Business: Priority Income Fund, 6.375% Series L Term Cumulative Preferred Stock due 2029, liquidation preference $25 per share, redeemable at the issuer's option on or after 02/28/2025 at $25 per share plus accrued and unpaid dividends, and maturing 03/31/2029. <p> Cumulative distributions of 6.375% per annum ($1.59375 per annum or $0.3984375 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date fixed by the board, not more than 20 days or less than 7 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> Dividends paid by preferreds issued by closed-end funds can be 0% to 100% eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and can also be 0% to 100% eligible for the dividends received deduction for corporate holders (see page 103 of the prospectus for further information). <p> If the issuer fails to maintain an asset coverage ratio of at least 200% then the issuer is required to redeem the shares of Preferred Stock (see prospectus for further information). <p> This security was not rated by Moody’s or S&P at the time of its IPO. This security was rated as BBB- by Egan-Jones Ratings Co. at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.