Herzfeld Credit Income Fund: Paylor tenders 490 shares

The tender offer's final proration factor was 6.99895%; Paylor's reported direct holdings afterward were 6,507 shares.

Rhea-AI Filing Summary

Ryan M. Paylor reported disposition transactions in this Form 4 filing. Herzfeld Credit Income Fund, Inc. was the issuer in the tender offer under which Portfolio Manager Ryan M. Paylor tendered 490 common shares to the Fund on October 20, 2026, at $18.2033 per share. Paylor's reported direct holdings afterward were 6,507 shares, including shares acquired through the Fund's dividend reinvestment plan in transactions exempt from Section 16 under Rule 16a-11. The offer's final proration factor was 6.99895%.

Insider Trade Summary

Disposition: 490 shares

Disposition 1 txn

Insider Paylor Ryan M

Role Insider

Type	Security	Shares	Price	Value
Disposition	Common Stock F1, F2	490	$18.2033	$9K

Holdings After Transaction: Common Stock — 6,507 shares (Direct)

Footnotes (2)

1. F1. The amount reported represents the 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, 2026 (the "Tender Offer"). The final proration factor for the Tender Offer is 6.99895%.
2. F2. Includes shares acquired from time to time through the Fund's dividend reinvestment plan in transactions exempt from Section 16 pursuant to Rule 16a-11.

Key Figures

Common shares tendered: 490 shares Price per share: $18.2033 per share Direct holdings after transaction: 6,507 shares +1 more

4 metrics

Common shares tendered 490 shares October 20, 2026

Price per share $18.2033 per share Tender offer transaction on October 20, 2026

Direct holdings after transaction 6,507 shares Reported after the October 20, 2026 transaction

Final proration factor 6.99895% Fund's tender offer

Key Terms

issuer tender offer, proration factor, dividend reinvestment plan, Rule 16a-11

4 terms

issuer tender offer financial

"issuer tender offer by the Fund"

An issuer tender offer is when a company offers to buy back its own shares directly from shareholders at a set price for a limited time, much like a store running a cash-for-items promotion. It matters to investors because it can raise the share price, change how much of the company each remaining shareholder owns, signal management’s view of the company’s value, and affect taxable events and liquidity for those who sell or hold.

proration factor financial

"final proration factor for the Tender Offer"

A proration factor is the percentage used to scale back how many shares or rights each investor receives when demand exceeds the available supply, such as in an oversubscribed offering or dividend distribution. It matters because it determines the actual number of shares an investor will get and the effective price or value per share they end up with — like cutting a limited number of pizza slices among more people than there are slices, so everyone gets a proportional piece.

dividend reinvestment plan financial

"through the Fund's dividend reinvestment plan"

A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.

Rule 16a-11 regulatory

"exempt from Section 16 pursuant to Rule 16a-11"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many HERZ shares did Ryan M. Paylor tender?

Ryan M. Paylor tendered 490 common shares to Herzfeld Credit Income Fund, Inc. on October 20, 2026, at $18.2033 per share. His reported direct holdings afterward were 6,507 shares. No Rule 10b5-1 plan is reported.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/22/2026 - 04:30 PM EDT Accepted by SEC EDGAR 10/22/2026 - 04:30 PM EDT Learn about SEC filing dates

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Paylor Ryan M

(Last) (First) (Middle)

HERZFELD CREDIT INCOME FUND, INC.

119 WASHINGTON AVE., SUITE 405

(Street)

MIAMI BEACH FLORIDA 33139

(City) (State) (Zip)

UNITED STATES

(Country)

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)
			Portfolio Manager

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/20/2026

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

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

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

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	10/20/2026		D(1)		490	D	$18.2033	6,507(2)	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 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, 2026 (the "Tender Offer"). The final proration factor for the Tender Offer is 6.99895%.

2. Includes shares acquired from time to time through the Fund's dividend reinvestment plan in transactions exempt from Section 16 pursuant to Rule 16a-11.

	/s/ Ryan M. Paylor	10/22/2026
	** 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.
* Form 4: SEC 1474 (03-26)