# EDGAR Filing Document

**Accession Number:** 0001732078
**File Stem:** 0000910472-25-004719
**Filing Date:** 2025-11
**Character Count:** 38224
**Document Hash:** 5c332ed1d92b527abfa3d2c8513ed08f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004719.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004719

**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 Opportunity Fund
- **CENTRAL INDEX KEY:** 0001732078

**ORGANIZATION NAME:**
- **EIN:** 826905131
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23328
- **FILM NUMBER:** 251531361

**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

## Nport-Ex

Flat

Rock

Opportunity

Fund

Schedule

of

Investments

September

30,

2025

-

(Unaudited)

COLLATERALIZED

LOAN

OBLIGATIONS

EQUITY

(a)(b)(c)

—

98.33%

P

ri

nc

i

p

al

Amo

u

nt

F

air

V

alu

e

Allegro

CLO

XIV

Ltd.,

Series

2021-2A,

Subordinated

Notes,

17.86%,

10/15/2034

$

22,185,800

$

12,171,258

ALM

Ltd.,

Series

2020-1A,

Subordinated

Notes,

0.00%,

10/15/2029

8,000,000

148,000

Audax

Interests,

Series

2023-8a,

3.18%,

10/20/2035

15,000,000

10,087,085

Audax

Senior

Debt

CLO,

LLC,

Series

2024-9A,

Subordinated

Notes,

8.58%,

4/20/2036

19,000,000

14,778,969

Audax

Senior

Debt

CLO,

LLC,

Series

2025-12A,

Subordinated

Notes,

18.95%,

4/22/2037

8,500,000

8,240,701

Bain

Capital

Credit

CLO

Ltd.,

Series

2021-3A,

Subordinated

Notes,

11.35%,

7/24/2034

12,800,000

5,425,044

Bain

Capital

Credit

CLO

Ltd.,

Series

2025-1A,

Subordinated

Notes,

15.11%,

4/23/2038

10,000,000

7,953,869

Barings

Middle

Market

CLO

Ltd.,

Series

2021-1A,

Subordinated

Notes,

14.88%,

7/20/2033

3,240,000

2,686,785

Barings

Middle

Market

CLO

Ltd.,

Series

2023-1A,

Subordinated

Notes,

4.06%,

1/20/2036

17,000,000

14,634,520

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Subordinated

Notes,

19.55%,

1/15/2035

9,246,257

7,094,457

BlackRock

Baker

CLO

Ltd.,

Series

2021-8A,

Class

VDN,

0.00%,

1/15/2034

7,347,140

455,769

BlackRock

Elbert

CLO

V,

LLC,

Series

5I,

Subordinated

Notes,

0.00%,

6/15/2034

6,500,000

2,071,201

BlackRock

Maroon

Bells

CLO

XI,

LLC,

Series

2022-1A,

Subordinated

Notes,

7.23%,

1/15/2038

11,643,312

4,561,738

Blackrock

Mt.

Hood

CLO

X,

LLC,

Series

2023-1A,

Class

VDN,

0.00%,

4/20/2035

20,600,000

8,865,446

Brightwood

Capital

MM

CLO

Ltd.,

Series

2023-1A,

Class

E,

13.75%,

10/15/2035

14,945,879

10,926,333

Churchill

Middle

Market

CLO

III

Ltd.,

Series

2021-1A,

Subordinated

Notes,

0.00%,

10/24/2033

21,500,000

2,150

Churchill

Middle

Market

CLO

IV

Ltd.,

Series

2019-1I,

Subordinated

Notes,

13.39%,

4/23/2036

7,000,000

4,521,639

FCO

XXVII

Warehouse,

16.00%,

12/31/2049

(d)(e) 19,992,000

19,992,000

Great

Lakes

CLO

Ltd.,

Series

2014-1A,

Subordinated

Notes,

0.00%,

10/15/2029

26,740,000

14,797,710

Guggenheim

MM

CLO,

LLC,

Series

2023-6A,

Subordinated

Notes,

5.85%,

1/25/2036

20,000,000

16,497,204

Ivy

Hill

Middle

Market

Credit

Fund

XX

Ltd.,

Series

20A,

Subordinated

Notes,

14.36%,

4/20/2035

26,899,000

21,784,388

Jefferies

Credit

Partners

Direct

Lending

CLO

Ltd.,

Series

2024-1A,

Subordinated

Notes,

19.27%,

7/25/2036

20,403,000

19,386,228

Jefferies

Credit

Partners

DL

CLO

2024-II

Ltd,

Series

2024-2A,

Subordinated

Notes,

17.47%,

1/20/2037

35,272,444

33,461,270

Lake

Shore

MM

CLO

II

Ltd.,

Series

2019-2X,

Subordinated

Notes,

9.04%,

10/17/2031

1,700,000

372,331

Flat

Rock

Opportunity

Fund

Schedule

of

Investments

(continued)

September

30,

2025

-

(Unaudited)

COLLATERALIZED

LOAN

OBLIGATIONS

EQUITY

(a)(b)(c)

—

98.33%

-

continued

P

ri

nc

i

p

al

Amo

u

nt

F

air

V

alu

e

Lake

Shore

MM

CLO

II

Ltd.,

Series

2019-2A,

Subordinated

Notes,

9.04%,

10/17/2031

$

17,300,000

$

3,789,017

Lake

Shore

MM

CLO

V,

LLC,

Series

2022-1A,

Subordinated

Notes,

13.22%,

1/15/2037

22,400,000

14,490,082

LCM

Ltd.,

Series

34A,

Income

Notes,

1.03%,

10/20/2034

8,696,000

1,589,267

Maranon

Loan

Funding

Ltd.,

Series

2021-3A,

Subordinated

Notes,

28.26%,

10/15/2036

10,000,000

6,979,806

Neuberger

Berman

Loan

Advisers

CLO

Ltd.,

Series

2017-26A,

Subordinated

Notes,

15.44%,

10/18/2038

12,000,000

4,937,171

Neuberger

Berman

Loan

Advisers

CLO

Ltd.,

Series

2018-30A,

Subordinated

Notes,

16.06%,

1/20/2039

14,555,000

8,326,523

New

Mountain

CLO

Ltd.,

Series

3A,

Subordinated

Notes,

20.66%,

10/20/2034

10,000,000

6,740,717

New

Mountain

CLO

Ltd.,

Series

4A,

Subordinated

Notes,

10.73%,

4/20/2036

18,604,000

9,638,866

New

Mountain

CLO

Ltd.,

Series

2A,

Subordinated

Notes,

12.12%,

1/15/2038

8,250,000

4,872,729

New

Mountain

CLO

Ltd.,

Series

1A,

Subordinated

Notes,

19.35%,

1/15/2038

10,520,364

8,374,604

NXT

Warehouse,

12.00%,

12/31/2049

(d)(e) 4,222,857

4,222,857

Oaktree

CLO

Ltd.,

Series

2022-1A,

Subordinated

Notes,

16.71%,

5/15/2033

10,333,333

6,261,914

Oaktree

CLO

Ltd.,

Series

2019-4A,

Subordinated

Notes,

17.65%,

7/20/2037

9,000,000

4,993,932

Oaktree

CLO

Ltd.,

Series

2019-2A,

Subordinated

Notes,

18.13%,

10/15/2037

10,880,000

4,132,843

Oaktree

CLO

Ltd.,

Series

2019-3A,

Subordinated

Notes,

18.63%,

1/20/2038

8,981,520

4,858,966

OCP

CLO

Ltd.,

Series

2020-20A,

Subordinated

Notes,

12.84%,

4/18/2037

6,000,000

3,683,391

OCP

CLO

Ltd.,

Series

2016-12A,

Subordinated

Notes,

16.81%,

10/18/2037

15,100,000

7,607,398

Octagon

Alto

Ltd.,

Series

2023-1A,

Subordinated

Notes,

8.46%,

10/20/2036

6,000,000

3,131,001

Octagon

Investment

Partners

20-R

Ltd.,

Series

2019-4A,

Subordinated

Notes,

15.58%,

8/12/2037

51,980,000

11,702,530

Symphony

CLO

Ltd.,

Series

2023-30A,

Subordinated

Notes,

6.55%,

4/20/2037

9,227,500

3,594,417

Symphony

CLO

XXIV

Ltd.,

Series

2020-24X,

Subordinated

Notes,

8.45%,

1/23/2032

5,000,000

1,833,420

TCP

Whitney

CLO

Ltd.,

Series

1A,

Subordinated

Notes,

14.49%,

8/20/2033

3,575,763

2,037,295

TCP

Whitney

CLO

Ltd.,

Series

2017-1I,

Subordinated

Notes,

16.00%,

8/20/2033

11,500,000

5,038,387

TCW

CLO

Ltd.,

Series

2021-2A,

Subordinated

Notes,

14.35%,

7/25/2034

8,125,000

4,202,411

TCW

CLO

Ltd.,

Series

2021-2A,

Income

Notes,

16.22%,

7/25/2034

12,243,334

6,323,724

TCW

CLO

Ltd.,

Series

2024-2A,

Subordinated

Notes,

14.35%,

7/17/2037

18,000,000

10,527,472

Voya

CLO

Ltd.,

Series

2021-1A,

Income

Notes,

15.44%,

7/15/2034

6,960,000

3,663,139

Flat

Rock

Opportunity

Fund

Schedule

of

Investments

(continued)

September

30,

2025

-

(Unaudited)

COLLATERALIZED

LOAN

OBLIGATIONS

EQUITY

(a)(b)(c)

—

98.33%

-

continued

P

ri

nc

i

p

al

Amo

u

nt

F

air

V

alu

e

Voya

CLO

Ltd.,

Series

2022-1A,

Subordinated

Notes,

12.95%,

4/20/2035

$

8,000,000

$

4,423,238

Voya

CLO

Ltd.,

Series

2024-2A,

Subordinated

Notes,

11.61%,

7/20/2037

10,500,000

6,893,292

Woodmont

Trust,

Series

2022-9A,

Subordinated

Notes,

14.34%,

10/25/2036

24,084,000

23,408,490

TOTAL

COLLATERALIZED

LOAN

OBLIGATIONS

EQUITY

(Cost $478,699,071)

433,194,994

COLLATERALIZED

LOAN

OBLIGATIONS

DEBT

(a)(c)(f)

—

1.32%

Brightwood

Capital

MM

CLO

Ltd.,

Series

2023-1A,

Class

E,

14.68%,

10/15/2035

(3M

US

SOFR

+

1036

bps)

5,804,225

5,804,225

TOTAL

COLLATERALIZED

LOAN

OBLIGATIONS

DEBT

(Cost $5,370,511)

5,804,225

FEEDER

FUND

INVESTMENT

–

DEBT

(a)(c)(f)(g)

—

0.07%

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

312,640

TOTAL

FEEDER

FUND

INVESTMENT

-

DEBT

(Cost $310,513)

312,640

FEEDER

FUND

INVESTMENT

–

EQUITY

(a)(c)(h)

—

5.96%

Bain

Capital

Global

Direct

Lending

Fund

U

II

RN

LP,

Series

2025-1A,

Subordinated

Notes,

16.50%,

6/18/2036

12,599,583

11,654,615

New

Mountain

Guardian

IV

Feeder

III

Ltd.,

Subordinated

Notes,

16.00%,

11/19/2036

14,842,247

14,619,613

TOTAL

FEEDER

FUND

INVESTMENT

-

EQUITY

(Cost $26,274,833)

26,274,228

SHORT-TERM

INVESTMENTS

-

0.87%

Sh

ar

e

s

MONEY

MARKET

FUNDS

-

0.87%

First

American

Government

Obligations

Fund,

Class

X,

4.05%

(i) 3,838,300

3,838,300

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$3,838,300)

3,838,300

TOTAL

INVESTMENTS

—

106.55%

(Cost

$514,493,228)

469,424,387

Liabilities

in

Excess

of

Other

Assets — (6.55)%

(28,848,250)

NET

ASSETS

—

100.00%

$

440,576,137

(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

$433,194,994,

which

represents

98.33%

of

net

assets

as

of

September

30,

2025. Flat

Rock

Opportunity

Fund

Schedule

of

Investments

(continued)

September

30,

2025

-

(Unaudited)

3M

US

SOFR

–

Month

US

SOFR

as

of

September

30,

2025

was

3.98%.

(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

$465,586,087,

which

represents

105.68%

of

net

assets.

(d) As

of

September

30,

2025

the

Fund

has

commitments

related

to

its

investment

in

this

CLO.

(e) Positions

represent

investments

in

a

warehouse

facility,

which

is

a

financing

structure

intended

to

aggregate

loans

that

may

be

used

to

form

the

basis

of

a

CLO

position.

(f) 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.

(g) 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

$312,640,

representing

0.07%

of

net

assets.

(h) 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

$26,274,228,

representing

5.96%

of

net

assets.

(i) 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 Opportunity Fund

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

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

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

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

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

  - **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 Opportunity Fund

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

**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:** $488879809.08

**Total Liabilities:** $49074469.26

**Net Assets:** $439805339.82

**Currency Risk Metrics (dv01):**

- 

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

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

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 3080.59501006 | **30-Year:** 5.91771818

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.32%                | -0.80%               | 0.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $3084642.53                                |
| Month 2  | $0.00                    | $-7793930.47                               |
| Month 3  | $-0.01                   | $-1676285.37                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| OCP Clo 2019-16 Ltd.                                                        | OCP CLO Ltd.                                         | CUSIP: 670864AC1<br>LEI: 254900XAI48J82ID5O83 | Long             | ABS-O            | CORP              | KY        |   6000000 | PA      | $3683391.36   | 0.84%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BENEFIT STREET PARTNERS CLO XXV LTD                                         | Benefit Street Partners CLO XXV Ltd.                 | CUSIP: 08187AAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   9246257 | PA      | $7094456.98   | 1.61%             |  |  |  | Yes           |                  3 | On Loan: No      |
| First American Funds Inc.                                                   | First American Government Obligations Fund           | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   3838300 | PA      | $3838299.88   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA CLO LTD 2024-2                                                         | Voya CLO 2024-2 Ltd.                                 | CUSIP: 92920JAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  10500000 | PA      | $6893292.11   | 1.57%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IVY Hill Middle Market Credit Fund XII Ltd.                                 | Ivy Hill Middle Market Credit Fund XX Ltd.           | CUSIP: 46604JAC5<br>LEI: 5493003XZKSFJKWICW70 | Long             | ABS-O            | CORP              | KY        |  26899000 | PA      | $21784388.36  | 4.95%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BAIN CAPITAL CREDIT CLO LIMITED                                             | Bain Capital Credit CLO 2021-3 Ltd.                  | CUSIP: 05683PAC1<br>LEI: 254900XV68IP5ZAT0548 | Long             | ABS-O            | CORP              | KY        |  12800000 | PA      | $5425044.22   | 1.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                         | Voya CLO Ltd.                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |   6960000 | PA      | $3663138.69   | 0.83%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Great Lakes Clo 2014-1 Ltd                                                  | Great Lakes CLO Ltd.                                 | CUSIP: 39055RAE2<br>LEI: 254900GKX01S4T3NFH46 | Long             | ABS-O            | CORP              | KY        |  26740000 | PA      | $14797709.57  | 3.36%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                         | Churchill Middle Market CLO IV Ltd.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |   7000000 | PA      | $4521638.80   | 1.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                         | Barings Middle Market CLO Ltd.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |  17000000 | PA      | $14634519.53  | 3.33%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                         | New Mountain Guardian IV Feeder III, Ltd.            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |  14842247 | PA      | $14619613.38  | 3.32%             |  |  |  | Yes           |                  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        |  12599583 | PA      | $11654614.19  | 2.65%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Brightwood Capital MM CLO 2023-1 Ltd./ Brightwood Capital MM CLO 2023-1 LLC | BWCAP 2023-1A E Brightwood Capital MM CLO 2023-1 Ltd | CUSIP: 108929AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5804225 | PA      | $5804225.00   | 1.32%             | 2035-10-15      | Floating      | 14.68%                | Yes           |                  3 | On Loan: No      |
| N/A                                                                         | FCO XXVII Warehouse                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |  19992000 | PA      | $19992000.00  | 4.55%             |  |  |  | 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        |  21500000 | PA      | $2150.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEW MOUNTAIN CLO LTD 2021-3                                                 | New Mountain CLO 3 Ltd.                              | CUSIP: 647549AC8<br>LEI: 549300CEYMYPINCEX579 | Long             | ABS-O            | CORP              | KY        |  10000000 | PA      | $6740717.10   | 1.53%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEW MOUNTAIN CLO 4 LTD                                                      | New Mountain CLO 4 Ltd.                              | CUSIP: 64754PAC2<br>LEI: 254900ME08D8W4AAI581 | Long             | ABS-O            | CORP              | KY        |  18604000 | PA      | $9638866.35   | 2.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ALM 2020-1 LTD                                                              | ALM 2020 Ltd.                                        | CUSIP: 00166DAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8000000 | PA      | $148000.00    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Tcp Whitney Clo Ltd / Tcp Whit                                              | TCP Whitney CLO LLC                                  | CUSIP: 87240GAK7<br>LEI: 549300HQR4ENRKHLM113 | Long             | ABS-O            | CORP              | KY        |   3575763 | PA      | $2037295.33   | 0.46%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Tcw Clo                                                                     | TCW Gem Ltd.                                         | CUSIP: 87252HAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  18000000 | PA      | $10527472.26  | 2.39%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                         | BlackRock Baker CLO Ltd.                             | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |   7347140 | PA      | $455769.40    | 0.10%             |  |  |  | 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        |  20600000 | PA      | $8865446.49   | 2.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OCTAGON INVTMNT PTNS 2019-20R                                               | OCTAGON INVESTMENT PARTNERS 20-R Ltd.                | CUSIP: 67576VAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  51980000 | PA      | $11702529.78  | 2.66%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Tcw Clo 2021-2 Ltd / Tcw Clo 2021-2 Llc                                     | TCW CLO Ltd.                                         | CUSIP: 87301QAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8125000 | PA      | $4202411.28   | 0.96%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                         | TCP Whitney CLO Ltd.                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |  11500000 | PA      | $5038386.79   | 1.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Oaktree CLO 2019-2 Ltd/Llc                                                  | Oaktree CLO Ltd.                                     | CUSIP: 67401VAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  10880000 | PA      | $4132842.85   | 0.94%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LAKE SHORE MM CLO V LLC                                                     | Lake Shore MM CLO V LLC                              | CUSIP: 51076LAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  22400000 | PA      | $14490082.21  | 3.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                         | AUDAX 2023-8A Interests                              | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |  15000000 | PA      | $10087085.40  | 2.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Oaktree CLO 2019-4 Ltd.                                                     | Oaktree CLO Ltd.                                     | CUSIP: 67400JAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   9000000 | PA      | $4993931.61   | 1.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AUDAX SENIOR DEBT CLO 9 LLC                                                 | AUDAX 2024-9A SUB                                    | CUSIP: 050931AN4<br>LEI: 254900HQ7017XX4K1M13 | Long             | ABS-O            | CORP              | KY        |  19000000 | PA      | $14778968.93  | 3.36%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                         | Lake Shore MM CLO II Ltd.                            | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |   1700000 | PA      | $372331.09    | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEW MOUNTAIN CLO 1 LTD                                                      | New Mountain CLO 1 Ltd.                              | CUSIP: 64755AAC4<br>LEI: 5493000BYT2KQ1EMLL07 | Long             | ABS-O            | CORP              | KY        |  10520364 | PA      | $8374604.15   | 1.90%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OAKTREE CLO 2019-2 LTD                                                      | Oaktree CLO  Ltd.                                    | CUSIP: 67400GAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8981520 | PA      | $4858965.50   | 1.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THL CREDIT LAKE SHORE MM CLO II LTD                                         | Lake Shore MM CLO II Ltd.                            | CUSIP: 87249YAC7<br>LEI: 5493004NSSTVWDFT9W29 | Long             | ABS-O            | CORP              | KY        |  17300000 | PA      | $3789016.59   | 0.86%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GUGGENHEIM MM CLO 2019-2. LTD                                               | Guggenheim MM CLO LLC                                | CUSIP: 40171BAM6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  20000000 | PA      | $16497204.40  | 3.75%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BAIN CAPITAL CREDIT CLO 2025-1 LTD                                          | Bain Capital Credit CLO 2025-1 Ltd.                  | CUSIP: 05686BAC9<br>LEI: 254900S1SCKP6SJYG009 | Long             | ABS-O            | CORP              | KY        |  10000000 | PA      | $7953869.30   | 1.81%             |  |  |  | Yes           |                  3 | On Loan: No      |
| JEFFERIES CR CLO 2024-I LTD/LLC                                             | Jefferies Credit Partners Direct Lending CLO Ltd.    | CUSIP: 47234UAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  20403000 | PA      | $19386227.51  | 4.41%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                         | BlackRock Maroon Bells CLO XI LLC                    | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |  11643312 | PA      | $4561737.80   | 1.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                         | LCM 34 Ltd.                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |   8696000 | PA      | $1589267.22   | 0.36%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Neuberger Berman Loan Advisers Clo 30 Ltd.                                  | Neuberger Berman Loan Advisers CLO 30 Ltd.           | CUSIP: 64132FAC7<br>LEI: 549300WWWM7IDWOVIL36 | Long             | ABS-O            | CORP              | KY        |  14555000 | PA      | $8326523.24   | 1.89%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEW MOUNTAIN CLO 2 LTD                                                      | New Mountain CLO 2 Ltd.                              | CUSIP: 64754KAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8250000 | PA      | $4872728.69   | 1.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                         | TCW CLO Ltd.                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |  12243334 | PA      | $6323724.37   | 1.44%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Voya Clo 2022-1 Ltd / Llc                                                   | Voya CLO Ltd.                                        | CUSIP: 92919HAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8000000 | PA      | $4423237.60   | 1.01%             |  |  |  | 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: 108929AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  14945879 | PA      | $10926333.11  | 2.48%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Symphony Clo XXIV Ltd.                                                      | Symphony CLO XXIV Ltd.                               | CUSIP: G86533AB5<br>LEI: 5493007X3UVVYJ005O73 | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $1833420.45   | 0.42%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                         | NXT Warehouse                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |   4222857 | PA      | $4222857.14   | 0.96%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Allegro Clo Xiv Ltd / Llc                                                   | Allegro CLO XIV Ltd.                                 | CUSIP: 01750YAC9<br>LEI: 25490093RGALWPW3N486 | Long             | ABS-O            | CORP              | KY        |  22185800 | PA      | $12171258.11  | 2.77%             |  |  |  | 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        |   6500000 | PA      | $2071200.95   | 0.47%             |  |  |  | Yes           |                  3 | 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        |   3240000 | PA      | $2686785.39   | 0.61%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AUDAX SENIOR DEBT CLO 12 LLC                                                | Audax Senior Debt CLO 12 LLC                         | CUSIP: 05071UAQ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8500000 | PA      | $8240701.13   | 1.87%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Maranon Loan Funding 2021-3 Ltd.                                            | Maranon Loan Funding Ltd.                            | CUSIP: 56577NAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  10000000 | PA      | $6979805.80   | 1.59%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Symphony Clo 30 Ltd.                                                        | Symphony CLO 30 Ltd.                                 | CUSIP: 87169FAE0<br>LEI: 2549004J4MWM1CEW4533 | Long             | ABS-O            | CORP              | KY        |   9227500 | PA      | $3594417.05   | 0.82%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Octagon 70 Alto Ltd.                                                        | Octagon 70 Alto Ltd.                                 | CUSIP: 67578PAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   6000000 | PA      | $3131001.00   | 0.71%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ocp Clo 2016-12 Ltd.                                                        | OCP CLO 2016-12 Ltd.                                 | CUSIP: 67092TAC8<br>LEI: 254900U8BS6KLMI9K654 | Long             | ABS-O            | CORP              | KY        |  15100000 | PA      | $7607398.27   | 1.73%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Woodmont 2017-1 Trust                                                       | Woodmont Trust                                       | CUSIP: 97988RAS1<br>LEI: 2549007D5SGOER780O38 | Long             | ABS-O            | CORP              | KY        |  24084000 | PA      | $23408489.32  | 5.32%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OAKTREE CLO LTD 2022-1                                                      | Oaktree CLO Ltd.                                     | CUSIP: 67402NAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  10333333 | PA      | $6261913.82   | 1.42%             |  |  |  | Yes           |                  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        |  35272444 | PA      | $33461269.11  | 7.61%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 26, Ltd.                                 | Neuberger Berman Loan Advisers CLO 26 Ltd.           | CUSIP: 64131NAA5<br>LEI: 549300P0MOXZPIM3AS61 | Long             | ABS-O            | CORP              | KY        |  12000000 | PA      | $4937171.04   | 1.12%             |  |  |  | Yes           |                  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    | 0.07%             | 2036-06-18      | Floating      | 12.29%                | Yes           |                  3 | On Loan: No      |

### Signature

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

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

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller