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<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel"/>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="lab_us-gaap_CommonStockMember_label_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember" xlink:to="lab_us-gaap_CommonStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ClassOfStockDomain_label_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class of Stock [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ClassOfStockDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockDomain" xlink:to="lab_us-gaap_ClassOfStockDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentNameDomain_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Name [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentNameDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentNameDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentNameDomain" xlink:to="lab_us-gaap_DebtInstrumentNameDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CreditRiskMember_label_en-US" xlink:label="lab_us-gaap_CreditRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Risk [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditRiskMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CreditRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditRiskMember" xlink:to="lab_us-gaap_CreditRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityRegistrantName_01a001ac-77b0-75d2-804f-116b6cc02558_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityRegistrantName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_CreditSpreadRiskMember_label_en-US" xlink:label="lab_pris_CreditSpreadRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Spread Risk [Member]</link:label>
    <link:label id="lab_pris_CreditSpreadRiskMember_documentation_en-US" xlink:label="lab_pris_CreditSpreadRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Credit Spread Risk</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_CreditSpreadRiskMember" xlink:href="pris-20260630.xsd#pris_CreditSpreadRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_CreditSpreadRiskMember" xlink:to="lab_pris_CreditSpreadRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_MarketDisruptionAndGeopoliticalRiskMember_label_en-US" xlink:label="lab_pris_MarketDisruptionAndGeopoliticalRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Market Disruption and Geopolitical Risk [Member]</link:label>
    <link:label id="lab_pris_MarketDisruptionAndGeopoliticalRiskMember_documentation_en-US" xlink:label="lab_pris_MarketDisruptionAndGeopoliticalRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Market Disruption and Geopolitical Risk</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_MarketDisruptionAndGeopoliticalRiskMember" xlink:href="pris-20260630.xsd#pris_MarketDisruptionAndGeopoliticalRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_MarketDisruptionAndGeopoliticalRiskMember" xlink:to="lab_pris_MarketDisruptionAndGeopoliticalRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_SeriesKCumulativePreferredStockMember_label_en-US" xlink:label="lab_pris_SeriesKCumulativePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series K Cumulative Preferred Stock [Member]</link:label>
    <link:label id="lab_pris_SeriesKCumulativePreferredStockMember_documentation_en-US" xlink:label="lab_pris_SeriesKCumulativePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Series K Cumulative Preferred Stock</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_SeriesKCumulativePreferredStockMember" xlink:href="pris-20260630.xsd#pris_SeriesKCumulativePreferredStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_SeriesKCumulativePreferredStockMember" xlink:to="lab_pris_SeriesKCumulativePreferredStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PrepaymentRiskMember_label_en-US" xlink:label="lab_us-gaap_PrepaymentRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepayment Risk [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrepaymentRiskMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PrepaymentRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaymentRiskMember" xlink:to="lab_us-gaap_PrepaymentRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_MarketRiskMember_label_en-US" xlink:label="lab_pris_MarketRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Market Risk [Member]</link:label>
    <link:label id="lab_pris_MarketRiskMember_documentation_en-US" xlink:label="lab_pris_MarketRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Market Risk</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_MarketRiskMember" xlink:href="pris-20260630.xsd#pris_MarketRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_MarketRiskMember" xlink:to="lab_pris_MarketRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_DefaultRiskMember_label_en-US" xlink:label="lab_pris_DefaultRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Default Risk [Member]</link:label>
    <link:label id="lab_pris_DefaultRiskMember_documentation_en-US" xlink:label="lab_pris_DefaultRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Default Risk</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_DefaultRiskMember" xlink:href="pris-20260630.xsd#pris_DefaultRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_DefaultRiskMember" xlink:to="lab_pris_DefaultRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PreferredStockMember_label_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockMember" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PreferredStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockMember" xlink:to="lab_us-gaap_PreferredStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_LiquidityRiskMember_label_en-US" xlink:label="lab_pris_LiquidityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liquidity Risk [Member]</link:label>
    <link:label id="lab_pris_LiquidityRiskMember_documentation_en-US" xlink:label="lab_pris_LiquidityRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Liquidity Risk</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_LiquidityRiskMember" xlink:href="pris-20260630.xsd#pris_LiquidityRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_LiquidityRiskMember" xlink:to="lab_pris_LiquidityRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_SeriesFTermPreferredMember_label_en-US" xlink:label="lab_pris_SeriesFTermPreferredMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series F Term Preferred [Member]</link:label>
    <link:label id="lab_pris_SeriesFTermPreferredMember_documentation_en-US" xlink:label="lab_pris_SeriesFTermPreferredMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Series F Term Preferred</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_SeriesFTermPreferredMember" xlink:href="pris-20260630.xsd#pris_SeriesFTermPreferredMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_SeriesFTermPreferredMember" xlink:to="lab_pris_SeriesFTermPreferredMember" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_CreditFacilityMember_label_en-US" xlink:label="lab_pris_CreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Facility [Member]</link:label>
    <link:label id="lab_pris_CreditFacilityMember_documentation_en-US" xlink:label="lab_pris_CreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Credit Facility</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_CreditFacilityMember" xlink:href="pris-20260630.xsd#pris_CreditFacilityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_CreditFacilityMember" xlink:to="lab_pris_CreditFacilityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_SeriesGTermPreferredMember_label_en-US" xlink:label="lab_pris_SeriesGTermPreferredMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series G Term Preferred [Member]</link:label>
    <link:label id="lab_pris_SeriesGTermPreferredMember_documentation_en-US" xlink:label="lab_pris_SeriesGTermPreferredMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Series G Term Preferred</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_SeriesGTermPreferredMember" xlink:href="pris-20260630.xsd#pris_SeriesGTermPreferredMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_SeriesGTermPreferredMember" xlink:to="lab_pris_SeriesGTermPreferredMember" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_SeriesHTermPreferredMember_label_en-US" xlink:label="lab_pris_SeriesHTermPreferredMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series H Term Preferred [Member]</link:label>
    <link:label id="lab_pris_SeriesHTermPreferredMember_documentation_en-US" xlink:label="lab_pris_SeriesHTermPreferredMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Series H Term Preferred</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_SeriesHTermPreferredMember" xlink:href="pris-20260630.xsd#pris_SeriesHTermPreferredMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_SeriesHTermPreferredMember" xlink:to="lab_pris_SeriesHTermPreferredMember" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_A2035NotesMember_label_en-US" xlink:label="lab_pris_A2035NotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">2035 Notes [Member]</link:label>
    <link:label id="lab_pris_A2035NotesMember_documentation_en-US" xlink:label="lab_pris_A2035NotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">2035 Notes</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_A2035NotesMember" xlink:href="pris-20260630.xsd#pris_A2035NotesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_A2035NotesMember" xlink:to="lab_pris_A2035NotesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_EconomicRecessionsRiskMember_label_en-US" xlink:label="lab_pris_EconomicRecessionsRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Economic Recessions Risk [Member]</link:label>
    <link:label id="lab_pris_EconomicRecessionsRiskMember_documentation_en-US" xlink:label="lab_pris_EconomicRecessionsRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Economic Recessions Risk</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_EconomicRecessionsRiskMember" xlink:href="pris-20260630.xsd#pris_EconomicRecessionsRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_EconomicRecessionsRiskMember" xlink:to="lab_pris_EconomicRecessionsRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_DowngradeRiskMember_label_en-US" xlink:label="lab_pris_DowngradeRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Downgrade Risk [Member]</link:label>
    <link:label id="lab_pris_DowngradeRiskMember_documentation_en-US" xlink:label="lab_pris_DowngradeRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Downgrade Risk</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_DowngradeRiskMember" xlink:href="pris-20260630.xsd#pris_DowngradeRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_DowngradeRiskMember" xlink:to="lab_pris_DowngradeRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_SeriesDTermPreferredMember_label_en-US" xlink:label="lab_pris_SeriesDTermPreferredMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series D Term Preferred [Member]</link:label>
    <link:label id="lab_pris_SeriesDTermPreferredMember_documentation_en-US" xlink:label="lab_pris_SeriesDTermPreferredMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Series D Term Preferred</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_SeriesDTermPreferredMember" xlink:href="pris-20260630.xsd#pris_SeriesDTermPreferredMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_SeriesDTermPreferredMember" xlink:to="lab_pris_SeriesDTermPreferredMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentPeriodEndDate_01a001ac-77b0-7ee7-9dda-63ed528a506c_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_DocumentPeriodEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AmendmentFlag_01a001ac-77b0-7153-a6db-bf084861aadf_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_AmendmentFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_SeriesLTermPreferredMember_label_en-US" xlink:label="lab_pris_SeriesLTermPreferredMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series L Term Preferred [Member]</link:label>
    <link:label id="lab_pris_SeriesLTermPreferredMember_documentation_en-US" xlink:label="lab_pris_SeriesLTermPreferredMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Series L Term Preferred</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_SeriesLTermPreferredMember" xlink:href="pris-20260630.xsd#pris_SeriesLTermPreferredMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_SeriesLTermPreferredMember" xlink:to="lab_pris_SeriesLTermPreferredMember" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_SeriesJTermPreferredMember_label_en-US" xlink:label="lab_pris_SeriesJTermPreferredMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series J Term Preferred [Member]</link:label>
    <link:label id="lab_pris_SeriesJTermPreferredMember_documentation_en-US" xlink:label="lab_pris_SeriesJTermPreferredMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Series J Term Preferred</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_SeriesJTermPreferredMember" xlink:href="pris-20260630.xsd#pris_SeriesJTermPreferredMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_SeriesJTermPreferredMember" xlink:to="lab_pris_SeriesJTermPreferredMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_01a001ac-77b0-7237-b8b2-1e5e91f31fac_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_CurrentFiscalYearEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_SeriesITermPreferredMember_label_en-US" xlink:label="lab_pris_SeriesITermPreferredMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series I Term Preferred [Member]</link:label>
    <link:label id="lab_pris_SeriesITermPreferredMember_documentation_en-US" xlink:label="lab_pris_SeriesITermPreferredMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Series I Term Preferred</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_SeriesITermPreferredMember" xlink:href="pris-20260630.xsd#pris_SeriesITermPreferredMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_SeriesITermPreferredMember" xlink:to="lab_pris_SeriesITermPreferredMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentType_01a001ac-77b0-70c7-87b0-268f3e1d2a94_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_DocumentType"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
    <link:label id="lab_pris_StructuredCreditRelatedRiskMember_label_en-US" xlink:label="lab_pris_StructuredCreditRelatedRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Structured Credit Related Risk [Member]</link:label>
    <link:label id="lab_pris_StructuredCreditRelatedRiskMember_documentation_en-US" xlink:label="lab_pris_StructuredCreditRelatedRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Structured Credit Related Risk</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_pris_StructuredCreditRelatedRiskMember" xlink:href="pris-20260630.xsd#pris_StructuredCreditRelatedRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pris_StructuredCreditRelatedRiskMember" xlink:to="lab_pris_StructuredCreditRelatedRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCentralIndexKey_01a001ac-77b0-7a23-893f-4511db42ff10_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2026/dei-2026.xsd#dei_EntityCentralIndexKey"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" xlink:type="arc" order="1"/>
  </link:labelLink>
</link:linkbase>
