# EDGAR Filing Document

**Accession Number:** 0001814390
**File Stem:** 0001213900-25-083472
**Filing Date:** 2025-9
**Character Count:** 135210
**Document Hash:** 6d9ddfa5587fa6b7701d4fc33ac88cb5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-083472.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001213900-25-083472

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23579
- **FILM NUMBER:** 251286470

**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

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

united states

securities and exchange commission

washington, d.c. 20549

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

Investment Company Act file number: <u>811-23579</u>

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

(Exact name of registrant as specified in charter)

Robert K. Grunewald,

Chief Executive Officer

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

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

<u>Wilmington, DE 19801</u>

(Name and address of agent for service)

Copy to:

Owen J. Pinkerton, Esq.

Krisztina Nadasdy, Esq.

Eversheds Sutherland (US) LLP

700 Sixth Street, NW, Suite 700

Washington, DC 20001

(202) 383-0262

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

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

Date of reporting period: <u>January 1, 2025 – June 30, 2025</u>

------

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

![](tcover_001.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  [Portfolio Update](#T101) | 1 |
|  [Consolidated Schedule of Investments](#T102) | 4 |
|  [Consolidated Statement of Assets and Liabilities](#T103) | 11 |
|  [Consolidated Statement of Operations](#T104) | 12 |
|  [Consolidated Statements of Changes in Net Assets](#T105) | 13 |
|  [Consolidated Statement of Cash Flows](#T106) | 14 |
|  [Consolidated Financial Highlights](#T107) | 16 |
|  [Notes to Consolidated Financial Statements](#T108) | 19 |
|  [Additional Information](#T109) | 36 |
|  [Renewal of Investment Advisory Agreement](#T110) | 40 |

---

------

<u> Flat Rock Core Income Fund </u> <u> Portfolio Update </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

#### INVESTMENT OBJECTIVE
Flat Rock Core Income Fund's (the "Fund") investment objective is the preservation of capital while generating current income from its debt investments and seeking to maximize the portfolio's total return.

**PERFORMANCE** *as of June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **6 Months** | **1 Year** | **3 Year<sup>(1)</sup>** | **5 Year<sup>(1)</sup>** | **Since <br>Inception<sup>(1)</sup>** |
|  Flat Rock Core Income Fund<sup>(2)(6)</sup> | 2.29% | 6.23% | 9.07% | 9.03% | 7.78% |
|  Bloomberg US Aggregate Bond Index<sup>(3)</sup> | 4.02% | 6.08% | 2.55% | -0.73% | 1.50% |
|  Bloomberg US Corporate High Yield Bond Index<sup>(4)</sup> | 4.57% | 10.28% | 9.92% | 5.96% | 4.97% |
|  Morningstar LSTA US Leveraged Loan Index<sup>(5)</sup> | 2.81% | 7.29% | 9.68% | 7.45% | 5.40% |

---

*<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The Fund commenced operations on July 2, 2017. Operations for the period prior to November 23, 2020 are for Flat Rock Capital Corp. (see Note 14 in the Notes to Consolidated Financial Statements for further information).*

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

*<sup>(3)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The Bloomberg US Aggregate Bond Index is a broad-based, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States.*

*<sup>(4)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The Bloomberg US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market.*

*<sup>(5)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The Morningstar LSTA US Leveraged Loan Index is a market value weighted index designed to capture the performance of the US leveraged loan market.*

*<sup>(6)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the Financial Highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.*

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

The Fund is a continuously offered, diversified, closed-end management investment company that is operated as an interval fund. The Fund is suitable only for investors who can bear the risks associated with the Fund's limited liquidity and should be viewed as a long-term investment. The Fund's shares have no history of public trading, nor is it intended that its shares will be listed on a national securities exchange at this time, if ever. Investing in the Fund's shares may be speculative and involves a high degree of risk, including the risks associated with leverage. Investing in the Fund involves risk, including the risk that shareholders may receive little or no return on their investment or that shareholders may lose part or all of their investment. The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to its performance, such as a return of capital or borrowings. The amount of distributions that the Fund may pay, if any, is uncertain.

 <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 1 </u>

------

<u> Flat Rock Core Income Fund </u> <u> Portfolio Update </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

**ASSET ALLOCATION** *as of June 30, 2025\**

![](tpiechart_001.jpg)

*\*&nbsp;&nbsp;&nbsp;&nbsp; Holdings are subject to change.*

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

**TOP TEN HOLDINGS\*** *as of June 30, 2025*

---

| | |
|:---|:---|
|  | **% of Net Assets** |
|  Hercules Private Global Venture Growth Fund I LP | 5.21% |
|  TriplePoint Private Venture Credit, Inc. | 4.25% |
|  BCP Great Lakes II - Series A | 3.21% |
|  Fortress Credit Opportunities XXI CLO LLC, Series 2023-21A | 3.01% |
|  Vehicle Management Services - Term Loan | 2.59% |
|  Brightwood Capital MM CLO Ltd., Series 2023-1A | 2.46% |
|  Xenon Arc, Inc. - Term Loan | 2.44% |
|  PTSH Intermediate Holdings, LLC - Term Loan | 2.43% |
|  Fortress Credit Opportunities XXI CLO LLC, Series 2022-19A | 2.36% |
|  Crane Engineering Sales - Term Loan | 2.30% |

---

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

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

------

<u> Flat Rock Core Income Fund </u> <u> Portfolio Update </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

#### GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT
The graph below illustrates the growth of a hypothetical $10,000 investment assuming the purchase of common shares at the NAV of $20.00 on July 2, 2017 (commencement of operations) and tracking its progress through June 30, 2025.

![](tlinechart_001.jpg)

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

 <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 3 </u>

------

<u> Flat Rock Core Income Fund </u> <u> Consolidated Schedule of Investments </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Fair Value** |
|  **COLLATERALIZED LOAN OBLIGATIONS EQUITY**<sup>(a)(b)(c)</sup> **- 6.60%** |  |  |
|  Barings Middle Market CLO Ltd., Series 2021-1A, <br>Subordinated Notes, 14.06%, 7/20/2033 | $6300000 | $5194418 |
|  BlackRock Elbert CLO V, LLC, Series 5I, <br>Subordinated Notes, 1.00%, 6/15/2034 | 2000000 | 897163 |
|  BlackRock Maroon Bells CLO XI, LLC, Series 1A, <br>Subordinated Notes, 13.09%, 1/15/2038 | 10191083 | 5068325 |
|  Blackrock Mt. Hood CLO X, LLC, Series 2023-1A, <br>Class VDN, 2.50%, 4/20/2035 | 5000000 | 2138177 |
|  Churchill Middle Market CLO III Ltd., Series 2021-1A, <br>Subordinated Notes, 0.00%, 10/24/2033<sup>(d)</sup> | 5000000 | 137659 |
|  Jefferies Credit Partners DL CLO 2024-II Ltd, Series 2024-2A, <br>Subordinated Notes, 17.82%, 1/20/2037 | 5671692 | 5288307 |
|  TCP Whitney CLO Ltd., Series 1A, <br>Subordinated Notes, 0.00%, 8/20/2033 | 5000000 | 2658369 |
|  **TOTAL COLLATERALIZED LOAN OBLIGATIONS EQUITY (Cost $24,210,785)** |  | 21382418 |
|  **COLLATERALIZED LOAN OBLIGATIONS DEBT**<sup>(a)(c)</sup> **- 35.50%** |  |  |
|  ABPCI Direct Lending Fund ABS II, LLC, Series 2A, <br>Class B, 4.99%, 3/1/2032 | 6553280 | 6167037 |
|  ABPCI Direct Lending Fund ABS IV LP, Series 2024-1A, <br>Class C, 12.11%, 5/1/2034 (3M US SOFR + 783 bps)<sup>(e)</sup> | 2000000 | 2000001 |
|  ABPCI Direct Lending Fund CLO, Series 2019-5A, <br>Class D, 12.40%, 1/20/2036 (3M US SOFR + 813 bps)<sup>(e)</sup> | 5250000 | 5320264 |
|  Barings Middle Market CLO Ltd., Series 2023-IIA, <br>Class D, 12.94%, 1/20/2032 (3M US SOFR + 867 bps)<sup>(e)</sup> | 5000000 | 5000000 |
|  Brightwood Capital MM CLO Ltd., Series 2023-1A, <br>10.72%, 10/15/2035 (3M US SOFR + 646 bps)<sup>(e)</sup> | 7900000 | 7956058 |
|  Brightwood Capital MM CLO Ltd., Series 2023-1X, <br>Class D, 10.72%, 10/15/2035 (3M US SOFR + 646 bps)<sup>(e)</sup> | 1500000 | 1510644 |
|  Brightwood Capital MM CLO Ltd., Series 2024-2A, <br>Class D, 10.01%, 4/15/2036 (3M US SOFR + 575 bps)<sup>(e)</sup> | 5000000 | 5029152 |
|  Fortress Credit Opportunities XIX CLO, LLC, Series 2022-19A, <br>Class ER, 12.26%, 10/15/2036 (3M US SOFR + 800 bps)<sup>(e)</sup> | 7500000 | 7628252 |
|  Fortress Credit Opportunities XXI CLO LLC, Series 2023-21A, <br>Class ER, 11.52%, 1/21/2037 (3M US SOFR + 725 bps)<sup>(e)</sup> | 10000000 | 9755000 |
|  Great Lakes CLO Ltd., Series 2014-1A, <br>Class FR, 14.52%, 10/15/2029 (3M US SOFR + 1026 bps)<sup>(e)</sup> | 3029744 | 2936402 |
|  Great Lakes CLO Ltd., Series 2019-1A, <br>Class ERR, 11.81%, 4/15/2037 (3M US SOFR + 750 bps)<sup>(e)</sup> | 5000000 | 4873000 |

---

<u> *See Notes to Consolidated Financial Statements.*</u> <br> <u> 4 </u> <u> www.flatrockglobal.com </u>

------

<u> Flat Rock Core Income Fund </u>   <u> Consolidated Schedule of Investments </u> <br>     <u> *June 30, 2025 (Unaudited)* </u>

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Fair Value** |
|  **COLLATERALIZED LOAN OBLIGATIONS DEBT**<sup>(a)(c)</sup> **- 35.50%** |  |  |
|  Maranon Loan Funding Ltd., Series 2021-3A, <br>Class ER, 12.08%, 10/15/2036 (3M US SOFR + 782 bps)<sup>(e)</sup> | $5050000 | $5113148 |
|  Maranon Loan Funding Ltd., Series 2023-1A, <br>Class ER, 0.00%, 7/15/2037 (3M US SOFR + 775 bps)<sup>(e)(f)</sup> | 4800000 | 4800000 |
|  MCF CLO IV, LLC, Class ERR, 13.18%, 10/20/2033 <br>(3M US SOFR + 891 bps)<sup>(e)</sup> | 5000000 | 5070567 |
|  MCF CLO VII, LLC, Series 2017-3A, <br>Class ER, 13.68%, 7/20/2033 (3M US SOFR + 915 bps)<sup>(e)</sup> | 5000000 | 5075958 |
|  Monroe Capital MML CLO VIII Ltd., Series 2019-1A, <br>Class ER, 12.95%, 11/22/2033 (3M US SOFR + 862 bps)<sup>(e)</sup> | 6250000 | 6333399 |
|  Monroe Capital MML CLO X Ltd., Series 20-1A, <br>Class ER2, 12.06%, 8/20/2037 (3M US SOFR + 775 bps)<sup>(e)</sup> | 6000000 | 6000000 |
|  Monroe Capital MML Ltd., Series 2019-2A, <br>Class E, 13.23%, 10/22/2031 (3M US SOFR + 896 bps)<sup>(e)</sup> | 1625000 | 1649099 |
|  Monroe Capital MML Ltd., Series 2021-1A, <br>Class E, 13.12%, 5/20/2033 (3M US SOFR + 880 bps)<sup>(e)</sup> | 5000000 | 5070449 |
|  Mount Logan Funding LP, Series 2018-1A, <br>Class ER, 12.99%, 1/22/2033 (3M US SOFR + 872 bps)<sup>(e)</sup> | 6500000 | 6598521 |
|  PennantPark CLO V Ltd., Series 2022-5A, <br>Class ER, 12.21%, 10/15/2033 (3M US SOFR + 795 bps)<sup>(e)</sup> | 4000000 | 4056692 |
|  TCP Whitney CLO, LLC, Series 2017-1A, <br>Class DR, 8.43%, 8/20/2033 (3M US SOFR + 411 bps)<sup>(e)</sup> | 1897000 | 1902959 |
|  THL Credit Lake Shore MM CLO I LTD, Series 2019-1A, <br>Class ER, 13.49%, 4/15/2033 (3M US SOFR + 923 bps)<sup>(e)</sup> | 5000000 | 5073555 |
|  **TOTAL COLLATERALIZED LOAN OBLIGATIONS DEBT <br>(Cost $113,719,614)** |  | 114920157 |
|  **FIRST LIEN SENIOR SECURED DEBT**<sup>(a)</sup> **- 61.52%** |  |  |
|  Accordion Partners, 11/15/2031 (3M US SOFR + 600 bps)<sup>(e)(g)</sup> | 5624348 | 5547294 |
|  Accordion Partners – DDTL, 11/15/2031 (1.00%)<sup>(g)(h)</sup> | 766957 | 756449 |
|  Accordion Partners – Revolver, 11/15/2031 (.50%)<sup>(g)(h)</sup> | 608696 | 600357 |
|  Amerit Fleet Parent LLC – DDTL, 1/27/2032 (1.00%)<sup>(g)(h)</sup> | 610169 | 607119 |
|  Amerit Fleet Parent LLC – Revolver, 1/27/2032 (.50%)<sup>(g)(h)</sup> | 881356 | 876674 |
|  Amerit Fleet Parent LLC – Revolver, 1/27/2032 <br>(3M US SOFR + 525 bps)<sup>(e)(g)</sup> | 203390 | 202309 |
|  Amerit Fleet Parent LLC – Term Loan, 1/27/2032 <br>(3M US SOFR + 525 bps)<sup>(e)(g)</sup> | 6305085 | 6289322 |
|  Bounteous, Inc. – Term Loan, 8/2/2027 <br>(1M US SOFR + 475 bps)<sup>(e)(g)</sup> | 4248100 | 4248100 |
|  Capitol Imaging – DDTL, 1/3/2030<sup>(g)(h)</sup> | 263699 | 259743 |

---

<u> *See Notes to Consolidated Financial Statements.*</u> <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 5 </u>

------

<u> Flat Rock Core Income Fund </u> <u> Consolidated Schedule of Investments </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Fair Value** |
|  **FIRST LIEN SENIOR SECURED DEBT**<sup>(a)</sup> **- 61.52%** |  |  |
|  Capitol Imaging – Revolver, 1/3/2030<sup>(g)(h)</sup> | $263699 | $259743 |
|  Capitol Imaging – Revolver, 1/3/2030 (3M US SOFR + 525 bps)<sup>(e)(g)</sup> | 95890 | 94452 |
|  Capitol Imaging – Term Loan, 1/3/2030 <br>(3M US SOFR + 525 bps)<sup>(e)(g)</sup> | 6362748 | 6267307 |
|  Congruex Group, LLC – Term Loan, 5/3/2029 <br>(3M US SOFR + 650 bps)<sup>(e)(g)(j)</sup> | 7140630 | 6490833 |
|  Consor Intermediate II, LLC – DDTL, 5/10/2031 (1.00%)<sup>(g)(h)</sup> | 2038310 | 2013239 |
|  Consor Intermediate II, LLC – Revolver, 5/10/2031 (.50%)<sup>(g)(h)</sup> | 135211 | 133548 |
|  Consor Intermediate II, LLC – Term Loan, 5/10/2031 <br>(1M US SOFR + 475 bps)<sup>(g)(e)</sup> | 3271255 | 3231019 |
|  Consor Intermediate II, LLC Revolver, 5/10/2031<br>(1M US SOFR + 450 bps)<sup>(e)(g)</sup> | 540845 | 534193 |
|  Crane Engineering Sales – Term Loan, 8/25/2029 <br>(3M US SOFR + 525 bps)<sup>(e)(g)</sup> | 7503151 | 7450630 |
|  Cyber Advisors – DDTL, 7/18/2028 (1.00%)<sup>(g)(h)</sup> | 134185 | 133300 |
|  Cyber Advisors – Term Loan, 7/18/2028 <br>(3M US SOFR + 525 bps)<sup>(e)(g)</sup> | 6840971 | 6795821 |
|  Diversified Risk Holdings – Revolver, 4/30/2026<sup>(g)(h)</sup> | 118519 | 114963 |
|  Diversified Risk Holdings – Revolver, 4/30/2026 <br>(3M US SOFR + 625 bps)<sup>(e)(g)</sup> | 177778 | 172444 |
|  Diversified Risk Holdings – Term Loan, 4/30/2026 <br>(3M US SOFR + 625 bps)<sup>(e)(g)</sup> | 6548782 | 6352318 |
|  Drive Automotive Services, LLC – Term Loan, 8/2/2026 <br>(3M US SOFR + 600 bps)<sup>(e)(g)</sup> | 4163636 | 3794322 |
|  ETC Group – Term Loan, 10/8/2029 (3M US SOFR + 600 bps)<sup>(e)(g)</sup> | 1960223 | 1444684 |
|  First Brands Group LLC, 3/30/2027 (3M US SOFR + 527 bps)<sup>(e)(g)</sup> | 4983784 | 4692033 |
|  Flagship Oral Surgery Partners, LLC – DDTL, 11/20/2025 (1.00%)<sup>(g)(h)</sup> | 2155183 | 2150226 |
|  Flagship Oral Surgery Partners, LLC – Term Loan, 12/20/2027 <br>(3M US SOFR + 600 bps)<sup>(e)(g)</sup> | 2841693 | 2835157 |
|  Galactic Litigation Partners – Term Loan, 6/21/2024<sup>(i)(k)(l)</sup> | 7274854 | 3499205 |
|  Inmar, Inc. – Term Loan, 10/30/2031 (1M US SOFR + 450 bps)<sup>(e)(g)</sup> | 3930250 | 3954814 |
|  Isagenix International, LLC – Term Loan, 4/14/2028 <br>(3M US SOFR + 660 bps)<sup>(e)(g)(j)</sup> | 1395525 | 577747 |
|  Mag Aerospace – Term Loan, 4/1/2027 <br>(3M US SOFR + 550 bps)<sup>(e)(g)</sup> | 3737876 | 3625740 |
|  Magnate Worldwide, LLC – Incremental Term Loan, 12/30/2028 <br>(3M US SOFR + 550 bps)<sup>(e)(g)</sup> | 2977500 | 2929860 |

---

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

------

<u> Flat Rock Core Income Fund </u>   <u> Consolidated Schedule of Investments </u> <br>     <u> *June 30, 2025 (Unaudited)* </u>

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Fair Value** |
|  **FIRST LIEN SENIOR SECURED DEBT**<sup>(a)</sup> **- 61.52%** |  |  |
|  Magnate Worldwide, LLC – Term Loan, 12/30/2028 <br>(3M US SOFR + 550 bps)<sup>(e)(g)</sup> | $3805366 | $3744480 |
|  Nellson Neutraceutical DDTL, 4/7/2031<sup>(g)(h)</sup> | 346535 | 341337 |
|  Nellson Neutraceutical Revolver, 4/7/2031<sup>(g)(h)</sup> | 665347 | 655366 |
|  Nellson Neutraceutical Revolver, 4/7/2031<br>(3M US SOFR + 575 bps)<sup>(e)(g)</sup> | 235644 | 232109 |
|  Nellson Neutraceutical US – Term Loan, 4/7/2031<br>(3M US SOFR + 575 bps)<sup>(e)(g)</sup> | 5752475 | 5666188 |
|  NorthPole US, LLC – Term Loan, 3/3/2025<sup>(g)(k)(l)</sup> | 1837500 | 91875 |
|  Oak Point Partners – Term Loan, 12/1/2027 <br>(1M US SOFR + 525 bps)<sup>(e)(g)</sup> | 3469068 | 3469068 |
|  Oil Changer Holding Corporation – Term Loan, 2/1/2027 <br>(3M US SOFR + 675 bps)<sup>(e)(g)</sup> | 6681133 | 6604300 |
|  Perennial Services Group – DDTL, 9/8/2029 (1.00%)<sup>(g)(h)</sup> | 189743 | 186233 |
|  Perennial Services Group – DDTL, 9/8/2029 <br>(3M US SOFR + 475 bps)<sup>(e)(g)</sup> | 2497176 | 2450978 |
|  Perennial Services Group – Term Loan, 9/8/2029 <br>(3M US SOFR + 550 bps)<sup>(e)(g)</sup> | 4930130 | 4838922 |
|  Profile Products, LLC – Term Loan, 11/12/2027 <br>(1M US SOFR + 575 bps)<sup>(e)(g)</sup> | 2927733 | 2823212 |
|  PTSH Intermediate Holdings, LLC – Term Loan, 12/17/2027 <br>(3M US SOFR + 590 bps)<sup>(e)(g)</sup> | 8000000 | 7880000 |
|  S&P Engineering Solutions – Term Loan, 5/2/2030 <br>(3M US SOFR + 500 bps)<sup>(e)(g)(i)</sup> | 4925000 | 4969818 |
|  SGA Dental Partners – DDTL, 7/17/2029 (1.00%)<sup>(g)(h)</sup> | 1354444 | 1332773 |
|  SGA Dental Partners – Term Loan, 7/17/2029 <br>(3M US SOFR + 550 bps)<sup>(e)(g)</sup> | 6723403 | 6615828 |
|  Solaray, LLC – Term Loan, 12/15/2025 <br>(3M US SOFR + 650 bps)<sup>(e)(g)</sup> | 1651038 | 1504095 |
|  Solaray, LLC – Term Loan, 12/15/2025 <br>(3M US SOFR + 650 bps)<sup>(e)(g)</sup> | 1562031 | 1423011 |
|  Solaray, LLC – Term Loan, 12/15/2025 <br>(3M US SOFR + 650 bps)<sup>(e)(g)</sup> | 1370164 | 1248220 |
|  Spencer Spirit, LLC – Term Loan, 7/15/2031 <br>(1M US SOFR + 550 bps)<sup>(e)(g)</sup> | 4975000 | 4925250 |
|  Thryv, Inc. – Term Loan, 5/1/2029 (1M US SOFR + 675 bps)<sup>(e)(g)</sup> | 2100000 | 2101323 |
|  Trulite Holding Corp. – Term Loan, 3/1/2030 <br>(1M US SOFR + 600 bps)<sup>(e)(g)</sup> | 4875000 | 4704375 |

---

<u> *See Notes to Consolidated Financial Statements.*</u> <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 7 </u>

------

<u> Flat Rock Core Income Fund </u> <u> Consolidated Schedule of Investments </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

---

| | | |
|:---|:---|:---|
|  | **Principal <br>Amount** | **Fair Value** |
|  **FIRST LIEN SENIOR SECURED DEBT**<sup>(a)</sup> **- 61.52%** |  |  |
|  Vehicle Management Services, LLC – Term Loan, 7/26/2027 <br>(1M US SOFR + 625 bps)<sup>(e)(g)</sup> | $8386809 | $8386808 |
|  Viapath Technologies – Term Loan, 8/6/2029 <br>(1M US SOFR + 750 bps)<sup>(e)(g)</sup> | 7475000 | 7362875 |
|  Watchguard Technologies, Inc. – Term Loan, 6/30/2029 <br>(1M US SOFR + 525 bps)<sup>(e)(g)</sup> | 4877198 | 4829938 |
|  Watterson – Term Loan, 12/17/2026 (1200 bps)<sup>(g)(i)(j)</sup> | 4224607 | 3549092 |
|  Xanitos, Inc. Term Loan, 6/25/2026 (3M US SOFR + 650 bps)<sup>(e)(g)(i)</sup> | 3458737 | 3458737 |
|  Xenon Arc, Inc. – Term Loan, 12/20/2028 <br>(1M US SOFR + 575 bps)<sup>(e)(g)</sup> | 8000000 | 7883999 |
|  Zavation Medical Products, LLC – Revolver, 6/30/2028 (.50%)<sup>(g)(h)</sup> | 46804 | 46804 |
|  Zavation Medical Products, LLC – Revolver, 6/30/2028 <br>(3M US SOFR + 650 bps)<sup>(e)(g)</sup> | 421235 | 421235 |
|  Zavation Medical Products, LLC – Term Loan, 6/30/2028 <br>(3M US SOFR + 650 bps)<sup>(e)(g)</sup> | 6484353 | 6484353 |
|  **TOTAL FIRST LIEN SENIOR SECURED DEBT <br>(Cost $207,651,854)** |  | 199167567 |
|  **FEEDER FUND INVESTMENT** - **DEBT**<sup>(a)(c)(e)(m)</sup> **- 1.30%** |  |  |
|  Bain Capital Global Direct Lending Fund U II RN LP, Series 2025-1A, <br>Class D, 12.29%, 6/18/2036 (3M US SOFR + 800 bps) | 200000 | 198000 |
|  Guggenheim Invest Private Debt Fund IV Feeder LLC, Series 25-1A, <br>Class C, 11.55%, 4/10/2038 (3M US SOFR + 750 bps) | 4000000 | 4000000 |
|  **TOTAL FEEDER FUND INVESTMENT - DEBT<br>(Cost $4,198,004)** |  | 4198000 |
|  **FEEDER FUND INVESTMENT - EQUITY**<sup>(a)(c)(n)</sup> **- 2.65%** |  |  |
|  Bain Capital Global Direct Lending Fund U II RN LP, <br>Series 2025-1A, Subordinated Notes, 16.50%, 6/18/2036 | 1831577 | 1694209 |
|  New Mountain Guardian IV Feeder III, Ltd., <br>Subordinated Notes, 16.00%, 11/19/2036  | 6960610 | 6881259 |
|  **TOTAL FEEDER FUND INVESTMENT - EQUITY <br>(Cost $8,550,625)** |  | 8575468 |

---

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

------

<u> Flat Rock Core Income Fund </u>   <u> Consolidated Schedule of Investments </u> <br>     <u> *June 30, 2025 (Unaudited)* </u>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **COMMON STOCKS**<sup>(a)</sup> **- 0.00%** |  |  |
|  Isagenix International, LLC<sup>(k)</sup> | 85665 | $— |
|  **Total Common Stocks <br>(Cost $–)** |  |  |
|  **PRIVATE INVESTMENT FUNDS - 12.66%** |  |  |
|  BCP Great Lakes II - Series A Holdings LP<sup>(o)</sup> | N/A | 10385829 |
|  Hercules Private Global Venture Growth Fund I LP<sup>(o)</sup> | N/A | 16852085 |
|  TriplePoint Private Venture Credit, Inc. | 1324395 | 13747215 |
|  **TOTAL PRIVATE INVESTMENT FUNDS <br>(Cost $46,987,045)** |  | 40985129 |
|  **TOTAL INVESTMENTS - 120.23% <br>(Cost $405,317,927)** |  | 389228739 |
|  **Liabilities in Excess of Other Assets - (20.23)%** |  | (65503728) |
|  **NET ASSETS - 100.00%** |  | $323725011 |

---

____________

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

*<sup>(b)</sup>&nbsp;&nbsp;&nbsp;&nbsp; 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 $21,382,418, which represents 6.61% of net assets as of June 30, 2025.*

*<sup>(c)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Securities exempt from registration under the Securities Act of 1933, and are deemed to be "restricted" securities. As of June 30, 2025, the total fair value of these securities amounts to $149,076,043, which represents 46.05% of net assets.*

*<sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; This CLO was called on June 17, 2025. Proceeds received subsequent to June 30, 2025.*

*<sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 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.*

*<sup>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Purchase of this security was settled after June 30, 2025.*

*<sup>(g)</sup>&nbsp;&nbsp;&nbsp;&nbsp; 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 June 30, 2025, the value of securities pledged amounted to $195,668,362, which represents approximately 60.44% of net assets.*

*<sup>(h)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Investment has been committed to but has not been funded by the Fund as of June 30, 2025.*

*<sup>(i)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Investment was acquired via participation agreement.*

*<sup>(j)</sup>&nbsp;&nbsp;&nbsp;&nbsp; A portion of the stated interest rate is payment-in-kind.*

*<sup>(k)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security.*

*<sup>(l)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Investment is past its legal maturity date and facility is currently winding down.*

*<sup>(m)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Debt tranches in securitizations of limited partnership interests in a loan fund ("Feeder Fund Investments — Debt") are entitled to contractual interest payments derived from the cash flows generated by the underlying loan fund. As of June 30, 2025, the total fair value of Feeder Fund Investments — Debt was $4,198,000, representing 1.30% of net assets.*

<u> *See Notes to Consolidated Financial Statements.*</u> <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 9 </u>

------

<u> Flat Rock Core Income Fund </u>   <u> Consolidated Schedule of Investments </u> <br>     <u> *June 30, 2025 (Unaudited)* </u>

*<sup>(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>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 June 30, 2025, the total fair value of Feeder Fund Investments — Equity was $8,575,468 representing 2.65% of net assets.*

*<sup>(o)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Private investment fund does not issue shares.*

SOFR - Secured Overnight Financing Rate

1M US SOFR - 1 Month SOFR as of June 30, 2025 was 4.32%.

3M US SOFR - 3 Month SOFR as of June 30, 2025 was 4.34%.

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

------

<u> Flat Rock Core Income Fund </u>   <u> Consolidated Statement of Assets and Liabilities </u> <br>     <u> *June 30, 2025 (Unaudited)* </u>

---

| | |
|:---|:---|
|  **Assets** |  |
|  Investments at fair value (cost $405,317,927) | $389228739 |
|  Interest receivable | 7585766 |
|  Cash and cash equivalents | 1357326 |
|  Receivable for fund shares sold | 114419 |
|  Fee Rebate | 181553 |
|  Prepaid loan commitment fees | 158612 |
|  Dividends receivable | 4316 |
|  Prepaid expenses and other assets | 103989 |
|  **Total assets** | 398734720 |
|  **Liabilities** |  |
|  Credit Facility, net (see Note 9) | $45763696 |
|  Unfunded loan commitments | 10383514 |
|  Mandatorily redeemable preferred stock (net of deferred financing costs of $40,056<sup>(a)</sup> (see Note 10)) | 9959944 |
|  Securities purchased payable | 7384870 |
|  Incentive fee payable | 454314 |
|  Payable for excise tax | 347906 |
|  Accrued interest expense | 256819 |
|  Payable to transfer agent | 97886 |
|  Payable for audit and tax service fees | 54782 |
|  Payable to trustees | 36665 |
|  Payable for fund accounting and administration fees | 35378 |
|  Dividends payable on redeemable preferred stock | 17778 |
|  Other accrued expenses | 216157 |
|  **Total liabilities** | 75009709 |
|  **Net Assets** | $323725011 |
|  Commitments and Contingencies (see Note 12) |  |
|  **Net Assets Consist Of** |  |
|  Paid-in capital | $329171988 |
|  Accumulated deficit | (5446977) |
|  **Net Assets** | $323725011 |
|  **Pricing of Shares** |  |
|  Net Assets | 323725011 |
|  Shares of beneficial interest outstanding<br>(Unlimited number of shares, at $0.001 par value per share) | 16194178 |
|  Net asset value and offering price per share | $19.99 |

---

*<sup>(a)</sup>&nbsp;&nbsp;&nbsp;&nbsp;$10,000 liquidation value per share. 2,000 shares authorized, issued and outstanding.*

<u> *See Notes to Consolidated Financial Statements.*</u> <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 11 </u>

------

<u> Flat Rock Core Income Fund </u> <u> Consolidated Statement of Operations </u> <br>   <u> *For the Six Months Ended June 30, 2025 (Unaudited)* </u>

---

| | |
|:---|:---|
|  **Investment Income** |  |
|  Interest income | $18685894 |
|  Dividend income | 3258919 |
|  Total Investment Income | 21944813 |
|  **Expenses** |  |
|  Incentive fees | 2549576 |
|  Management fees | 2287941 |
|  Interest on credit facility | 1802171 |
|  Dividends on redeemable preferred stock | 290139 |
|  Transfer agent fees and expenses | 233930 |
|  Audit and tax service fees | 163782 |
|  Accounting and administration fees | 146552 |
|  Amortization of deferred financing costs | 52080 |
|  Legal fees | 45664 |
|  Printing expenses | 37760 |
|  Trustee expenses | 36665 |
|  Registration expenses | 29563 |
|  Loan issuance costs | 21174 |
|  Custodian expenses | 17993 |
|  Insurance expenses | 12263 |
|  Compliance expenses | 10748 |
|  Miscellaneous expenses | 270103 |
|  Total expenses | 8008104 |
|  Fees waived by Adviser (see Note 4) | (1651861) |
|  Net expenses | 6356243 |
|  Net investment income | 15588570 |
|  **Realized and Change in Unrealized Gain/(Loss) from Investments** |  |
|  Net realized gain on sale of investments | 163262 |
|  Net change in unrealized appreciation/(depreciation) from investments | (8357837) |
|  Net realized and change in unrealized loss from investments | (8194575) |
|  **Net increase in net assets resulting from operations** | $7393995 |

---

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

------

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

---

| | | |
|:---|:---|:---|
|  | **For The <br>Six Months <br>Ended <br>June 30, 2025 <br>(Unaudited)** | **For The <br>Year Ended <br>December 31, <br>2024** |
|  **Increase/(Decrease) In Net Assets Resulting From Operations** |  |  |
|  Net investment income | $15588570 | $25551615 |
|  Net realized gain on sale of investments | 163262 | 690975 |
|  Net change in unrealized appreciation/(depreciation) from investments | (8357837) | (885094) |
|  Net increase in net assets resulting from operations | 7393995 | 25357496 |
|  **Distributions To Shareholders** |  |  |
|  Distributions paid from earnings | (15691988) | (25678219) |
|  Decrease in net assets from distributions to shareholders | (15691988) | (25678219) |
|  **Capital Share Transactions** |  |  |
|  Proceeds from shares sold | 62136032 | 100063833 |
|  Reinvestment of distributions | 2517177 | 5026776 |
|  Cost of shares repurchased | (32615007) | (22999621) |
|  Net increase in net assets resulting from capital share transactions | 32038202 | 82090988 |
|  **Net increase in net assets** | 23740209 | 81770265 |
|  **Net Assets** |  |  |
|  Beginning of period | 299984802 | 218214537 |
|  End of period | $323725011 | $299984802 |
|  **Share Transactions** |  |  |
|  Shares sold | 3060322 | 4845922 |
|  Shares issued in reinvestment of distributions | 124503 | 244428 |
|  Shares repurchased | (1603138) | (1111626) |
|  **Net increase in share transactions** | 1581687 | 3978724 |

---

<u> *See Notes to Consolidated Financial Statements.*</u> <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 13 </u>

------

<u> Flat Rock Core Income Fund </u> <u> Consolidated Statement of Cash Flows </u> <br>   <u> *For the Six Months Ended June 30, 2025 (Unaudited)* </u>

---

| | |
|:---|:---|
|  **CASH FLOWS RESULTING FROM OPERATING ACTIVITIES:** |  |
|  Net increase in net assets resulting from operations | $7393995 |
|  Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of investment securities | (86835391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of investment securities | 57862136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net sales of short-term investments securities | 256050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of premium and accretion of discount on investments, net | 2287890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs | 52080 |
|  Net realized (gain)/loss on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (163262) |
|  Net change in unrealized (appreciation)/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 8357837 |
|  (Increase)/Decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee rebate | 5902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid loan commitment fees | 13934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 2410693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 2727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 90111 |
|  Increase/(Decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | (207796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest expense | 6787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | (370904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for fund accounting and administration fees | 5964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to transfer agent | (36046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incentive fee payable | (726141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for audit and tax service fees | (70218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for custodian fees | (8125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to trustees | 36665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | (29158) |
|  **Net cash used in operating activities** | $(9664270) |

---

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

------

<u> Flat Rock Core Income Fund </u> <u> Consolidated Statement of Cash Flows </u> <br>   <u> *For the Six Months Ended June 30, 2025 (Unaudited)* </u>

---

| | |
|:---|:---|
|  CASH FLOWS FROM FINANCING ACTIVITIES: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | $62332314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares repurchased | (32615007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions paid (net of reinvestments) | (13174811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings on credit facility | 99782385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on credit facility | (95601975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of mandatorily redeemable preferred stock  | (10000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in dividends payable on redeemable preferred stock | (22361) |
|  **Net cash provided by financing activities** | 10700545 |
|  **Net increase/(decrease) in cash** | 1036275 |
|  **Cash, beginning of period** | $321051 |
|  **Cash, end of period** | $1357326 |
|  Non-cash financing activities not included herein consist of: |  |
| &nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions | $2517177 |
|  Supplemental Disclosure of Cash Flow Information |  |
| &nbsp;&nbsp;&nbsp; Cash paid for interest on credit facility | $1795384 |
| &nbsp;&nbsp;&nbsp; Cash paid for dividends on mandatorily redeemable preferred stock | $312500 |

---

<u> *See Notes to Consolidated Financial Statements.*</u> <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 15 </u>

------

<u> Flat Rock Core Income Fund </u>   <u> Consolidated Financial Highlights </u> <br>      

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(Unaudited)** | **For the Year <br>Ended <br>December 31, <br>2024\*** | **For the Year <br>Ended <br>December 31, <br>2023** | **For the Year <br>Ended <br>December 31, <br>2022** | **For the Year <br>Ended<br>December 31, <br>2021** | **For the Year <br>Ended<br>December 31, <br>2020<sup>(a)</sup>** |
|  **Per Share Operating Performance** |  |  |  |  |  |  |
|  **Net asset value, beginning of period** | $20.53 | $20.52 | $19.90 | $20.64 | $20.29 | $19.76 |
|  **Income/(loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.01 | 2.05 | 2.27 | 1.76 | 1.54 | 1.41 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains/(losses) from investments | (0.53) | 0.03<br> <sup>(c)</sup> | 0.11 | (1.13) | 0.17 | 0.48 |
|  Total income/(loss) from investment operations | 0.48 | 2.08 | 2.38 | 0.63 | 1.71 | 1.89 |
|  **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (1.02) | (2.07) | (1.76) | (1.35) | (1.36) | (0.81) |
| &nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.02) |  | (0.55) |
|  Total distributions | (1.02) | (2.07) | (1.76) | (1.37) | (1.36) | (1.36) |
|  Net increase/(decrease) in net asset value | (0.54) | 0.01 | 0.62 | (0.74) | 0.35 | 0.53 |
|  **Net asset value, end of period** | $19.99 | $20.53 | $20.52 | $19.90 | $20.64 | $20.29 |
|  **Total return**<sup>(d)</sup> | 2.29<br> %<sup>(e)</sup> | 10.60% | 12.43% | 3.14% | 8.73% | 10.03% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $323725 | $299985 | $218215 | $184382 | $116384 | $60436 |
|  **Ratios To Average Net Assets (including interest on credit facility and dividends on redeemable preferred stock)**<sup>(f)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets including fee waivers and reimbursements | 4.08<br> %<sup>(g)(h)</sup> | 6.36<br> %<sup>(i)</sup> | 7.17% | 6.16% | 5.51% | 7.69% |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets excluding fee waivers and reimbursements | 5.14<br> %<sup>(g)</sup> | 6.43% | 7.17% | 6.16% | 5.51% | 8.07% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets including fee waivers and reimbursements | 10.00<br> %<sup>(g)</sup> | 9.90% | 11.19% | 8.74% | 7.50% | 7.15% |

---

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

------

<u> Flat Rock Core Income Fund </u> <u> Consolidated Financial Highlights </u> <br>    

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(Unaudited)** | **For the Year <br>Ended <br>December 31, <br>2024\*** | **For the Year <br>Ended <br>December 31, <br>2023** | **For the Year <br>Ended <br>December 31, <br>2022** | **For the Year <br>Ended<br>December 31, <br>2021** | **For the Year <br>Ended<br>December 31, <br>2020<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets excluding fee waivers and reimbursements | 8.94%<sup>(g)</sup> | 9.83% | 11.19% | 8.74% | 7.50% | 6.77% |
|  **Ratios To Average Net Assets (excluding interest on credit facility and dividends on redeemable preferred stock)**<sup>(f)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets including fee waivers and reimbursements | 2.71%<sup>(g)(h)</sup> | 4.49%<sup>(i)</sup> | 4.66% | 4.41% | 4.41% | 5.69% |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets excluding fee waivers and reimbursements | 3.77%<sup>(g)</sup> | 4.56%  | 4.66% | 4.41% | 4.41% | 6.07% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets including fee waivers and reimbursements | 11.37%<sup>(g)</sup> | 11.77%  | 13.70% | 10.49% | 8.60% | 9.15% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets excluding fee waivers and reimbursements | 10.31%<sup>(g)</sup> | 11.70%  | 13.70% | 10.49% | 8.60% | 8.77% |
|  Portfolio turnover rate | 15%<sup>(e)</sup> | 68%  | 25% | 17% | 67% | 32% |
|  **Credit Facility:** |  |  |  |  |  |  |
|  Aggregate principal amount, end of period (000s): | $45764  | $41583  | $54998 | $48548 | $41703 | $25676 |
|  Assets Coverage, end of period per $1,000:<sup>(j)</sup> | 8079  | 8220  | 4975 | 4804 | 3780 | 3354 |
|  **Redeemable Preferred Stock:** |  |  |  |  |  |  |
|  Liquidation value, end of period (000s): | $10000  | $20000  | $20000 | $20000 | $10000 | N/A |
|  Asset coverage, end of period per share:<sup>(k)</sup> | 33370  | 32002  | 23825 | 20442 | 12640 | N/A |

---

____________

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

<u> *See Notes to Consolidated Financial Statements.*</u> <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 17 </u>

------

<u> Flat Rock Core Income Fund </u>   <u> Consolidated Financial Highlights </u> <br>      

*<sup>(a)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The consolidated operations for the period from January 1, 2020 to November 22, 2020 are for Flat Rock Capital Corp. (See Note 14 in the Notes to Consolidated Financial Statements for further information).*

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

*<sup>(c)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period due to the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.*

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

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

*<sup>(f)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Interest expense relates to the Fund's Credit Facility (see Note 9) and includes amortization of debt issuance costs as well as dividends on mandatorily redeemable preferred stock (see Note 10).*

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

*<sup>(h)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The ratio of expenses to average net assets including fee waivers includes $851,861 in voluntary advisory fee waivers and $800,000 in voluntary incentive fee waivers representing (0.53)%. This voluntary waiver is not subject to recoupment.*

*<sup>(i)</sup>&nbsp;&nbsp;&nbsp;&nbsp;The ratio of expenses to average net assets including fee waivers includes $189,344 in voluntary advisory fee waivers representing (0.07)%. This voluntary waiver is not subject to recoupment.*

*<sup>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Calculated by subtracting the Fund's total liabilities (excluding the Credit Facility and accumulated unpaid interest on Credit Facility) from the Fund's total assets and dividing by the outstanding Credit Facility balance.*

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

<u> *See Notes to Consolidated Financial Statements.*</u> <br> <u> 18 </u> <u> www.flatrockglobal.com </u>

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<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

 1. ORGANIZATION<br>

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

The Fund's investment objective is the preservation of capital while generating current income from its debt investments and seeking to maximize the portfolio's total return.

The Fund was formed as a Delaware statutory trust on June 11, 2020 and operates pursuant to a Second Amended and Restated Agreement and Declaration of Trust governed by and interpreted in accordance with the laws of the State of Delaware. The Fund had no operations from that date to November 23, 2020, other than those related to organizational matters and the registration of its shares under applicable securities laws.

The operations reported in the accompanying consolidated financial statements and financial highlights for the periods from January 1, 2020 to November 22, 2020 are for Flat Rock Capital Corp., a Maryland corporation formed on March 20, 2017 that commenced operations on May 3, 2017. Flat Rock Capital Corp. was an externally managed, non-diversified, closed-end management investment company that elected to be regulated as a business development company ("BDC") under the 1940 Act and that elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). On November 20, 2020, Flat Rock Capital Corp. transferred all of its assets to the Fund as part of a reorganization as described in Note 14.

FRC Funding I, LLC, the Fund's wholly owned financing subsidiary, is consolidated in the Fund's financial statements.

The Fund is deemed to be an individual reporting segment. The objective and strategy of the Fund is used by the Adviser to make investment decisions, and the results of the operations, as shown in the Consolidated Statement of Operations and the Consolidated Financial Highlights is the information utilized for the day-to-day management of the Fund. Due to the significance of oversight and its role, the Adviser is deemed to be the Chief Operating Decision Maker.

 2. SIGNIFICANT ACCOUNTING POLICIES<br>

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

 <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 19 </u>

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<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

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

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

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

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

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

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

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

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

The Fund primarily invests directly in senior secured loans of U.S. middle-market companies ("Senior Loans") (either in the primary or secondary markets). The Fund's Senior Loans are valued without accrued interest, and accrued interest is reported as income in the Fund's Consolidated Statement of Operations.

Certain of the Senior Loans held by the Fund will be broadly syndicated loans. Broadly syndicated loans will be valued by using readily available market quotations or indicative market quotations provided by an independent, third-party pricing service.

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<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

For each Senior Loan held by the Fund, that is either: 1) not a broadly syndicated loan; or 2) is a broadly syndicated loan but has limited liquidity such that the Adviser determines that readily available or indicative market quotations do not reflect fair value, the Adviser will employ the methodology it deems most appropriate to fair value the Senior Loan. For the period before such a Senior Loan begins providing quarterly financial updates, the Senior Loan's fair value will usually be listed as the cost at which the Fund purchased the Senior Loan. For all other such Senior Loans, the Adviser will fair value each of these on a quarterly basis after the underlying portfolio company has reported its most recent quarterly financial update. These fair value calculations involve significant professional judgment by the Adviser in the application of both observable and unobservable attributes, and it is possible that the fair value determined for a Senior Loan may differ materially from the value that could be realized upon the sale of the Senior Loan. There is no single standard for determining the fair value of an investment. Accordingly, the methodologies the Adviser may use to fair value the Senior Loan may include: 1) fair values provided by an independent third-party valuation firm; 2) mark-to-model valuation techniques; and 3) matrix pricing.

For each Senior Loan that is either: 1) not a broadly syndicated loan; or 2) is a broadly syndicated loan but has limited liquidity such that the Adviser determines that readily available or indicative market quotations do not reflect fair value, the Adviser may adjust the value of the Senior Loan between quarterly valuations based on changes in the capital markets. To do this, as a proxy for discount rates and market comparable, the Adviser may look to the Morningstar LSTA U.S. Leveraged Loan 100 Index (the "LSTA Index"). The LSTA Index is an equal value-weighted index designed to track the performance of the largest U.S. leveraged loan facilities. The LSTA Index is comprised of senior secured loans denominated in U.S. dollars that meet certain selection criteria. If there are significant moves in the LSTA Index, the Adviser may adjust the value of the Senior Loan using its discretion.

In addition, the values of the Fund's Senior Loans may be adjusted daily based on changes to the estimated total return that the asset will generate. The Adviser will monitor these estimates and update them as necessary if macro or individual changes warrant any adjustments.

The Fund may invest in junior debt or equity tranches of collateralized loan obligations ("CLOs"). In valuing such investments, the Adviser considers a number of factors, including: 1) the indicative prices provided by a recognized, independent third-party industry pricing service, and the implied yield of such prices; 2) recent trading prices for specific investments; 3) recent purchases and sales known to the Adviser in similar securities; 4) the indicative prices for specific investments and similar securities provided by the broker who arranges transactions in such CLOs; and 5) the Adviser's own models, which will incorporate key inputs including, but not limited to, assumptions for future loan default rates, recovery rates, prepayment rates, and discount rates — all of which are determined by considering both observable and third-party market data and prevailing general market assumptions and conventions, as well as those of the Adviser. While the use of an independent third-party industry pricing service can be a source for valuing its CLO investments, the Adviser will not use the price provided by a third-party service if it believes that the price does not accurately reflect fair value, and will instead utilize another methodology outlined above to make its own assessment of fair value.

The Fund may invest in business development companies ("BDCs") or senior loan facilities that provide the Fund with exposure to Senior Loans ("Loan Facilities"). When valuing BDCs that are publicly-traded, the Adviser will use the daily closing price quoted by the BDC's respective exchange. When valuing BDCs that are not publicly-traded, as well as Loan Facilities, the Adviser will use the most recently reported net asset value provided by the manager of the respective investment.

 <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 21 </u>

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<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

The Fund may invest in interests or shares in private investment companies and/or funds ("Private Investment Funds") where the net asset value is calculated and reported by respective unaffiliated investment managers on a monthly or quarterly basis. Unless the Adviser is aware of information that a value reported to the Fund by a portfolio, underlying manager, or administrator does not accurately reflect the value of the Fund's interest in that Private Investment Fund, the Adviser will use the net asset value provided by the Private Investment Funds as a practical expedient to estimate the fair value of such interests.

All available information, including non-binding indicative bids which may not be considered reliable, typically will be considered by the Adviser in making fair value determinations. In some instances, there may be limited trading activity in a security even though the market for the security is considered not active. In such cases the Adviser will consider the number of trades, the size and timing of each trade, and other circumstances around such trades, to the extent such information is available. The Adviser will engage third-party valuation firms to provide assistance to the Adviser in valuing a substantial portion of the Fund's investments. The Adviser expects to evaluate the impact of such additional information and factor it into its consideration of fair value.

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

Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years ended December 31, 2021 to December 31, 2023, or expected to be taken in the Fund's December 31, 2024 year-end tax returns. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses on the Consolidated Statement of Operations. During the six months ended June 30, 2025, the Fund did not incur any interest or penalties.

**Securities Transactions and Investment Income:** Investment security transactions are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the identified cost basis method for financial reporting purposes. Interest income from investments in the "equity" tranche of CLO funds is recorded based upon an estimate of an effective yield to expected maturity utilizing assumed cash flows in accordance with FASB ASC 325-40, *Beneficial Interests in Securitized Financials Assets*.

**Debt Issuance Costs:** The Fund records origination and other expenses related to its debt obligations as debt issuance costs. These expenses are deferred and amortized over the life of the related debt instrument. Debt issuance costs are presented on the Consolidated Statement of Assets and Liabilities as a direct deduction from the debt liability.

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

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<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

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

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

**Participation Agreements and Assignments:** The Fund enters into participation agreements in which one or more participants purchase an interest in a loan, but a lead lender is the sole lender of record and is responsible for originating the loan, retains control over the loan, manages the relationship and handles communication with the borrower and services the loan for both itself and the participants. The other participants have a contract with the lead lender rather than the borrower unless otherwise specified in the participation agreement, and accordingly cannot make claims against the borrower but instead must request reimbursement for their participation from the lead lender.

 3. FAIR VALUE MEASUREMENTS<br>

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

---

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

---

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

 <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 23 </u>

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<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

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

The following table summarizes the inputs used to value the Fund's investments under the fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Collateralized Loan Obligations Equity | $— | $— | $21382418 | $21382418 |
|  Collateralized Loan Obligations Debt |  |  | 114920157 | 114920157 |
|  First Lien Senior Secured Debt |  |  | 199167567 | 199167567 |
|  Feeder Fund Investment – Debt |  |  | 4198000 | 4198000 |
|  Feeder Fund Investment – Equity |  |  | 8575468 | 8575468 |
|  Common Stock |  |  |  |  |
|  Private Investment Funds\* |  |  |  | 40985129 |
|  Total | $— | $— | $348243610 | $389228739 |

---

*\*&nbsp;&nbsp;&nbsp;&nbsp; *The Fund held private fund investments with a fair value of $40,985,129 that in accordance with GAAP, are valued at net asset value as a "practical expedient" and are excluded from the fair value hierarchy as of June 30, 2025.*

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the six months ended June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance<br>as of<br>December 31, <br>2024** | **Realized <br>gain<br> (loss)** | **Amortization/<br>Accretion** | **Change in <br>unrealized <br>appreciation <br>(depreciation)** | **Purchases** | **Sales/<br>Paydown** | **Transfer <br>in <br>Level 3** | **Transfer <br>out <br>Level 3** | **Balance <br>as of <br>June 30,<br>2025** |
|  Collateralized Loan Obligations Equity | $27347102 | $— | $(3676300) | $(2288384) | $— | $— | $— | $— | $21382418 |
|  Collateralized Loan Obligations Debt | 128514764 | 139280 | 710709 | (1152966) | 13695932 | (26987562) |  |  | 114920157 |
|  First Lien Senior Secured Debt | 172433120 | 23982 | 677532 | (2734029) | 57992846 | (29225884) |  |  | 199167567 |
|  Feeder <br>Fund <br>Investment <br> – Debt |  |  | 4 | (4) | 4198000 |  |  |  | 4198000 |
|  Feeder <br>Fund <br>Investment <br> – Equity |  |  | 165 | 24893 | 1694209 |  | 6856201 |  | 8575468 |
|  Common Stocks |  |  |  |  |  |  |  |  |  |
|  Total | $328294986 | $163262 | $(2287890) | $(6150490) | $77580987 | $(56213446) | $6856201 | $— | $348243610 |

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

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<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

---

| | |
|:---|:---|
|  | **Net Change in<br>Unrealized Appreciation/<br>(Depreciation) included<br>in Consolidated <br>Statements of<br>Operations attributable<br>to Level 3 investments<br>held at June 30, 2025** |
|  Collateralized Loan Obligations Equity | $(2288384) |
|  Collateralized Loan Obligations Debt | (1152966) |
|  Common Stocks |  |
|  First Lien Senior Secured Debt | (2734029) |
|  Feeder Fund Investment – Debt | (4) |
|  Feeder Fund Investment – Equity | 24893 |
|  Total | $(6150490) |

---

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Assets** | **Fair Value<br>at June 30,<br>2025** | **Valuation <br>Techniques/<br>Methodologies** | **Unobservable <br>Input** | **Range/Weighted <br>Average<sup>(2)</sup>** | **Impact to<br>Valuation<br>from an<br>Increase in<br>Input<sup>(3)</sup>** |
|  First Lien Senior Secured Debt | 133374210 | Market and income approach (through third-party vendor pricing service) | EV/LTM EBITDA<br> Multiple <br> Revenue Multiple<br> DCF Discount<br> Margins | 2.6x – 17.7x/9.86x 2.0x – 2.0x/2.0x 4.76% – 35.00%/7.45% | Increase Increase Decrease |
|  | 32662483 | Market Quotes | NBIB<sup>(1)</sup> | 5.00% – 100.63%/97.84% | Increase |
|  | 29631669 | Recent Transaction | Transaction Price | 98.50% – 99.75%/98.82% | Increase |
|  | 3499205 | Probability-Weighted Expected Return Method | Probability Weighted Alternative Outcomes | 0 – 100.3/48.10 | Increase |
|  Collateralized Loan <br>Obligations <br>Debt | 84492157 | Market Quotes | NBIB<sup>(1)</sup> | 94.11% – 101.71%/100.56% | Increase |
|  | 15800000 | Recent Transaction | Transaction Price | 100.00%/100.00% | Increase |
|  | 14628000 | Yield Analysis | Discount Margin | 7.75% – 8.00%/7.83% | Decrease |
|  Collateralized Loan<br>Obligations<br>Equity | 21244759 | Market Quotes | NBIB<sup>(1)</sup> | 42.76% – 93.24%/69.84 | Increase |
|  | 137659 | Liquidation Net Asset Value | Broker Quotes | 2.75 – 2.75/2.75 | Increase |
|  Feeder Fund <br>Investment<br> – Equity | 6881259 | Market Quotes | NBIB<sup>(1)</sup> | 98.86 – 98.86/98.86 | Increase |

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 <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 25 </u>

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<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Assets** | **Fair Value<br>at June 30,<br>2025** | **Valuation <br>Techniques/<br>Methodologies** | **Unobservable <br>Input** | **Range/Weighted <br>Average<sup>(2)</sup>** | **Impact to<br>Valuation<br>from an<br>Increase in<br>Input<sup>(3)</sup>** |
|  Feeder <br>Fund <br>Investment<br> – Equity | 1694209 | Recent Transaction | Transaction Price | 92.50 – 92.50/92.50 | Increase |
|  Feeder <br>Fund <br>Investment<br> – Debt | 4198000 | Recent Transaction | Transaction Price | 99.00 – 100.00/99.95 | Increase |

---

*<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;*The Fund generally uses non*-binding *indicative bid prices ("NBIB") provided by an independent pricing service or broker on the valuation date as the primary basis for the fair value determinations for broadly*-syndicated *First Lien Senior Secured Debt, CLO Debt, and CLO Equity investments, which may be adjusted for pending equity distributions as of the valuation date. These prices are non*-binding *and may not be determinative of fair value. Each price is evaluated by the Valuation Committee in conjunction with additional information compiled by Flat Rock Global, including performance and covenant compliance information as provided by the respective CLO's independent trustee.*

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

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

 4. INVESTMENT ADVISORY SERVICES AND OTHER AGREEMENTS<br>

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

In addition to the management fee, the Adviser is entitled to an incentive fee. The incentive fee is calculated and payable quarterly in arrears in an amount equal to 15.0% of the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund's "adjusted capital," equal to 1.50% per quarter (or an annualized hurdle rate of 6.00%), subject to a "catch-up" feature, which allows the Adviser to recover foregone incentive fees that were previously limited by the hurdle rate. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund's operating expenses for the quarter (including the base management fee, expenses reimbursed to the Adviser and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation

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

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<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

or depreciation. "Adjusted capital" means the cumulative gross proceeds received by the Fund from the sale of shares (including pursuant to the Fund's distribution reinvestment policy), reduced by amounts paid in connection with purchases of the Fund's shares pursuant to the Fund's repurchase program.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; No incentive fee is payable in any calendar quarter in which the Fund's pre-incentive fee net investment income does not exceed the hurdle rate of 1.50% per quarter (or an annualized rate of 6.00%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; 100% of the Fund's pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.764%. This portion of the Fund's pre-incentive fee net investment income (which exceeds the hurdle rate but is less than or equal to 1.764%) is referred to as the "catch-up." The "catch-up" provision is intended to provide the Adviser with an incentive fee of 15.0% on all of the Fund's pre-incentive fee net investment income when the Fund's pre-incentive fee net investment income reaches 1.764% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; 15.0% of the amount of the Fund's pre-incentive fee net investment income, if any, that exceeds 1.764% in any calendar quarter is payable to the Adviser once the hurdle rate is reached and the catch-up is achieved (15.0% of all pre-incentive fee net investment income thereafter will be allocated to the Adviser).

For the six months ended June 30, 2025, the Adviser earned $2,287,941 in management fees and $1,749,576 in incentive fees and voluntarily waived $851,861 and $800,000 in management fees and incentive fees, respectively. The fees waived by the Adviser are not subject to recoupment.

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

U.S. Bank N.A. serves as the Fund's custodian.

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

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

 5. REPURCHASE OFFERS<br>

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

 <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 27 </u>

------

<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

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

During the six months ended June 30, 2025, the Fund completed two repurchase offers. In these offers, the Fund offered to repurchase no less than 5% of the number of its outstanding shares as of the repurchase pricing dates. The results of the repurchase offers were as follows:

---

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

#1** | **Repurchase Offer 

#2** |
|  Commencement Date | December 20, 2024 | March 21, 2025 |
|  Repurchase Request Deadline | January 24, 2025 | April 25, 2025 |
|  Repurchase Pricing Date | January 24, 2025 | April 25, 2025 |
|  Amount Repurchased | $9631700 | $22983307 |
|  Shares Repurchased | 469839 | 1133299 |

---

 6. PORTFOLIO INFORMATION<br>

Purchases and sales of securities for the six months ended June 30, 2025, excluding short-term securities, were as follows:

---

| | |
|:---|:---|
|  **Purchases of Securities** | **Proceeds from Sales of Securities** |
| $79220261 | $57862136 |

---

 7. TAXES<br>

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

The tax character of distributions paid by the Fund during the fiscal year ended December 31, 2024, was as follows:

---

| | |
|:---|:---|
|  Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income | $25678219  |
| &nbsp;&nbsp;&nbsp; Long-Term Capital Gain |  |
|  Total | $25678219  |

---

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

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<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

As of December 31, 2024, the components of accumulated earnings/(deficit) on a tax basis for the Fund were as follows:

---

| | |
|:---|:---|
|  Undistributed Ordinary Income | $17013732 |
|  Undistributed Long-Term Capital Gains |  |
|  Capital Loss Carry Forwards | (1743866) |
|  Unrealized Appreciation | (12418850) |
|  Total | $2851016 |

---

#### Tax Basis of Investments
Net unrealized appreciation/(depreciation) of investments based on federal tax cost as of June 30, 2025, with differences related to partnership investments and wash sales, was as follows:

---

| | |
|:---|:---|
|  Gross Unrealized Appreciation | $3155063 |
|  Gross Unrealized Depreciation | (19244251) |
|  Net Unrealized Depreciation on Investments | $(16089188) |
|  Tax Cost | $405317927 |

---

#### Capital losses
As of December 31, 2024, the Fund had capital loss carryforwards which may reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus may reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the fund of any liability for federal tax pursuant to the Code. The capital loss carryforwards may be carried forward indefinitely. At December 31, 2024, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Non-Expiring <br>Short-Term** | **Non-Expiring <br>Short-Term** | **Non-Expiring <br>Long-Term** | **Total** | **Capital Loss**<br> **Carry Forwards**<br> **Utilized** |
|  $ | 567754 | $1176112 | $1743866 | $661782 |

---

 8. RISK FACTORS<br>

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

 <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 29 </u>

------

<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

**Credit Risk.** The Fund is subject to the risk that the issuer or guarantor of an obligation, or the counterparty to a transaction, may fail, or become less able, to make timely payment of interest or principal or otherwise honor its obligations or default completely. The strategies utilized by the Adviser require accurate and detailed credit analysis of issuers, and there can be no assurance that its analysis will be accurate or complete. The Fund may be subject to substantial losses in the event of credit deterioration or bankruptcy of one or more issuers in its portfolio.

Financial strength and solvency of an issuer are the primary factors influencing credit risk. The Fund could lose money if the issuer or guarantor of a debt security is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. Companies in which the Fund invests could deteriorate as a result of, among other factors, an adverse development in their business, a change in the competitive environment or an economic downturn. As a result, companies that the Adviser may have expected to be stable may operate, or expect to operate, at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or maintain their competitive position, or may otherwise have a weak financial condition or be experiencing financial distress. In addition, inadequacy of collateral or credit enhancement for a debt obligation may affect its credit risk. Although the Fund may invest in investments that the Adviser believes are secured by specific collateral, the value of which may exceed the principal amount of the investments at the time of initial investment, there can be no assurance that the liquidation of any such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal payments with respect to such investment, or that such collateral could be readily liquidated. In addition, in the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing an investment. Under certain circumstances, collateral securing an investment may be released without the consent of the Fund.

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

**Senior Loans.** The Fund pursues its investment objective by investing in a portfolio composed primarily of senior secured loans of U.S. middle-market companies ("Senior Loans") and investment vehicles, such as CLOs, BDCs or senior loan facilities that provide the Fund with exposure to Senior Loans. Investing in Senior Loans involves a number of significant risks. Below investment grade Senior Loans have historically experienced greater default rates than has been the case for investment grade securities. The Fund intends to achieve its investment objective by investing in a portfolio composed primarily of securities that are rated below investment grade by rating agencies, or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "junk," have

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

------

<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be difficult to value and illiquid. There can be no assurance as to the levels of defaults or recoveries that may be experienced on the Fund's investments in Senior Loans. Senior Loans in which the Fund invests may be issued by companies with limited financial resources and limited access to alternative financing. Issuers of Senior Loans may be unable to meet their obligations under their debt securities that the Fund holds. Such developments may be accompanied by deterioration in the value of collateral backing its investments. This could lead to a decline in value of the Fund's Senior Loan investments, which could result in a decline in the Fund's net earnings and NAV. In addition, many of the Fund's Senior Loans are "bank loans" that may not be deemed to be "securities" for purposes of the federal securities laws. Bank loan providers may not have the protections of the anti-fraud provisions of the federal securities laws and must rely instead on contractual provisions in loan agreements and applicable common-law fraud protections.

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

**Middle Market Risk.** Investing in middle-market companies is highly speculative and involves a high degree of risk of credit loss, and therefore the Fund's securities may not be suitable for someone with a low tolerance for risk. Middle-market companies are more likely to be considered lower grade investments, commonly called "junk," which are either rated below investment grade by one or more nationally-recognized statistical rating agencies at the time of investment or may be unrated but determined by the Adviser to be of comparable quality. Lower grade securities or comparable unrated securities are considered predominantly speculative regarding the portfolio company's ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business developments. These risks are likely to increase during volatile economic periods.

 <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 31 </u>

------

<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

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

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

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

 9. BORROWINGS<br>

The Fund maintains a $75 million revolving line of credit through a special purpose wholly-owned subsidiary, FRC Funding I, LLC ("FRC Funding"), with certain financial institutions as lenders ("Lenders"). These Lenders include Cadence Bank, N.A. as the administrative agent, as well as Georgia Banking Company ("GBC"), Synovus Bank ("Synovus"), and Woodforest National Bank ("Woodforest"). The current Loan Agreement expires on June 2, 2026.

 <br> <u> 32 </u> <u> www.flatrockglobal.com </u>

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<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

As of June 30, 2025, the Fund had drawn down $48,289,853 from the Credit Facility and the maximum borrowing outstanding during the year was $63,161,313. The balance drawn from the Credit Facility is inclusive of $243,750 of upfront fees in addition to the principal balance. The Fund is charged an interest rate of 2.70% above the 1-month Term SOFR (Secured Overnight Financing Rate) plus 0.11448%. The Fund is charged a fee on the average daily unused balance of the Credit Facility of 0.40%. Pursuant to the terms of the Loan Agreement, the Borrowers granted to Cadence for the benefit of the lenders, a security interest and a lien in substantially all of FRC Funding's assets. The average balance outstanding and weighted average interest rate for the six months ended June 30, 2025 was $47,747,145 and 7.14%, respectively.

 10. MANDATORILY REDEEMABLE PREFERRED STOCK<br>

At June 30, 2025, the Fund had issued and outstanding 1,000 shares of Series A Term Preferred Shares. The Series A Term Preferred Shares have a liquidation preference of $10,000 per share plus accrued and unpaid dividends (whether or not declared). The Fund issued 1,000 shares of Series A Term Preferred Shares on September 30, 2021. The Series A Term Preferred Shares are entitled to a dividend at a rate of 4.00% per year based on the $10,000 liquidation preference before the common stock is entitled to receive any dividends. The Series A Term Preferred Shares are redeemable at $10,000 per share plus accrued and unpaid dividends (whether or not declared) exclusively at the Fund's option upon written notice. Debt issuance costs related to Series A Preferred Shares of $200,000 are deferred and amortized over the period the Series A Term Preferred Shares are outstanding.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Series** | **Mandatory <br>Redemption <br>Date** | **Annual <br>Dividend <br>Rate** | **Shares <br>Outstanding** | **Aggregate <br>Liquidation <br>Preference** | **Unamortized <br>Deferred <br>Issuance <br>Costs** | **Carrying <br>Value of <br>Preferred <br>Shares** | **Fair Value<br>as of<br>June 30,<br>2025** |
|  Series A | September 15, 2026 | 4.00% | 1000 | $10000000 | $40056 | $9959944 | $9774791 |

---

This fair value is based on Level 3 inputs under the fair value hierarchy. The following table summarizes the valuation techniques and significant unobservable inputs that is used to estimate the fair value for the Series A Term Preferred Shares. The Series A Term Preferred Shares are presented on the Consolidated Statement of Assets and Liabilities at the aggregate liquidation preference, net of deferred financing costs.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Assets** | **Fair Value <br>as of <br>June 30,<br>2025** | **Valuation <br>Techniques** | **Unobservable <br>Inputs** | **Range/Weighted <br>Average<sup>(1)</sup>** | **Impact to <br>Valuation <br>from an <br>Increase in <br>Input<sup>(2)</sup>** |
|  Series A Term Preferred Shares | $9774791 | Income Approach (Discounted Cash Flow Model) | Discount Rates | 5.50% – 6.50%/6.07% | Decrease |

---

*<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;*Weighted averages are calculated based on fair value of investments.*

*<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;T*he impact on fair value measurement of an increase in each unobservable input is in isolation.*

 <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 33 </u>

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<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

 11. DISTRIBUTION REINVESTMENT PLAN<br>

The Board approved the establishment of a distribution reinvestment plan (the "DRIP"). The DRIP was effective as of, and was first applied to the reinvestment of cash distributions paid on or after, December 7, 2020.

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

 12. COMMITMENTS AND CONTINGENCIES<br>

The Fund had an aggregate of $10,383,514 of unfunded commitments to provide debt financing to its portfolio companies as of June 30, 2025. As of June 30, 2025, there were no requests to fund these commitments. Such commitments are generally up to the Fund's discretion to approve or are subject to the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Fund's Consolidated Statement of Assets and Liabilities and are reflected in the Fund's Consolidated Statement of Assets and Liabilities.

 13. PRIVATE INVESTMENT FUNDS<br>

The following table represents investment strategies, unfunded commitments and redemptive restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **<br>Redemption <br>Frequency/<br>Expiration Date** | **Unfunded <br>Commitments <br>as of <br>June 30,<br>2025** |
|  BCP Great Lakes Fund LP II – Series A Holdings LP<sup>(1)</sup> | N/A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4102916 |
|  TriplePoint Private Venture Credit Inc.<sup>(2)</sup> | N/A |  |
|  Hercules Private Global Venture Growth Fund I LP<sup>(3)</sup> | N/A | 3365035 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7467951 |

---

*<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;*The investment strategy is to invest in senior, secured unitranche loans.*

*<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;*The investment strategy is to invest in venture capital*-backed *companies, with a focus on technology and other high*-growth *industries, via senior secured loans that also provide potential for upside in the form of equity warrants.*

*<sup>(3)</sup>&nbsp;&nbsp;&nbsp;&nbsp;*The investment strategy is to invest in secured structured debt and equity financing to venture capital backed life sciences and technology*-related *companies globally.*

 <br> <u> 34 </u> <u> www.flatrockglobal.com </u>

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<u> Flat Rock Core Income Fund </u> <u> Notes to Consolidated Financial Statements </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

 14. FUND REORGANIZATION<br>

On November 20, 2020 (the "Reorganization Date"), pursuant to the approval of an Agreement and Plan of Reorganization (the "Plan") by and between the Fund and Flat Rock Capital Corp. (the "Acquired Fund"), the Acquired Fund transferred all of its assets to the Fund, in exchange for shares of the Fund and the assumption by the Fund of all of the liabilities of the Acquired Fund.

As of the Reorganization Date, and pursuant to the terms of the Plan, shareholders of the Acquired Fund became shareholders of the Fund and received their respective shares. The reorganization qualified as a tax-free "reorganization" under the Code for U.S. federal income tax purposes.

 15. SUBSEQUENT EVENTS<br>

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

On July 22, 2025, FRC Funding executed an amendment to its Loan Agreement with Cadence Bank, which increased the revolving line of credit to $85,000,000 and extended the maturity of the Credit Facility to July 22, 2030.

On July 25, 2025, the Fund completed a quarterly repurchase offer. In this offer, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Date. The result of the repurchase offer was as follows:

---

| | |
|:---|:---|
|  | **Repurchase Offer** |
|  Commencement Date | June 20, 2025 |
|  Repurchase Request Deadline | July 25, 2025 |
|  Repurchase Pricing Date | July 25, 2025 |
|  Amount Repurchased | $19851327 |
|  Shares Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;988612 |

---

Subsequent to June 30, 2025, the Fund paid the following distributions:

---

| | | | |
|:---|:---|:---|:---|
|  **Ex-Date** | **Record Date** | **Payable Date** | **Rate (per share)** |
|  July 29, 2025 | July 28, 2025 | July 30, 2025 | $0.165 |
|  August 28, 2025 | August 27, 2025 | August 29, 2025 | $0.165 |

---

 <br> <u> Semi-Annual Report \| June 30, 2025 </u> <u> 35 </u>

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<u> Flat Rock Core Income Fund </u> <u> Additional Information </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

 PROXY VOTING<br>

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

 PORTFOLIO HOLDINGS<br>

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

<u> PRIVACY NOTICE </u>        

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

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

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<u> Flat Rock Core Income Fund </u> <u> Additional Information </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

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

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

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<u> Flat Rock Core Income Fund </u> <u> Additional Information </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

<u> Flat Rock Core Income Fund </u> <u> Additional Information </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

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<u> Flat Rock Core Income Fund </u> <u> Renewal of Investment Advisory Agreement </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

At a meeting of the Board of Trustees (the "Board") of Flat Rock Core Income Fund (the "Fund") held on May 29, 2025, the Board, including a majority of the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of the Fund or Flat Rock Global, LLC (the "Adviser"), considered and approved the Investment Advisory Agreement (the "Advisory Agreement") between the Fund and the Adviser.

The Board relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each factor considered. The Board's conclusions were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee might have afforded different weight to the various factors in reaching his or her conclusions with respect to the approval of the Advisory Agreement.

*Nature, Extent and Quality of Services.* The Board noted that the Adviser was formed in 2016 and manages over $1.3 billion in assets across three interval funds. The Board considered the qualifications of the key personnel servicing the Fund, in particular, the qualifications of certain newly hired personnel. The Board discussed the Adviser's robust investment and due diligence process, and the Adviser's expertise related to investing in senior loans and collateralized loan obligations. The Board reviewed the Adviser's compliance program, and discussed the results of the Adviser's recent third party cybersecurity audit. The Board discussed the Adviser's financial condition, noting that the Adviser's assets under management have continued to increase since it commenced operations. The Board considered the Adviser's assertion that the proposed change in calculation method for the Adviser's base management fee (calculation based on net assets rather than gross assets) would not impact the nature, quality and extent of services provided by the Adviser. After discussion, the Board concluded that the Adviser had sufficient quality and depth of personnel, resources, and compliance policies and procedures essential to perform its duties under the Advisory Agreement.

*Performance.* The Board reviewed the performance of the Fund, noting that for the one year, five year, and since inception periods, the Fund had annualized returns of 10.70%, 8.96% and 7.99%, respectively. The Board noted that the Fund outperformed its unaffiliated peer group during the five year and since inception periods, and slightly underperformed the peer group for the one year period. The Board discussed the Fund's one year performance relative to peers, noting that the peer group consisted of funds that were much larger than the Fund with lower expenses and the ability to take advantage of certain economies of scale. The Board considered that the Fund outperformed each of its benchmark indices for the one year, five year and since inception periods, and had generally maintained steady growth and low volatility since inception.

*Fees and Expenses.* The Board reviewed the fees and expenses of the Fund, noting that the Adviser's proposed base management fee was higher than the peer group average, and the Fund's expense ratio was also higher than the peer group average. The Board considered that the peer group consisted of funds that were substantially larger than the Fund and were thus likely able to take advantage of certain economies of scale to reduce overall expenses. The Board further considered the Adviser's capacity constrained investment approach and the expertise and specialized knowledge required to manage the Fund, and the fact that the Adviser performed all diligence on potential investments in-house. The Board also considered the incentive fees charged by the Adviser to the Fund. The Board discussed that the

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<u> Flat Rock Core Income Fund </u> <u> Renewal of Investment Advisory Agreement </u> <br>   <u> *June 30, 2025 (Unaudited)* </u>

incentive fee was only payable if the Fund's return exceeded an annualized hurdle rate of 6.0%. Based on the foregoing, the Board agreed that the fees and expenses of the Fund were not unreasonable given the size of the Fund and the expertise required to manage the Fund.

*Profitability.* The Board noted that the Adviser profited from its relationship with the Fund during 2024. The Board considered that the change in calculation method for the base management fee was not expected to materially impact the Adviser's profitability because the Adviser had been voluntarily waiving fees received for managing assets held by the Fund using leverage. The Board considered the overall performance and fee structure of the Fund in relation to the Fund's profitability and discussed the allocation of expenses. The Board also considered the skill and expertise required to manage the Fund. After deliberations, the Board concluded that the Adviser's profits were not unreasonable in light of the services provided by the Adviser.

*Economies of Scale.* The Board discussed that the Fund was not yet experiencing economies of scale. The Board concluded that it would continue to discuss economies of scale as the Fund grew in size.

*Conclusion.* Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of legal counsel, the Board determined that continuation of the Advisory Agreement was in the best interest of the Fund and its shareholders.

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

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

#### Item 2. Code of Ethics.
Not applicable to semi-annual report.

#### Item 3. Audit Committee Financial Expert.
Not applicable to semi-annual report.

#### Item 4. Principal Accountant Fees and Services.
Not applicable to semi-annual report.

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

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

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

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

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

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

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

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

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

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Report to Stockholders filed under Item 1 of this report.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to semi-annual report.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable to semi-annual report.

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

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

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

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

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

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

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

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | Not applicable to semi-annual report. |
| (a)(2) | Not applicable to Registrant. |
| (a)(3) | [The certifications by the Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, filed herewith.](ea0249768-01_ex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.](ea0249768-01_ex99906cert.htm) |

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------

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

(Registrant) Flat Rock Core Income Fund

---

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

---

<u> Date </u>   <u> 9/2/2025 </u>    

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

---

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

---

<u> Date </u>   <u> 9/2/2025 </u>    

---

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

---

<u> Date </u>   <u> 9/2/2025 </u>    

------

## Ex-99.Cert

**Exhibit 99.CERT**

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

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 9/2/2025 | /s/ Robert K. Grunewald |
|  |  | Robert K. Grunewald |
|  |  | President and Chief Executive Officer<br> (Principal Executive Officer) |

---

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

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 9/2/2025 | /s/ Ryan Ripp |
|  |  | Ryan Ripp |
|  |  | Chief Financial Officer<br> (Principal Financial and Accounting Officer) |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2025 of Flat Rock Core Income Fund (the "Fund").

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

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

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

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

Dated: 9/2/2025

---

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

---

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2025 of Flat Rock Core Income Fund (the "Fund").

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

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

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

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

Dated: 9/2/2025

---

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

---