Company: PRIF-PJ
Filing Date: 2025-08-28
Form Type: N-CSR
Source: 0001554625-25-000057
Chunk: 33

Company: Priority Income Fund, Inc.
Filing Date: 2025-08-28
Form: N-CSR
Chunk 33
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 preferred shares, but excluding the organization and offering expenses and incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, is compared to the preferred return rate of 1.5% per quarter (6.0% annualized). The Company pays the Adviser an incentive fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows: (1) no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the preferred return rate; (2) 100% of the pre-incentive fee net investment income, if any, that exceeds the preferred return rate but is less than 1.875% in any calendar quarter (7.5% annualized); and (3) 20.0% of the pre-incentive fee net investment income, if any, that exceeds 1.875% in any calendar quarter. These calculations are appropriately pro-rated for any period of less than three months.

#### 2025 ANNUAL REPORTPRIORITY INCOME FUND, INC.35
For the year ended June 30, 2025, expenses incurred by the Company and the payable amount remaining at June 30, 2025 in connection with the Investment Advisory Agreement were as follows:

| Description                                                                                                                                                                                                              |     | Expense |            |     | Payable |           |
|:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--------|-----------:|:----|:--------|----------:|
| Base management fee(1)                                                                                                                                                                                                   |     | $       | 17,306,617 |     | $       | 3,365,202 |
| Incentive fee(1)                                                                                                                                                                                                         |     |         | 10,762,563 |     |         | 1,985,203 |
| Routine non-compensation overhead expenses(2)                                                                                                                                                                            |     |         |     46,821 |     |         |    10,000 |
| (1)The payable amount