Priority Income Fund, a non-traded closed-end fund, announced its intention to list its common shares on a national stock exchange, targeting the move within the next year. In preparation, the fund will suspend its current continuous offering of common shares effective May 1, 2025.
The fund has engaged Lucid Capital Markets LLC as an adviser for the potential listing. However, the fund’s board emphasized that the listing is not guaranteed and remains subject to their final approval and market conditions.
Priority Income Fund indicated that a successful listing could enhance liquidity options for investors and potentially lead to lower overall fund expenses.
Additionally, the fund’s investment adviser has agreed to waive certain fees, amounting to 0.25% of the fund’s net assets annually, for the quarter beginning July 1, 2025. Further quarterly waivers may follow.
The fund’s net asset value was $7.18 per share as of March 31, 2025, based on its regular valuation process.
Concurrent with its latest NAV, the company implemented significantly lower public offering prices for its common stock, effective April 1, 2025. The new prices were Class R: $7.70 per share (previously $10.23); Class RIA: $7.23 per share (previously $9.61); and Class I: $7.18 per share (previously $9.54).
These new prices applied to subscriptions received between Feb. 26 and March 26, 2025, for the April 1 closing. The company clarified that the class designations relate to different sales load structures, not a multi-class fund setup.
Launched in 2013, Priority Income Fund invests primarily in collateralized loan obligation securities and reported over $900 million in total assets as of Dec. 31, 2024.
This latest activity immediately followed non-traded business development company FS Specialty Fund’s similar announcement that its board has approved a plan to list the fund’s common shares on a national securities exchange, likely the New York Stock Exchange, before the end of 2025.
Click here to visit the AltsWire directory page.
Read the full article here
