Priority Income Fund March Redemption Requests Exceed Tender Offer Amount

Priority Income Fund, a non-traded closed-end fund, recently completed its quarterly share repurchase offer, repurchasing approximately 60% of shares tendered by each shareholder at a net asset value of $7.17 per share as of April 30, 2025.

This repurchase program, designed to offer to buy back 2.5% of outstanding shares quarterly, saw demand significantly outstrip the offer, with approximately 4% of outstanding shares tendered.

This development comes on the heels of Priority Income Fund’s late April announcement of its intention to pursue a listing of its common shares on a public exchange, a move that – according to the company – would provide greater liquidity for shareholders in the future.

In preparation for listing, the fund suspended its offering of common shares on May 1, 2025. The fund also engaged Lucid Capital Markets LLC as an adviser for the potential listing. At the time of announcement, the fund’s board emphasized that the listing is not guaranteed and remains subject to their final approval and market conditions.

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 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. To facilitate the listing and meet exchange requirements, a 6-for-1 reverse share split was executed on May 15, 2025.

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