Company: PRIF-PJ
Filing Date: 2025-11-26
Form Type: 40-APP/A
Source: 0001287032-25-000360
Chunk: 8

Company: Priority Income Fund, Inc.
Filing Date: 2025-11-26
Form: 40-APP/A
Chunk 8
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 limited liability company and is a Wholly-Owned Investment Sub of PSEC. PSEC SPV Sub holds certain of PSEC’s portfolio loan investments that are used as collateral for the revolving credit facility at PSEC SPV Sub.

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I. NPRC

NPRC is a Maryland corporation, a qualified REIT for U.S. federal income tax purposes, and is a Wholly-Owned Investment Sub of PSEC. NPRC is held for purposes of investing, operating, financing, leasing, managing, and selling a portfolio of real estate assets.

#### III. ORDER REQUESTED
The Applicants request an Order of the Commission under Sections 17(d) and 57(i) of the 1940 Act and Rule 17d-1 thereunder to permit, subject to the terms and conditions set forth below in this Application (the “

#### Conditions
”), each Regulated Fund to be able to participate with one or more Affiliated Entities in Co-Investment Transactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and Rule 17d-1 thereunder.

A. Applicable Law

Section 17(d), in relevant part, prohibits an affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from effecting any transaction in which the registered investment company is “a joint or a joint and several participant with such person” in contravention of such rules as the SEC may prescribe “for the purpose of limiting or preventing participation by such [fund] on a basis different from or less advantageous than that of such other participant.”

Rule 17d-1 prohibits an affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from participating in, or effecting any transaction in connection with, any “joint enterprise or other joint arrangement or profit-sharing plan” 10 in which the fund is a participant without first obtaining an order from the SEC.

Section 57(a)(4), in relevant part, prohibits any person related to a business development company in the manner described in Section 57(b), acting as principal, from knowingly effecting any transaction in which the business development company is a joint or a joint and several participant with such persons in contravention of such rules as the Commission may prescribe for the purpose of limiting or preventing participation by the business development company on a basis less advantageous than that of such person. Section 57(i