6594

For Service:
investorservices@pcsalts.com
(855) 422-3223

Additional Information

Past performance is not indicative of future performance. Our distributions may exceed our earnings, and therefore, portions of the distributions that we make may be a return of the money that you originally invested and represent a return of capital to you for tax purposes. Such a return of capital is not immediately taxable, but reduces your tax basis in our shares, which may result in higher taxes for you even if your shares are sold at a price below your original investment.

Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus and summary prospectus contains this and other information relevant to an investment in the fund. Please read the prospectus or summary prospectus carefully before you invest or send money. To obtain a prospectus, please contact your investment representative or Investor Services at 866.655.3650.

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.