Flat Rock Opportunity Fund
Name
As of 06/02/2026Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-3.9%
1 yr return
-3.0%
3 Yr Avg Return
8.3%
5 Yr Avg Return
7.0%
Net Assets
$419 M
Holdings in Top 10
48.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 7.62%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 99.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$20,000
IRA
N/A
Fund Classification
Fund Type
Closed-end mutual fund
Name
As of 06/02/2026Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
FROPX - Profile
Distributions
- YTD Total Return -3.9%
- 3 Yr Annualized Total Return 8.3%
- 5 Yr Annualized Total Return 7.0%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 13.92%
- Dividend Yield 13.3%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameFlat Rock Opportunity Fund
-
Fund Family NameFlat Rock Global LLC
-
Inception DateJul 02, 2018
-
Shares Outstanding9025526
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerShiloh Bates
Fund Description
FROPX - Performance
Return Ranking - Trailing
| Period | FROPX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -3.9% | -4.4% | 17.8% | 99.70% |
| 1 Yr | -3.0% | -10.5% | 36.4% | 99.70% |
| 3 Yr | 8.3%* | 2.1% | 31.5% | 96.80% |
| 5 Yr | 7.0%* | 0.8% | 14.2% | 39.91% |
| 10 Yr | N/A* | 2.2% | 15.8% | N/A |
* Annualized
Return Ranking - Calendar
| Period | FROPX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2025 | -14.9% | -14.9% | 24.6% | 100.00% |
| 2024 | -1.7% | -23.4% | 70.5% | 97.26% |
| 2023 | 2.5% | -12.2% | 23.9% | 94.03% |
| 2022 | -17.6% | -34.7% | 0.0% | 39.41% |
| 2021 | 15.5% | -11.9% | 18.1% | 1.28% |
Total Return Ranking - Trailing
| Period | FROPX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -3.9% | -4.4% | 17.8% | 99.70% |
| 1 Yr | -3.0% | -10.5% | 36.4% | 99.70% |
| 3 Yr | 8.3%* | 2.1% | 31.5% | 96.80% |
| 5 Yr | 7.0%* | 0.8% | 14.2% | 39.91% |
| 10 Yr | N/A* | 2.2% | 15.8% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | FROPX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2025 | -1.8% | -2.6% | 28.8% | 99.70% |
| 2024 | 14.9% | -0.3% | 72.2% | 14.76% |
| 2023 | 18.7% | -5.2% | 26.8% | 7.66% |
| 2022 | -4.7% | -29.0% | 10.9% | 3.43% |
| 2021 | 27.3% | -3.0% | 27.3% | 0.16% |
NAV & Total Return History
FROPX - Holdings
Concentration Analysis
| FROPX | Category Low | Category High | FROPX % Rank | |
|---|---|---|---|---|
| Net Assets | 419 M | 945 K | 279 B | 69.76% |
| Number of Holdings | 58 | 2 | 16027 | 50.61% |
| Net Assets in Top 10 | 205 M | 921 K | 72.8 B | 67.58% |
| Weighting of Top 10 | 48.89% | 10.3% | 117.9% | 54.59% |
Top 10 Holdings
- Jefferies Credit Partners DL CLO 2024-II Ltd 7.87%
- FCO XXVII Warehouse 7.20%
- Woodmont Trust 5.58%
- Ivy Hill Middle Market Credit Fund XX Ltd. 5.01%
- New Mountain Guardian IV Feeder III, Ltd. 4.70%
- Jefferies Credit Partners Direct Lending CLO Ltd. 4.59%
- Guggenheim MM CLO LLC 3.65%
- Barings Middle Market CLO Ltd. 3.51%
- AUDAX 2024-9A SUB 3.40%
- Great Lakes CLO Ltd. 3.38%
Asset Allocation
| Weighting | Return Low | Return High | FROPX % Rank | |
|---|---|---|---|---|
| Other | 100.30% | -40.95% | 100.30% | 0.15% |
| Bonds | 0.12% | 0.00% | 77.59% | 51.53% |
| Stocks | 0.00% | 0.00% | 100.04% | 95.11% |
| Preferred Stocks | 0.00% | 0.00% | 24.85% | 40.06% |
| Convertible Bonds | 0.00% | 0.00% | 23.84% | 91.53% |
| Cash | 0.00% | -7.92% | 100.00% | 96.94% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | FROPX % Rank | |
|---|---|---|---|---|
| Securitized | 92.13% | 0.00% | 92.13% | 0.15% |
| Corporate | 6.44% | 0.00% | 98.21% | 94.45% |
| Derivative | 0.00% | -7.86% | 18.27% | 28.29% |
| Cash & Equivalents | 0.00% | 0.00% | 99.92% | 79.82% |
| Municipal | 0.00% | 0.00% | 24.80% | 72.57% |
| Government | 0.00% | 0.00% | 97.26% | 94.30% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | FROPX % Rank | |
|---|---|---|---|---|
| US | 0.12% | 0.00% | 77.59% | 51.53% |
| Non US | 0.00% | 0.00% | 19.00% | 33.49% |
FROPX - Expenses
Operational Fees
| FROPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 7.62% | 0.04% | 20.46% | 0.91% |
| Management Fee | 1.83% | 0.00% | 1.83% | 100.00% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.83% | N/A |
Sales Fees
| FROPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| FROPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| FROPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 99.00% | 0.83% | 273.00% | 84.89% |
FROPX - Distributions
Dividend Yield Analysis
| FROPX | Category Low | Category High | FROPX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 13.29% | 0.00% | 17.90% | 0.30% |
Dividend Distribution Analysis
| FROPX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annual | Monthly | Monthly |
Net Income Ratio Analysis
| FROPX | Category Low | Category High | FROPX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 13.92% | -2.34% | 13.92% | 0.16% |
Capital Gain Distribution Analysis
| FROPX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| May 28, 2026 | $0.160 | OrdinaryDividend |
| Apr 29, 2026 | $0.160 | OrdinaryDividend |
| Mar 26, 2026 | $0.160 | OrdinaryDividend |
| Feb 26, 2026 | $0.190 | OrdinaryDividend |
| Jan 29, 2026 | $0.200 | OrdinaryDividend |
| Dec 29, 2025 | $0.210 | OrdinaryDividend |
| Nov 25, 2025 | $0.210 | OrdinaryDividend |
| Oct 29, 2025 | $0.210 | OrdinaryDividend |
| Sep 29, 2025 | $0.210 | OrdinaryDividend |
| Aug 28, 2025 | $0.210 | OrdinaryDividend |
| Jul 29, 2025 | $0.210 | OrdinaryDividend |
| Jun 26, 2025 | $0.220 | OrdinaryDividend |
| May 28, 2025 | $0.220 | OrdinaryDividend |
| Apr 29, 2025 | $0.155 | OrdinaryDividend |
| Mar 27, 2025 | $0.220 | OrdinaryDividend |
| Feb 10, 2025 | $0.220 | OrdinaryDividend |
| Jan 08, 2025 | $0.220 | OrdinaryDividend |
| Dec 27, 2024 | $0.250 | OrdinaryDividend |
| Dec 09, 2024 | $0.230 | OrdinaryDividend |
| Nov 08, 2024 | $0.230 | OrdinaryDividend |
| Oct 09, 2024 | $0.230 | OrdinaryDividend |
| Sep 09, 2024 | $0.230 | OrdinaryDividend |
| Aug 09, 2024 | $0.230 | OrdinaryDividend |
| Jul 09, 2024 | $0.230 | OrdinaryDividend |
| Jun 07, 2024 | $0.230 | OrdinaryDividend |
| Apr 09, 2024 | $0.230 | OrdinaryDividend |
| Mar 08, 2024 | $0.230 | OrdinaryDividend |
| Jan 09, 2024 | $0.230 | OrdinaryDividend |
| Dec 27, 2023 | $0.090 | OrdinaryDividend |
| Dec 08, 2023 | $0.221 | OrdinaryDividend |
| Nov 10, 2023 | $0.221 | OrdinaryDividend |
| Oct 09, 2023 | $0.221 | OrdinaryDividend |
| Sep 08, 2023 | $0.221 | OrdinaryDividend |
| Aug 09, 2023 | $0.221 | OrdinaryDividend |
| Jul 07, 2023 | $0.221 | OrdinaryDividend |
| Jun 09, 2023 | $0.221 | OrdinaryDividend |
| May 09, 2023 | $0.221 | OrdinaryDividend |
| Apr 10, 2023 | $0.221 | OrdinaryDividend |
| Mar 09, 2023 | $0.221 | OrdinaryDividend |
| Feb 09, 2023 | $0.221 | OrdinaryDividend |
| Jan 09, 2023 | $0.221 | OrdinaryDividend |
| Dec 12, 2022 | $0.221 | OrdinaryDividend |
| Nov 09, 2022 | $0.221 | OrdinaryDividend |
| Oct 10, 2022 | $0.221 | OrdinaryDividend |
| Sep 09, 2022 | $0.221 | OrdinaryDividend |
| Aug 09, 2022 | $0.221 | OrdinaryDividend |
| Jul 08, 2022 | $0.221 | OrdinaryDividend |
| Jun 09, 2022 | $0.221 | OrdinaryDividend |
| May 17, 2022 | $0.350 | OrdinaryDividend |
| May 10, 2022 | $0.221 | OrdinaryDividend |
| Apr 08, 2022 | $0.221 | OrdinaryDividend |
| Mar 09, 2022 | $0.221 | OrdinaryDividend |
| Feb 09, 2022 | $0.221 | OrdinaryDividend |
| Jan 07, 2022 | $0.221 | OrdinaryDividend |
| Dec 09, 2021 | $0.221 | OrdinaryDividend |
| Nov 09, 2021 | $0.221 | OrdinaryDividend |
| Oct 11, 2021 | $0.221 | OrdinaryDividend |
| Sep 09, 2021 | $0.221 | OrdinaryDividend |
| Aug 10, 2021 | $0.183 | OrdinaryDividend |
| Jul 09, 2021 | $0.183 | OrdinaryDividend |
| Jun 09, 2021 | $0.183 | OrdinaryDividend |
| May 10, 2021 | $0.175 | OrdinaryDividend |
| Apr 09, 2021 | $0.175 | OrdinaryDividend |
| Mar 09, 2021 | $0.175 | OrdinaryDividend |
| Feb 09, 2021 | $0.175 | OrdinaryDividend |
| Dec 22, 2020 | $0.175 | OrdinaryDividend |
| Dec 11, 2020 | $0.167 | OrdinaryDividend |
| Nov 11, 2020 | $0.167 | OrdinaryDividend |
| Oct 12, 2020 | $0.167 | OrdinaryDividend |
| Sep 11, 2020 | $0.167 | OrdinaryDividend |
| Aug 11, 2020 | $0.167 | OrdinaryDividend |
| Jul 13, 2020 | $0.167 | OrdinaryDividend |
| Jun 11, 2020 | $0.167 | OrdinaryDividend |
| May 12, 2020 | $0.167 | OrdinaryDividend |
| Apr 13, 2020 | $0.167 | OrdinaryDividend |
| Mar 11, 2020 | $0.167 | OrdinaryDividend |
| Feb 11, 2020 | $0.167 | OrdinaryDividend |
| Jan 13, 2020 | $0.167 | OrdinaryDividend |
FROPX - Fund Manager Analysis
Managers
Shiloh Bates
Start Date
Tenure
Tenure Rank
Jul 02, 2018
3.92
3.9%
Mr. Shiloh Bates is a Managing Director of Flat Rock Global, LLC since 2018 and is also a Managing Director of Benefit Street Partners since 2016. Mr. Bates previously served as Managing Director for BDCA Adviser from 2012 to 2016. Prior to joining BDCA Adviser, Mr. Bates was a Senior Credit Analyst at Canaras Capital Management for two years. Prior to Canaras, Mr. Bates was a Senior Credit Analyst at Four Corners Capital Management for five years. Before Four Corners, Mr. Bates was employed by ING Capital Advisors for 2 years, performing in-depth financial analysis for distressed investments in telecommunication and technology companies. Mr. Bates holds a BS in Political Science from Virginia Tech, an MA of Public Policy from Harvard University, John F. Kennedy School of Government, an MA of Financial Mathematics from the University of Chicago and a MA of Statistics from Columbia University. Mr. Bates also served in the U.S. Army Reserves Special Operations Command as a Specialist for six years.
Robert Grunewald
Start Date
Tenure
Tenure Rank
Jul 02, 2018
3.92
3.9%
Mr. Robert K. Grunewald is CEO and Founder of Flat Rock Global, LLC since 2016. Mr. Grunewald previously served as the President and Chief Investment Officer of Business Development Corp. of America (“BDCA”) from 2011 to 2015. Mr. Grunewald has over 25 years of experience in BDCs, middle market finance, private equity and investment banking. Mr. Grunewald holds a Bachelor of Business Administration from University of Notre Dame in 1984 and a Master of Business Administration from Georgia State University in 1994.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 34.51 | 6.53 | 2.41 |