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

Rhea-AI Filing Summary

Herzfeld Credit Income Fund (HERZ) — Form 4 insider activity: A reporting person identified as a portfolio manager disposed of 3,679 shares of common stock on 10/21/2025 at $2.5935 per share. The filing states these shares were tendered to the Fund in an issuer tender offer disclosed in a Schedule TO filed on September 17, 2025. Following the transaction, the filer beneficially owned 46,823 shares directly.

The explanation notes the final proration factor for the tender offer was 7.2858%, indicating only a portion of tendered shares were accepted in the offer.

Insights

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Routine Form 4 showing tendered shares and post-trade holdings.

The filing records a disposition of 3,679 HERZ shares at $2.5935 on 10/21/2025, tied to an issuer tender offer. The filer’s direct holdings after the transaction are 46,823 shares, clarifying ongoing exposure.

The note cites a final proration factor of 7.2858%, signaling partial acceptance of tendered shares typical in oversubscribed offers. This is administrative disclosure of insider activity, not company operating results.

Subsequent filings may provide additional context on aggregate tender outcomes across holders; this entry reflects one filer’s accepted amount only.

Insider Trade Summary

Net Seller: 3,679 shares

Net Sell 1 txn

Insider Paylor Ryan M

Role Insider

Type	Security	Shares	Price	Value
Disposition	Common stock	3,679	$2.5935	$10K

Holdings After Transaction: Common stock — 46,823 shares (Direct)

Footnotes (1)

1. F1. 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%.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 10/23/2025 - 04:09 PM 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 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)
			Portfolio Manager

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)		3,679	D	$2.5935	46,823	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/ Ryan M. Paylor	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.
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