# EDGAR Filing Document

**Accession Number:** 0001925779
**File Stem:** 0001213900-26-024641
**Filing Date:** 2026-3
**Character Count:** 195878
**Document Hash:** 50ab2db14b5e979a2832e5de77b3d399
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-024641.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001213900-26-024641

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Flat Rock Enhanced Income Fund
- **CENTRAL INDEX KEY:** 0001925779

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23798
- **FILM NUMBER:** 26730968

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Flat Rock Core Plus Fund
- **DATE OF NAME CHANGE:** 20220427

?xml version='1.0' encoding='ASCII'?

united states

securities and exchange commission

washington, d.c. 20549

 **form n**-csr **certified shareholder report of registered management investment companies**

Investment Company Act file number: <u>811-23798</u>

<u>Flat Rock Enhanced Income Fund</u>

(Exact name of registrant as specified in charter)

<u>Robert K. Grunewald, Chief Executive Officer 680 S. Cache Street, Suite 100, P.O. Box 7403, Jackson, WY 83001</u> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company Corporation Trust Center 1209 Orange Street Wilmington, DE 19801</u>

(Name and address of agent for service)

Copy to:

<u>Owen J. Pinkerton, Esq. Krisztina Nadasdy, Esq. Eversheds Sutherland (US) LLP 700 Sixth Street, NW, Suite 700 Washington, DC 20001 (202) 383-0262</u>

Registrant's telephone number, including area code: <u>(307) 500-5200</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>January 1, 2025 - December 31, 2025</u>

------

#### Item 1. Reports to Stockholders.
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](tcover_001.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  [Shareholder Letter](#T01) | 1 |
|  [Portfolio Update](#T02) | 3 |
|  [Schedule of Investments](#T03) | 6 |
|  [Statement of Assets and Liabilities](#T04) | 11 |
|  [Statement of Operations](#T05) | 12 |
|  [Statements of Changes in Net Assets](#T06) | 13 |
|  [Statement of Cash Flows](#T07) | 14 |
|  [Financial Highlights](#T08) | 15 |
|  [Notes to Financial Statements](#T09) | 17 |
|  [Report of Independent Registered Public Accounting Firm](#T10) | 30 |
|  [Additional Information](#T11) | 31 |
|  [Trustees & Officers](#T12) | 35 |

---

------

<u> Flat Rock Enhanced Income Fund </u> <u> Shareholder Letter </u> <br>   <u> *December 31, 2025 (Unaudited)* </u>

Fellow FRBBX Shareholders:

During 2025, the Flat Rock Enhanced Income Fund ("FRBBX" or the "Fund") returned 10.75%, outperforming its benchmark, the Bloomberg US Corporate High Yield Index, by 2.13%. For much of the year, the portfolio's positions traded close to par, meaning returns were driven primarily by interest income rather than price appreciation. The Fund had no defaults during the year.

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Performance** | **2025 <br>Return** | **Return <br>Since <br>Inception** | **Standard <br>Deviation <br>Since <br>Inception** |
|  Flat Rock Enhanced Income Fund | 10.75% | 13.00% | 1.36% |
|  Bloomberg US Corporate High Yield Index | 8.62% | 9.89% | 3.72% |
|  Morningstar Leveraged Loan Index | 5.90% | 9.34% | 1.09% |
|  S&P BDC Index | (3.50)% | 12.45% | 15.50% |

---

Note: This represents past performance as of December 31, 2025. Current performance may be lower or higher than the performance quoted above. Investment return and principal value will fluctuate so that an investor's shares, when repurchased, may be worth more or less than their original cost. Past performance is no guarantee of future results. A fund's performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. Since inception, the Fund's distributions have not included a return of principal. For performance information as of the most recent month, please call (307) 500-5200.

The Fund grew from $455 million to $716 million in assets under management during the year ended December 31, 2025. We believe we are the largest investor in private credit collateralized loan obligations ("CLOs") with debt tranches initially rated "BB" by a nationally recognized statistical rating organization ("CLO BBs"). The Fund's size, combined with other funds managed by our investment adviser, enables us to drive deal terms, which include first looks and preferential allocations on oversubscribed CLOs.

During 2025, the Secured Overnight Financing Rate ("SOFR") declined from 4.3% to 3.7%, and further declines are expected in 2026. Additionally, spreads across credit markets tightened meaningfully during the year. At the start of the year, we targeted investments with coupons around SOFR + 8.00%, but by year-end, our target investments offered coupons of approximately SOFR + 7.00%. The combination of a declining SOFR and tighter CLO BB spreads resulted in a reduction of our monthly distribution rate from 19.3 cents per share to 15.5 cents per share. At year-end, that translated into an 8.5% distribution rate.

Defaults in the loan market were elevated during the year ended December 31, 2025, with a peak default rate of 5.2% in January, which exceeded the Covid-era peak of 4.7%. However, our strategy's focus on private credit CLO BBs provides a substantial equity buffer that absorbs defaults on the CLO's loan portfolio. We believe elevated loan losses are primarily an issue for the CLO's equity investors, not BB investors.

 <br> <u> Annual Report \| December 31, 2025 </u> <u> 1 </u>

------

<u> Flat Rock Enhanced Income Fund </u> <u> Shareholder Letter </u> <br>   <u> *December 31, 2025 (Unaudited)* </u>

As we enter 2026, declining SOFR and incremental spread compression from refinancings represent headwinds to coupon income. Nevertheless, we believe private credit CLO BBs will continue to offer compelling risk-adjusted returns.

As always, if you have any questions, please feel free to reach out.

Sincerely,

![](trobert_sig.jpg)

Robert Grunewald

Chief Executive Officer

Glossary: Standard Deviation is a measure that provides the dispersion around a mean. The Standard & Poor's ("S&P") BDC Total Return Index is designed to track leading business development companies that trade on major U.S. exchanges. The Bloomberg US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. The index excludes bonds from emerging markets. Indexes are unmanaged, do not incur fees, expenses or taxes, and cannot be invested in directly.

*Consider the investment risks, charges, and expenses of the Fund carefully before investing. Other information about the Fund may be obtained at https://flatrockglobal.com/flat*-rock-enhanced-income-fund-frbbx*/. Please read it carefully.*

The Fund is suitable for investors who can bear the risks associated with the Fund's limited liquidity and should be viewed as a long-term investment. Our shares have no history of public trading, nor is it intended that our shares will be listed on a national securities exchange at this time, if ever. No secondary market is expected to develop for our shares; liquidity for our shares will be provided only through quarterly repurchase offers for no less than 5% of and no more than 25% of our shares at net asset value, and there is no guarantee that an investor will be able to sell all the shares that the investor desires to sell in the repurchase offer. Due to these restrictions, an investor should consider an investment in the Fund to be of limited liquidity. Investing in our shares may be speculative and involves a high degree of risk, including the risks associated with leverage. Investing in the Fund involves risks, including the risk that shareholders may lose part or all of their investment. We intend to invest primarily in the junior debt tranches of CLOs that own a pool of senior secured loans. Our investments in the junior debt tranches of CLOs are exposed to leveraged credit risk. We may pay distributions in significant part from sources that may not be available in the future and that are unrelated to our performance, such as a returns of capital or borrowing. The amount of distributions that we may pay, if any, is uncertain. Ultimus Fund Distributors, LLC serves as our principal underwriter, within the meaning of the Investment Company Act of 1940, as amended, and will act as the distributor of our shares on a best efforts' basis, subject to various conditions. You can contact Ultimus Fund Distributors, LLC at (833) 415-1088.

 <br> <u> 2 </u> <u> www.flatrockglobal.com </u>

------

<u> Flat Rock Enhanced Income Fund </u> <u> Portfolio Update </u> <br>   <u> *December 31, 2025 (Unaudited)* </u>

#### INVESTMENT OBJECTIVE
Flat Rock Enhanced Income Fund's (the "Fund") investment objective is to generate current income and, as a secondary objective, long-term capital appreciation.

#### PERFORMANCE as of December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since <br>Inception<sup>(1)</sup>** |
|  Flat Rock Enhanced Income Fund<sup>(2)</sup> | 10.75% | 13.00% |
|  Bloomberg US Corporate High Yield Bond Index<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.62% | 9.90% |
|  S&P BDC Total Return Index<sup>(4)</sup> | -3.50% | 10.10% |

---

*<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp; The Fund's inception date was on January 3, 2023.*

*<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Performance returns are net of management fees and other Fund expenses.*

*<sup>(3)</sup> The Bloomberg US Corporate High Yield Bond Index is a rules-based, market-value-weighted index engineered to measure publicly issued non-investment grade USD fixed-rate, taxable and corporate bonds.*

*<sup>(4)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The S&P BDC Total Return Index is designed to track leading business development companies ("BDCs") that trade on major U.S. exchanges. BDCs are publicly traded private equity firms that invest equity and debt capital in small and mid-sized businesses, and make managerial assistance available to portfolio companies. Constituent companies are BDCs that meet minimum market capitalization and liquidity requirements. The index uses a capped market capitalization weighting scheme. Modifications are made to market cap weights, if required, to reflect available float, while applying single stock capping to the index constituents.*

***Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, if repurchased by the Fund, may be worth more or less than their original cost. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions.***

The Fund is a continuously offered, non-diversified, closed-end management investment company that is operated as an interval fund. The Fund is suitable only for investors who can bear the risks associated with the Fund's limited liquidity and should be viewed as a long-term investment. The Fund's shares have no history of public trading, nor is it intended that its shares will be listed on a national securities exchange at this time, if ever. Investing in the Fund's shares may be speculative and involves a high degree of risk, including the risks associated with leverage. Investing in the Fund involves risk, including the risk that shareholders may receive little or no return on their investment or that shareholders may lose part or all of their investment. The Fund intends to invest primarily in the junior debt tranches of collateralized loan obligations ("CLOs") that own a pool of senior secured loans made to companies whose debt is rated below investment grade or, in limited circumstances, unrated, with a particular emphasis on CLO debt tranches initially rated "BB" by a nationally recognized statistical rating organization. The Fund's investments in the junior debt tranches of CLOs are exposed to leveraged credit risk. The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to its performance, such as a return of capital or borrowings. The amount of distributions that the Fund may pay, if any, is uncertain.

 <br> <u> Annual Report \| December 31, 2025 </u> <u> 3 </u>

------

<u> Flat Rock Enhanced Income Fund </u> <u> Portfolio Update </u> <br>   <u> *December 31, 2025 (Unaudited)* </u>

#### ASSET ALLOCATION as of December 31, 2025\*
*\*&nbsp;&nbsp;&nbsp;&nbsp; Holdings are subject to change.*

 *&nbsp;&nbsp;&nbsp;&nbsp; Percentages are based on net assets of the Fund.*

#### TOP TEN HOLDINGS\* as of December 31, 2025

---

| | |
|:---|:---|
|  | **% of Net Assets** |
|  Monroe Capital MML CLO Ltd., Series 2024-1A | 4.08% |
|  Great Lakes CLO Ltd., Series 2015-1A | 3.66% |
|  Maranon Loan Funding, LLC, Series 2022-1A | 2.90% |
|  Maranon Loan Funding Ltd., Series 2021-3A | 2.89% |
|  Bain Capital Global Direct Lending Fund U II RN LP, Series 2025-1A | 2.80% |
|  Lake Shore MM CLO V, LLC, Series 2022-1A | 2.77% |
|  Maranon Loan Funding Ltd., Series 2023-1A | 2.66% |
|  Lake Shore MM CLO II Ltd., Series 2019-2A | 2.61% |
|  Brightwood Capital MM CLO Ltd., Series 2019-1A | 2.61% |
|  Guggenheim Invest Private Debt Fund IV Feeder, LLC, Series 2025-1A | 2.58% |

---

*\*&nbsp;&nbsp;&nbsp;&nbsp; Holdings are subject to change and exclude cash equivalents.*

 <br> <u> 4 </u> <u> www.flatrockglobal.com </u>

------

<u> Flat Rock Enhanced Income Fund </u> <u> Portfolio Update </u> <br>   <u> *December 31, 2025 (Unaudited)* </u>

#### GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT
The graph below illustrates the growth of a hypothetical $10,000 investment assuming the purchase of common shares of beneficial interest at the net asset value ("NAV") of $20.00 on January 3, 2023 (commencement of operations) and tracking its progress through December 31, 2025.

![](tlinechart_001.jpg)

The hypothetical $10,000 investment at inception includes changes due to share price and reinvestment of dividends and capital gains. The chart does not imply future performance. Indexes are unmanaged, do not incur fees, expenses or taxes, and cannot be invested in directly. Performance quoted does not include a deduction for taxes that a shareholder would pay upon the Fund's repurchase of the shareholder's shares.

 <br> <u> Annual Report \| December 31, 2025 </u> <u> 5 </u>

------

<u> Flat Rock Enhanced Income Fund </u> <u> Schedule of Investments </u> <br>   <u> *December 31, 2025* </u>

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Fair Value** |
|  **COLLATERALIZED LOAN OBLIGATIONS DEBT<sup>(a)(b)</sup> - 92.63%** |  |  |
|  ABPCI Direct Lending Fund ABS II, LLC, Series 2022-2A, <br>Class C, 8.24%, 3/1/2032 | $4460722 | $4607459 |
|  ABPCI Direct Lending Fund ABS III, LLC, Series 2023-1A, <br>Class ER, 11.85%, 8/1/2035 (3M US SOFR + 800 bps)<sup>(c)</sup> | 8750000 | 8919750 |
|  ABPCI Direct Lending Fund ABS IV LP, Series 2024-1A, <br>Class CR, 10.89%, 2/1/2036 (3M US SOFR + 700 bps)<sup>(c)</sup> | 12000000 | 12000000 |
|  ABPCI Direct Lending Fund CLO II, LLC, Series 2017-1A, <br>Class ERR, 11.38%, 7/20/2037 (3M US SOFR + 750 bps)<sup>(c)</sup> | 3500000 | 3563110 |
|  ABPCI Direct Lending Fund CLO Ltd., Series 2023-16A, <br>Class E, 12.46%, 2/1/2036 (3M US SOFR + 861 bps)<sup>(c)</sup> | 12000000 | 12101947 |
|  ABPCI Direct Lending Fund CLO V LP, Series 2019-5A, <br>Class D, 12.01%, 1/20/2036 (3M US SOFR + 813 bps)<sup>(c)</sup> | 14000000 | 14113056 |
|  Barings Middle Market CLO Ltd., Series 2023-IIA, <br>Class ER, 13.58%, 7/20/2034 (3M US SOFR + 970 bps)<sup>(c)</sup> | 8500000 | 8550992 |
|  Barings Middle Market CLO Ltd., Series 2023-IA, <br>Class D, 12.50%, 1/20/2036 (3M US SOFR + 862 bps)<sup>(c)</sup> | 11500000 | 11500575 |
|  BCC Middle Market CLO, LLC, Series 2023-2A, <br>Class ER, 10.70%, 10/21/2035 (3M US SOFR + 700 bps)<sup>(c)</sup> | 14500000 | 14571837 |
|  BCC Middle Market CLO, LLC, Series 2018-1A, <br>Class DR, 12.20%, 4/20/2036 (3M US SOFR + 832 bps)<sup>(c)</sup> | 10000000 | 10118519 |
|  BCC Middle Market CLO, LLC, Series 2025-2A, <br>Class E, 10.36%, 10/22/2037 (3M US SOFR + 650 bps)<sup>(c)</sup> | 5000000 | 5026189 |
|  BlackRock Maroon Bells CLO XI, LLC, Series 2022-1A, <br>Class ER, 11.68%, 1/15/2038 (3M US SOFR + 777 bps)<sup>(c)</sup> | 14500000 | 14738919 |
|  Blackrock Mt. Hood CLO X, LLC, Series 2023-1A, <br>Class ER, 11.38%, 10/20/2037 (3M US SOFR + 750 bps)<sup>(c)</sup> | 14156875 | 14181516 |
|  Blackrock Rainier CLO VI Ltd., Series 2021-6A, <br>Class ER, 12.13%, 4/20/2037 (3M US SOFR + 825 bps)<sup>(c)</sup> | 7000000 | 7206545 |
|  Brightwood Capital MM CLO Ltd., Series 2019-1A, <br>Class ER, 12.18%, 10/15/2034 (3M US SOFR + 827 bps)<sup>(c)</sup> | 18000000 | 18156289 |
|  Brightwood Capital MM CLO Ltd., Series 2023-1A, <br>Class ER, 11.15%, 10/15/2035 (3M US SOFR + 725 bps)<sup>(c)</sup> | 10000000 | 10048013 |
|  Brightwood Capital MM CLO Ltd., Series 2024-2A, <br>Class E, 12.46%, 4/15/2036 (3M US SOFR + 855 bps)<sup>(c)</sup> | 5000000 | 5065057 |
|  Churchill Middle Market CLO Ltd., Series 2019-1A, <br>Class ER, 12.00%, 4/23/2036 (3M US SOFR + 814 bps)<sup>(c)</sup> | 16000000 | 16196069 |
|  Eldridge MMPC CLO Ltd., Series 2025-2A, <br>Class E, 10.58%, 1/15/2038 (3M US SOFR + 690 bps)<sup>(c)</sup> | 11800000 | 11800000 |

---

<u> *See Notes to Financial Statements.*</u> <br> <u> 6 </u> <u> www.flatrockglobal.com </u>

------

<u> Flat Rock Enhanced Income Fund </u>   <u> Schedule of Investments </u> <br>     <u> *December 31, 2025* </u>

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Fair Value** |
|  **COLLATERALIZED LOAN OBLIGATIONS DEBT<sup>(a)(b)</sup> - 92.63%** |  |  |
|  Fortress Credit Opportunities VIII CLO, LLC, Series 2023-8A, <br>Class ER, 10.81%, 10/22/2037 (3M US SOFR + 695 bps)<sup>(c)</sup> | $10000000 | $10077187 |
|  Fortress Credit Opportunities XIX CLO, LLC, Series 2022-19A, <br>Class ER, 11.91%, 10/15/2036 (3M US SOFR + 800 bps)<sup>(c)</sup> | 14000000 | 14204746 |
|  Fortress Credit Opportunities XXI CLO, LLC, Series 2023-21A, <br>Class ER, 11.12%, 1/21/2037 (3M US SOFR + 725 bps)<sup>(c)</sup> | 14000000 | 14169476 |
|  Fortress Credit Opportunities XXV CLO, LLC, Series 2024-25A, <br>Class E, 11.41%, 1/15/2037 (3M US SOFR + 750 bps)<sup>(c)</sup> | 4000000 | 4051874 |
|  Great Lakes CLO IX Ltd., Series 9A, <br>Class E, 10.62%, 1/15/2039 (3M US SOFR + 680 bps)<sup>(c)</sup> | 9000000 | 9042412 |
|  Great Lakes CLO Ltd., Series 2015-1A, <br>Class ER, 11.52%, 1/16/2030 (3M US SOFR + 736 bps)<sup>(c)</sup> | 25270000 | 25456972 |
|  Great Lakes CLO Ltd., Series 2019-1A, <br>Class ERR, 11.41%, 4/15/2037 (3M US SOFR + 750 bps)<sup>(c)</sup> | 8500000 | 8677914 |
|  Great Lakes CLO V Ltd., Series 2021-5A, <br>Class ER, 10.66%, 10/15/2037 (3M US SOFR + 675 bps)<sup>(c)</sup> | 9950000 | 9998748 |
|  Great Lakes CLO VI, LLC, Series 2021-6A, <br>Class ER, 11.73%, 7/15/2037 (3M US SOFR + 782 bps)<sup>(c)</sup> | 10047500 | 10343352 |
|  Great Lakes KCAP F3C Senior, LLC, Series 2017-1A, <br>Class E, 11.46%, 12/20/2029 (3M US SOFR + 750 bps)<sup>(c)</sup> | 13500000 | 13605624 |
|  Guggenheim Corporate Funding, Series 2023-6A, <br>Class E, 12.97%, 1/25/2036 (3M US SOFR + 911 bps)<sup>(c)</sup> | 7500000 | 7568486 |
|  Guggenheim MM CLO Ltd., Series 2021-4A, <br>Class ER, 11.17%, 10/15/2037 (3M US SOFR + 725 bps)<sup>(c)</sup> | 11880000 | 12233608 |
|  HPS Private Credit CLO, LLC, Series 2024-2A, <br>Class E, 11.97%, 5/15/2036 (3M US SOFR + 812 bps)<sup>(c)</sup> | 16000000 | 16183995 |
|  HPS Private Credit CLO, LLC, Series 2023-1A, <br>Class ER, 11.29%, 10/15/2037 (3M US SOFR + 700 bps)<sup>(c)</sup> | 16500000 | 16753914 |
|  Jefferies Credit Partners Direct Lending CLO Ltd., Series 2024-1A, <br>Class E, 12.11%, 7/25/2036 (3M US SOFR + 825 bps)<sup>(c)</sup> | 4200000 | 4259345 |
|  Jefferies Credit Partners Direct Lending CLO Ltd., Series 2025-1A, <br>Class E, 10.26%, 10/15/2037 (3M US SOFR + 650 bps)<sup>(c)</sup> | 7000000 | 6999535 |
|  Jefferies Credit Partners Direct Lending CLO Ltd., Series 2025-2A, <br>Class E, 0.00%, 1/20/2038 (3M US SOFR + 685 bps)<sup>(c)(d)</sup> | 9000000 | 9000000 |
|  Lake Shore MM CLO II Ltd., Series 2019-2A, <br>Class ERR, 12.53%, 10/17/2031 (3M US SOFR + 865 bps)<sup>(c)</sup> | 18000000 | 18159003 |
|  Lake Shore MM CLO IV Ltd., Series 2021-1A, <br>Class ER, 12.47%, 1/15/2037 (3M US SOFR + 856 bps)<sup>(c)</sup> | 5488000 | 5536950 |
|  Lake Shore MM CLO V, LLC, Series 2022-1A, <br>Class CR, 12.22%, 1/15/2037 (3M US SOFR + 831 bps)<sup>(c)</sup> | 18800000 | 19241531 |

---

<u> *See Notes to Financial Statements.*</u> <br> <u> Annual Report \| December 31, 2025 </u> <u> 7 </u>

------

<u> Flat Rock Enhanced Income Fund </u> <u> Schedule of Investments </u> <br>   <u> *December 31, 2025* </u>

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Fair Value** |
|  **COLLATERALIZED LOAN OBLIGATIONS DEBT<sup>(a)(b)</sup> - 92.63%** |  |  |
|  Maranon Loan Funding Ltd., Series 2021-3A, <br>Class ER, 11.73%, 10/15/2036 (3M US SOFR + 782 bps)<sup>(c)</sup> | $19700000 | $20048707 |
|  Maranon Loan Funding Ltd., Series 2022-1A, <br>Class ER, 10.66%, 4/15/2037 (3M US SOFR + 675 bps)<sup>(c)</sup> | 19800000 | 20177799 |
|  Maranon Loan Funding Ltd., Series 2023-1A, <br>Class ER, 11.66%, 7/15/2037 (3M US SOFR + 775 bps)<sup>(c)</sup> | 18000000 | 18498409 |
|  Maranon Loan Funding Ltd., Series 2025-1A, <br>Class E, 10.97%, 10/15/2037 (3M US SOFR + 700 bps)<sup>(c)</sup> | 7000000 | 7055774 |
|  MCF CLO IV, LLC, Series 2014-1A, <br>Class ER3, 10.72%, 10/16/2037 (3M US SOFR + 675 bps)<sup>(c)</sup> | 4000000 | 4079726 |
|  MCF CLO VIII, LLC, Series 2018-1A, <br>Class ER, 11.88%, 4/18/2036 (3M US SOFR + 800 bps)<sup>(c)</sup> | 2675000 | 2712497 |
|  MCF CLO, LLC, Series 2019-1A, <br>Class ER, 11.94%, 4/17/2036 (3M US SOFR + 891 bps)<sup>(c)</sup> | 5000000 | 5056375 |
|  Monroe Capital MML CLO Ltd., Series 2019-1X, <br>Class ER, 12.50%, 11/22/2033 (3M US SOFR + 862 bps)<sup>(c)</sup> | 2000000 | 2009656 |
|  Monroe Capital MML CLO Ltd., Series 2024-1A, <br>Class E, 11.65%, 7/23/2036 (3M US SOFR + 779 bps)<sup>(c)</sup> | 28000000 | 28369596 |
|  Monroe Capital MML CLO VIII Ltd., Series 2019-1A, <br>Class ER, 12.50%, 11/22/2033 (3M US SOFR + 862 bps)<sup>(c)</sup> | 4200000 | 4220278 |
|  Monroe Capital MML CLO X Ltd., Series 2020-1A, <br>Class ER2, 11.64%, 8/20/2037 (3M US SOFR + 775 bps)<sup>(c)</sup> | 16000000 | 16436486 |
|  Monroe Capital MML CLO XV Ltd., Series 2023-1A, <br>Class ER, 10.26%, 9/23/2035 (3M US SOFR + 640 bps)<sup>(c)</sup> | 4315000 | 4336022 |
|  Monroe Capital MML CLO XVII Ltd., Series 2024-2A, <br>Class E, 11.81%, 1/15/2037 (3M US SOFR + 790 bps)<sup>(c)</sup> | 14000000 | 14226096 |
|  Mount Logan Funding LP, Series 2022-1A, <br>Class ER, 12.58%, 1/22/2033 (3M US SOFR + 872 bps)<sup>(c)</sup> | 2000000 | 2017853 |
|  PennantPark CLO V Ltd., Series 2022-5A, <br>Class ER, 11.86%, 10/15/2033 (3M US SOFR + 795 bps)<sup>(c)</sup> | 6000000 | 6049702 |
|  TCP Whitney CLO Ltd., Series 2017-1A,<br>Class ER2, 11.81%, 11/20/2037 (3M US SOFR + 775 bps)<sup>(c)</sup> | 17050000 | 17568431 |
|  VCP RRL ABS II Ltd., Series 2022-1A, <br>Class CR, 11.13%, 7/20/2035 (3M US SOFR + 725 bps)<sup>(c)</sup> | 10344965 | 10299262 |
|  VCP RRL ABS IV, LLC, Series 2025-1A, <br>Class C, 11.27%, 4/20/2035 (3M US SOFR + 740 bps)<sup>(c)</sup> | 9827591 | 9824230 |
|  Woodmont LP, Series 2025-13A, <br>Class E, 10.30%, 1/15/2038 (3M US SOFR + 660 bps)<sup>(c)</sup> | 12500000 | 12562013 |
|  **TOTAL COLLATERALIZED LOAN OBLIGATIONS DEBT <br>(Cost $632,858,433)** |  | 643579426 |

---

<u> *See Notes to Financial Statements.*</u> <br> <u> 8 </u> <u> www.flatrockglobal.com </u>

------

<u> Flat Rock Enhanced Income Fund </u>   <u> Schedule of Investments </u> <br>     <u> *December 31, 2025* </u>

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Fair Value** |
|  **COLLATERALIZED LOAN OBLIGATIONS EQUITY**<sup>(a)(b)(e)</sup> **- 0.07%** |  |  |
|  Blackrock Mt. Hood CLO X, LLC, Series 2023-1A, <br>Class VDN, 29.58%, 4/20/2035 | $1125000 | $498166 |
|  **TOTAL COLLATERALIZED LOAN OBLIGATIONS EQUITY <br>(Cost $327,825)** |  | 498166 |
|  **FEEDER FUND INVESTMENTS - DEBT**<sup>(a)(b)(c)(f)</sup> **- 7.12%** |  |  |
|  Bain Capital Global Direct Lending Fund U II RN LP, Series 2025-1A, <br>Class D, 12.29%, 6/18/2036 (3M US SOFR + 800 bps) | 19430000 | 19430000 |
|  Guggenheim Invest Private Debt Fund IV Feeder, LLC, Series 2025-1A, <br>Class C, 11.55%, 4/10/2038 (3M US SOFR + 750 bps) | 12111729 | 12111729 |
|  Guggenheim Invest Private Debt Fund IV Feeder, LLC, Series 2025-1A, <br>Class D, 12.69%, 4/10/2038 (3M US SOFR + 864 bps) | 18167594 | 17895080 |
|  **TOTAL FEEDER FUND INVESTMENTS - DEBT <br>(Cost $49,276,413)** |  | 49436809 |
|  **FEEDER FUND INVESTMENT - EQUITY**<sup>(a)(b)(g)</sup> **- 0.61%** |  |  |
|  Bain Capital Global Direct Lending Fund U II RN LP, Series 2025-1A, Subordinated Notes, 16.50%, 6/18/2036 | 4584363 | 4240535 |
|  **TOTAL FEEDER FUND INVESTMENT - EQUITY <br>(Cost $4,240,536)** |  | 4240535 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **SHORT-TERM INVESTMENTS - 0.00%** |  |  |
|  **MONEY MARKET FUNDS - 0.00%** |  |  |
|  First American Government Obligations Fund, Class X, 3.67%<sup>(h)</sup> | 375 | $375 |
|  **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $375)** |  | 375 |
|  **TOTAL INVESTMENTS - 100.43% <br>(Cost $686,703,582)** |  | 697755311 |
|  **Liabilities in Excess of Other Assets - (0.43)%** |  | (3016162) |
|  **NET ASSETS - 100.00%** |  | $694739149 |

---

*<sup>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The level 3 assets were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.*

*<sup>(b)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Securities exempt from registration under the Securities Act of 1933, and are deemed to be "restricted" securities. As of December 31, 2025, the total fair value of these securities amounts to $697,754,936, which represents 100.43% of net assets.*

<u> *See Notes to Financial Statements.*</u> <br> <u> Annual Report \| December 31, 2025 </u> <u> 9 </u>

------

<u> Flat Rock Enhanced Income Fund </u>   <u> Schedule of Investments </u> <br>     <u> *December 31, 2025* </u>

*<sup>(c)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.*

*<sup>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Purchase of this security was settled after December 31, 2025.*

*<sup>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>CLO equity positions are entitled to recurring distributions that are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and CLO expenses. The effective yield is estimated based upon the current projection of the amount and timing of these recurring distributions in addition to the estimated amount of terminal principal payment. Effective yields for the CLO equity positions are updated generally once a quarter or in connection with a transaction such as an add-on purchase, refinancing or reset. The estimated yield and investment cost may ultimately not be realized. Total fair value of the securities is $498,166, which represents 0.07% of net assets as of December 31, 2025.*

*<sup>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Debt tranches in securitizations of limited partnership interests in a loan fund ("Feeder Fund Investments — Debt") are entitled to contractual interest payments derived from the cash flows generated by the underlying loan fund. As of December 31, 2025, the total fair value of Feeder Fund Investments — Debt was $49,436,809, representing 7.12% of net assets.*

*<sup>(g)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Equity tranches in securitizations of limited partnership interests in a loan fund ("Feeder Fund Investment — Equity") are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by the underlying loan fund less contractual payments to debt holders and fund expenses. The effective yield is estimated based upon the current projections of the amount and timing of these recurring distributions in addition to the estimated amount of the terminal principal payment. Effective yields are generally updated once a quarter or in connection with events such as an add-on purchase, refinancing or reset. The estimated yield and investment cost may ultimately not be realized. As of December 31, 2025, the total fair value of Feeder Fund Investment — Equity was $4,240,535, representing 0.61% of net assets.*

*<sup>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Rate disclosed is the seven day effective yield as of December 31, 2025.*

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

**Reference Rates:**

3M US SOFR - 3 month SOFR as of December 31, 2025 was 3.65%.

<u> *See Notes to Financial Statements.*</u> <br> <u> 10 </u> <u> www.flatrockglobal.com </u>

------

<u> Flat Rock Enhanced Income Fund </u> <u> Statement of Assets and Liabilities </u> <br>   <u> *December 31, 2025* </u>

---

| | |
|:---|:---|
|  **Assets** |  |
|  Investments at fair value (cost $686,703,582) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697755311 |
|  Dividends and interest receivable | 16173951 |
|  Receivable for fund shares sold | 358136 |
|  Prepaid expenses | 75093 |
|  Total Assets | 714362491 |
|  **Liabilities** |  |
|  Payable for investments purchased | 12094669 |
|  Line of credit (see Note 9) | 3751000 |
|  Incentive fee payable | 2513952 |
|  Management fee payable | 797435 |
|  Payable for audit and tax services | 165000 |
|  Payable for excise tax | 43200 |
|  Payable for fund accounting and administration fees | 45285 |
|  Accrued interest expense | 8580 |
|  Other accrued expenses | 204221 |
|  Total Liabilities | 19623342 |
|  **Net Assets** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694739149 |
|  Commitments and Contingencies (see Note 12) |  |
|  **Net Assets consist of:** |  |
|  Paid-in capital | 681560696 |
|  Accumulated earnings | 13178453 |
|  **Net Assets** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694739149 |
|  **Fund Shares:** |  |
|  Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694739149 |
|  Shares of beneficial interest outstanding (Unlimited number of shares, at $0.001 par value per share) | 31750032 |
|  Net asset value and offering price per share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.88 |

---

<u> *See Notes to Financial Statements.*</u> <br> <u> Annual Report \| December 31, 2025 </u> <u> 11 </u>

------

<u> Flat Rock Enhanced Income Fund </u>   <u> Statement of Operations </u> <br>     <u> *For the year ended December 31, 2025* </u>

---

| | |
|:---|:---|
|  **Investment Income** |  |
|  Interest income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71522430 |
|  Dividend income | 780705 |
|  **Total investment income** | 72303135 |
|  **Expenses** |  |
|  Incentive fees | 9147916 |
|  Management fees | 7810160 |
|  Transfer agent fees and expenses | 932262 |
|  Dividends on redeemable preferred stock | 685822 |
|  Accounting and administration fees | 372130 |
|  Audit and tax preparation services fees | 213815 |
|  Amortization of deferred financing cost | 129172 |
|  Printing expenses | 110508 |
|  Legal expenses | 91489 |
|  Trustee expenses | 75000 |
|  Line of credit interest expense | 74203 |
|  Registration expenses | 72675 |
|  Custodian expenses | 58538 |
|  Excise tax expense | 43199 |
|  Pricing expenses | 41525 |
|  Compliance expenses | 24000 |
|  Miscellaneous expenses | 237126 |
|  **Total expenses** | 20119540 |
|  Fees waived by Adviser (see Note 4) | (19846) |
|  Net operating expenses | 20099694 |
|  **Net investment income** | 52203441 |
|  **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
|  Net realized gain on: |  |
| &nbsp;&nbsp;&nbsp; Investments | 79924 |
|  Net change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp; Investments | 5197335 |
|  **Net realized and change in unrealized appreciation (depreciation) on investments** | 5277259 |
|  **Net increase in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57480700 |

---

<u> *See Notes to Financial Statements.*</u> <br> <u> 12 </u> <u> www.flatrockglobal.com </u>

------

<u> Flat Rock Enhanced Income Fund </u> <u> Statements of Changes in Net Assets </u> <br>    

---

| | | |
|:---|:---|:---|
|  | **For the Year<br>Ended <br>December 31, <br>2025** | **For the Year <br>Ended <br>December 31, <br>2024** |
|  **Increase (Decrease) in Net Assets due to:** |  |  |
|  **Operations** |  |  |
|  Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52203441 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32635560 |
|  Net realized gain on investments | 79924 | 30899 |
|  Net change in unrealized appreciation on investments | 5197335 | 3361798 |
|  Net increase in net assets resulting from operations | 57480700 | 36028257 |
|  **Distributions to Shareholders from Earnings** | (52622767) | (33517221) |
|  Total distributions | (52622767) | (33517221) |
|  **Capital Transactions** |  |  |
|  Proceeds from shares sold | 296092709 | 260775288 |
|  Reinvestment of distributions | 9514763 | 5656419 |
|  Amount paid for shares redeemed | (42160183) | (19397265) |
|  Net increase in net assets resulting from capital transactions | 263447289 | 247034442 |
|  **Total Increase in Net Assets** | 268305222 | 249545478 |
|  **Net Assets** |  |  |
|  Beginning of year | 426433927 | 176888449 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694739149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426433927 |
|  **Share Transactions** |  |  |
|  Shares sold | 13585554 | 12029021 |
|  Shares issued in reinvestment of distributions | 437611 | 262193 |
|  Shares redeemed | (1935821) | (895896) |
|  Total Shares Transactions | 12087344 | 11395318 |

---

<u> *See Notes to Financial Statements.*</u> <br> <u> Annual Report \| December 31, 2025 </u> <u> 13 </u>

------

<u> Flat Rock Enhanced Income Fund </u>   <u> Statement of Cash Flows </u> <br>     <u> *For the year ended December 31, 2025* </u>

---

| | |
|:---|:---|
|  **CASH FLOWS RESULTING FROM OPERATING ACTIVITIES:** |  |
|  Net increase in net assets resulting from operations | $57480700 |
|  Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of investment securities | (401298106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of investment securities | 155743578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net purchases of short-term investments securities | (259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of premium and accretion of discount on investments, net | (3117194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs | 129172 |
|  Net realized (gain) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (394040) |
|  Net change in unrealized (appreciation)/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (5197335) |
|  (Increase)/Decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | (5503176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 19335 |
|  Increase/(Decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 295016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for excise tax | (27530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for fund accounting and administration fees | 6390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incentive fee payable | 751953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for audit and tax services | 71933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest expense | (15104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 34141 |
|  **Net cash used in operating activities** | $(201020526) |
|  **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | $297653958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares repurchased | (42160183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions paid (net of reinvestments) | (43108004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in dividends payable on redeemable preferred stock | (38244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of mandatorily redeemable preferred stock | (10000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings on line of credit | 70943000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on line of credit | (72270001) |
|  **Net cash provided by financing activities** | 201020526 |
|  **Net increase/(decrease) in cash** |  |
|  **Cash, beginning of year** | $— |
|  **Cash, end of year** | $— |
|  Non-cash financing activities not included herein consist of: |  |
| &nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions: | $9514763 |
|  Supplemental Disclosure of Cash Flow Information |  |
| &nbsp;&nbsp;&nbsp; Cash paid for interest on line of credit: | $89307 |
| &nbsp;&nbsp;&nbsp; Cash paid for dividends on mandatorily redeemable preferred stock: | $724066 |

---

<u> *See Notes to Financial Statements.*</u> <br> <u> 14 </u> <u> www.flatrockglobal.com </u>

------

<u> Flat Rock Enhanced Income Fund </u> <u> Financial Highlights </u> <br>    

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br>Year Ended <br>December 31, <br>2025** | **For the <br>Year Ended <br>December 31, <br>2024\*** | **For the <br>Period Ended <br>December 31, <br>2023\*<sup>(a)</sup>** |
|  **Per Share Operating Performance** |  |  |  |
|  **Net asset value, beginning of period** | $21.69 | $21.40 | $20.00&nbsp;&nbsp;&nbsp;&nbsp;  |
|  **Income/(loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.01 | 2.41 | 2.55&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains/(losses) from investments | 0.21 | 0.40 | 0.25&nbsp;&nbsp;&nbsp;&nbsp;  |
|  Total income/(loss) from investment operations | 2.22 | 2.81 | 2.80&nbsp;&nbsp;&nbsp;&nbsp;  |
|  **Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (2.03) | (2.52) | (1.40)&nbsp;&nbsp;&nbsp;&nbsp; |
|  Total distributions | (2.03) | (2.52) | (1.40)&nbsp;&nbsp;&nbsp;&nbsp; |
|  **Net asset value, end of period** | $21.88 | $21.69 | $21.40&nbsp;&nbsp;&nbsp;&nbsp; |
|  **Total return**<sup>(c)</sup> | 10.70% | 13.86% | 14.35%<sup>(d)&nbsp;&nbsp;&nbsp;&nbsp;</sup> |
|  **Ratios/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $694739 | $426434 | $176888&nbsp;&nbsp;&nbsp;&nbsp;  |
|  **Ratios To Average Net Assets (including interest on line of credit and dividends on redeemable preferred stock)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets including fee waivers | 3.55%<sup>(e)</sup> | 4.25% | 3.68%<sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets excluding fee waivers  | 3.55% | 4.25% | 3.79%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets including fee waivers  | 9.22% | 11.13% | 12.17%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets excluding fee waivers | 9.22% | 11.13% | 12.06%<sup>(f)</sup> |
|  **Ratios To Average Net Assets (excluding interest on line of credit and dividends on redeemable preferred stock)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets including fee waivers | 3.40%<sup>(e)</sup> | 3.93% | 3.54%<sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets excluding fee waivers  | 3.40% | 3.93% | 3.65%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets including fee waivers | 9.37% | 11.45% | 12.31%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets excluding fee waivers | 9.37% | 11.45% | 12.20%<sup>(f)</sup> |
|  Portfolio turnover rate | 28% | 27% | 2%<sup>(d)</sup> |

---

<u> *See Notes to Financial Statements.*</u> <br> <u> Annual Report \| December 31, 2025 </u> <u> 15 </u>

------

<u> Flat Rock Enhanced Income Fund </u>   <u> Financial Highlights </u> <br>      

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br>Year Ended <br>December 31, <br>2025** | **For the <br>Year Ended <br>December 31, <br>2024\*** | **For the <br>Period Ended <br>December 31, <br>2023\*<sup>(a)</sup>** |
|  **Line of Credit:** |  |  |  |
|  Aggregate principal amount, end of period (000s): | $3751 | $5078 | $—&nbsp;&nbsp;&nbsp;&nbsp; |
|  Assets coverage, end of period per $1,000:<sup>(h)</sup> | 186217 | 84977 | —&nbsp;&nbsp;&nbsp;&nbsp; |
|  **Redeemable Preferred Stock:** |  |  |  |
|  Liquidation value, end of period (000s): | $— | $10000 | $10000&nbsp;&nbsp;&nbsp;&nbsp; |
|  Asset coverage, end of period per share:<sup>(i)</sup> |  | 43647 | 18705&nbsp;&nbsp;&nbsp;&nbsp; |

---

*\*&nbsp;&nbsp;&nbsp;&nbsp; Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the NAVs for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions.*

*<sup>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>For the period from January 3, 2023 (commencement of operations) to December 31, 2023.*

*<sup>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Based on average shares outstanding during the period.*

*<sup>(c)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.*

*<sup>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Not annualized.*

*<sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; The ratio of expenses to average net assets including fee waivers, includes $19,846 in voluntary advisory waivers, representing less than (0.005)%. For the period from January 1, 2025 to June 30, 2025, the Adviser voluntarily agreed to fully waive the management fee for the Fund. This voluntary waiver is not subject to recoupment.*

*<sup>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Annualized.*

*<sup>(g)</sup>&nbsp;&nbsp;&nbsp;&nbsp; The ratio of expenses to average net assets including fee waivers, includes $101,463 in voluntary advisory waivers, representing (0.11)%. For the period from January 3, 2023 to April 30, 2023, the Adviser voluntarily agreed to fully waive the management fee for the Fund. This voluntary waiver is not subject to recoupment.*

*<sup>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Calculated by subtracting the Fund's total liabilities (excluding the Line of Credit (as defined in Note 9) and accumulated unpaid interest on the Line of Credit) from the Fund's total assets and dividing by the outstanding Line of Credit balance.*

*<sup>(i)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Asset coverage ratio is calculated by subtracting the Fund's total liabilities (excluding the liquidation value of the Fund's mandatorily redeemable preferred stock including distributions payable on the Fund's mandatorily redeemable preferred stock) from the Fund's total assets and dividing by the liquidation value of the Fund's mandatorily redeemable preferred stock. The asset coverage per share figure is expressed in terms of dollar amounts per share of the Fund's outstanding preferred stock.*

<u> *See Notes to Financial Statements.*</u> <br> <u> 16 </u> <u> www.flatrockglobal.com </u>

------

<u> Flat Rock Enhanced Income Fund </u> <u> Notes to Financial Statements </u> <br>   <u> *December 31, 2025* </u>

 1. ORGANIZATION<br>

Flat Rock Enhanced Income Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended, (the "1940 Act") as a non-diversified, closed-end management investment company. The shares of beneficial interest of the Fund (the "Shares") are continuously offered under Rule 415 under the Securities Act of 1933, as amended (the "Securities Act"). The Fund operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act and has adopted a fundamental policy to conduct quarterly repurchase offers at net asset value ("NAV").

The Fund's investment objective is to generate current income and, as a secondary objective, long-term capital appreciation.

The Fund was formed as a Delaware statutory trust on April 19, 2022, and operates pursuant to an Amended and Restated Agreement and Declaration of Trust governed by and interpreted in accordance with the laws of the State of Delaware. The Fund had no operations from that date to January 3, 2023, other than those related to organizational matters and the registration of its shares under applicable securities laws.

The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("Topic 280"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's CODM is the President and Chief Executive Officer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

 2. SIGNIFICANT ACCOUNTING POLICIES<br>

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is an investment company under U.S. GAAP and follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification ("ASC") Topic 946.

**Use of Estimates:** The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from these estimates.

**Preferred Shares:** In accordance with ASC 480-10-25, the Fund's mandatorily redeemable preferred stock have been classified as debt on the Statement of Assets and Liabilities. Refer to "Note 10. Mandatorily Redeemable Preferred Stock" for further details.

 <br> <u> Annual Report \| December 31, 2025 </u> <u> 17 </u>

------

<u> Flat Rock Enhanced Income Fund </u> <u> Notes to Financial Statements </u> <br>   <u> *December 31, 2025* </u>

**Security Valuation:** The Fund determines the NAV of its Shares daily as of the close of regular trading (normally, 4:00 p.m., Eastern time) on each day that the New York Stock Exchange ("NYSE") is open for business.

The 1940 Act requires the Fund to determine the value of its portfolio securities using market quotations when "readily available," and when market quotations are not readily available, portfolio securities must be valued at fair value, as determined in good faith by the Fund's board of trustees (the "Board"). As stated in Rule 2a-5 under the 1940 Act ("Rule 2a-5"), determining fair value in good faith requires (i) assessment and management of risks, (ii) establishment of fair value methodologies, (iii) testing of fair value methodologies, and (iv) evaluation of pricing services. Under Rule 2a-5, a fund's board may designate the fund's adviser as "valuation designee" to perform fair value determinations. The Board, including a majority of the trustees of the Board (the "Trustees") who are not "interested persons" of the Fund, as such term is defined in the 1940 Act, has designated Flat Rock Global, LLC (the "Adviser") to perform fair value determinations and act as "valuation designee" for the Fund's investments.

The Fund records its investments at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further discussed below.

It is the policy of the Fund to value its portfolio securities using market quotations when readily available. For purposes of this policy, a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. If market quotations are not readily available, securities or other assets will be valued at their fair market value as determined using the valuation methodologies approved by the Board.

Equity securities for which market quotations are available are generally valued at the last sale price or official closing price on the primary market or exchange on which they trade.

Short-term debt securities having a remaining maturity of 60 days or less when purchased are valued at cost adjusted for amortization of premiums and accretion of discounts, which approximates fair value.

The Fund primarily invests in junior debt tranches of collateralized loan obligations ("CLOs"). In valuing such investments, the Adviser considers a number of factors, including: 1) the indicative prices provided by a recognized, independent third-party industry pricing service, and the implied yield of such prices; 2) recent trading prices for specific investments; 3) recent purchases and sales known to the Adviser in similar securities; 4) the indicative prices for specific investments and similar securities provided by the broker who arranges transactions in such CLOs; and 5) the Adviser's own models. While the use of an independent third-party industry pricing service can be a source for valuing the Fund's CLO investments, the Adviser will not use the price provided by a third-party service if it believes that the price does not accurately reflect fair value and will instead utilize another methodology outlined above to make its own assessment of fair value.

**Federal Income Taxes:** The Fund has elected to be treated for U.S. federal income tax purposes as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, the Fund will generally not pay corporate-level U.S. federal income taxes on any net ordinary income or capital gains that are timely distributed to shareholders. To qualify as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute at least 90% of its investment company taxable income each year to its shareholders.

 <br> <u> 18 </u> <u> www.flatrockglobal.com </u>

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<u> Flat Rock Enhanced Income Fund </u> <u> Notes to Financial Statements </u> <br>   <u> *December 31, 2025* </u>

The Fund's management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years ended December 31, 2023 to December 31, 2024, or expected to be taken in the Fund's December 31, 2025 year-end tax returns. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund incurred $43,199 in excise tax.

**Securities Transactions and Investment Income:** Investment security transactions are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the identified cost basis method for financial reporting purposes.

**Distributions to Shareholders:** The Fund normally pays dividends, if any, monthly, and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from dividends and interest income the Fund receives from its investments, including short term capital gains. Long term capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than one year.

**Cash and Cash Equivalents:** Cash and cash equivalents (e.g., U.S. Treasury bills) may include demand deposits and highly liquid investments with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Fund deposits its cash and cash equivalents with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law.

 3. FAIR VALUE MEASUREMENTS<br>

The Fund utilizes various inputs to measure the fair value of its investments. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| **Level 1** | Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access at the measurement date. |
|  **Level 2** | Significant observable inputs (including quoted prices for the identical instrument on an inactive market, quoted prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data). |
|  **Level 3** | Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of the investments) to the extent relevant observable inputs are not available, for the asset or liability at the measurement date. |

---

 <br> <u> Annual Report \| December 31, 2025 </u> <u> 19 </u>

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<u> Flat Rock Enhanced Income Fund </u> <u> Notes to Financial Statements </u> <br>   <u> *December 31, 2025* </u>

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used to value the Fund's investments under the fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Collateralized Loan Obligations Debt | $— | $— | $643579426 | $643579426 |
|  Collateralized Loan Obligations Equity |  |  | 498166 | 498166 |
|  Feeder Fund Investments – Debt |  |  | 49436809 | 49436809 |
|  Feeder Fund Investment – Equity |  |  | 4240535 | 4240535 |
|  Short-Term Investments | 375 |  |  | 375 |
|  Total | $375 | $— | $697754936 | $697755311 |

---

The following is a reconciliation of the fair value of investments for which the Fund has used Level 3 unobservable inputs in determining fair value as of December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance<br>as of<br>December 31, <br>2024** | **Realized <br>gain<br> (loss)** | **Amortization/<br>Accretion** | **Change in <br>unrealized <br>appreciation <br>(depreciation)** | **Purchases** | **Sales/<br>Paydown** | **Balance <br>as of <br>December 31,<br>2025** |
|  Collateralized Loan Obligations Debt | $445397170 | $394040 | $3083290 | $4866599 | $345581905 | $(155743578) | $643579426 |
|  Collateralized Loan Obligations Equity |  |  |  | 170341 | 327825 |  | 498166 |
|  Feeder Fund Investments – Debt |  |  | 33904 | 160396 | 49242509 |  | 49436809 |
|  Feeder Fund Investment – Equity |  |  |  | (1) | 4240536 |  | 4240535 |
|  Total | $445397170 | $394040 | $3117194 | $5197335 | $399392775 | $(155743578) | $697754936 |

---

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<u> Flat Rock Enhanced Income Fund </u> <u> Notes to Financial Statements </u> <br>   <u> *December 31, 2025* </u>

The net change in unrealized appreciation included in the Statement of Operations attributable to Level 3 investments still held at December 31, 2025, was as follows:

---

| | |
|:---|:---|
|  | **Net Change in Unrealized <br>Appreciation/(Depreciation) <br>included in Statement <br>of Operations <br>attributable to Level 3 <br>investments held at <br>December 31, 2025** |
|  Collateralized Loan Obligations Debt | $3627269 |
|  Collateralized Loan Obligations Equity | 170341 |
|  Feeder Fund Investments – Debt | 160396 |
|  Feeder Fund Investment – Equity | (1) |
|  Total | $3958005 |

---

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Assets** | **Fair Value <br>at <br>December 31, <br>2025** | **Valuation <br>Techniques/<br>Methodologies** | **Unobservable <br>Input** | **Range/Weighted <br>Average<sup>(2)</sup>** | **Impact to <br>Valuation <br>from an <br>Increase in <br>Input<sup>(3)</sup>** |
|  Collateralized Loan <br>Obligations <br>Debt | $601859676 | Market Quotes | NBIB<sup>(1)</sup> | 99.56 – 103.29/101.30 | Increase |
|  | 32800000 | Recent transaction | Transaction Price | 100.00 – 100.00/100.00 | Increase |
|  | 8919750 | Yield Analysis | Discount Margin | 7.25% – 7.25%/7.25% | Decrease |
|  Collateralized Loan <br>Obligations <br>Equity | 498166 | Yield Analysis | IRR | 18.80% – 18.80%/18.80% | Decrease |
|  Feeder Fund <br>Investments – <br>Debt | 49436809 | Market Quotes | NBIB<sup>(1)</sup> | 98.50 – 100.00/99.46 | Increase |
|  Feeder Fund Investment – <br>Equity | 4240535 | Market Quotes | NBIB<sup>(1)</sup> | 92.50 – 92.50/92.50 | Increase |

---

____________

*<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp; The Fund generally uses non-binding indicative bid prices ("NBIB") provided by an independent pricing service or broker on the valuation date as the primary basis for the fair value determinations for CLO Debt, CLO Equity, Feeder Fund Investments - Debt, and Feeder Fund Investment - Equity investments. These prices are non-binding and may not be determinative of fair value. Each price is evaluated by the Adviser's valuation committee in conjunction with additional information compiled by the Adviser, including performance and covenant compliance information as provided by the respective CLO's independent trustee.*

 <br> <u> Annual Report \| December 31, 2025 </u> <u> 21 </u>

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<u> Flat Rock Enhanced Income Fund </u> <u> Notes to Financial Statements </u> <br>   <u> *December 31, 2025* </u>

*<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Weighted averages are calculated based on fair value of investments.*

*<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The impact on fair value measurement of an increase in each unobservable input is in isolation.*

 4. INVESTMENT ADVISORY SERVICES AND OTHER AGREEMENTS<br>

Flat Rock Global, LLC serves as the investment adviser to the Fund pursuant to the terms of an investment advisory agreement (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Adviser provides the Fund such investment advice as it deems advisable and furnishes a continuous investment program for the Fund consistent with the Fund's investment objective and strategies. As compensation for its management services, the Fund pays the Adviser a management fee of 1.375% (as a percentage of the average daily value of net assets), paid monthly in arrears, calculated based on the average daily value of net assets during such period. Prior to February 28, 2025, the management fee was calculated and payable monthly in arrears at the annual rate of 1.375% of the Fund's average daily total assets during such period.

In addition to the management fee, the Adviser is entitled to an incentive fee. The incentive fee is calculated and payable quarterly in arrears in an amount equal to 15.0% of the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund's "adjusted capital," equal to 1.75% per quarter (or an annualized hurdle rate of 7.00%), subject to a "catch-up" feature, which allows the Adviser to recover foregone incentive fees that were previously limited by the hurdle rate. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund received from portfolio companies) accrued during the calendar quarter, minus the Fund's operating expenses for the quarter (including the base management fee, expenses reimbursed to the Adviser and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. "Adjusted capital" means the cumulative gross proceeds received by the Fund from the sale of Shares (including pursuant to the Fund's distribution reinvestment program), reduced by amounts paid in connection with purchases of the Fund's Shares pursuant to the Fund's repurchase program.

The calculation of the incentive fee on pre-incentive fee net investment income for each quarter is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No incentive fee is payable in any calendar quarter in which the Fund's pre-incentive fee net investment income does not exceed the hurdle rate of 1.75% per quarter (or an annualized rate of 7.00%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; 100% of the Fund's pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.0588%. This portion of the Fund's pre-incentive fee net investment income (which exceeds the hurdle rate but is less than or equal to 2.0588%) is referred to as the "catch-up." The "catch-up" provision is intended to provide the Adviser with an incentive fee of 15.0% on all of the Fund's pre-incentive fee net investment income when its pre-incentive fee net investment income reaches 2.0588% in any calendar quarter; and

 <br> <u> 22 </u> <u> www.flatrockglobal.com </u>

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<u> Flat Rock Enhanced Income Fund </u> <u> Notes to Financial Statements </u> <br>   <u> *December 31, 2025* </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; 15.0% of the amount of the Fund's pre-incentive fee net investment income, if any, that exceeds 2.0588% in any calendar quarter is payable to the Adviser once the hurdle rate is reached and the catch-up is achieved (15.0% of all pre-incentive fee net investment income thereafter will be allocated to the Adviser).

For the year ended December 31, 2025, the Adviser earned $7,810,160 in management fees and $9,147,916 in incentive fees and voluntarily waived $19,846 in management fees. Voluntarily waived fees are not subject to recoupment. The Adviser paid all expenses incurred in connection with the organization, offering, and initial registration of the Fund. Such expenses are not subject to repayment by the Fund to the Adviser.

Ultimus Fund Solutions, LLC ("Ultimus" or "Administrator") provides the Fund with administration, fund accounting and transfer agent services, including all regulatory reporting. Under the terms of a Master Services Agreement by and between the Fund and Ultimus, Ultimus receives fees from the Fund for these services.

U.S. Bank National Association ("U.S. Bank") serves as the Fund's custodian.

The Fund has entered into a Distribution Agreement (the "Distribution Agreement") with Ultimus Fund Distributors, LLC (the "Distributor"), a wholly-owned subsidiary of Ultimus, to provide distribution services to the Fund. The Distributor serves as principal underwriter/distributor of shares of the Fund. Under the terms of the Distribution Agreement, the Distributor receives fees from the Fund for these services.

Ultimus, U.S. Bank and the Distributor are not considered affiliates, as defined under the 1940 Act, of the Fund.

 5. REPURCHASE OFFERS<br>

The Fund conducts quarterly repurchase offers of 5% of the Fund's outstanding Shares. Repurchase offers in excess of 5% are made solely at the discretion of the Board and investors should not rely on any expectation of repurchase offers in excess of 5%. In the event that a repurchase offer is oversubscribed, shareholders may only be able to have a portion of their Shares repurchased.

Quarterly repurchases occur in the months of February, May, August and November. A repurchase offer notice will be sent to shareholders at least 21 calendar days before the repurchase request deadline. The repurchase price will be the Fund's NAV determined on the repurchase pricing date, which is ordinarily expected to be the repurchase request deadline. Payment for all Shares repurchased pursuant to these offers will be made not later than seven calendar days after the repurchase pricing date.

During the year ended December 31, 2025, the Fund completed four quarterly repurchase offers. In these offers, the Fund offered to repurchase 5% of the number of its outstanding Shares as of the repurchase pricing dates. The result of the repurchase offers were as follows:

---

| | | |
|:---|:---|:---|
|  | **Repurchase Offer 

#1** | **Repurchase Offer 

#2** |
|  Commencement Date | January 10, 2025 | April 11, 2025 |
|  Repurchase Request Deadline | February 14, 2025 | May 16, 2025 |
|  Repurchase Pricing Date | February 14, 2025 | May 16, 2025 |
|  Amount Repurchased | $5300761 | $13579924 |
|  Shares Repurchased | 245292 | 630159 |

---

 <br> <u> Annual Report \| December 31, 2025 </u> <u> 23 </u>

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<u> Flat Rock Enhanced Income Fund </u> <u> Notes to Financial Statements </u> <br>   <u> *December 31, 2025* </u>

---

| | | |
|:---|:---|:---|
|  | **Repurchase Offer 

#3** | **Repurchase Offer 

#4** |
|  Commencement Date | July 11, 2025 | October 10, 2025 |
|  Repurchase Request Deadline | August 15, 2025 | November 14, 2025 |
|  Repurchase Pricing Date | August 15, 2025 | November 14, 2025 |
|  Amount Repurchased | $12311049 | $10968449 |
|  Shares Repurchased | 561123 | 499247 |

---

 6. PORTFOLIO INFORMATION<br>

Purchases and sales of securities for the fiscal year ended December 31, 2025, excluding short-term securities, were as follows:

---

| | |
|:---|:---|
|  **Purchases of Securities** | **Proceeds from Sales of Securities** |
| $399392775 | $155743577 |

---

 7. TAXES<br>

#### Tax Basis of Investments
Net unrealized appreciation/(depreciation) of investments based on federal tax cost as of December 31, 2025, was as follows:

---

| | |
|:---|:---|
|  Gross Unrealized Appreciation | $11134744 |
|  Gross Unrealized Depreciation | (83015) |
|  Net Unrealized Appreciation on Investments | $11051729 |
|  Tax Cost | $686703582 |

---

Distributions are determined in accordance with U.S. federal income tax regulations, which differ from U.S. GAAP, and therefore, may differ significantly in amount or character from net investment income and realized gains for financial statement purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences.

The tax character of distributions paid by the Fund for the year ended December 31, 2025 and December 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income | $52512314 | $33517221 |
| &nbsp;&nbsp;&nbsp; Long-Term Capital Gain | 110453 |  |
|  Total | $52622767 | $33517221 |

---

 <br> <u> 24 </u> <u> www.flatrockglobal.com </u>

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<u> Flat Rock Enhanced Income Fund </u> <u> Notes to Financial Statements </u> <br>   <u> *December 31, 2025* </u>

Permanent book and tax differences, primarily attributable to the tax treatment of non-deductible expenses, resulted in reclassifications for the year ended December 31, 2025, as follows:

---

| | |
|:---|:---|
|  **Paid-In Capital** | **Accumulated Earnings** |
| $(43199) | $43199 |

---

As of December 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed Ordinary Income | $2126724 |
|  Undistributed Long-Term Capital Gains |  |
|  Unrealized Appreciation | 11051729 |
|  Total | $13178453 |

---

 8. RISK FACTORS<br>

In the normal course of business, the Fund invests in financial instruments and enters into financial transactions where risk of potential loss exists due to such things as changes in the market (global market risk) or failure or inability of the other party to a transaction to perform (credit risk). See below for a detailed description of select principal risks. The following list is not intended to be a comprehensive description of all of the potential risks associated with the Fund. The Fund's prospectus provides a detailed discussion of the Fund's risks.

**CLO Risk:** CLOs are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. Investments in CLO securities may be riskier and less transparent than direct investments in the underlying loans and debt obligations. The risks of investing in CLOs depend largely on the tranche invested in and the type of the underlying loans in the tranche of the CLO in which the Fund invests. The tranches in a CLO vary substantially in their risk profile, and debt tranches are more senior than equity tranches. The senior tranches are relatively safer because they have first priority on the collateral in the event of default. As a result, the senior tranches of a CLO generally have a higher credit rating and offer lower coupon rates than the junior tranches, which offer higher coupon rates to compensate for their higher default risk. The Fund expects that it will primarily invest in the junior debt, and to a lesser extent, the equity tranches of CLOs. The CLOs in which the Fund may invest may incur, or may have already incurred, debt that is senior to the Fund's investment. CLOs also carry risks including, but not limited to, interest rate risk and credit risk. Investments in CLOs may be subject to certain tax provisions that could result in the Fund incurring tax or recognizing income prior to receiving cash distributions related to such income. CLOs that fail to comply with certain U.S. tax disclosure requirements may be subject to withholding requirements that could adversely affect cash flows and investment results. Any unrealized losses the Fund experiences with respect to its CLO investments may be an indication of future realized losses. Equity tranches are unrated and equity investors receive no principal payments, if any, until all debt obligations are paid.

 <br> <u> Annual Report \| December 31, 2025 </u> <u> 25 </u>

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<u> Flat Rock Enhanced Income Fund </u> <u> Notes to Financial Statements </u> <br>   <u> *December 31, 2025* </u>

**Liquidity Risk:** The securities issued by CLOs generally offer less liquidity than below investment grade or high-yield corporate debt, and are subject to certain transfer restrictions imposed on certain financial and other eligibility requirements on prospective transferees. Other investments the Fund may purchase through privately negotiated transactions may also be illiquid or subject to legal restrictions on their transfer. As a result of this illiquidity, the Fund's ability to sell certain investments quickly, or at all, in response to changes in economic and other conditions and to receive a fair price when selling such investments may be limited, which could prevent the Fund from making sales to mitigate losses on such investments. In addition, CLOs are subject to the possibility of liquidation upon an event of default, which could result in full loss of value to the CLO equity and junior debt investors.

**Global Markets Risk:** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events, imposition of tariffs and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. For example, Russia's ongoing military interventions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, the European Union and other countries against Russia. Russia's military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund's investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions caused by Russian military action or resulting sanctions may magnify the impact of other risks. In addition, the Israel-Hamas conflict as well as the potential risk for a wider conflict could negatively affect financial markets. Geopolitical tensions introduce uncertainty into global markets. This conflict could disrupt regional trade and supply chains, potentially affecting U.S. businesses with exposure to the region. Additionally, the Middle East plays a pivotal role in the global energy sector, and prolonged instability could impact oil prices, leading to increased costs for businesses and consumers. Furthermore, the U.S.'s diplomatic ties and commitments in the region mean that it might become more directly involved, either diplomatically or militarily, diverting attention and resources. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.

**Credit Risk:** The Fund is subject to the risk that the issuer or guarantor of an obligation, or the counterparty to a transaction, may fail, or become less able, to make timely payment of interest or principal or otherwise honor its obligations or analyses default completely. The strategies utilized by the Adviser require accurate and detailed credit analysis of issuers, and there can be no assurance that the Adviser's analyses will be accurate or complete. The Fund may be subject to substantial losses in the event of credit deterioration or bankruptcy of one or more issuers in its portfolio. Financial strength and solvency of an issuer are the primary factors influencing credit risk. The Fund could lose money if the issuer or guarantor of a debt security is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations.

 <br> <u> 26 </u> <u> www.flatrockglobal.com </u>

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<u> Flat Rock Enhanced Income Fund </u> <u> Notes to Financial Statements </u> <br>   <u> *December 31, 2025* </u>

Senior secured loans of issuers that underlie the CLOs in which the Fund invests could deteriorate as a result of, among other factors, an adverse development in their business, a change in the competitive environment or an economic downturn. As a result, companies that the Adviser may have expected to be stable may operate, or expect to operate, at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or maintain their competitive position, or may otherwise have a weak financial condition or be experiencing financial distress. In addition, inadequacy of collateral or credit enhancement for a debt obligation may affect its credit risk.

Although the Fund may invest in investments that the Adviser believes are secured by specific collateral, the value of which may exceed the principal amount of the investments at the time of initial investment, there can be no assurance that the liquidation of any such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal payments with respect to such investment, or that such collateral could be readily liquidated. In addition, in the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing an investment. Under certain circumstances, collateral securing an investment may be released without the consent of the Fund.

Credit risk is typically greater for securities with ratings that are below investment grade (commonly referred to as "junk bonds"). Since the Fund can invest significantly in high-yield investments considered speculative in nature and unsecured investments, this risk may be substantial. The Fund's right to payment and its security interest, if any, may be subordinated to the payment rights and security interests of more senior creditors. This risk may also be greater to the extent the Fund uses leverage in connection with the management of the Fund. Changes in the actual or perceived creditworthiness of an issuer, or a downgrade or default affecting any of the Fund's securities, could affect the Fund's performance.

**Valuation Risk:** Most of the Fund's investments are not traded on national securities exchanges, and the Fund does not have the benefit of market quotations or other pricing data from such an exchange. Certain of the Fund's investments will have the benefit of third-party bid-ask quotations. With respect to investments for which pricing data is not readily available or when such pricing data is deemed not to represent fair value, the Adviser determines fair value using the valuation procedures approved by the Board. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments the Fund makes.

**Interest Rate Risk:** Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. The Fund intends to fund portions of its investments with borrowings, and at such time, its net investment income will be affected by the difference between the rate at which it invests and the rate at which it borrows. Accordingly, the Fund cannot assure that a significant change in market interest rates will not have a material adverse effect on its net investment income.

 9. LINE OF CREDIT<br>

On September 6, 2024, the Fund entered into a Loan Agreement with U.S. Bank (the "Loan Agreement"), pursuant to which U.S. Bank agreed to provide the Fund with a line of credit (the "Line of Credit") with an uncommitted amount of $20,000,000. On May 13, 2025, the Line of Credit was upsized to an amount of $27,000,000. The Loan Agreement, as amended, will expire on September 4, 2026.

 <br> <u> Annual Report \| December 31, 2025 </u> <u> 27 </u>

------

<u> Flat Rock Enhanced Income Fund </u> <u> Notes to Financial Statements </u> <br>   <u> *December 31, 2025* </u>

Outstanding principal amounts under the Loan Agreement bear interest at a rate per annum equal to the Prime Rate. The principal amounts under the Loan Agreement are collateralized by a perfected, first priority security interest in the assets of the Fund. The Fund agrees to pay fees to U.S. Bank for administering the obligations of the Fund under the Loan Agreement as well as reasonable out-of-pocket expenses related to the Loan Agreement, including reasonable attorneys' fees, documentation fees, and other legal expenses. The maximum amount outstanding during the year ended December 31, 2025, was $20,005,000. The average balance and weighted average interest rate, based on the number of days outstanding, for the year ended December 31, 2025, was $6,861,333 and 7.41%, respectively. The interest rate and balance outstanding as of December 31, 2025, was 6.75% and $3,751,000, respectively.

 10. MANDATORILY REDEEMABLE PREFERRED STOCK<br>

The Fund issued 1,000 Series A Term Preferred Shares on November 7, 2023. The Series A Term Preferred Shares were entitled to a dividend at a rate of 3 month SOFR + 3.75% per year based on the $10,000 liquidation preference before the common stock was entitled to receive any dividends. The Series A Term Preferred Shares were redeemable at $10,000 per share plus accrued and unpaid dividends (whether or not declared) exclusively at the Fund's option commencing on November 9, 2023. The Fund paid the Series A Term Preferred Shares in full on November 7, 2025.

 11. DISTRIBUTION REINVESTMENT PLAN<br>

The Board approved the establishment of a distribution reinvestment plan (the "DRIP"). The DRIP was first applied to the reinvestment of cash distributions paid on or after May 9, 2023.

Under the DRIP, cash distributions paid to participating stockholders are reinvested in Shares at a price equal to the NAV per share of the Shares as of such date.

 12. COMMITMENTS AND CONTINGENCIES<br>

In the normal course of business, the Fund enters into contracts that may contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.

The following table represents the Fund's unfunded commitments on Feeder Fund Investments held by the Fund as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Redemption <br>Frequency/<br>Expiration <br>Date** | **As of <br>December 31, <br>2025** |
|  Bain Capital Global Direct Lending Fund U II RN LP – D Note | 6/18/2036 | $7370000 |
|  Bain Capital Global Direct Lending Fund U II RN LP – Subordinated Note | 6/18/2036 | 1401964 |
|  Guggenheim Invest Private Dbt Fd IV Feeder LLC – C Note | 4/10/2038 | 7888271 |
|  Guggenheim Invest Private Dbt Fd IV Feeder LLC – D Note | 4/10/2038 | 11832406 |
|  |  | $28492641 |

---

 <br> <u> 28 </u> <u> www.flatrockglobal.com </u>

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<u> Flat Rock Enhanced Income Fund </u> <u> Notes to Financial Statements </u> <br>   <u> *December 31, 2025* </u>

 13. RECENT ACCOUNTING PRONOUNCEMENTS<br>

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in the ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. ASU 2023-09 applies to all entities that are subject to ASC 740, Income Taxes. The guidance is effective for annual periods beginning after December 15, 2024 and is applied on a prospective basis. The adoption of this guidance does not have an impact on the Fund's financial statements.

 14. SUBSEQUENT EVENTS<br>

The Fund has evaluated events and transactions through the date the financial statements were issued and has identified the following events for disclosure in the financial statements:

Subsequent to December 31, 2025, the Fund paid the Line of Credit in full on January 15, 2026.

Subsequent to December 31, 2025, the Fund paid the following distributions:

---

| | | | |
|:---|:---|:---|:---|
|  **Ex-Date** | **Record Date** | **Payable Date** | **Rate (per share)** |
|  January 29, 2026 | January 28, 2026 | January 30, 2026 | $0.155 |
|  February 26, 2026 | February 25, 2026 | February 27, 2026 | $0.150 |

---

On January 9, 2026, the Fund commenced a quarterly repurchase offer. In this offer, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Date. The result of the repurchase offer was as follows:

---

| | |
|:---|:---|
|  | **Repurchase Offer** |
|  Commencement Date | January 9, 2026 |
|  Repurchase Request Deadline | February 13, 2026 |
|  Repurchase Pricing Date | February 13, 2026 |
|  Amount Repurchased | $18637048 |
|  Shares Repurchased | 849843 |

---

 <br> <u> Annual Report \| December 31, 2025 </u> <u> 29 </u>

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<u> Flat Rock Enhanced Income Fund</u> <u> Report of Independent Registered </u> <br> <u> *Public Accounting Firm* </u>

To the Shareholders and Board of Trustees of

Flat Rock Enhanced Income Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Flat Rock Enhanced Income Fund (the "Fund") as of December 31, 2025, the related statements of operations and cash flows, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations and its cash flows, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Name** | **Statements of <br>Operations and <br>Cash Flows** | **Statements of <br>Changes in Net <br>Assets** | **Financial Highlights** |
|  Flat Rock Enhanced Income Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025, and 2024 | For the years ended December 31, 2025, 2024, and for the period from January 3, 2023 (commencement of operations) to December 31, 2023. |

---

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers, agent banks, and underlying fund managers; when replies were not received, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Flat Rock Global, LLC since 2018.

![](tcohen_sig.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 27, 2026

 <br> <u> 30 </u> <u> www.flatrockglobal.com </u>

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<u> Flat Rock Enhanced Income Fund </u> <u> Additional Information </u> <br>   <u> *December 31, 2025 (Unaudited)* </u>

 PROXY VOTING<br>

A description of the Fund's proxy voting policies and procedures is available without charge, upon request by calling 1-307-500-5200, or on the U.S. Securities and Exchange Commission's ("SEC") website at http://www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the twelve-month period ended June 30<sup>th</sup> is available on the SEC's website at http://www.sec.gov.

 PORTFOLIO HOLDINGS<br>

The Fund files a monthly portfolio investments report with the SEC on Form N-PORT within 60 days after the end of the Fund's first and third quarters. Copies of the Fund's Form N-PORT are available without charge, upon request, by contacting the Fund at 1-307-500-5200, or on the SEC's website at http://www.sec.gov.

<u> PRIVACY NOTICE </u>       <u> Rev. Oct. 2022 </u>

---

| | | |
|:---|:---|:---|
|  **FACTS** | **WHAT DOES FLAT ROCK ENHANCED INCOME FUND**<br> **DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES FLAT ROCK ENHANCED INCOME FUND**<br> **DO WITH YOUR PERSONAL INFORMATION?** |
|  **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
|  **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include: | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
|  | Social Security number<br>Assets<br>Retirement Assets<br>Transaction History<br>Checking Account Information | Purchase History<br>Account Balances<br>Account Transactions<br>Wire Transfer Instructions<br>|
|  | When you are *no longer* our customer, we continue to share your information as described in this notice. | When you are *no longer* our customer, we continue to share your information as described in this notice. |
|  **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Flat Rock Enhanced Income Fund chooses to share; and whether you can limit this sharing. | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Flat Rock Enhanced Income Fund chooses to share; and whether you can limit this sharing. |

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 <br> <u> Annual Report \| December 31, 2025 </u> <u> 31 </u>

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<u> Flat Rock Enhanced Income Fund </u> <u> Additional Information </u> <br>   <u> *December 31, 2025 (Unaudited)* </u>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **REASONS WE CAN SHARE YOUR <br>PERSONAL INFORMATION** | &nbsp;&nbsp; **REASONS WE CAN SHARE YOUR <br>PERSONAL INFORMATION** | **Does Flat Rock<br>Enhanced <br>Income <br>Fund share?** | **Can you limit <br>this sharing?** |
| &nbsp;&nbsp; **For our everyday business purposes** — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp; **For our everyday business purposes** — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| &nbsp;&nbsp; **For our marketing purposes** — to offer our products and services to you | &nbsp;&nbsp; **For our marketing purposes** — to offer our products and services to you | No | We don't share |
| &nbsp;&nbsp; **For joint marketing with other financial companies** | &nbsp;&nbsp; **For joint marketing with other financial companies** | No | We don't share |
| &nbsp;&nbsp; **For our affiliates' everyday business purposes** — <br>information about your transactions and experiences | &nbsp;&nbsp; **For our affiliates' everyday business purposes** — <br>information about your transactions and experiences | No | We don't share |
| &nbsp;&nbsp; **For our affiliates' everyday business purposes** — <br>information about your creditworthiness | &nbsp;&nbsp; **For our affiliates' everyday business purposes** — <br>information about your creditworthiness | No | We don't share |
| &nbsp;&nbsp; **For nonaffiliates to market to you** | &nbsp;&nbsp; **For nonaffiliates to market to you** | No | We don't share |
| &nbsp;&nbsp; **QUESTIONS?** | &nbsp;&nbsp; **Call (307) 500**-5200 | &nbsp;&nbsp; **Call (307) 500**-5200 | &nbsp;&nbsp; **Call (307) 500**-5200 |

---

------

<u> Flat Rock Enhanced Income Fund </u> <u> Additional Information </u> <br>   <u> *December 31, 2025 (Unaudited)* </u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; **WHO WE ARE** |  |
| &nbsp;&nbsp; **Who is providing <br>this notice?** | Flat Rock Enhanced Income Fund |
| &nbsp;&nbsp; **WHAT WE DO** |  |
| &nbsp;&nbsp; **How does Flat Rock Enhanced Income Fund protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br> Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp; **How does Flat Rock Enhanced Income Fund collect my personal information?** | We collect your personal information, for example, when you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open an account<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide account information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Give us your contact information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make deposits or withdrawals from your account<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make a wire transfer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tell us where to send the money<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tells us who receives the money<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Show your government-issued ID<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Show your driver's license<br> We also collect your personal information from other companies. |
| &nbsp;&nbsp; **Why can't I limit <br>all sharing?** | Federal law gives you the right to limit only<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sharing for affiliates' everyday business purposes — information about your creditworthiness<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affiliates from using your information to market to you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sharing for nonaffiliates to market to you<br> State laws and individual companies may give you additional rights to limit sharing. |

---

 <br> <u> Annual Report \| December 31, 2025 </u> <u> 33 </u>

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<u> Flat Rock Enhanced Income Fund </u> <u> Additional Information </u> <br>   <u> *December 31, 2025 (Unaudited)* </u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; **DEFINITIONS** |  |
| &nbsp;&nbsp; **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Flat Rock Enhanced Income Fund does not share with our affiliates for marketing purposes.* |
| &nbsp;&nbsp; **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Flat Rock Enhanced Income Fund does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp; **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Flat Rock Enhanced Income Fund doesn't jointly market.* |

---

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<u> Flat Rock Enhanced Income Fund </u> <u> Trustees & Officers </u> <br>   <u> *December 31, 2025 (Unaudited)* </u>

#### Trustees
The Fund's statement of additional information includes additional information about the Fund's Trustees and officers and is available without charge, upon request, by calling (307) 500-5200 or by visiting www.flatrockglobal.com. The business address for each Trustee and officer of the Fund is c/o Flat Rock Enhanced Income Fund, 680 S. Cache Street, Suite 100, P.O. Box 7403, Jackson, WY 83001, unless otherwise noted.

#### Interested Trustee

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name and Year <br>of Birth** | **Position(s) Held <br>with the Fund; <br>Term of Office <br>and Length of <br>Time Served<sup>(1)</sup>** | **Principal <br>Occupation(s) During <br>the Past 5 Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen by <br>Trustee<sup>(2)</sup>** | **Other <br>Directorships <br>Held by Trustee<br>in the Past 5 Years** |
|  Robert K. Grunewald <br>(1962)\* | Interested Trustee and Chief Executive Officer, Since Inception | President and Chief Executive Officer of Flat Rock Core Income Fund (since 2020); President and Chief Executive Officer of Flat Rock Opportunity Fund (since 2018); President and Chief Executive Officer of Flat Rock Capital Corp. (2017 to 2020); Chief Executive Officer of Flat Rock Global, LLC (since 2016); President and Chief Investment Officer of Business Development Corp. of America (BDCA) (2011 to 2015). | 3 | Flat Rock Core Income Fund; Flat Rock Opportunity Fund; Flat Rock Capital Corp. |

---

*\*&nbsp;&nbsp;&nbsp;&nbsp; Mr. Grunewald is an interested person of the Fund (as defined in the 1940 Act) because of his position with Flat Rock Global, LLC.*

*<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Each Trustee serves during the continued lifetime of the Fund and will not be subject to a term limit.*

*<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>The term "Fund Complex" includes the Fund, Flat Rock Core Income Fund and Flat Rock Opportunity Fund.*

 <br> <u> Annual Report \| December 31, 2025 </u> <u> 35 </u>

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<u> Flat Rock Enhanced Income Fund </u> <u> Trustees & Officers </u> <br>   <u> *December 31, 2025 (Unaudited)* </u>

#### Independent Trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name and Year <br>of Birth** | **Position(s) Held <br>with the Fund; <br>Term of Office <br>and Length of <br>Time Served<sup>(1)</sup>** | **Principal <br>Occupation(s) During <br>the Past 5 Years** | **Number of <br>Portfolios <br>in Fund <br>Complex <br>Overseen by <br>Trustee<sup>(2)</sup>** | **Other <br>Directorships <br>Held by Trustee<br>in the Past 5 Years** |
|  Marshall H. Durston <br>(1959) | Independent Trustee, Since Inception | Retired (since 2023); Managing Director of Spaulding & Slye Investments, a wholly owned subsidiary of Jones Lang LaSalle (2010 to 2023). | 3 | Flat Rock Core Income Fund; Flat Rock Opportunity Fund; Flat Rock Capital Corp. |
|  R. Scott Coolidge <br>(1955) | Independent Trustee, Since Inception | Partner at Human Capital Advisors (since 2015); Senior Vice President and Vice President, Freddie Mac (2003 to 2015). | 3 | Flat Rock Core Income Fund; Flat Rock Opportunity Fund; Flat Rock Capital Corp.  |
|  Paul E. Finnen <br>(1958) | Independent Trustee, Since Inception | Owner, Paul E. Finnen & Associates (a Real Estate Appraisal company) (since 1985) | 2 | Flat Rock Core Income Fund |

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*<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Each Trustee serves during the continued lifetime of the Fund and will not be subject to a term limit.*

*<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>*The term "Fund Complex" includes the Fund, Flat Rock Core Income Fund and Flat Rock Opportunity Fund.*

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<u> Flat Rock Enhanced Income Fund </u> <u> Trustees & Officers </u> <br>   <u> *December 31, 2025 (Unaudited)* </u>

#### Officers Who are Not Trustees
Information regarding our officers who are not trustees is as follows. The address for each officer is c/o Flat Rock Enhanced Income Fund, 680 S. Cache Street, Suite 100, P.O. Box 7403, Jackson, WY 83001, unless otherwise noted.

---

| | | |
|:---|:---|:---|
|  **Name and Year <br>of Birth** | **Position(s) Held with the <br>Fund; Term of Office and <br>Length of Time Served<sup>(1)</sup>**  | **Principal Occupation(s) During the Past 5 Years**  |
|  Ryan Ripp <br>(1987) | Chief Financial Officer, Treasurer and Secretary, Since Inception | Chief Financial Officer of Flat Rock Global, LLC, Flat Rock Core Income Fund and Flat Rock Opportunity Fund (Since 2021); Chief Compliance Officer of Flat Rock Global, LLC, Flat Rock Core Income Fund and Flat Rock Opportunity Fund (2021 to 2022); Consultant, Boston Consulting Group (2020 to 2021); Associate, McKinsey & Company (2017 to 2020); Senior Associate, Equity Research, Citi (2014 to 2016)  |
|  Shiloh Bates <br>(1974) | Chief Investment Officer, Since Inception | Managing Director of Flat Rock Global (since 2018); Chief Investment Officer of Flat Rock Opportunity Fund (since 2018); Managing Director, Benefit Street Partners (2016 to 2018); Managing Director, BDCA Adviser (2012 to 2016).  |
|  Andy Chica <br>(1975)<br>P.O. Box 847<br>Morrisville, NC<br>27560 | Chief Compliance Officer, Since Inception | Chief Compliance Officer of Flat Rock Opportunity Fund, Flat Rock Core Income Fund and Flat Rock Global, LLC (since 2022); Principal, NexTier Solutions (since 2022); Chief Compliance Officer and Compliance Director, Cipperman Compliance Services, LLC (2019 to 2022); Chief Compliance Officer, Hatteras Funds (2007 to 2019). |

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*<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Officers are typically elected every year, unless an officer earlier retires, resigns or is removed from office.*

 <br> <u> Annual Report \| December 31, 2025 </u> <u> 37 </u>

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#### Must be accompanied or preceded by a Prospectus. Ultimus Fund Distributors, LLC is the Distributor for the Flat Rock Enhanced Income Fund.

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(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable to Registrant.

#### Item 2. Code of Ethics.
The Registrant, as of the end of the period covered by this report on Form N-CSR, has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or any persons performing similar functions on behalf of the Registrant. During the period covered by this report, no amendments were made to the provisions of the code of ethics and no implicit or explicit waivers of the provisions of the code of ethics were granted. The Registrant's code of ethics, as adopted on May 23, 2023, is attached as an exhibit to this report.

#### Item 3. Audit Committee Financial Expert.
The Board of Trustees of the Registrant has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Board of Trustees has designated Mr. Marshall H. Durston as the Fund's "audit committee financial expert," as defined in the instructions to Item 3(a) of Form N-CSR, based on the Board of Trustees' review of his qualifications. Mr. Durston is "independent" as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit Fees</u>: For the Registrant's fiscal year ended December 31, 2024 and December 31, 2025, the aggregate fees billed for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements was $130,000 and $152,500, respectively.

(b)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit-Related Fees</u>: For the Registrant's fiscal year ended December 31, 2024 and December 31, 2025, the aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's annual financial statements and are not reported under paragraph (a) of this Item was $0 and $0, respectively.

(c)&nbsp;&nbsp;&nbsp;&nbsp; <u>Tax Fees</u>: For the Registrant's fiscal year ended December 31, 2024 and December 31, 2025, the aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning was $11,500 and $12,500, respectively. The tax fees for fiscal year 2024 and 2025 are related to dividend calculation, excise tax preparation and tax return preparation.

(d)&nbsp;&nbsp;&nbsp;&nbsp; <u>All Other Fees</u>: For the Registrant's fiscal year ended December 31, 2024 and December 31, 2025, the aggregate fees billed by the principal accountant for services other than the services reported in paragraphs (a) through (c) of this item was $0 and $0, respectively.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>: All services to be performed by the Registrant's principal accountant must be pre-approved by the Registrant's audit committee.

(e)(2) No services described in paragraphs (b) through (d) were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

(g)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees billed by the Registrant's principal accountant for services rendered to the Registrant and the Registrant's investment adviser for the fiscal year ended December 31, 2024 and December 31, 2025 was $0 and $0, respectively.

(h)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

#### Item 5. Audit Committee of Listed Companies.
(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

------

#### Item 6. Investments.
(a)&nbsp;&nbsp;&nbsp;&nbsp; The Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this report.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed**-End **Management Investment Companies.**

Flat Rock Enhanced Income Fund, a Delaware statutory trust (the "***Fund***"), has delegated its proxy voting responsibility to its investment adviser, Flat Rock Global, LLC (the "***Adviser***"). The Proxy Voting Policies and Procedures of the Adviser are set forth below. The guidelines are reviewed periodically by the Adviser and the Fund's non-interested trustees and, accordingly, are subject to change.

#### Introduction
As an investment adviser registered under the Investment Advisers Act of 1940, as amended (the "***Advisers Act***"), the Adviser has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, the Adviser recognizes that it must vote client securities in a timely manner free of conflicts of interest and in the best interests of its clients.

These policies and procedures for voting proxies for the investment advisory clients of the Adviser are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

#### Proxy Policies
The Adviser will vote proxies relating to the Fund's portfolio securities in the best interest of its clients' shareholders. The Adviser will review on a case-by-case basis each proposal submitted for a shareholder vote to determine its impact on the portfolio securities held by each of its clients. Although the Adviser will generally vote against proposals that may have a negative impact on its clients' portfolio securities, it may vote for such a proposal if there exists compelling long-term reasons to do so.

The proxy voting decisions of the Adviser are made by the senior officers who are responsible for monitoring each of its clients' investments. To ensure that its vote is not the product of a conflict of interest, the Adviser requires that: (i) anyone involved in the decision-making process disclose to the Adviser's Chief Compliance Officer any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (ii) employees involved in the decision-making process or vote administration are prohibited from revealing how the Adviser intends to vote on a proposal in order to reduce any attempted influence from interested parties.

------

#### Proxy Voting Records
You may obtain information, without charge, regarding how the Adviser voted proxies with respect to the Fund's portfolio securities by making a written request for proxy voting information to: Chief Compliance Officer, Flat Rock Enhanced Income Fund, 680 S Cache Street, Suite 100, P.O. Box 7403, Jackson, WY 83001.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
(a)(1) Registrant's Portfolio Managers as of December 31, 2025 are:

---

| | | | |
|:---|:---|:---|:---|
|  **Name** | **Title** | **Length of <br>Service** | **Business Experience 5 Years** |
|  Robert K. Grunewald | Portfolio Manager | Since January 2023 | President and Chief Executive Officer of Flat Rock Enhanced Income Fund (since 2022); President and Chief Executive Officer of Flat Rock Core Income Fund (since 2020); President and Chief Executive Officer of Flat Rock Opportunity Fund (since 2018); President and Chief Executive Officer of Flat Rock Capital Corp. (2017 to 2020); Chief Executive Officer of Flat Rock Global (since 2016); President and Chief Investment Officer of Business Development Corp. of America (BDCA) (2011 to 2015). |
|  Shiloh Bates | Portfolio Manager | Since January 2023 | Chief Investment Officer of Flat Rock Enhanced Income Fund (since 2022); Managing Director of Flat Rock Global (since 2018); Chief Investment Officer of Flat Rock Opportunity Fund (since 2018); Managing Director, Benefit Street Partners (2016 to 2018); Managing Director, BDCA Adviser (2012 to 2016). |

---

(a)(2) Other accounts managed by the Registrant's Portfolio Managers as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Name |  | Other Accounts Managed | Other Accounts Managed | Other Accounts for which<br>Advisory Fee is Based on<br>Performance | Other Accounts for which<br>Advisory Fee is Based on<br>Performance |
|  Name | Account Type | Number of<br>Accounts | Total Assets | Number of<br>Accounts | Total Assets |
|  Robert K. Grunewald | Registered Investment Companies | 2 | $854M | 0 | $0 |
|  | Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
|  | Other Accounts | 0 | $0 | 0 | $0 |
|  Shiloh Bates | Registered Investment Companies | 2 | $854M | 0 | $0 |
|  | Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
|  | Other Accounts | 0 | $0 | 0 | $0 |

---

We have entered into an Investment Advisory Agreement with the Adviser. Certain of the executive officers, directors/trustees and finance professionals of the Adviser who perform services for us on behalf of the Adviser may also serve as officers, directors/trustees, managers, and/or key professionals of affiliates of the Adviser, including Flat Rock Opportunity Fund and Flat Rock Core Income Fund. Further, the Adviser and certain of its affiliates are currently, and plan in the future to continue to be, involved with activities which are unrelated to us. As a result of these activities, the Adviser, its personnel and certain of its affiliates will have conflicts of interest in allocating management time, investment opportunities, services and functions among us and any other business ventures in which they or any of their key personnel, as applicable, are or may become involved. This could result in actions that are more favorable to other affiliated entities than to us.

However, the Adviser has policies and procedures in place designed to manage the conflicts of interest between the Adviser's fiduciary obligations to us and its similar obligations to other clients. Such policies and procedures are designed to ensure that investment opportunities are allocated on an alternating basis that is fair and equitable among us and the Adviser's other clients.

------

(a)(3) Portfolio Manager compensation as of December 31, 2025:

Mr. Bates is a Portfolio Manager of the Fund. Mr. Bates holds an equity ownership interest in the Adviser and his compensation is determined by the Adviser's compensation committee. His compensation includes a fixed salary in an amount subject to periodic review; an annual variable discretionary bonus based on the profitability of the Adviser and the performance of the Fund, including consideration of portfolio performance relative to any benchmark, fee waiver, total assets under management and revenues.

Mr. Grunewald is a Portfolio Manager of the Fund. Mr. Grunewald holds an equity ownership interest in the Adviser and his compensation is determined by the Adviser's compensation committee. His compensation includes a fixed salary in an amount subject to periodic review; an annual variable discretionary bonus based on the profitability of the Adviser and the performance of the Fund, including consideration of portfolio performance relative to any benchmark, fee waiver, total assets under management and revenues.

(a)(4) Dollar range of securities owned by the Registrant's Portfolio Managers as of December 31, 2025:

---

| | |
|:---|:---|
|  **Name of Portfolio Manager** | **Dollar Range of Equity Securities in the Fund**<sup>(1)(2)(3)</sup> |
|  Robert K. Grunewald | $100001 - $500000 |
|  Shiloh Bates |  |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp; Dollar ranges are as follows: None, $1 - $10,000, $10,001 - $50,000, $50,001 - $100,000, $100,001 - $500,000, $500,001 - $1,000,000 or over $1,000,000

(2)&nbsp;&nbsp;&nbsp;&nbsp; Beneficial ownership has been determined in accordance with Rule 16a-1(a)(2) under the Exchange Act (17 CFR 240.16a-1(a)(2)).

(3)&nbsp;&nbsp;&nbsp;&nbsp; The dollar range of equity beneficially owned is based on the closing price of $21.88 per share on December 31, 2025.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

#### Item 16. Controls and Procedures.
(a)&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)&nbsp;&nbsp;&nbsp;&nbsp; No changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Investment Companies.
Not applicable.

------

#### Item 18. Recovery of Erroneously Awarded Compensation.
None.

#### Item 19. Exhibits.
(a) File the exhibits listed below as part of this Form.

(1) [The code of ethics that applies to the registrant's principal executive officer and principal financial officer is attached hereto as Exhibit 19(a)(1).](ea0272771-01_ex99codeeth.htm)

(2) None.

(3) [The certifications required by Rule 30a -2 (a) under the 1940 Act, as amended, are attached hereto as EX99.Cert.](ea0272771-01_ex99cert.htm)

(4) Not applicable.

(5) Not applicable.

(b) [The certifications by the Registrant's principal executive officer and principal financial officer, as required by Rule 30a -2 (b) under the 1940 Act and Section 906 of the Sarbanes -Oxley Act of 2002 are attached hereto as Ex99.906Cert.](ea0272771-01_ex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Flat Rock Enhanced Income Fund

---

| | |
|:---|:---|
|  By | /s/ Robert K. Grunewald |
|  | Robert K. Grunewald<br> President and Chief Executive Officer <br>(Principal Executive Officer) |

---

<u> Date </u>   <u> 3/5/2026 </u>    

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  By | /s/ Robert K. Grunewald |
|  | Robert K. Grunewald<br> President and Chief Executive Officer <br>(Principal Executive Officer) |

---

<u> Date </u>   <u> 3/5/2026 </u>    

---

| | |
|:---|:---|
|  By | /s/ Ryan Ripp |
|  | Ryan Ripp<br> Chief Financial Officer<br> (Principal Financial Officer) |

---

<u> Date </u>   <u> 3/5/2026 </u>    

------

## Ex-99.Code

**Exhibit 99.CODEETH**

**FLAT ROCK ENHANCED INCOME FUND**

**CODE OF BUSINESS CONDUCT AND ETHICS**

**May 23, 2023**

**<u>**TABLE OF CONTENTS**</u>**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **<u>Page</u>** |
| I. | INTRODUCTION | INTRODUCTION | 1 |
| II. | PURPOSE OF THis CODE | PURPOSE OF THis CODE | 1 |
| III. | CODE OF ETHICS | CODE OF ETHICS | 2 |
|  | A. | Scope of this Code of Ethics | 2 |
|  | B. | Definitions | 2 |
|  | C. | Standards of conduct | 4 |
|  | D. | DISCLOSURE STANDARDS | 4 |
|  | E. | Prohibited Transactions | 5 |
|  | F. | Management of the Restricted List | 6 |
| IV. | STATEMENT ON THE PROHIBITION OF INSIDER TRADING | STATEMENT ON THE PROHIBITION OF INSIDER TRADING | 6 |
|  | A. | Summary of the Fund's Business Activities | 6 |
|  | B. | Background | 6 |
|  | C. | Policy | 7 |
|  | D. | Who is an Insider? | 7 |
|  | E. | What is Material Information? | 8 |
|  | F. | What is Non-public Information? | 8 |
|  | G. | Basis for Liability | 8 |
|  | H. | Penalties for Insider Trading | 9 |
|  | I. | Controlling the Flow of Sensitive Information | 9 |
| V. | Procedures to Implement this Code of Ethics | Procedures to Implement this Code of Ethics | 10 |
|  | A. | Reporting Requirements | 11 |
|  | B. | Pre-Clearance Reports | 11 |
|  | C. | Initial Holdings Reports | 11 |
|  | D. | Quarterly Transaction Reports | 11 |
|  | E. | Annual Holdings Reports | 12 |
|  | F. | Annual Certification of Compliance | 12 |
| VI. | ADMINISTRATION OF THIS CODE OF ETHICS | ADMINISTRATION OF THIS CODE OF ETHICS | 12 |
|  | A. | Sanctions For Code Violations | 13 |
|  | B. | Application/Waivers | 13 |
|  | C. | Records | 13 |
|  | D. | Revisions and Amendments | 14 |

---

---

| | |
|:---|:---|
| Appendix A – Acknowledgment Regarding Code of Business Conduct and Ethics | A-1 |
| Appendix B – Pre-Clearance Form | B-1 |
| Appendix C – Initial Holdings Report | C-1 |
| Appendix D – Quarterly Transaction Report | D-1 |
| Appendix E – Annual Holdings Report | E-1 |

---

i

**CODE OF BUSINESS CONDUCT AND ETHICS** 

I. INTRODUCTION

Ethics are important to Flat Rock Enhanced Income Fund (the "***Fund***") and to its management. The Fund is committed to the highest ethical standards and to conducting its business with the highest level of integrity.

All officers, trustees and other personnel of the Fund and the Fund's investment adviser, Flat Rock Global, LLC (the "***Adviser***" or "***Flat Rock Global***"), are responsible for maintaining this level of integrity and for complying with the policies contained in this Code of Business Conduct and Ethics and the Statement on the Prohibition of Insider Trading (this "***Code***"). If you have a question or concern about what is proper conduct for you or anyone else, please contact the Fund's Chief Compliance Officer or any member of the Fund's management, or follow the procedures outlined in applicable sections of this Code.

The Fund is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "***1940 Act***"), as a continuously offered, non-diversified, closed-end management investment company that is operated as an interval fund.

This Code has been adopted by the board of trustees of the Fund (the "***Board***") in accordance with Rule 17j-l(c) under the 1940 Act, Item 406 of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***") and the May 9, 1994 Report of the Advisory Group on Personal Investing by the Investment Company Institute (the "***Report***"). Rule 17j-l generally describes fraudulent or manipulative practices with respect to purchases or sales of securities held or to be acquired by closed-end investment companies if effected by access persons of such a company.

II. PURPOSE OF THis CODE

This Code is intended to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• help you recognize ethical issues and conflicts of interest and take the appropriate steps to resolve
these issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deter ethical violations to avoid any abuse of position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund
files, or submits to the Securities and Exchange Commission ("  ***SEC***") and other public communications made by
the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain confidentiality of the Fund's business activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assist you in complying with applicable securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assist you in reporting any unethical or illegal conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reaffirm and promote the Fund's commitment to a corporate culture that values honesty, integrity
and accountability.

Further, it is the policy of the Fund that no affiliated person of the Fund shall, in connection with the purchase or sale, directly or indirectly, by such person of any security held or to be acquired by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any untrue statement of a material fact or omit to state to the Fund a material fact in order to
make the statement made, in light of the circumstances under which it is made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any manipulative practices with respect to the Fund's business activities.

All employees, as a condition of employment or continued employment, will acknowledge annually, in writing, that they have received a copy of this Code, read it, and understand that this Code contains the Fund's expectations regarding their conduct.

III. CODE OF ETHICS

The persons specified in the following discussion will be subject to the provisions of this Code of Ethics (this "***Code of Ethics***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Scope of this Code of Ethics</u> 

In order to prevent the Fund's Access Persons (as defined below) from engaging in any of these prohibited acts, practices or courses of business, the Board has adopted this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>DEFINITIONS</u> 

In addition to terms expressly defined elsewhere herein, the following words shall have the following meanings as used in this Code of Ethics:

**Access Person**. "Access Person" means any trustee, director, officer (including all SOX Officers, as defined below), partner, employee or Advisory Person (as defined below) of the Fund or Flat Rock Global; provided, however, that the term "Access Person" will not include an Independent Trustee (as defined below) or any person who is subject to a separate code of ethics, provided that such code of ethics is compliant with Rule 17j-1.

**Advisory Person**. "Advisory Person" means: (i) any trustee, director, officer or employee of the Fund or Flat Rock Global or of any company in a control relationship to the Fund or Flat Rock Global, who, in connection with his or her regular duties, makes, participates in or obtains information regarding the purchase or sale of a Covered Security (as defined below) by the Fund or Flat Rock Global, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) any natural person in a control relationship to the Fund or Flat Rock Global who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of a Covered Security. An Advisory Person shall not include an Independent Trustee.

**Automatic Investment Plan**. "Automatic Investment Plan" refers to any program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including a distribution reinvestment plan.

**Beneficial Interest**. "Beneficial Interest" includes any entity, person, trust or account with respect to which an Access Person exercises investment discretion or provides investment advice. A beneficial interest shall be presumed to include all accounts in the name of or for the benefit of the Access Person, his or her spouse, dependent children or any person living with him or her or to whom he or she contributed economic support.

**Beneficial Ownership**. "Beneficial Ownership" shall be determined in accordance with Rule 16a-1(a)(2) under the Exchange Act, except that the determination of direct or indirect Beneficial Ownership shall apply to all securities, and not just equity securities, that an Access Person has or acquires. Rule 16a-1(a)(2) provides that the term "beneficial owner" means any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in any equity security. Therefore, an Access Person may be deemed to have Beneficial Ownership of securities held by members of his or her immediate family sharing the same household, or by certain partnerships, trusts, corporations or other arrangements.

**Blackout Period.** "Blackout Period" means that timeframe in which the Fund or Flat Rock Global or an Access Person, or Independent Trustee with knowledge of the Fund's or Flat Rock Global's trading activity, may not engage in trading in an issue, or its related securities, appearing on the Fund's or Flat Rock Global's Restricted List as described below.

**Control**. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

**Covered Security**. "Covered Security" means a security as defined in Section 2(a)(36) of the 1940 Act and that it is eligible for purchase by the Fund or Flat Rock Global under its investment objectives, policies and restrictions. A security that is otherwise a "Covered Security" under this definition is excluded therefrom, however, if it falls into one of the following categories: (i) direct obligations of the government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments including repurchase agreements; and (iii) shares issued by registered open-end investment companies (i.e., mutual funds or exchange traded funds).

**Independent Trustee**. "Independent Trustee" means a trustee of the Fund or director of Flat Rock Global who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

**Initial Public Offering**. "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933, as amended (the "***Securities Act***"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

**Limited Offering**. "Limited Offering" means an offering that is exempt from registration under the Securities Act pursuant to Section 4(a)(2) or Section 4(6) or pursuant to Rule 504, Rule 505 or Rule 506 of the Securities Act.

**Purchase or Sale of a Covered Security**. "Purchase or Sale of a Covered Security" is broad and includes, among other things, the writing of an option to purchase or sell a Covered Security, or the use of a derivative product to take a position in a Covered Security.

**Restricted List.** "Restricted List" means the list that identifies those securities which the Fund, Flat Rock Global or their Access Persons may not trade due to some restriction under the securities laws whereby the Fund, Flat Rock Global or their Access Persons may be deemed to possess material nonpublic information (as it is described within the Insider Trading Policy Statement) about the issuer of such securities.

**SOX Officer.** SOX Officer means the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer.

**Supervised Person**. A "Supervised Person" means any partner, officer, trustee, director (or other person occupying a similar status or performing similar functions) or employee of any entity that provides investment advice on behalf of the Fund or Flat Rock Global and is subject to the supervision and control of the Fund or Flat Rock Global; provided, however, that Supervised Person shall not include Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Standards of conduct</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No Access Person, Supervised Person or Independent Trustee shall engage, directly or indirectly, in any business transaction or arrangement for personal profit that is not in the best interests of the Fund or its stockholders or Flat Rock Global; nor shall he or she make use of any confidential information gained by reason of his or her employment by or affiliation with the Fund, Flat Rock Global, or any of their affiliates, in order to derive a personal profit for himself or herself or for any Beneficial Interest, in violation of the fiduciary duty owed to the Fund and its stockholders and to Flat Rock Global.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any Access Person recommending or authorizing the purchase or sale of a Covered Security by the Fund or Flat Rock Global shall, at the time of such recommendation or authorization, disclose any Beneficial Interest in, or Beneficial Ownership of, such Covered Security or the issuer thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No Access Person, Supervised Person or Independent Trustee shall dispense any information concerning securities holdings or securities transactions of the Fund or Flat Rock Global to anyone outside the Fund or Flat Rock Global without obtaining prior written approval from the Chief Compliance Officer, or such person or persons as these individuals may designate to act on their behalf. Notwithstanding the preceding sentence, such Access Person may dispense such information without obtaining prior written approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when there is a public report containing the same information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when such information is dispensed in accordance with compliance procedures established to prevent conflicts
of interest between the Fund, Flat Rock Global and their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when such information is reported to trustees of the Fund or Flat Rock Global; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the ordinary course of his or her duties on behalf of the Fund or Flat Rock Global.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All personal securities transactions should be conducted consistent with this Code of Ethics and the Insider Trading Policy Statement and in such manner as to avoid actual or potential conflicts of interest, the appearance of a conflict of interest, or any abuse of an individual's position of trust and responsibility within the Fund and Flat Rock Global.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Flat Rock Global owes the Fund a duty of undivided loyalty. As an investment adviser, Flat Rock Global has a fiduciary responsibility to the Fund. The Fund's interests must always be placed first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>DISCLOSURE STANDARDS</u> 

Each SOX Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be familiar with the disclosure requirements generally applicable to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within
or outside the Fund, including to the Fund's directors or managers and auditors, and to governmental regulators and self-regulatory
organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent appropriate within such officer's area of responsibility, consult with other officers
and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the
reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>prohibited transactions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **General Prohibition**. No Access Person shall execute a personal securities transaction (directly or indirectly) in any Covered Security (including any security issued by the issuer of such Covered Security) unless such Access Person shall have obtained prior written approval for such transaction from the Fund's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Securities Appearing on the Portfolio and Pipeline Reports and Restricted List**. The holdings of the Fund are detailed in a portfolio report (the "***Portfolio Report***") that will be distributed weekly, if not more frequently, to all Access Persons. Access Persons will also receive, as frequently as necessary, the names of those entities that are being considered for investment by the Fund in a pipeline report (the "***Pipeline Report***"). Access Persons are required to review these reports shortly after their distribution and review the Restricted List on a periodic basis. These reports will indicate if there are publicly available securities associated with each holding. Transactions in such publicly available securities are subject to the pre-approval requirements noted above in Section 1. An Access Person who becomes aware that the Fund is considering the purchase or sale of any Covered Security, via a Pipeline Report or otherwise, must immediately notify the Chief Compliance Officer of any interest that such Access Person may have in any outstanding Covered Security (including any security issued by the issuer of such Covered Security). An Access Person shall similarly notify the Fund's Chief Compliance Officer of any other interest or connection that such Access Person might have in or with such issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Securities Associated with Affiliated and Related Party Transactions**. Access Persons will be advised of portfolio holdings as well as situations where the Fund may engage in other transactions creating affiliated or relationships with other parties. Typically, securities issued by such affiliated or otherwise related parties will be included on the Fund's Restricted List. However, should an Access Person have a question about investing in any security that might have a tangential relationship to the Fund or its Portfolio, the Access person should seek the guidance of the Chief Compliance Officer prior to engaging in a securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Initial Public Offerings and Limited Offerings**. Access Persons of the Fund must obtain approval from the Fund's Chief Compliance Officer before directly or indirectly acquiring Beneficial Ownership in any securities in an Initial Public Offering or in a Limited Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Fund Acquisition of Shares in Companies that Access Persons Hold Through Limited Offerings**. Access Persons who have been authorized to acquire securities in a Limited Offering must disclose that investment to the Fund's Chief Compliance Officer when they are involved in the Fund's subsequent consideration of an investment in the issuer, and the Fund's decision to purchase such securities must be independently reviewed by investment personnel with no personal interest in that issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>MANAGEMENT OF THE RESTRICTED LIST</u> 

The Fund's Chief Compliance Officer will manage placing and removing names from the Restricted List. Should an Access Person learn of material non-public information concerning the issuer of any security that information must be provided to the Fund's Chief Compliance Officer so that the issuer can be included on the Restricted List. The Fund's Chief Compliance Officer will note the nature of the information learned, the time the information was learned and the other persons in possession of this information. The Fund's Chief Compliance Officer will maintain this information in a log. Upon the receipt of such information, the Chief Compliance Officer will revise and circulate the Restricted List to all Access Persons. Flat Rock Global is directed to advise the Fund when it has obtained information causing Flat Rock Global to be restricted from trading in the securities of any entities being considered for investment in the Fund's portfolio. The contents of the Restricted List are highly confidential and must not be disclosed to any person or entity outside of the Fund absent approval of the Fund's Chief Compliance Officer.

IV. STATEMENT ON THE PROHIBITION OF INSIDER TRADING

Failure by you to recognize the importance of safeguarding information and using information appropriately is greatly detrimental both to your and to the Fund's future. The information provided below should provide a useful guide about what constitutes insider trading and material inside information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Summary of the Fund's Business Activities</u> 

The Fund is a newly organized Delaware statutory trust registered under the 1940 Act as a continuously offered, non-diversified, closed-end management investment company that is operated as an interval fund. The Fund expects to invest primarily in the equity and, to a lesser extent, in the junior debt tranches of collateralized loan obligations ("***CLOs***") that own a pool of senior secured loans made to companies whose debt is rated below investment grade or, in limited circumstances, unrated ("***Senior Secured Loans***"). The Fund may, to a lesser extent, invest in (i) debt and equity securities issued by business development companies, (ii) Senior Secured Loans directly, (iii) fixed income securities and (iv) investment funds that provide exposure to Senior Secured Loans and fixed income securities.

In the course of its business activities, the Fund may receive access to information that is not already in the public domain. For example, certain data sources may make information available to the Fund that has not been fully disseminated in the marketplace. If this situation arises and the Fund has an opportunity to opt to receive the information, the Access Person that encounters this situation will raise the situation with his or her supervisors and the Fund's Chief Compliance Officer to decide whether to opt to receive the information or decline to receive the information. If the decision is made to receive the information, the Fund's Chief Compliance Officer will update the Restricted List as it is discussed in this Code of Ethics.

In the unlikely event that you come into possession of information that is not publicly available, either through your work with the Fund or outside of the workplace, you will be required to adhere to this Statement on the Prohibition of Insider Trading (this "***Statement***") as described in the following pages. You will also be subject to certain reporting requirements in connection with complying with this Code of Ethics beginning with the requirement to notify the Fund's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Background</u> 

The securities laws and the rules and regulations of the self-regulatory organizations are designed to ensure that the securities markets are fair and honest, that material information regarding a company is publicly available, and that a security's price and volume are determined by the free interplay of economic forces. The anti-fraud rules of the federal securities laws prohibit, in connection with the purchase or sale of a security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making an untrue statement of a material fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• omitting to state a material fact necessary to make the statements made not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaging in acts, practices or courses of business which would be fraudulent or deceptive.

Violation of these provisions is a crime that may result in imprisonment and can have other very serious repercussions for both the Fund and the employee. Violators may be censured by the government or self-regulatory organizations, suspended, barred from the securities business or fined. In addition, violations may result in liability under the federal securities laws, including the Insider Trading Sanctions Act of 1984 and the Insider Trading and Securities Fraud Enforcement Act of 1988. The Fund's actions with respect to any violations will be swift and forceful, since it is the victim of any such abuse.

A violation of the Fund's policies and procedures regarding confidential information or the use thereof and disclosure may result in dismissal, suspension without pay, loss of pay or bonus, loss of severance benefits, demotion or other sanctions, whether or not the violation of the Fund's policy or procedure also constituted a violation of law. Trading while in possession of or tipping on the basis of non-public information could also result in civil or criminal liability which could lead to imprisonment, fines and/or a requirement of disgorgement of any profits realized and, as a result of the violation, to an injunction prohibiting the violator from being employed in the securities industry. The Fund may initiate or cooperate in proceedings resulting in such penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Policy</u> 

No person to whom this Statement applies, including officers, trustee, directors or employees of the Fund and Flat Rock Global, may trade, either personally or on behalf of others, while in possession of material non-public information, nor may any officer, trustee, director or employee communicate material non-public information to others in violation of the law. This conduct is referred to as "insider trading." Any questions regarding this policy and procedure should be directed to the Fund's Chief Compliance Officer.

While the law concerning insider trading is not rigid, it generally is understood to prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading by an insider while in possession of material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading by a non-insider while in possession of material non-public information where the information
either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• communicating material non-public information to others.

The elements of a claim for insider trading and the penalties for unlawful conduct are described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Who is an Insider?</u> 

The concept of an "insider" is broad and includes officers, trustees and employees of a fund. In addition, a person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a fund's affairs and, as a result, is given access to information solely for the fund's purposes. A temporary insider can include, by way of example, attorneys, accountants, consultants, bank lending officers and employees of such organizations. According to the U.S. Supreme Court, a fund must expect the outsider to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the outsider will be considered an insider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>What is Material Information?</u> 

Trading on non-public information is not a basis for liability unless the non-public information is material. Information generally is considered "material" if (i) there is a substantial likelihood that a reasonable investor would consider the non-public information important in making an investment decision, or (ii) the non-public information is reasonably certain to have a substantial effect on the price of a fund's securities. Non-public information that should be considered material includes, but is not limited to: dividend changes; earnings estimates not previously disseminated; material changes in previously released earnings estimates; significant merger or acquisition proposals or agreements; major litigation; liquidation problems; and extraordinary management developments.

Material information does not have to relate to a fund's business. For example, in <u>Carpenter v. United States</u> 108 S. Ct. 316 (1987), the U.S. Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a Wall Street Journal reporter was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Wall Street Journal and whether or not those reports would be favorable.

Any questions that you may have as to whether information is material must be addressed with the Fund's Chief Compliance Officer before acting in any way on such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>What is Non-public Information?</u> 

Information is non-public until it has been effectively communicated to the marketplace. One must be able to point to some fact to show that the information is public. For example, information found in a report filed with the SEC, or appearing in Reuters, Bloomberg or a Dow Jones publication or in any other publication of general circulation would generally be considered "public." In certain instances, information disseminated to certain segments of the investment community may be deemed "public" (e.g., research communicated through institutional information dissemination services such as First Call). The fact that information has been disclosed to a few members of the public does not make it public for insider trading purposes. To be "public," the information must have been disseminated in a manner designed to reach investors generally, and the investors must be given the opportunity to absorb the information. Even after public disclosure of information, you must wait until the close of business on the second trading day after the information was publicly disclosed before you can treat the information as public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Basis for Liability</u> 

Described below are circumstances under which a person or entity may be deemed to have traded on inside information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Fiduciary Duty Theory</u>. In 1980, the U.S. Supreme Court found that there is no general duty to disclose before trading on material non-public information, but that such a duty arises where there is a fiduciary relationship between the parties to the transaction. In such case, one party has a right to expect that the other party will not disclose any material non-public information and will refrain from trading. <u>Chiarella v. U.S.</u>, 445 U.S. 22 (1980).

Insiders such as employees of an issuer are ordinarily considered to have a fiduciary duty to the issuer and its shareholders. In <u>Dirks v. SEC</u>, 463 U.S. 646 (1983), the U.S. Supreme Court stated alternative theories by which such fiduciary duties are imposed on non-insiders: (1) they can enter into a confidential relationship with the fund (e.g. attorneys and accountants, etc.) ("temporary insiders"); or (2) they can acquire a fiduciary duty to the fund's shareholders as "tippees" if they are aware or should have been aware that they have been given confidential information by an insider or temporary insider who has violated his or her fiduciary duty to the fund's shareholders.

In the "tippee" situation, a breach of duty occurs only if the insider or temporary insider personally benefits, directly or indirectly, from the disclosure. The benefit does not have to be of a financial nature, but can be a gift, a reputational benefit that will translate into future earnings, or even evidence of a relationship that suggests a quid pro quo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Misappropriation Theory</u>. Another basis for insider trading liability is the "misappropriation" theory, where liability is established when trading occurs on material non-public information that was stolen or misappropriated from another person. In <u>Carpenter v. United States</u>, the U.S. Supreme Court found that a columnist defrauded The Wall Street Journal by communicating information prior to its publication to another person who used the information to trade in the securities markets. It should be noted that the misappropriation theory can be used to reach a variety of individuals not previously thought to be encompassed under the fiduciary duty theory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Penalties for Insider Trading</u> 

Penalties for trading on or communicating material non-public information are severe, both for individuals involved in such conduct and their employers. A person can be subject to some or all of the penalties below even if he or she does not personally benefit from the violation. Penalties include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• jail sentences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil injunction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• treble damages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disgorgement of profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fines for the person who committed the violation of up to three times the profit gained or loss avoided,
whether or not the person actually benefited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fines for the employer or other controlling person of up to the greater of $1,000,000 or three times the
amount of the profit gained or loss avoided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Controlling the Flow of Sensitive Information</u> 

The following procedures have been established to assist the officers, trustees and employees of the Fund in controlling the flow of sensitive information so as to avoid the possibility of trading on material non-public information either on behalf of the Fund or for themselves and to assist the Fund and its supervisory personnel in surveilling for, and otherwise preventing and detecting, insider trading. Every officer, trustee and employee of the Fund must follow these procedures or risk serious sanctions by one or more regulatory authorities and/or the Fund, including dismissal, substantial personal liability and criminal penalties. If you have any questions about these procedures you should consult the Fund's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Identifying Inside Information</u>. Before trading for yourself or others in the securities of a fund about which you have what you believe to be inside information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the information non-public? To whom has this information been provided? Has the information been effectively
communicated to the marketplace? To what extent, for how long, and by what means has the information been disseminated? If information
is non-public, it normally may not be used in connection with effecting securities transactions; however, if you have any doubts whatsoever
as to whether the information is non-public, you must ask the Fund's Chief Compliance Officer prior to trading on, or communicating
(except in accordance with the procedures and requirements herein) such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the information material? Is this information that an investor would consider important in making his
or her investment decision? Is this information that would substantially affect the market price of the securities if generally disclosed?

If, after consideration of the above, you believe that the information may be material and non-public, or if you have questions in that regard, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report the matter immediately to the Fund's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not purchase or sell the securities on behalf of yourself or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not communicate the information inside or outside of the Fund, other than to the Fund's Chief
Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After the Fund's Chief Compliance Officer has reviewed the issue, you will be instructed to continue
the prohibitions against trading and communication, or you will be allowed to communicate the information and then trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Restricting Access to Material Non-public Information</u>. Information in your possession that you identify as material and non-public may not be communicated to anyone, except as provided in paragraph 1 above. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed and access to computer files containing material non-public information should be restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Personal Security Trading</u>. All officers, trustees and employees must trade in accordance with the provisions of this Code of Ethics as well as this Statement in order to assist the Fund with monitoring for violations of the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Restricted List</u>. As defined in this Code of Ethics, the Fund's Chief Compliance Officer will maintain a Restricted List. Disclosure outside of the Fund as to what issuers and/or securities are on the Restricted List could therefore constitute tipping and is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Supervision/Investigation</u>. Should the Fund's Chief Compliance Officer learn that a violation of this Statement is suspected, the Fund's Chief Compliance Officer shall alert the Chief Executive Officer of the Fund. Together, these parties will determine who should conduct further investigation, if they determine an investigation is necessary.

V. Procedures to Implement this Code of Ethics

The following reporting procedures have been established to assist Access Persons in avoiding a violation of this Code of Ethics, and to assist the Fund in preventing, detecting and imposing sanctions for violations of this Code of Ethics. Every Access Person must follow these procedures. Questions regarding these procedures should be directed to the Fund's Chief Compliance Officer.

All Access Persons are subject to the reporting requirements set forth in the next section, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to transactions effected for, and Covered Securities (including any security issued by the
issuer of such Covered Security) held in, any account over which the Access Person has no direct or indirect influence or control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Reporting Requirements</u> 

The Chief Compliance Officer shall furnish each employee with a copy of this Code of Ethics along with any amendments, upon commencement of employment and annually thereafter.

Each Supervised Person is required to certify, through a written acknowledgment, within 10 days of commencement of employment, that he or she has received, read and understands all aspects of this Code of Ethics and recognizes that he or she is subject to the provisions and principles detailed herein. In addition, the Fund's Chief Compliance Officer shall notify each Access Person of his or her obligation to file an initial holdings report, quarterly transaction reports, and annual holdings reports, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Pre-Clearance Reports</u> 

Access Persons of the Fund must obtain approval from the Fund's Chief Compliance Officer prior to entering into a transaction in any Covered Securities, as well as Initial Public Offerings and Limited Offerings. The pre-clearance form shall include the name of the Access Person, the date, the name of the broker who will execute the transaction, the name of the security, quantity, whether the transaction is a purchase or sale, total anticipated dollar value and any pertinent instructions (for example, good until cancelled, limit, etc.). There will also be a line for approval or disapproval along with space for comments and the date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Initial Holdings Reports</u> 

Each Access Person must, no later than 10 days after the person becomes an Access Person, submit to the Fund's Chief Compliance Officer or other designated person a report of the Access Person's current securities holdings. The information provided must be current as of a date no more than 45 days prior to the date the person becomes an Access Person. The report must include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title and type of the security and, as applicable, the exchange ticker symbol or CUSIP number, the
number of shares held for each security, and the principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of any broker, dealer or bank with which the Access Person maintains an account in which any
securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Quarterly Transaction Reports</u> 

Each Access Person must, no later than 30 days after the end of each calendar quarter, submit to the Fund's Chief Compliance Officer or other designated person a report of the Access Person's transactions involving a Covered Security (including any security issued by the issuer of such Covered Security) in which the Access Person had, or as a result of the transaction acquired, any direct or indirect Beneficial Ownership. The report must cover all transactions occurring during the calendar quarter most recently ending. Independent Trustees must file such a report if such trustee knew or, in the ordinary course of fulfilling his or her official duties as a trustee of the Fund, should have known that during the 15-day period immediately preceding or after the date of the transaction in a Covered Security by the trustee such Covered Security is or was purchased or sold by the Fund or Flat Rock Global considered purchasing or selling such Covered Security. The report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title and, as applicable, the exchange ticker symbol or CUSIP number, of each reportable security
involved, the interest rate and maturity date of each reportable security involved, the number of shares of each reportable security involved,
and the principal amount of each reportable security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (i.e., purchase, sale or other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker, dealer or bank with or through which the transaction was effected, and the date
the account(s) were established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Annual Holdings Reports</u> 

Each Access Person must submit, to the Fund's Chief Compliance Officer or other designated person, an annual holdings report reflecting holdings as of a date no more than 45 days before the report is submitted. The annual holdings report must be submitted at least once every 12 months, on a date to be designated by the Fund. The Fund's Chief Compliance Officer will notify every Access Person of the date. Each report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title and, as applicable, the exchange ticker symbol or CUSIP number, of each reportable security
involved, the interest rate and maturity date of each reportable security involved, the number of shares of each reportable security involved,
and the principal amount of each reportable security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of any broker, dealer or bank with which the Access Person maintains an account in which any
securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Annual Certification of Compliance</u> 

All Access Persons must annually certify, through a written acknowledgment, to the Fund's Chief Compliance Officer that: (1) they have read, understood and agree to abide by this Code of Ethics; (2) they have complied with all applicable requirements of this Code of Ethics; and (3) they have reported all transactions and holdings that they are required to report under this Code of Ethics.

VI. ADMINISTRATION OF THIS CODE OF ETHICS

The Fund's Chief Compliance Officer has overall responsibility for administering this Code of Ethics and reporting on the administration of and compliance with this Code of Ethics and related matters to the Board and the Audit Committee of the Board (the "***Audit Committee***").

The Fund's Chief Compliance Officer shall review all reports to determine whether any transactions recorded therein constitute violations of this Code of Ethics. Before making any determination that a violation has been committed by a person subject to this Code of Ethics, such person shall be given an opportunity to supply additional explanatory material. The Fund's Chief Compliance Officer shall maintain copies of the reports as required by Rule 17j-1(f) under the 1940 Act.

No less frequently than annually the Fund's Chief Compliance Officer must furnish to the Board and Audit Committee, and the Board and/or Audit Committee must consider, a written report that describes any issues arising under this Code of Ethics or its procedures since the last report to the Board, including but not limited to, information about material violations of this Code of Ethics or its procedures and any sanctions imposed in response to material violations. This report should also certify that the Fund has adopted procedures reasonably designed to prevent persons subject to this Code of Ethics from violating this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>SANCTIONS FOR CODE VIOLATIONS</u> 

All violations of this Code of Ethics will result in appropriate corrective action, up to and including dismissal. If the violation involves potentially criminal activity, the individual or individuals in question will be reported, as warranted, to the appropriate authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>APPLICATION/WAIVERS</u> 

All the trustees, officers and employees of the Fund and Flat Rock Global are subject to this Code of Ethics.

Insofar as other policies or procedures of the Fund or Flat Rock Global govern or purport to govern the behavior or activities of all persons who are subject to this Code of Ethics, they are superseded by this Code of Ethics to the extent that they overlap or conflict with the provisions of this Code of Ethics.

Any amendment or waiver of this Code of Ethics for an executive officer or member of the Board must be made by the Board and disclosed on Form N-CSR filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>RECORDS</u> 

The Fund shall maintain records with respect to this Code of Ethics in the manner and to the extent set forth below, which records may be maintained on microfilm or electronic storage media under the conditions described in Rule 31a-2(f) under the 1940 Act and shall be available for examination by representatives of the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code of Ethics and any other code of ethics of the Fund that is, or at any time within the past five years has been, in effect shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A record of any violation of this Code of Ethics and of any action taken as a result of such violation shall be maintained in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of each report made by an Access Person or duplicate account statement received pursuant to this Code of Ethics, shall be maintained for a period of not less than five years from the end of the fiscal year in which it is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A record of all persons who are, or within the past five years have been, required to make reports pursuant to this Code of Ethics, or who are or were responsible for reviewing these reports, shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of each report made to the Board shall be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A record of any decision, and the reasons supporting the decision, to approve the direct or indirect acquisition by an Access Person of Beneficial Ownership in any securities in an Initial Public Offering or a Limited Offering shall be maintained for at least five years after the end of the fiscal year in which the approval is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>REVISIONS AND AMENDMENTS</u> 

This Code of Ethics may be revised, changed or amended at any time by the Board. Following any material revisions or updates, an updated version of this Code of Ethics will be distributed to you, and will supersede the prior version of this Code of Ethics effective upon distribution. The Fund may ask you to sign an acknowledgement confirming that you have read and understood any revised version of this Code of Ethics, and that you agree to comply with the provisions thereof.

**APPENDIX A**

**Flat Rock Enhanced Income Fund (the "Fund")**

**Acknowledgment Regarding**

**Code of Business Conduct and Ethics**

*This acknowledgment is to be signed and returned to the Fund's Chief Compliance Officer and will be retained as part of your permanent personnel file.*

I have received a copy of the Fund's Code of Business Conduct and Ethics, including the Statement on the Prohibition of Insider Trading (the "***Code***"), read it, and understand that the Code contains the expectations of the Fund regarding employee conduct, ethical behavior and the prohibition of trading on insider information. I agree to observe the policies and procedures contained in the Code and have been advised that, if I have any questions or concerns relating to such policies or procedures, I understand that I have an obligation to report to the Audit Committee, the Chief Compliance Officer or other such designated officer, any suspected violations of the Code of which I am aware. I also understand that the Code is issued for informational purposes and that it is not intended to create, nor does it represent, a contract of employment.

---

| |
|:---|
| Name (please print) |
| Signature |
| Date |

---

*The failure to read and/or sign this acknowledgment in no way relieves you of your responsibility to comply with the Fund's Code of Business Conduct and Ethics.*

**APPENDIX B**

**Flat Rock Enhanced Income Fund (the "Fund")**

**PRE-CLEARANCE FORM**

Use this form to request pre-clearance of a transaction to purchase a Limited Offering, Initial Public Offering or to purchase or sell any Covered Security. Please submit this form, together with a copy of the Limited Offering documentation, or other applicable documentation, to the Fund's Chief Compliance Officer at least 5 business days before the planned investment.

---

| | |
|:---|:---|
| **Employee Name:** | **Date:** |
| **Issuer/Investment Name:** |  |
| **Terms of Purchase (price, purchaser – individual, joint, entity, etc.):** | **Terms of Purchase (price, purchaser – individual, joint, entity, etc.):** |
| **Proposed Transaction Date:** |  |
| **How did you learn about this opportunity?** |  |
| **Related to a Portfolio or Pipeline security?** |  |
| **Approved:** | **Date:** |
| **Not Approved:** | **Date:** |
| **Comments:**<br>|  |

---

**APPENDIX C**

**Flat Rock Enhanced Income Fund (the "Fund")**

**INITIAL HOLDINGS REPORT**

**As of _______, 20__**

To: Chief Compliance Officer

A. <u>Securities Holdings</u>. I have listed below (or attached hereto a listing) all of my securities holdings held by me or Beneficial Owners as defined in the Fund's Code of Business Conduct and Ethics.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Title of<br> Security | &nbsp;&nbsp; CUSIP<br> Number | &nbsp;&nbsp; Interest<br> Rate and<br> Maturity<br> Date (If<br> Applicable) | &nbsp;&nbsp; Date of<br> Transaction | &nbsp;&nbsp; Number of<br> Shares<br> or<br> Principal<br> Amount | &nbsp;&nbsp; Dollar<br> Amount of<br> Transaction | &nbsp;&nbsp; Nature of<br> Transaction<br> (Purchase,<br> Sale, Other) | &nbsp;&nbsp; Price | &nbsp;&nbsp; Broker/<br> Dealer or<br> Bank<br> Through<br> Whom<br> Effected |

---

B. <u>Brokerage Accounts</u>. I, or a Beneficial Owner, have established the following accounts in which securities are held for my direct or indirect benefit:

<u>Name of Broker, Dealer or Bank</u>:

Date:   Signature:  

Name (please print):  

**APPENDIX D**

**Flat Rock Enhanced Income Fund (the "Fund")**

**QUARTERLY TRANSACTION REPORT**

For the Calendar Quarter Ended: **________, 20**__

To: Chief Compliance Officer

A. <u>Securities Transactions</u>. During the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transactions acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Fund's Code of Business Conduct and Ethics:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Title of<br> Security | &nbsp;&nbsp; CUSIP<br> Number | &nbsp;&nbsp; Interest Rate<br> and Maturity<br> Date (If<br> Applicable) | &nbsp;&nbsp; Date of<br> Transaction | &nbsp;&nbsp; Number<br> of Shares<br> or<br> Principal<br> Amount | &nbsp;&nbsp; Dollar<br> Amount of<br> Transaction | &nbsp;&nbsp; Nature of<br> Transaction<br> (Purchase,<br> Sale, <br> Other) | &nbsp;&nbsp; Price | &nbsp;&nbsp; Broker/<br> Dealer or<br> Bank<br> Through<br> Whom<br> Effected |

---

B. <u>New Brokerage Accounts</u>. During the quarter referred to above, I established the following accounts in which securities were held during the quarter for my direct or indirect benefit:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Name of Broker, Dealer or Bank</u> | &nbsp;&nbsp;<u>Date Account Was Established\*</u> |

---

C. <u>Other Matters</u>. This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Date:   Signature:  

Name (please print):  

**APPENDIX E**

**Flat Rock Enhanced Income Fund (the "Fund")**

**ANNUAL HOLDINGS REPORT**

**As of December 31, 20___**

To: Chief Compliance Officer

As of December 31, 20__, I had direct or beneficial ownership interest in the securities listed below which are required to be reported pursuant to Rule 17j-l under the Investment Company Act of 1940:

A. <u>Securities Holdings</u>. I have listed below (or attached hereto a listing) all of my securities holdings held by me or Beneficial Owners as defined by the Fund's Code of Business Conduct and Ethics.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Title of Security | &nbsp;&nbsp; CUSIP<br> Number<br>| &nbsp;&nbsp; Number of Shares or<br> Principal Amount |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Brokerage Accounts</u>. As of December 31, 20__, I, or a Beneficial Owner, maintained accounts with brokers, dealers, and banks listed below in which securities were held for my direct or indirect benefit:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Name of Broker, Dealer or Bank</u> | &nbsp;&nbsp;<u>Date Account Was Established\*</u> |

---

This report (i) excludes securities and accounts over which I had no direct or indirect influence or control, (ii) excludes securities not required to be reported (for example, direct obligations of the U.S. Government, shares of registered investment companies etc.) and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities accounts listed above.

Date:   Signature:  

Name (please print):  

\* Note: If account was established before 20__, you can state that it was established before 20__.

## Ex-99.Cert

**Exhibit 99.CERT**

I, Robert K. Grunewald, President and Chief Executive Officer certify that:

1. I have reviewed this report on Form N-CSR of Flat Rock Enhanced
Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/5/2026 | /s/ Robert K. Grunewald |
|  |  | Robert K. Grunewald |
|  |  | President and Chief Executive Officer <br> (Principal Executive Officer) |

---

I, Ryan Ripp, Chief Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of Flat Rock Enhanced
Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/5/2026 | /s/ Ryan Ripp |
|  |  | Ryan Ripp |
|  |  | Chief Financial Officer<br> (Principal Financial and Accounting Officer) |

---

## Exhibit 99.906

**Ex 99.906 Cert**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025 of Flat Rock Enhanced Income Fund (the "Fund").

I, Robert K. Grunewald, President and Principal Executive Officer of the Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic form of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

Dated: 3/5/2026

---

| | |
|:---|:---|
| By: | /s/ Robert K. Grunewald |
|  | Robert K. Grunewald |
|  | President and Chief Executive Officer<br> (Principal Executive Officer) |

---

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025 of Flat Rock Enhanced Income Fund (the "Fund").

I, Ryan Ripp, Principal Financial Officer of the Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as applicable of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic form of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

Dated: 3/5/2026

---

| | |
|:---|:---|
| By: | /s/ Ryan Ripp |
|  | Ryan Ripp |
|  | Chief Financial Officer<br> (Principal Financial and Accounting Officer) |

---