Our site runs on donations to keep it running for free. Please consider donating if you enjoy your experience here!

Priority Income Fund Releases Annual Report

Closed end fund Priority Income Fund (untraded) has released their annual report after a short delay as they worked to verify processes and procedures relative to valuing their CLO’s (collateralized loan obligations).

PRIF has a gaggle of term preferreds outstanding and they are required to have an asset coverage ration of at least 200%. Their outstanding issues can be seen here.

PRIF uses term preferreds to leverage their portfolio almost exclusively–little debt.

The fund claims assets of about $858 million with total liabilities of $327 million (which includes all of their preferred stock) giving the fund a very respectable asset coverage ratio.

Net asset value per share is $12.04 as of 6/30/2022 which is only 11 cents lower than the previous year.

The report can be seen here.

Disclosure–we own a couple of the term preferred issues.

Leave a Reply

Your email address will not be published. Required fields are marked *