Flat Rock Core Income Fund
CORFX
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- Flat Rock Core Income Fund (CORFX) is a closed-end interval fund that seeks preservation of capital while generating current income from debt investments and maximizing total return through a portfolio primarily focused on first lien, floating rate senior secured loans to middle market companies; collateralized loan obligations (CLOs) in equity and junior debt tranches providing exposure to over 1,400 first lien secured loans; and private investment funds including venture credit and direct lending vehicles such as Hercules Private Global Venture Growth Fund I LP, TriplePoint Private Venture Credit Inc., and BCP Great Lakes II - Series A. The Fund, which commenced operations on July 2, 2017 as the successor to Flat Rock Capital Corp., is managed by Flat Rock Global LLC and headquartered at 680 S. Cache Street, Suite 100, Jackson, Wyoming 83001. It primarily targets U.S. middle market issuers in recession-resistant sectors, employing modest leverage with a credit facility from Cadence Bank, N.A. and mandatorily redeemable preferred stock; offers quarterly repurchases of at least 5% of outstanding shares at NAV; and provides a published daily NAV under ticker CORFX, distributed by Ultimus Fund Distributors, LLC. In 2024, the Fund committed capital to eight new direct loans at average pricing above SOFR + 5.75%, underwritten via private equity-style due diligence with an average loan-to-value of 52% and interest coverage of 2.3x at year-end; grew assets under management to $379 million with a leverage ratio of 0.24x; and saw its Board declare a monthly distribution decrease from $0.175 to $0.170 per share effective January 2025, yielding 9.92% at December 31, 2024 when NAV stood at $20.53.