Flat Rock Enhanced Income Fund (FRBBX)

Exposure to Private Credit while seeking to Protect Against Loss

FRBBX Highlights

The Flat Rock Enhanced Income Fund (FRBBX) invests primarily in the junior debt tranches of Collateralized Loan Obligations (“CLOs”) with a particular emphasis on CLO debt tranches initially rated ‘BB’ by National Recognized Statistical Rating Organizations.

NAV:

21.46

Daily Return:

+0.01

(+0.05%)

Distribution Rate

0 %

Unique First Lien Loans in Our CLOs

~ 0

Assets Under Management

$ 0 M

All data as of 03/31/2026. Distribution rate is calculated as last 12 monthly distributions divided by the share price on 3/31/2026. These distributions do not include a return of principal.

1) Data as of 09/30/2025. Distribution Rate is defined as next monthly declared distribution * 12 divided by the share price. These distributions do not include a return of principal.

2) As of 12/31/2025

Fund Performance

	YTD Return	1-Year Return	3-Year Return	Return Since Inception	Standard Deviation Since Inception
Flat Rock Enhanced Income Fund	0.01%	8.08%	12.53%	11.96%	1.40%
Bloomberg US High Yield Index	(0.50%)	7.01%	8.59%	8.94%	3.68%
Morningstar Leveraged Loan Index	(0.55%)	4.81%	7.99%	8.41%	1.15%
Morningstar Leveraged Loan Index	(10.06)	(13.98%)	7.05%	7.87%	16.19%

FUND PERFORMANCE FUND PERF	2025 RETURN2025 RET	RETURN SINCE INCEPTIONRET FROM INCEP	STANDARD DEVIATION SINCE INCEPTIONStDev FROM INCEP
Flat Rock Enhanced Income FundFRBBX	10.75%	13.00%	1.36%
Bloomberg US High Yield IndexBlmbrg. US HY Index	8.62%	9.89%	3.72%
Morningstar Leveraged Loan IndexMrngstar Lev. Loan Index	5.90%	9.34%	1.09%
S&P BDC IndexS&P BDC Index	-3.50%	12.45%	15.50%

– Fund Perf. (Net): Fund Performance (Net)
– YTD: Year to date
– Ann. Ret. From Incep.: Annual Return from Inception
– STD From Incep.: Standard Deviation from Inception
– Blmbrg. US HY Index: Bloomberg US High Yield Index
– Mstar. Lev. Loan Index: Morningstar Leveraged Loan Index

Expense Ratio: 3.83%, as of 03/31/2026 Annual Report, including fee waivers. Since inception, Fund distributions have not included a return of principal. Fund performance figures shown above are net of fees. The performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free (833) 415-1088.

Expense Ratio: 3.83%, as of 12/31/2025 Annual Report, including fee waivers. Since inception, Fund distributions have not included a return of principal. Fund performance figures shown above are net of fees. The performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free (833) 415-1088.

FRBBX Fund Resources

Review the literature on FRBBX below.

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Disclosures

According to J.P. Morgan Research, the leveraged loan default rate over the last 24 years was 2.9%. The default rate for CLO debt securities, initially rated BB, was 0.3% from 2000 to 2020, according to S&P Global Research. Glossary: Correlation is a mutual connection or relationship between two or more variables. Standard Deviation is measure that provides the dispersion around a mean. The Bloomberg Barclays US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. The S&P / LSTA Loan Index is a market value weighted index designed to measure the performance of the U.S. leveraged loan market. Risk: The Fund is suitable for investors who can bear the risks associated with the Fund’s limited liquidity and should be viewed as a long-term investment. Our shares have no history of public trading, nor is it intended that our shares will be listed on a national securities exchange at this time, if ever. No secondary market is expected to develop for our shares; liquidity for our shares will be provided only through quarterly repurchase offers for no less than 5% of and no more than 25% of our shares at net asset value, and there is no guarantee that an investor will be able to sell all the shares that the investor desires to sell in the repurchase offer. Due to these limited restrictions, an investor should consider an investment in the Fund to be of limited liquidity. Investing in our shares may be speculative and involves a high degree of risk, including the risks associated with leverage. Investing in the Fund involves risks, including the risk that shareholder may lose part of or all of their investment. We intend to invest primarily in the equity and, to a lesser extent, in the junior debt tranches of CLOs that own a pool of senior secured loans. Our investments in the equity and junior debt tranches of CLOs are exposed to leveraged credit risk. Investments in the lowest tranches bear the highest level of risk. We may pay distributions in significant part from sources that may not be available in the future and that are unrelated to our performance, such as a returns of capital or borrowing. The amount of distributions that we may pay, if any, is uncertain.

Investors should consider the investment objectives, risks, and charges and expenses of the Flat Rock Enhanced Income Fund before investing. The prospectus contains this and other information about the Fund and should be read carefully before investing. The prospectus may be obtained at flatrockglobal.com. Investing involves risk, including loss of principal.

The Fund is suitable for investors who can bear the risks associated with the Fund’s limited liquidity and should be viewed as a long-term investment. Our shares have no history of public trading, nor is it intended that our shares will be listed on a national securities exchange at this time, if ever. No secondary market is expected to develop for our shares; liquidity for our shares will be provided only through quarterly repurchase offers for no less than 5% of and no more than 25% of our shares at net asset value, and there is no guarantee that an investor will be able to sell all the shares that the investor desires to sell in the repurchase offer. Due to these limited restrictions, an investor should consider an investment in the Fund to be of limited liquidity. Investing in our shares may be speculative and involves a high degree of risk, including the risks associated with leverage. Investing in the Fund involves risks, including the risk that shareholder may lose part of or all of their investment. We intend to invest primarily in the junior debt tranches of CLOs. Our investments in the junior debt tranches of CLOs are exposed to leveraged credit risk. Investments in the lowest tranches bear the highest level of risk. We may pay distributions in significant part from sources that may not be available in the future and that are unrelated to our performance, such as a returns of capital or borrowing. The amount of distributions that we may pay, if any, is uncertain. Flat Rock Enhanced Income Fund is distributed by Ultimus Fund Distributors, Inc.