A two-dimensional Falicov-Kimball model, equivalent to the Hubbard model in an unconstrained slave-spin representation, is studied by quantum Monte Carlo simulations. The focus is on a fractionalized metallic phase that is characterized in terms of spectral, thermodynamic, and transport properties, including a comparison to the half-filled Hubbard model. The properties of this phase, most notably a single-particle gap but gapless spin and charge excitations, can in principle be understood in the framework of orthogonal metals. However, important and interesting differences arise in the present setting compared to single-particle mean-field theories and other models. We also discuss the role of the local constraints from the slave-spin representation within an extended phase diagram that includes the spatial dimension as a parameter, thereby making contact with previous work in infinite dimensions. Finally, we provide arguments for the absence of π-flux configurations and hence topologically ordered fractional phases in consistent mean-field slave-spin descriptions. arXiv:1906.11937v1 [cond-mat.str-el]