[Form 4] Herzfeld Credit Income Fund, Inc Insider Trading Activity

Rhea-AI Filing Summary

Herzfeld Credit Income Fund (HERZ) reported an insider transaction on Form 4. On 10/21/2025, the reporting person disposed of 121,238 shares of common stock at $2.5935 per share in connection with the issuer’s tender offer.

Following the transaction, the insider beneficially owned 1,542,799 shares, held directly. The filing notes the shares were tendered pursuant to the Fund’s tender offer, with a final proration factor of 7.2858%. The reporting person’s relationship to the issuer is listed as Chairman of the Advisor.

Insights

SEC filings analyst

Routine Form 4 tied to issuer tender offer; neutral impact.

This Form 4 records an insider’s participation in the company’s issuer tender offer, disposing of 121,238 shares at $2.5935 on 10/21/2025. Such tender-related dispositions are administrative disclosures rather than open-market sales.

The insider’s beneficial ownership stands at 1,542,799 shares after the transaction. The tender’s final proration factor is 7.2858%, which indicates allocation mechanics of accepted shares. Actual market impact depends on broader shareholder participation and subsequent liquidity conditions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HERZFELD THOMAS J

(Last) (First) (Middle)

HERZFELD CREDIT INCOME FUND, INC.

119 WASHINGTON AVENUE, SUITE 504

(Street)

MIAMI BEACH FL 33139

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Herzfeld Credit Income Fund, Inc [ HERZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Chairman of the Advisor

3. Date of Earliest Transaction (Month/Day/Year)
10/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/21/2025		D(1)		121,238	D	$2.5935	1,542,799	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The amount reported represents the estimated number of shares tendered to Herzfeld Credit Income Fund, Inc. (the "Fund") in connection with the issuer tender offer by the Fund pursuant to the Tender Offer Statement on Schedule TO filed with the Securities and Exchange Commission on September 17, 2025 (the "Tender Offer"). The final proration factor for the Tender Offer is 7.2858%.

	/s/ Thomas J. Herzfeld	10/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did HERZ disclose in this Form 4?

An insider disposed of 121,238 shares of common stock at $2.5935 per share on 10/21/2025 via the issuer’s tender offer.

How many HERZ shares does the insider own after the transaction?

The insider beneficially owns 1,542,799 shares following the reported transaction.

What was the transaction method reported for HERZ?

The shares were tendered to the company as part of an issuer tender offer.

What is the final proration factor mentioned for HERZ’s tender offer?

The final proration factor for the tender offer is 7.2858%.

Was the HERZ ownership reported as direct or indirect?

Ownership after the transaction is reported as Direct (D).

What is the reporting person’s relationship to HERZ?

The filing lists the reporting person as Chairman of the Advisor.