# EDGAR Filing Document

**Accession Number:** 0001814390
**File Stem:** 0000910472-25-004720
**Filing Date:** 2025-11
**Character Count:** 66248
**Document Hash:** 85ec80aacc28b7c64d35370e94a6c7bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004720.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004720

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Flat Rock Core Income Fund
- **CENTRAL INDEX KEY:** 0001814390

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23579
- **FILM NUMBER:** 251531362

**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 Capital Credit Fund
- **DATE OF NAME CHANGE:** 20200617

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Flat Rock Capital Fund
- **DATE OF NAME CHANGE:** 20200608

## Nport-Ex

Flat

Rock

Core

Income

Fund

Schedule

of

Investments

September

30,

2025

-

(Unaudited)

COLLATERALIZED

LOAN

OBLIGATIONS

EQUITY

(a)(b)(c)

—

6.35%

P

ri

nc

i

p

al

Amo

u

nt

F

air

V

alu

e

Barings

Middle

Market

CLO

Ltd.,

Series

2021-1A,

Subordinated

Notes,

14.90%,

7/20/2033

$

6,300,000

$

5,224,305

BlackRock

Elbert

CLO

V,

LLC,

Series

5I,

Subordinated

Notes,

0.00%,

6/15/2034

2,000,000

637,293

BlackRock

Maroon

Bells

CLO

XI,

LLC,

Series

2022-1A,

Subordinated

Notes,

7.49%,

1/15/2038

10,191,083

3,992,768

Blackrock

Mt.

Hood

CLO

X,

LLC,

Series

2023-1A,

Class

VDN,

0.00%,

4/20/2035

5,000,000

2,151,807

Churchill

Middle

Market

CLO

III

Ltd.,

Series

2021-1A,

Subordinated

Notes,

0.00%,

10/24/2033

5,000,000

500

Jefferies

Credit

Partners

DL

CLO

2024-II

Ltd.,

Series

2024-2A,

Subordinated

Notes,

17.47%,

1/20/2037

5,671,692

5,380,461

TCP

Whitney

CLO

Ltd.,

Series

1A,

Subordinated

Notes,

14.37%,

8/20/2033

5,000,000

2,848,756

TOTAL

COLLATERALIZED

LOAN

OBLIGATIONS

EQUITY

(Cost $23,816,221)

20,235,890

COLLATERALIZED

LOAN

OBLIGATIONS

DEBT

(a)(c)

—

36.43%

ABPCI

Direct

Lending

Fund

ABS

II,

LLC,

Series

2A,

Class

B,

4.99%,

3/1/2032

6,280,175

6,006,074

ABPCI

Direct

Lending

Fund

ABS

IV

LP,

Series

2024-1A,

Class

C,

12.13%,

5/1/2034

(3M

US

SOFR

+

783

bps)

(d) 2,000,000

1,999,777

ABPCI

Direct

Lending

Fund

CLO,

Series

2019-5A,

Class

D,

12.46%,

1/20/2036

(3M

US

SOFR

+

813

bps)

(d) 5,250,000

5,331,262

Barings

Middle

Market

CLO

Ltd.,

Series

2023-IIA,

Class

DR,

11.31%,

7/20/2034

(3M

US

SOFR

+

700

bps)

(d) 4,300,000

4,355,052

Brightwood

Capital

MM

CLO

Ltd.,

Series

2023-1X,

Class

D,

10.78%,

10/15/2035

(3M

US

SOFR

+

646

bps)

(d) 1,500,000

1,500,000

Brightwood

Capital

MM

CLO

Ltd.,

Series

2023-1A,

Class

D,

10.78%,

10/15/2035

(3M

US

SOFR

+

646

bps)

(d) 7,900,000

7,900,000

Brightwood

Capital

MM

CLO

Ltd.,

Series

2024-2A,

Class

D,

10.07%,

4/15/2036

(3M

US

SOFR

+

575

bps)

(d) 5,000,000

5,042,092

Fortress

Credit

Opportunities

XIX

CLO,

LLC,

Series

2022-19A,

Class

ER,

12.32%,

10/15/2036

(3M

US

SOFR

+

800

bps)

(d) 7,500,000

7,649,687

Fortress

Credit

Opportunities

XXI

CLO,

LLC,

Series

2023-21A,

Class

ER,

11.58%,

1/21/2037

(3M

US

SOFR

+

725

bps)

(d) 10,000,000

10,138,012

Great

Lakes

CLO

Ltd.,

Series

2014-1A,

Class

FR,

14.58%,

10/15/2029

(3M

US

SOFR

+

1026

bps)

(d) 3,089,160

3,108,812

Great

Lakes

CLO

Ltd.,

Series

2019-1A,

Class

ERR,

11.82%,

4/15/2037

(3M

US

SOFR

+

750

bps)

(d) 5,000,000

5,125,740

Maranon

Loan

Funding

Ltd.,

Series

2021-3A,

Class

ER,

12.14%,

10/15/2036

(3M

US

SOFR

+

782

bps)

(d) 5,050,000

5,123,861

Maranon

Loan

Funding

Ltd.,

Series

2023-1A,

Class

ER,

12.08%,

7/15/2037

(3M

US

SOFR

+

775

bps)

(d) 4,800,000

4,867,627

MCF

CLO

IV,

LLC,

Series

2014-1A,

Class

ERR,

13.24%,

10/20/2033

(3M

US

SOFR

+

891

bps)

(d) 5,000,000

5,000,000

Flat

Rock

Core

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2025

-

(Unaudited)

COLLATERALIZED

LOAN

OBLIGATIONS

DEBT

(a)(c) —

36.43%

-

continued

P

ri

nc

i

p

al

Amo

u

nt

F

air

V

alu

e

MCF

CLO

IV,

LLC,

Series

2014-1A,

Class

ER3,

0.00%,

10/16/2037

(3M

US

SOFR

+

675

bps)

(d)(e) $

5,000,000

$

5,000,000

MCF

CLO

VII,

LLC,

Series

2017-3A,

Class

ER2,

11.28%,

7/20/2037

(3M

US

SOFR

+

700

bps)

(d) 3,300,000

3,345,959

Monroe

Capital

MML

CLO

VIII

Ltd.,

Series

2019-1A,

Class

ER,

12.83%,

11/22/2033

(3M

US

SOFR

+

862

bps)

(d) 6,250,000

6,349,174

Monroe

Capital

MML

CLO

X

Ltd.,

Series

2020-1A,

Class

ER2,

12.06%,

8/20/2037

(3M

US

SOFR

+

775

bps)

(d) 6,000,000

6,086,072

Monroe

Capital

MML

Ltd.,

Series

2019-2A,

Class

E,

13.29%,

10/22/2031

(3M

US

SOFR

+

896

bps)

(d) 1,625,000

1,652,978

Monroe

Capital

MML

Ltd.,

Series

2021-1A,

Class

E,

13.01%,

5/20/2033

(3M

US

SOFR

+

880

bps)

(d) 5,000,000

5,000,000

Mount

Logan

Funding

LP,

Series

2018-1A,

Class

ER,

13.05%,

1/22/2033

(3M

US

SOFR

+

872

bps)

(d) 6,500,000

6,612,218

PennantPark

CLO

V

Ltd.,

Series

2022-5A,

Class

ER,

12.27%,

10/15/2033

(3M

US

SOFR

+

795

bps)

(d) 4,000,000

4,065,005

THL

Credit

Lake

Shore

MM

CLO

I

Ltd.,

Series

2019-1A,

Class

ER,

13.55%,

4/15/2033

(3M

US

SOFR

+

923

bps)

(d) 5,000,000

5,085,697

TOTAL

COLLATERALIZED

LOAN

OBLIGATIONS

DEBT

(Cost $114,600,635)

116,345,099

FIRST

LIEN

SENIOR

SECURED

DEBT

(a) —

64.96%

Accordion

Partners,

11/15/2031

(3M

US

SOFR

+

500

bps)

(d)(f) 5,610,652

5,577,549

Accordion

Partners

-

DDTL,

11/15/2031

(1.00%)

(f)(g) 766,957

762,431

Accordion

Partners

-

Revolver,

11/15/2031

(.50%)

(f)(g) 608,696

605,104

Amerit

Fleet

Parent,

LLC

-

DDTL,

1/27/2032

(1.00%)

(f)(g) 452,881

448,081

Amerit

Fleet

Parent,

LLC

-

Revolver,

1/27/2032

(.50%)

(f)(g) 583,051

576,871

Amerit

Fleet

Parent,

LLC

-

Revolver,

1/27/2032

(3M

US

SOFR

+

525

bps)

(d)(f) 501,695

496,377

Amerit

Fleet

Parent,

LLC

-

Term

Loan,

1/27/2032

(3M

US

SOFR

+

525

bps)

(d)(f) 6,462,373

6,393,872

Bounteous,

Inc.

-

Term

Loan,

8/2/2027

(1M

US

SOFR

+

bps)

(d)(f) 4,237,278

4,237,278

Capitol

Imaging

-

DDTL,

1/3/2030

(f)(g) 263,699

260,851

Capitol

Imaging

-

Revolver,

1/3/2030

(f)(g) 263,699

260,851

Capitol

Imaging

-

Revolver,

1/3/2030

(3M

US

SOFR

+

525

bps)

(d)(f) 95,890

94,855

Capitol

Imaging

-

Term

Loan,

1/3/2030

(3M

US

SOFR

+

525

bps)

(d)(f) 6,348,784

6,280,217

Congruex

Group,

LLC

-

Term

Loan,

5/3/2029

(3M

US

SOFR

+

650

bps)

(d) (f)(h) 7,231,871

6,212,177

Consor

Intermediate

II,

LLC

-

DDTL,

5/10/2031

(1.00%)

(f)(g) 1,495,775

1,488,445

Consor

Intermediate

II,

LLC

-

Revolver,

5/10/2031

(.50%)

(f)(g) 676,056

672,744

Consor

Intermediate

II,

LLC

-

Term

Loan,

5/10/2031

(1M

US

SOFR

+

bps)

(d)(f) 3,806,819

3,788,165

Cooper's

Hawk

-

DDTL,

7/29/2031

(.50%)

(f)(g) 1,105,263

1,097,891

Cooper's

Hawk

-

Revolver,

7/29/2031

(.50%)

(f)(g) 515,789

513,211

Cooper's

Hawk

-

Term

Loan,

7/29/2031

(3M

US

SOFR

+

550

bps)

(d)(g) 5,378,947

5,343,070

Flat

Rock

Core

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2025

-

(Unaudited)

FIRST

LIEN

SENIOR

SECURED

DEBT

(a) —

64.96%

-

continued

P

ri

nc

i

p

al

Amo

u

nt

F

air

V

alu

e

Crane

Engineering

Sales

-

Term

Loan,

8/25/2029

(3M

US

SOFR

+

bps)

(d)(f) $

7,484,168

$

7,432,528

Cyber

Advisors

-

DDTL,

7/18/2028

(1.00%)

(f)(g) 134,185

133,085

Cyber

Advisors

-

Term

Loan,

7/18/2028

(3M

US

SOFR

+

525

bps)

(d)(f) 6,823,806

6,767,851

Diversified

Risk

Holdings

-

Revolver,

4/30/2026

(3M

US

SOFR

+

625

bps)

(d)(f) 148,148

143,704

Diversified

Risk

Holdings

-

Revolver,

4/30/2026

(3M

US

SOFR

+

625

bps)

(d)(f) 148,148

143,704

Diversified

Risk

Holdings

-

Term

Loan,

4/30/2026

(3M

US

SOFR

+

625

bps)

(d)(f) 6,548,782

6,352,318

Drive

Automotive

Services,

LLC

-

Term

Loan,

8/2/2026

(3M

US

SOFR

+

615

bps)

(d)(f) 4,152,747

3,371,615

Dun

&

Bradstreet

-

Term

Loan,

8/26/2032

(1M

US

SOFR

+

550

bps)

(d)(f)(i)

7,000,000

6,930,000

ETC

Group

-

Term

Loan,

10/8/2029

(3M

US

SOFR

+

600

bps)

(d)(f)(h)

1,960,223

1,444,684

Flagship

Oral

Surgery

Partners,

LLC

-

DDTL,

11/20/2025

(1.00%)

(f)(g) 1,305,183

1,304,530

Flagship

Oral

Surgery

Partners,

LLC

-

Term

Loan,

12/20/2027

(3M

US

SOFR

+

600

bps)

(d)(f) 3,688,181

3,686,337

Galactic

Litigation

Partners

-

Term

Loan,

6/21/2024

(i) (j)(k) 7,274,854

3,499,205

Inmar,

Inc.

-

Term

Loan,

10/30/2031

(1M

US

SOFR

+

bp)

(d)(f) 3,920,424

3,903,292

Isagenix

International,

LLC

-

Term

Loan,

4/14/2028

(3M

US

SOFR

+

660

bps)

(d)(f)(h)

1,428,545

302,852

Mag

Aerospace

-

Term

Loan,

4/1/2027

(3M

US

SOFR

+

550

bps)

(d)(f) 3,737,876

3,681,808

Magnate

Worldwide,

LLC

-

Incremental

Term

Loan,

12/30/2028

(3M

US

SOFR

+

550

bps)

(d)(f) 2,977,500

2,947,725

Magnate

Worldwide,

LLC

-

Term

Loan,

12/30/2028

(3M

US

SOFR

+

550

bps)

(d)(f) 3,805,366

3,767,312

Nellson

Neutraceutical

DDTL,

4/7/2031

(f)(g) 346,535

341,337

Nellson

Neutraceutical

Revolver,

4/7/2031

(f)(g) 776,238

764,594

Nellson

Neutraceutical

Revolver,

4/7/2031

(3M

US

SOFR

+

575

bps)

(d)(f) 124,752

122,881

Nellson

Neutraceutical

US

-

Term

Loan,

4/7/2031

(3M

US

SOFR

+

575

bps)

(d)(f) 5,752,475

5,666,188

NorthPole

US,

LLC

-

Term

Loan,

3/3/2025

(f) (j)(k) 1,837,500

91,875

Oak

Point

Partners

-

Term

Loan,

12/1/2027

(1M

US

SOFR

+

bps)

(d)(f) 3,469,068

3,469,068

Oil

Changer

Holding

Corporation

-

Term

Loan,

2/1/2027

(3M

US

SOFR

+

675

bps)

(d)(f) 6,636,019

6,606,157

Perennial

Services

Group

-

DDTL,

9/8/2029

(1.00%)

(f)(g) 189,743

187,049

Perennial

Services

Group

-

DDTL,

9/8/2029

(3M

US

SOFR

+

bps)

(d)(f) 2,490,904

2,455,533

Perennial

Services

Group

-

Term

Loan,

9/8/2029

(3M

US

SOFR

+

550

bps)

(d)(f) 4,917,630

4,847,799

Profile

Products,

LLC

-

Term

Loan,

11/12/2027

(1M

US

SOFR

+

575

bps)

(d)(f) 2,920,233

2,828,245

PTSH

Intermediate

Holdings,

LLC

-

Term

Loan,

12/17/2027

(3M

US

SOFR

+

590

bps)

(d)(f) 7,980,000

7,900,200

S&P

Engineering

Solutions

-

Term

Loan,

5/2/2030

(3M

US

SOFR

+

500

bps)

(d)(f) 4,925,000

4,974,250

SGA

Dental

Partners

-

DDTL,

7/17/2029

(1.00%)

(f)(g) 927,778

920,819

SGA

Dental

Partners

-

Term

Loan,

7/17/2029

(3M

US

SOFR

+

550

bps)

(d)(f) 7,133,556

7,080,054

Flat

Rock

Core

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2025

-

(Unaudited)

FIRST

LIEN

SENIOR

SECURED

DEBT

(a) —

64.96%

-

continued

P

ri

nc

i

p

al

Amo

u

nt

F

air

V

alu

e

Solaray,

LLC

-

Term

Loan,

12/15/2025

(3M

US

SOFR

+

650

bps)

(d)(f) $

1,557,683

$

1,436,184

Solaray,

LLC

-

Term

Loan,

12/15/2025

(3M

US

SOFR

+

650

bps)

(d)(f) 1,366,338

1,259,764

Solaray,

LLC

-

Term

Loan,

12/15/2025

(3M

US

SOFR

+

650

bps)

(d)(f) 1,646,429

1,518,007

Spencer

Spirit,

LLC

-

Term

Loan,

7/15/2031

(1M

US

SOFR

+

550

bps)

(d)(f) 4,962,500

4,945,975

Thryv,

Inc.

-

Term

Loan,

5/1/2029

(1M

US

SOFR

+

675

bps)

(d)(f) 2,055,000

2,055,000

Trulite

Holding

Corp.

-

Term

Loan,

3/1/2030

(1M

US

SOFR

+

600

bps)

(d)(f) 4,843,750

4,819,531

Vehicle

Management

Services,

LLC

-

Term

Loan,

7/26/2027

(1M

US

SOFR

+

625

bps)

(d)(f) 8,365,427

8,365,426

Viapath

Technologies

-

Term

Loan,

8/6/2029

(1M

US

SOFR

+

750

bps)

(d)(f) 7,456,219

7,266,085

Watchguard

Technologies,

Inc.

-

Term

Loan,

6/30/2029

(1M

US

SOFR

+

525

bps)

(d)(f) 4,877,198

4,865,005

Watterson

-

Term

Loan,

12/17/2026

(1200

bps)

(f)(h)(i)

4,267,322

3,490,670

Xanitos,

Inc.

Term

Loan,

6/25/2026

(3M

US

SOFR

+

650

bps)

(d)(f)(i)

3,449,761

3,449,761

Xenon

Arc,

Inc.

-

Term

Loan,

12/20/2028

(1M

US

SOFR

+

575

bps)

(d)(f) 7,980,000

7,906,584

Zavation

Medical

Products,

LLC

-

Revolver,

6/30/2028

(3M

US

SOFR

+

575

bps)

(d)(f) 468,039

465,745

Zavation

Medical

Products,

LLC

-

Term

Loan,

6/30/2028

(3M

US

SOFR

+

575

bps)

(d)(f) 6,467,877

6,436,184

TOTAL

FIRST

LIEN

SENIOR

SECURED

DEBT

(Cost $216,551,322)

207,458,560

COMMON

STOCK

(a) —

0.00%

Isagenix

International,

LLC,

0.00%,

(j) 85,665

—

TOTAL

COMMON

STOCK

(Cost $–)

—

FEEDER

FUND

INVESTMENT

–

DEBT

(a)(c)(d)(l)

—

1.99%

Bain

Capital

Global

Direct

Lending

Fund

U

II

RN

LP,

Series

2025-1A,

Class

D,

12.29%,

6/18/2036

(3M

US

SOFR

+

800

bps)

313,580

312,639

Guggenheim

Invest

Private

Debt

Fund

IV

Feeder

LLC,

Series

2025-1A,

Class

C,

11.55%,

4/10/2038

(3M

US

SOFR

+

750

bps)

6,055,865

6,055,865

TOTAL

FEEDER

FUND

INVESTMENT

-

DEBT

(Cost $6,366,378)

6,368,504

FEEDER

FUND

INVESTMENT

–

EQUITY

(a)(c)(m)

—

3.06%

Bain

Capital

Global

Direct

Lending

Fund

U

II

RN

LP,

Series

2025-1A,

Subordinated

Notes,

16.50%,

6/18/2036

2,652,544

2,453,603

New

Mountain

Guardian

IV

Feeder

III,

Ltd.,

Subordinated

Notes,

16.00%,

11/19/2036

7,421,124

7,309,807

TOTAL

FEEDER

FUND

INVESTMENT

-

EQUITY

(Cost $9,763,713)

9,763,410

PRIVATE

INVESTMENT

FUNDS

—

13.23%

BCP

Great

Lakes

II

-

Series

B

Holdings

LP

(n) N/A

10,188,482

Hercules

Private

Global

Venture

Growth

Fund

I

LP

(n) N/A

18,496,185

TriplePoint

Private

Venture

Credit,

Inc.

1,324,395

13,548,556

TOTAL

PRIVATE

INVESTMENT

FUNDS

(Cost $48,580,357)

42,233,223

Flat

Rock

Core

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2025

-

(Unaudited)

COMMON

STOCK

-

0.00%

Sh

ar

e

s

F

air

V

alu

e

Isagenix

International,

LLC

85,665

$

—

TOTAL

COMMON

STOCK

(Cost

$–)

—

SHORT-TERM

INVESTMENTS

-

0.27%

MONEY

MARKET

FUNDS

-

0.27%

First

American

Government

Obligations

Fund,

Class

X,

4.05%

(o) 850,564

850,564

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$850,564)

850,564

TOTAL

INVESTMENTS

—

126.29%

(Cost

$420,529,190)

403,255,250

Liabilities

in

Excess

of

Other

Assets — (26.29)%

(83,956,705)

NET

ASSETS

—

100.00%

$

319,298,545

(a) The

level

assets

were

a

result

of

unavailable

quoted

prices

from

an

active

market

or

the

unavailability

of

other

significant

observable

inputs.

(b) Collateralized

loan

obligation

("CLO")

equity

positions

are

entitled

to

recurring

distributions

which

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

$20,235,890,

which

represents

6.35%

of

net

assets

as

of

September

30,

2025. (c) Securities

exempt

from

registration

under

the

Securities

Act

of

1933,

and

are

deemed

to

be

"restricted"

securities.

As

of

September

30,

2025,

the

total

fair

value

of

these

securities

amounts

to

$152,712,903,

which

represents

47.83%

of

net

assets.

(d) Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

September

30,

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.

(e) Purchase

of

this

security

was

settled

after

September

30,

2025. (f) All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

the

credit

facility

with

certain

funds

and

accounts

managed

by

Cadence

Bank,

N.A.

(the

"Credit

Facility").

At

September

30,

2025,

the

value

of

securities

pledged

amounted

to

$203,959,355,

which

represents

approximately

63.88%

of

net

assets

(g) Investment

has

been

committed

to

but

has

not

been

funded

by

the

Fund

as

of

September

30,

2025. (h) A

portion

of

the

stated

interest

rate

is

payment-in-kind.

(i) Investment

was

acquired

via

participation

agreement.

(j) Non-income

producing

security.

(k) Investment

is

past

its

legal

maturity

date

and

facility

is

currently

winding

down.

(l) 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

September

30,

2025,

the

total

fair

value

of

Feeder

Fund

Investments

—

Debt

was

$6,368,504,

representing

1.99%

of

net

assets.

Flat

Rock

Core

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2025

-

(Unaudited)

Reference

Rates:

1M

US

SOFR

–

Month

SOFR

as

of

September

30,

2025

was

4.13%.

3M

US

SOFR

–

Month

SOFR

as

of

September

30,

2025

was

3.98%.

(m) 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

September

30,

2025,

the

total

fair

value

of

Feeder

Fund

Investments

—

Equity

was

$9,763,410,

representing

3.06%

of

net

assets.

(n) Private

investment

fund

does

not

issue

shares.

(o) Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2025. SOFR

-Secured

Overnight

Financing

Rate

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Flat Rock Core Income Fund

- **b. Investment Company Act file number:** 811-23579

- **c. CIK number of Registrant:** 0001814390

- **d. LEI of Registrant:** 549300XA8XWZFX4IHI07

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

  - **Street Address 1:** 680 S. Cache Street

  - **City:** Jackson

  - **State:** WY

  - **Foreign country:** US

  - **Zip / Postal Code:** 83001

  - **Telephone number:** 307-500-5200

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

- **a. Name of Series:** Flat Rock Core Income Fund

- **c. LEI of Series:** 549300XA8XWZFX4IHI07

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $424095461.79

**Total Liabilities:** $104876979.13

**Net Assets:** $319218482.66

**Cash Not Reported:** $4979569.39

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 7580.91148944 | **30-Year:** 84.98051053

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 536.3928493 | **1-Year:** 15513.9611647286 | **5-Year:** 44487.1397515541 | **10-Year:** 29081.9247103202 | **30-Year:** 1424.71363213

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.58%                | 0.93%                | 0.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1033.12                | $-392804.02                                |
| Month 2  | $-46904.94               | $-374716.01                                |
| Month 3  | $-1802924.66             | $-417231.35                                |

### Schedule of Portfolio Investments

| Name                                                                          | Title                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| N/A                                                                           | Thryv, Inc     TL                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2055000 | PA      | $2055000.01   | 0.64%             | 2029-05-01      | Variable      | 11.07%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | BlackRock Maroon Bells CLO XI LLC                    | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |  10191083 | PA      | $3992768.33   | 1.25%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Mcf Clo Iv Llc                                                                | MCF CLO IV LLC                                       | CUSIP: 55280HBU0<br>LEI: 549300SYEBIYQWJN7391 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5000000.00   | 1.57%             | 2037-10-16      | Floating      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Profile Products TL                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2920233 | PA      | $2828245.21   | 0.89%             | 2027-11-12      | Variable      | 9.92%                 | No            | 3                  | On Loan: No      |
| Madison Capital Funding Clo Vii Llc                                           | MCF CLO VII LLC                                      | CUSIP: 58039AAQ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3300000 | PA      | $3345959.43   | 1.05%             | 2037-07-20      | Floating      | 11.28%                | Yes           | 3                  | On Loan: No      |
| LAKE SHORE MM CLO I LTD                                                       | THL Credit Lake Shore MM CLO I LTD                   | CUSIP: 510803AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5085696.50   | 1.59%             | 2033-04-15      | Floating      | 13.55%                | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Vehicle Management Services TL                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   8365427 | PA      | $8365426.77   | 2.62%             | 2027-07-26      | Variable      | 10.82%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | Consor TL                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3806819 | PA      | $3788165.21   | 1.19%             | 2031-05-10      | Variable      | 8.72%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Unfunded DDTL - SGA Dental Partners                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    927778 | PA      | $920819.44    | 0.29%             | 2029-07-17      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| Great Lakes Clo 2014-1 Ltd                                                    | Great Lakes CLO 2014-1 Ltd.                          | CUSIP: 39055RAJ1<br>LEI: 254900GKX01S4T3NFH46 | Long             | ABS-CBDO         | CORP              | KY        |   3089160 | PA      | $3108811.75   | 0.97%             | 2029-10-15      | Floating      | 14.58%                | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Capitol Imaging TL                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6348784 | PA      | $6280217.38   | 1.97%             | 2030-01-03      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| Tcp Whitney Clo Ltd / Tcp Whit                                                | TCP Whitney CLO LLC                                  | CUSIP: 87240GAK7<br>LEI: 549300HQR4ENRKHLM113 | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $2848756.10   | 0.89%             |  |  |  | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Viapath Technologies                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7456219 | PA      | $7266085.02   | 2.28%             | 2029-08-06      | Variable      | 11.82%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | Solaray TL x1                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1557683 | PA      | $1436184.15   | 0.45%             | 2025-12-15      | Variable      | 10.98%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | Spencer Spirit TL                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4962500 | PA      | $4945974.88   | 1.55%             | 2031-07-15      | Variable      | 9.06%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Nellson Neutraceutical DDTL - Unfunded               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    346535 | PA      | $341336.63    | 0.11%             | 2031-04-07      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Capitol Imaging - Revolver                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     95890 | PA      | $94854.79     | 0.03%             | 2030-01-03      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | PTSH Intermediate Holdings, LLC - Term Loan          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7980000 | PA      | $7900200.00   | 2.47%             | 2027-12-17      | Variable      | 9.95%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Unfunded DDTL - Flagship Oral Surgery                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1305183 | PA      | $1304530.41   | 0.41%             | 2025-11-20      | Variable      | 11.37%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | Diversified Risk Holdings Revolver - Funded          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    148148 | PA      | $143703.72    | 0.05%             | 2026-04-30      | Variable      | 12.75%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | Zavation Funded Revolver                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    468039 | PA      | $465745.39    | 0.15%             | 2028-06-30      | Variable      | 10.16%                | No            | 3                  | On Loan: No      |
| Mcf Clo Iv Llc                                                                | MCF CLO IV LLC                                       | CUSIP: 55280HBE6<br>LEI: 549300SYEBIYQWJN7391 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5000000.00   | 1.57%             | 2033-10-20      | Floating      | 13.24%                | Yes           | 3                  | On Loan: No      |
| Great Lakes CLO 2019-1 Ltd. / Great Lakes CLO 2019-1 LLC                      | Great Lakes CLO 2019-1 Ltd.                          | CUSIP: 39057PAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5125740.00   | 1.61%             | 2037-04-15      | Floating      | 11.82%                | Yes           | 3                  | On Loan: No      |
| BLACKROCK MT HOOD CLO LLC                                                     | Blackrock MT Hood CLO X LLC                          | CUSIP: 09263GAY3<br>LEI: 549300N3N5OOLMSHXG32 | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $2151807.40   | 0.67%             |  |  |  | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Isagenix Equity                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     85665 | NS      | $0.09         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Monroe Capital MML Clo 2017-1 Ltd.                                            | Monroe Capital Mml Clo X Ltd.                        | CUSIP: 61034UBA2<br>LEI: 5493006UQZL8BZLQCE22 | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $6086072.40   | 1.91%             | 2037-08-20      | Floating      | 12.06%                | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Perennial Services Group TL                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4917630 | PA      | $4847799.38   | 1.52%             | 2029-09-08      | Variable      | 9.80%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | HERCULES PRIVATE GLOBAL VENTURE GROWTH FUND I        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | PF                | US        |  18252856 | NS      | $18496185.21  | 5.79%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                                                           | Magnate Worldwide LLC - Incremental TLB              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2977500 | PA      | $2947725.00   | 0.92%             | 2028-12-30      | Variable      | 9.80%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Flagship Oral Surgery Partners TL                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3688181 | PA      | $3686336.78   | 1.15%             | 2027-12-20      | Variable      | 10.35%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | New Mountain Guardian IV Feeder III, Ltd.            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   7421124 | PA      | $7309806.70   | 2.29%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                                                           | Unfunded Revolver - Capitol Imaging                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    263699 | PA      | $260850.68    | 0.08%             | 2030-01-03      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | BCP GREAT LAKES FUND LP II                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | PF                | US        |  10743049 | NS      | $10188482.03  | 3.19%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                                                           | Zavation Medical Products TL                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6467877 | PA      | $6436184.15   | 2.02%             | 2028-06-30      | Variable      | 10.16%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | Nellson Neutraceutical Revolver - Unfunded           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    776238 | PA      | $764594.07    | 0.24%             | 2031-04-07      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Xenon Arc, inc. Term Loan - Funded                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7980000 | PA      | $7906584.00   | 2.48%             | 2028-12-20      | Variable      | 10.18%                | No            | 3                  | On Loan: No      |
| GUGGENHEIM INVTS PRI DEBT FD IV                                               | Guggenheim Invest Private Dbt Fd IV Feeder LLC       | CUSIP: 40190AAU7<br>LEI: N/A                  | Long             |  | PF                | US        |   6055865 | PA      | $6055864.55   | 1.90%             | 2038-04-10      | Floating      | 11.55%                | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Oak Point Partners TL                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3469068 | PA      | $3469067.79   | 1.09%             | 2027-12-01      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | SGA Dental Partners TL                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7133556 | PA      | $7080053.91   | 2.22%             | 2029-07-17      | Variable      | 9.83%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | INMAR INTELLIGENCE                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3920424 | PA      | $3903292.12   | 1.22%             | 2031-10-30      | Variable      | 8.80%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Nellson Neutraceutical Revolver                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    124752 | PA      | $122881.18    | 0.04%             | 2031-04-07      | Variable      | 10.78%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | Amerit Fleet Parent LLC - Term Loan                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6462373 | PA      | $6393871.73   | 2.00%             | 2032-01-27      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Nellson Neutraceutical US TL                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5752475 | PA      | $5666188.12   | 1.78%             | 2031-04-07      | Variable      | 10.05%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | Watchguard Technologies TL                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4877198 | PA      | $4865004.77   | 1.52%             | 2029-06-30      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Magnate Worldwide TL                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3805366 | PA      | $3767312.42   | 1.18%             | 2028-12-30      | Variable      | 9.95%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Diversified Risk Holdings TL                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6548782 | PA      | $6352318.06   | 1.99%             | 2026-04-30      | Variable      | 10.70%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | Amerit Fleet Parent LLC - DDTL - Unfunded            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    452881 | PA      | $448080.81    | 0.14%             | 2032-01-27      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | ABPCI Direct Lending Fund CLO                        | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-CBDO         | CORP              | KY        |   5250000 | PA      | $5331261.60   | 1.67%             | 2036-01-20      | Floating      | 12.46%                | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Amerit Fleet Parent LLC - Rev - Unfunded             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    583051 | PA      | $576870.51    | 0.18%             | 2032-01-27      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Allium Buyer TL                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4925000 | PA      | $4974250.00   | 1.56%             | 2030-05-02      | Variable      | 9.31%                 | No            | 3                  | On Loan: No      |
| Jefferies Credit Partners Direct Lending CLO 2024-II Ltd.                     | Jefferies Credit Partners DL CLO 2024-II Ltd         | CUSIP: 471913AC7<br>LEI: 2138003O4KVSBDBUV954 | Long             | ABS-O            | CORP              | KY        |   5671692 | PA      | $5380461.08   | 1.69%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Churchill Middle Market CLO III LLC                                           | Churchill Middle Market CLO III Ltd.                 | CUSIP: 171518AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $500.00       | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Solaray TL x3                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1646429 | PA      | $1518007.22   | 0.48%             | 2025-12-15      | Variable      | 11.16%                | No            | 3                  | On Loan: No      |
| Monroe Capital Mml CLO IX Ltd.                                                | Monroe Capital MML CLO IX Ltd.                       | CUSIP: 61033XAA8<br>LEI: 549300GARKU58L8MSR11 | Long             | ABS-CBDO         | CORP              | KY        |   1625000 | PA      | $1652978.44   | 0.52%             | 2031-10-22      | Floating      | 13.29%                | Yes           | 3                  | On Loan: No      |
| Brightwood Capital MM CLO 2023-1 Ltd./ Brightwood Capital MM CLO 2023-1 LLC   | Brightwood Capital MM CLO Ltd.                       | CUSIP: G16455AG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500000.00   | 0.47%             | 2035-10-15      | Floating      | 10.78%                | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Solaray TL x2                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1366338 | PA      | $1259764.04   | 0.39%             | 2025-12-15      | Variable      | 11.16%                | No            | 3                  | On Loan: No      |
| Abpci Direct Lending Fund ABS II LLC                                          | ABPCI Direct Lending Fund ABS II LLC                 | CUSIP: 00090NAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6280175 | PA      | $6006073.62   | 1.88%             | 2032-03-01      | Fixed         | 4.99%                 | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Cooper's Hawk - Unfunded Revolver                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    515789 | PA      | $513210.52    | 0.16%             | 2031-07-29      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| FORT CR OPP XIX CLO LD 2022-19                                                | Fortress Credit Opportunities XIX CLO LLC            | CUSIP: 34964RAY9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7500000 | PA      | $7649686.50   | 2.40%             | 2036-10-15      | Floating      | 12.32%                | Yes           | 3                  | On Loan: No      |
| Barings Middle Market CLO 2023-11 Ltd / Barings Middle Market CLO 2023-II LLC | Barings Middle Market CLO 2023-II Ltd.               | CUSIP: 067922AJ3<br>LEI: 2549007Y0JXPKK7NLK37 | Long             | ABS-CBDO         | CORP              | KY        |   4300000 | PA      | $4355052.47   | 1.36%             | 2034-07-20      | Floating      | 11.31%                | Yes           | 3                  | On Loan: No      |
| First American Funds Inc.                                                     | First American Government Obligations Fund           | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    850564 | PA      | $850563.78    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Maranon Loan Funding 2023-1 Ltd. / Maranon Loan Funding 2023-1 LLC            | Maranon Loan Funding 2023-1 Ltd.                     | CUSIP: 56575VAY4<br>LEI: 213800KVZIWWBC31XV41 | Long             | ABS-CBDO         | CORP              | KY        |   4800000 | PA      | $4867626.72   | 1.52%             | 2037-07-15      | Floating      | 12.08%                | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Unfunded Revolver - Consor                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    676056 | PA      | $672743.66    | 0.21%             | 2031-05-10      | Variable      | 8.80%                 | No            | 3                  | On Loan: No      |
| Bain Capital Global Direct Lending Fund U II RN LP                            | Bain Capital Global Direct Lending Fund U II RN LP   | CUSIP: 05682DAJ4<br>LEI: 2549007CLJSSCUJQ4215 | Long             |  | PF                | US        |   2652544 | PA      | $2453603.00   | 0.77%             |  |  |  | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | ETC Group TL                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1960223 | PA      | $1444684.26   | 0.45%             | 2029-10-08      | Variable      | 10.29%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | Accordion Partners DDTL - Unfunded                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    766957 | PA      | $762431.48    | 0.24%             | 2031-11-15      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| MOUNT LOGAN FUNDING 2018-1 LP                                                 | Mount Logan Funding LP                               | CUSIP: 62188AAA9<br>LEI: 54930018JSRPYZJUUR90 | Long             | ABS-CBDO         | CORP              | KY        |   6500000 | PA      | $6612218.60   | 2.07%             | 2033-01-22      | Floating      | 13.05%                | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Unfunded DDTL - Perennial Services Group DDTL        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    189743 | PA      | $187048.63    | 0.06%             | 2029-09-08      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Isagenix International TL                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1428545 | PA      | $302851.50    | 0.09%             | 2028-04-14      | Variable      | 10.86%                | No            | 3                  | On Loan: No      |
| MONR CAP CLO VIII LTD 2019-8R                                                 | Monroe Capital MML CLO VIII Ltd.                     | CUSIP: 61034TAE8<br>LEI: 254900CN59JSSABI7X69 | Long             | ABS-CBDO         | CORP              | KY        |   6250000 | PA      | $6349174.38   | 1.99%             | 2033-11-22      | Floating      | 12.83%                | Yes           | 3                  | On Loan: No      |
| BLACKROCK ELBERT CLO V LTD                                                    | BlackRock Elbert CLO V LL                            | CUSIP: 09260YAD3<br>LEI: 54930088K41XQK16ML36 | Long             | ABS-O            | CORP              | KY        |   2000000 | PA      | $637292.60    | 0.20%             |  |  |  | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Unfunded DDTL - Capitol Imaging                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    263699 | PA      | $260850.68    | 0.08%             | 2030-01-03      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | NSO Group TL                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1837500 | PA      | $91875.00     | 0.03%             | 2025-03-03      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Crane Engineering TL                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7484168 | PA      | $7432527.36   | 2.33%             | 2029-08-25      | Variable      | 9.05%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Bain Capital Global Direct Lending Fund U II RN LP   | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |    313580 | PA      | $312639.51    | 0.10%             | 2036-06-18      | Floating      | 12.29%                | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Cyber Advisors TL                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6823806 | PA      | $6767851.21   | 2.12%             | 2028-07-18      | Variable      | 9.71%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Consor Intermedia II, LLC - DDTL - Unfunded          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1495775 | PA      | $1488445.35   | 0.47%             | 2031-05-10      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Bounteous TL                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4237278 | PA      | $4237277.71   | 1.33%             | 2027-08-02      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Perennial Services Group DDTL - Funded               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2490904 | PA      | $2455533.05   | 0.77%             | 2029-09-08      | Variable      | 9.45%                 | No            | 3                  | On Loan: No      |
| ABPCI Direct Lending Fund ABS IV LP                                           | ABPCI Direct Lending Fund ABS IV LP                  | CUSIP: 00092FAG0<br>LEI: 254900SYCJCYTK7KQI41 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1999777.00   | 0.63%             | 2034-05-01      | Floating      | 12.13%                | Yes           | 3                  | On Loan: No      |
| Brightwood Cap MM Clo 2024-2 Ltd. / Brightwood Cap MM Clo 2024-2 LLC          | Brightwood Capital MM CLO Ltd.                       | CUSIP: 10950BAL8<br>LEI: 2549000G72BYQPXZVH78 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5042092.00   | 1.58%             | 2036-04-15      | Floating      | 10.07%                | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Galactic Litigation Partners TL                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7274854 | PA      | $3499204.62   | 1.10%             | 2024-06-21      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | HV Watterson TL                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4267322 | PA      | $3490669.56   | 1.09%             | 2026-12-17      | Fixed         | 12.00%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | Unfunded Revolver - Diversified Risk Holdings        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    148148 | PA      | $143703.71    | 0.05%             | 2026-04-30      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Congruex Group TL                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7231871 | PA      | $6212177.36   | 1.95%             | 2029-05-03      | Variable      | 9.75%                 | No            | 3                  | On Loan: No      |
| MONROE CAPITAL MML LTD 2021-11                                                | Monroe Capital MML Ltd.                              | CUSIP: 61034PAA4<br>LEI: 549300JM3KC77XXZOT62 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5000000.00   | 1.57%             | 2033-05-20      | Floating      | 13.01%                | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Amerit Fleet Parent LLC - Revolver                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    501695 | PA      | $496376.95    | 0.16%             | 2032-01-27      | Variable      | 9.58%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Drive Automotive Services TL                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4152747 | PA      | $3371615.31   | 1.06%             | 2026-08-02      | Variable      | 10.44%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | Accordion Partners DDTL - Unfunded Revolver          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    608696 | PA      | $605104.34    | 0.19%             | 2031-11-15      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | TRIPLEPOINT PRIVATE VENTURE CREDIT                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | RF                | US        |   1324395 | NS      | $13548556.04  | 4.24%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BARINGS MIDDLE MAR CLO LTD/LLC 21 I                                           | Barings Middle Market CLO Ltd.                       | CUSIP: 06761EAC9<br>LEI: 549300NSFWDKJE15UK02 | Long             | ABS-O            | CORP              | KY        |   6300000 | PA      | $5224304.93   | 1.64%             |  |  |  | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Cooper's Hawk - Term Loan                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5378947 | PA      | $5343069.79   | 1.67%             | 2031-07-29      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Accordion Partners                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5610652 | PA      | $5577549.33   | 1.75%             | 2031-11-15      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | DUN & BRADSTREET DENALI INTERMEDIATE TL              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7000000 | PA      | $6930000.00   | 2.17%             | 2032-08-26      | Variable      | 9.83%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Oil Changer Holding Corporation                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6636019 | PA      | $6606157.13   | 2.07%             | 2027-02-01      | Variable      | 11.12%                | No            | 3                  | On Loan: No      |
| Brightwood Capital MM CLO 2023-1 Ltd./ Brightwood Capital MM CLO 2023-1 LLC   | BWCAP 2023-1A D Brightwood Capital MM CLO 2023-1 Ltd | CUSIP: 108928AN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7900000 | PA      | $7900000.00   | 2.47%             | 2035-10-15      | Floating      | 10.78%                | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | MAG DS Corp TL                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3737876 | PA      | $3681807.90   | 1.15%             | 2027-04-01      | Variable      | 9.90%                 | No            | 3                  | On Loan: No      |
| Fortress Credit Opportunities XXI CLO LLC                                     | Fortress Credit Opportunities XXI CLO LLC            | CUSIP: 34964UAY2<br>LEI: 254900WDNXJI5BDB6170 | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $10138012.00  | 3.18%             | 2037-01-21      | Floating      | 11.58%                | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Xanitos TL                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3449761 | PA      | $3449760.69   | 1.08%             | 2026-06-25      | Variable      | 10.95%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | PennantPark CLO V Ltd.                               | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4065004.80   | 1.27%             | 2033-10-15      | Floating      | 12.27%                | Yes           | 3                  | On Loan: No      |
| N/A                                                                           | Trulite Holding Corp TL                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4843750 | PA      | $4819531.25   | 1.51%             | 2030-03-01      | Variable      | 10.29%                | No            | 3                  | On Loan: No      |
| N/A                                                                           | Cooper's Hawk - Unfunded DDTL                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1105263 | PA      | $1097891.05   | 0.34%             | 2031-07-29      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                                                           | Unfunded DDTL - Cyber Advisors                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    134185 | PA      | $133084.98    | 0.04%             | 2028-07-18      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| Maranon Loan Funding 2021-3 Ltd.                                              | Maranon Loan Funding Ltd.                            | CUSIP: 56577NBA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5050000 | PA      | $5123860.80   | 1.61%             | 2036-10-15      | Floating      | 12.14%                | Yes           | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Flat Rock Core Income Fund

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller