# EDGAR Filing Document

**Accession Number:** 0001732078
**File Stem:** 0001752724-23-048790
**Filing Date:** 2023-3
**Character Count:** 24190
**Document Hash:** 4985eccd3e123f29b1c8c7ab484ad43d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-048790.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-048790

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Flat Rock Opportunity Fund
- **CENTRAL INDEX KEY:** 0001732078
- **IRS NUMBER:** 826905131
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23328
- **FILM NUMBER:** 23690460

**BUSINESS ADDRESS:**
- **STREET 1:** 680 S. CACHE STREET
- **STREET 2:** SUITE 100
- **CITY:** JACKSON
- **STATE:** WY
- **ZIP:** 83001
- **BUSINESS PHONE:** (307) 500-5200

**MAIL ADDRESS:**
- **STREET 1:** 680 S. CACHE STREET
- **STREET 2:** SUITE 100
- **CITY:** JACKSON
- **STATE:** WY
- **ZIP:** 83001

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Flat Rock Opportunity Fund

- **b. Investment Company Act file number:** 811-23328

- **c. CIK number of Registrant:** 0001732078

- **d. LEI of Registrant:** 5493005KW2SJEHL1XG95

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 680 S CACHE STREET SUITE 100

  - **City:** JACKSON

  - **State:** WY

  - **Foreign country:** US

  - **Zip / Postal Code:** 83001

  - **Telephone number:** 3075005200

**Item A.2. Information about the Series.**

- **a. Name of Series:** Flat Rock Opportunity Fund

- **c. LEI of Series:** 5493005KW2SJEHL1XG95

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $292961531.69

**Total Liabilities:** $100467572.29

**Net Assets:** $192493959.40

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.38%                | 0.39%                | 0.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-454584.43              | $560264.25                                 |
| Month 2  | $-0.37                   | $-600842.52                                |
| Month 3  | $-0.21                   | $-500118.54                                |

### Schedule of Portfolio Investments

| Name                                       | Title                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Oaktree Clo Ltd                            | Oaktree CLO 2019-4, Ltd.                                              | CUSIP: 67400JAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   9000000 | PA      | $5082879.38   | 2.64%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Lcm 32 Ltd                                 | LCM 32, Ltd.                                                          | CUSIP: 50202BAC0<br>LEI: 549300PWEMQKJMMXR454 | Long             | ABS-O            | CORP              | KY        |   6000000 | PA      | $3727088.59   | 1.94%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Ocp Clo Ltd                                | OCP CLO 2020-20, Ltd.                                                 | CUSIP: 670864AC1<br>LEI: 25490028U8Y2XMZWXO46 | Long             | ABS-O            | CORP              | KY        |   6000000 | PA      | $4269185.31   | 2.22%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Mountain View Clo Ltd                      | Mountain View CLO X, Ltd.                                             | CUSIP: 62432DAC3<br>LEI: 549300RHYK4B5L898W39 | Long             | ABS-CBDO         | CORP              | KY        |   3652174 | PA      | $3168319.38   | 1.65%             | 2027-10-13      | Floating      | 10.29%                | Yes           | 3                  | On Loan: No      |
| Churchill Middle Market Clo Ltd            | Churchill Middle Market CLO III, Ltd.                                 | CUSIP: 171518AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  21500000 | PA      | $19688868.23  | 10.23%            |  |  |  | Yes           | 3                  | On Loan: No      |
| Monroe Capital Mml Clo                     | Monroe Capital MML CLO IX, Ltd.                                       | CUSIP: 61033XAA8<br>LEI: 549300GARKU58L8MSR11 | Long             | ABS-CBDO         | CORP              | KY        |   1625000 | PA      | $1499614.03   | 0.78%             | 2031-10-22      | Floating      | 13.02%                | Yes           | 3                  | On Loan: No      |
| Allegro Clo Ltd                            | Allegro CLO XIV, Ltd.                                                 | CUSIP: 01750YAC9<br>LEI: 25490093RGALWPW3N486 | Long             | ABS-O            | CORP              | KY        |   9000000 | PA      | $5964479.99   | 3.10%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Lake Shore Mm Clo Llc                      | Lake Shore MM CLO V LLC                                               | CUSIP: 51076LAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  22400000 | PA      | $11424000.00  | 5.93%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Dryden Senior Loan Fund                    | Dryden 76 CLO, Ltd.                                                   | CUSIP: 26252XAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  11300000 | PA      | $7742535.23   | 4.02%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Ares Clo Ltd                               | Ares LIX CLO, Ltd.                                                    | CUSIP: 04018GAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8000000 | PA      | $5991237.65   | 3.11%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Lcm Ltd Partnership                        | LCM 34, Ltd., Subordinated Notes                                      | CUSIP: 50203DAE1<br>LEI: 54930038DJKYPKSVRB29 | Long             | ABS-O            | CORP              | KY        |    659110 | PA      | $88128.90     | 0.05%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Blackrock Baker Clo 2021-1, Ltd.           | BlackRock Baker CLO 2021-1, Ltd.                                      | CUSIP: 91734KAN7<br>LEI: 549300VQVBWL9YJZSB29 | Long             | ABS-O            | CORP              | KY        |   7347140 | PA      | $2918946.84   | 1.52%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Barings Middle Market Clo Ltd.             | Barings Middle Market CLO Ltd 2021-I                                  | CUSIP: 06761EAC9<br>LEI: 549300NSFWDKJE15UK02 | Long             | ABS-O            | CORP              | KY        |   3240000 | PA      | $3224584.69   | 1.68%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Maranon Loan Funding Ltd                   | Maranon Loan Funding 2021-3, Ltd.                                     | CUSIP: 56577NAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  10000000 | PA      | $3447696.97   | 1.79%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Monroe Capital Mml Clo                     | Monroe Capital MML CLO 2017-1, Ltd.                                   | CUSIP: 61033TAA7<br>LEI: 5493006UQZL8BZLQCE22 | Long             | ABS-CBDO         | CORP              | KY        |   2490000 | PA      | $2322268.37   | 1.21%             | 2029-04-22      | Floating      | 11.67%                | Yes           | 3                  | On Loan: No      |
| New Mountain Clo 1 Ltd                     | New Mountain CLO 1, Ltd.                                              | CUSIP: 64755AAC4<br>LEI: 5493000BYT2KQ1EMLL07 | Long             | ABS-O            | CORP              | KY        |  10520364 | PA      | $7913784.17   | 4.11%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Dryden Senior Loan Fund                    | Dryden 92 CLO, Ltd.                                                   | CUSIP: 26251HAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  10000000 | PA      | $7178419.83   | 3.73%             |  |  |  | Yes           | 3                  | On Loan: No      |
| N/A                                        | Regatta Echo CLO Warehouse                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |   5600000 | PA      | $5600000.00   | 2.91%             |  |  |  | No            | 3                  | On Loan: No      |
| Monroe Capital Mml Clo Vii Ltd             | Monroe Capital MML CLO VII, Ltd.                                      | CUSIP: 61033VAA2<br>LEI: 5493004UIYL54X2JJA03 | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $9115865.00   | 4.74%             | 2030-11-22      | Floating      | 11.91%                | Yes           | 3                  | On Loan: No      |
| Tcp Whitney Clo Ltd                        | TCP Whitney CLO, Ltd.                                                 | CUSIP: 87240GAC5<br>LEI: 549300HQR4ENRKHLM113 | Long             | ABS-O            | CORP              | KY        |  11500000 | PA      | $8105997.75   | 4.21%             |  |  |  | No            | 3                  | On Loan: No      |
| Tcw Clo 2021-2, Ltd.                       | TCW CLO 2021-2, Ltd.                                                  | CUSIP: 87301QAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8125000 | PA      | $5010171.15   | 2.60%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Sound Point Clo Ltd                        | Sound Point CLO XVI, Ltd.                                             | CUSIP: 83610LAA9<br>LEI: 549300ZK5CJ7PM7YBH85 | Long             | ABS-CBDO         | CORP              | KY        |   5450000 | PA      | $4019651.32   | 2.09%             | 2030-07-25      | Floating      | 10.46%                | Yes           | 3                  | On Loan: No      |
| N/A                                        | Blkmm 2022-1a Side Ltr                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |   7643312 | PA      | $132342.25    | 0.07%             |  |  |  | No            | 3                  | On Loan: No      |
| Sixth Street Clo Ltd.                      | Sixth Street CLO XXI, Ltd.                                            | CUSIP: 83012TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2500000 | PA      | $2092765.00   | 1.09%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Voya Clo Ltd                               | Voya CLO 2021-1, Ltd.                                                 | CUSIP: 92918RAA6<br>LEI: 549300TZK6NKU72KPL60 | Long             | ABS-O            | CORP              | KY        |   6960000 | PA      | $5197120.62   | 2.70%             |  |  |  | Yes           | 3                  | On Loan: No      |
| N/A                                        | HCM MASTER FUND 7YR 5.85%                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | EP               | CORP              | US        |     -2000 | NS      | $-20000000.00 | -10.39%           |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                        | Symphony XXX, Ltd. CLO                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |   8796732 | PA      | $8796731.73   | 4.57%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | Brightwood CLO Warehouse                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |  23125000 | PA      | $23125000.00  | 12.01%            |  |  |  | No            | 3                  | On Loan: No      |
| Tcp Whitney Clo Ltd                        | TCP Whitney CLO, Ltd., Subordinated Notes                             | CUSIP: 87240GAK7<br>LEI: 549300YFKQJL35BDIM44 | Long             | ABS-O            | CORP              | KY        |   3575762 | PA      | $2967207.69   | 1.54%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Kkr Financial Clo Ltd                      | KKR CLO 31, Ltd.                                                      | CUSIP: 48254MAC7<br>LEI: 5493005MGEI63K1CMN61 | Long             | ABS-O            | CORP              | KY        |   6000000 | PA      | $4367482.20   | 2.27%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Lcm Ltd Partnership                        | LCM 34, Ltd.                                                          | CUSIP: 50203EAA7<br>LEI: 54930038DJKYPKSVRB29 | Long             | ABS-O            | CORP              | KY        |   8696000 | PA      | $5177168.56   | 2.69%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Monroe Capital Mml Clo                     | Monroe Capital Mml Clo XII, Ltd.                                      | CUSIP: 61034YAA5<br>LEI: 549300015LLKJVT5UL74 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1691928.00   | 0.88%             | 2033-09-14      | Floating      | 12.60%                | Yes           | 3                  | On Loan: No      |
| Marble Point Clo Xx Ltd                    | Marble Point CLO XX, Ltd.                                             | CUSIP: 56607LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   6000000 | PA      | $3249630.16   | 1.69%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Marble Point Clo Xviii Ltd                 | Marble Point CLO XVIII, Ltd.                                          | CUSIP: 566077AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $2937637.21   | 1.53%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Mount Logan Funding Lp                     | Mount Logan Funding 2018-1 LP                                         | CUSIP: 62188AAA9<br>LEI: 54930018JSRPYZJUUR90 | Long             | ABS-CBDO         | CORP              | KY        |   4250000 | PA      | $3836828.60   | 1.99%             | 2033-01-22      | Floating      | 12.78%                | Yes           | 3                  | On Loan: No      |
| Alm Loan Funding                           | ALM 2020, Ltd.                                                        | CUSIP: 00166DAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8000000 | PA      | $3405599.19   | 1.77%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Dryden Senior Loan Fund                    | Dryden 33 Senior Loan Fund                                            | CUSIP: N/A<br>LEI: 5493003BMKJ887403407       | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $36499.95     | 0.02%             |  |  |  | No            | 3                  | On Loan: No      |
| Bain Capital Credit Clo, Limited           | Bain Capital Credit CLO 2021-3, Ltd.                                  | CUSIP: 05683PAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8000000 | PA      | $5266223.80   | 2.74%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Churchill Middle Market Clo Iv Ltd.        | Churchill Middle Market CLO IV, Ltd.                                  | CUSIP: 171510AC4<br>LEI: 549300S76WZNPZ0H3Z60 | Long             | ABS-O            | CORP              | KY        |   7000000 | PA      | $4768035.94   | 2.48%             |  |  |  | No            | 3                  | On Loan: No      |
| Monroe Capital Mml Clo                     | Monroe Capital MML CLO XIV LLC                                        | CUSIP: 61035CAL8<br>LEI: 25490089XW43OS4CPH80 | Long             | ABS-CBDO         | CORP              | US        |   6000000 | PA      | $5587991.05   | 2.90%             | 2034-10-24      | Floating      | 14.08%                | Yes           | 3                  | On Loan: No      |
| Brightwood Capital Mm Clo Ltd.             | Brightwood Capital MM CLO 2020-1, Ltd.                                | CUSIP: 10948XAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4500000 | PA      | $4230000.00   | 2.20%             | 2031-01-15      | Floating      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| First American Government Obligations Fund | First American Government Obligations Fund                            | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1599630 | NS      | $1599630.01   | 0.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Voya Clo Ltd                               | VOYA CLO 2017-2                                                       | CUSIP: 92915XAD0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1925000 | PA      | $1554480.04   | 0.81%             | 2030-06-07      | Floating      | 10.10%                | Yes           | 3                  | On Loan: No      |
| Great Lakes Clo Ltd                        | Great Lakes CLO 2014-1, Ltd.                                          | CUSIP: 39055RAE2<br>LEI: 254900GKX01S4T3NFH46 | Long             | ABS-O            | CORP              | KY        |  26740000 | PA      | $14600040.00  | 7.58%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Blackrock Maroon Bells Clo Xi Llc          | BlackRock Maroon Bells CLO XI LLC                                     | CUSIP: 09262NAS2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7643312 | PA      | $2962715.12   | 1.54%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Voya Clo Ltd                               | Voya CLO 2022-1, Ltd.                                                 | CUSIP: 92919HAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8000000 | PA      | $6368440.85   | 3.31%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Canyon Capital Clo Ltd                     | Canyon Capital CLO 2017-1, Ltd.                                       | CUSIP: 13876HAA4<br>LEI: 549300ZCQ7Q4BFIA1797 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1671342.40   | 0.87%             | 2030-07-15      | Floating      | 10.33%                | Yes           | 3                  | On Loan: No      |
| Newstar Fairfield Fund Clo Ltd             | NewStar Fairfield Fund CLO, Ltd.                                      | CUSIP: 65252CAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2666456.40   | 1.39%             | 2030-04-20      | Floating      | 11.62%                | Yes           | 3                  | On Loan: No      |
| N/A                                        | HCM Master Fund                                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | EP               | CORP              | US        |     -2500 | NS      | $-25000000.00 | -12.99%           |  |  |  | No            | 3                  | On Loan: No      |
| Blackrock Elbert Clo V, Llc                | BlackRock Elbert CLO V LLC                                            | CUSIP: 09260YAD3<br>LEI: 54930088K41XQK16ML36 | Long             | ABS-O            | CORP              | KY        |   6500000 | PA      | $5721737.07   | 2.97%             |  |  |  | No            | 3                  | On Loan: No      |
| Oaktree Clo Ltd                            | Oaktree CLO 2019-2, Ltd.                                              | CUSIP: 67401VAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $2070409.83   | 1.08%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Tcw Clo 2021-2, Ltd.                       | TCW CLO 2021-2, Ltd.                                                  | CUSIP: 87190NAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   7000000 | PA      | $4316180.59   | 2.24%             |  |  |  | Yes           | 3                  | On Loan: No      |
| N/A                                        | Bain Capital Credit CLO 2021-3A, Ltd., Subordinated Notes Side Letter | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $266628.06    | 0.14%             |  |  |  | No            | 3                  | On Loan: No      |
| Benefit Street Partners Clo Ltd            | Benefit Street Partners CLO XXV, Ltd.                                 | CUSIP: 08187AAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   9246257 | PA      | $6487972.20   | 3.37%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Dryden Senior Loan Fund                    | Dryden 33 Senior Loan Fund                                            | CUSIP: N/A<br>LEI: 5493003BMKJ887403407       | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $36499.95     | 0.02%             |  |  |  | No            | 3                  | On Loan: No      |
| Woodmont Trust                             | Woodmont 2022-10 Trust                                                | CUSIP: 97988RAS1<br>LEI: 254900XKHBCNXQQ84W37 | Long             | ABS-O            | CORP              | US        |  17155000 | PA      | $16819153.88  | 8.74%             |  |  |  | Yes           | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Flat Rock Opportunity Fund

**Signature:** Ryan Ripp

**Name of Signer:** Ryan Ripp

**Title:** Chief Finanical Officer