Company: PRIF-PJ
Filing Date: 2025-03-26
Form Type: N-2
Source: 0001554625-25-000027
Chunk: 35

Company: Priority Income Fund, Inc.
Filing Date: 2025-03-26
Form: N-2
Chunk 35
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 Series M Term Preferred Stock will pay a quarterly dividend, when, as and if authorized by, or under authority granted by, our Board of Directors, and declared by us out of assets legally available therefor, at a fixed annual rate of [___]% of the Liquidation Preference, or $[___] per share per year, which we refer to as the Fixed Dividend Rate. Quarterly dividends are scheduled to be paid on March 31, June 30, September 30 and December 31 of each year, commencing on June 30, 2025. The Fixed Dividend Rate is subject to adjustment under certain circumstances, but will not in any case be lower than [___]. The first dividend period for the Series M Term Preferred Stock will commence on the Date of Original Issue, and will end on, but exclude, June 30, 2025. |

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| Mandatory Redemption for Asset Coverage |     | In addition to the asset coverage requirements imposed on us by the 1940 Act, if we fail to maintain an asset coverage ratio (as defined below) of at least 200% as of the close of business on the last Business Day of any calendar quarter, and such failure is not cured by the close of business on the date that is 30 calendar days following the filing date of our Annual Report on Form N-CSR, Semiannual Report on Form N-CSRS or Quarterly Form N-PORT filings, as applicable, for that quarter (referred to in this prospectus as an Asset Coverage Cure Date), then we are required to redeem, within 90 calendar days of the Asset Coverage Cure Date, shares of Preferred Stock (as such term is defined in the Articles Supplementary) equal to the lesser of (1) the minimum number of shares of Preferred Stock that will result in our having an asset coverage ratio of at least 200% as of the date that such redemption is made and (2) the maximum number of shares of Preferred Stock that can be redeemed out of funds legally available for such redemption. Also, if we become subject to the foregoing, at our sole discretion, we may redeem such number of shares of Preferred Stock (including shares of Preferred Stock required to be redeemed) that will result in our having an asset coverage ratio of up to and including 285%. The Preferred Stock to be redeemed may include, at our sole option, any number or proportion of the Series M Term Preferred Stock and other series of