Non-publicly traded closed end fund Priority Income Fund has posted their latest annual report–or as it is called ‘Certified Shareholder Report’, for the period ending 6/30/2021.
PRIF has been a serial issuer of ‘term preferred’ shares over the last 3 years or so–no one has sold as many term preferred issues as PRIF.
Many of us love to hate companies like Priority Income Fund–a company that owns bunches of CLO’s (collateralized income obligations)–most of the ‘equity tranche’ variety. While these are no doubt higher risk investments, over the course of the last 10 years, I have collected a lot of dividends from PRIF and company’s like them (Eagle Point Credit, Oxford Lane, OFS Credit).
While we all know there is plenty of risk in these issues they have offered some of the best coupons in these skimpy coupon times. Of course it is helpful that they are required to have a 200% asset coverage on their preferred issues.
The company has a good selection of term preferreds outstanding – the list is here.