Priority Income Fund Inc. has offered to purchase up to $2.7 million worth of its common shares.

The number of shares the company repurchases in a tender offer will be based on the net asset value per share as of Jan. 20, 2017. The offer amount represents the lesser of the number of shares Priority Income Fund can buy with the proceeds it received from the issuance of shares under the company's distribution reinvestment plan during the quarter that ended Sept. 30, or 5% of the weighted average number of shares outstanding as of the previous calendar year.

The company reserves the right to limit the number of shares it offers to buy back to 20% of the weighted average number of shares outstanding during the prior calendar year.

The offer will expire at midnight ET on Jan. 23, 2017.