Flat Rock Opportunity Fund Announces Distribution Increase
Flat Rock Opportunity Fund, a closed-end interval fund investing in collateralized loan obligations, has increased its monthly distribution.
Flat Rock Opportunity Fund, a closed-end interval fund investing in collateralized loan obligations, has increased its monthly distribution to $0.221 per share.
Based upon the closing price of $22.26 on August 23, the distribution increases the effective distribution rate from 9.88 percent to 11.90 percent. Shares closed at $22.34 on Thursday.
This is the third time in the past nine months that the fund has increased its monthly distribution, with the most recent increase from $0.175 to $0.183 in May 2021.
“Flat Rock Opportunity Fund has had a successful year thus far, and we continue to see exciting investment opportunities while remaining highly selective in our approach. We are pleased that the Fund’s performance allows us to once again increase the distribution rate,” said Robert Grunewald, founder and chief executive officer of the fund’s advisor, Flat Rock Global.
Flat Rock Opportunity Fund (Ticker: FROPX) invests primarily in the equity and, to a lesser extent, in the junior debt tranches of CLOs, which provide exposure to senior secured loans on a leveraged basis. The fund had $134 million of assets at fair market value as of June 30, 2021.
