Herzfeld (HERZ) reports 44.87% beneficial stake after active share trading

Rhea-AI Filing Summary

Herzfeld Credit Income Fund, Inc. received an amended Schedule 13D showing that Thomas J. Herzfeld and related advisory accounts beneficially own 898,801 shares of common stock, or 44.87% of the 2,002,996 shares outstanding as of February 23, 2025.

Herzfeld holds 197,248 shares with sole voting and dispositive power, and has shared voting and/or dispositive power over 701,553 shares held in advisory client accounts. The filing details numerous open market purchases and smaller sales between March 5 and April 16, 2026, reflecting active trading that maintains a large, controlling-level stake. No individual advisory account currently holds more than 5% of the issuer’s common shares.

Key Figures

Beneficial ownership: 898,801 shares Ownership percentage: 44.87% Shares outstanding: 2,002,996 shares +5 more

8 metrics

Beneficial ownership 898,801 shares Aggregate beneficially owned by reporting person

Ownership percentage 44.87% Portion of 2,002,996 shares outstanding as of February 23, 2025

Shares outstanding 2,002,996 shares Common stock outstanding as of February 23, 2025

Sole voting/dispositive power 197,248 shares Shares over which Herzfeld has sole power

Shared voting/dispositive power 701,553 shares Shares held in advisory client accounts

Purchase on March 13, 2026 5,362 shares at $15.2522 Advisory clients’ open market buy

Purchase on April 16, 2026 13,573 shares at $16.527 Advisory clients’ open market buy

Purchase on April 15, 2026 3,610 shares at $16.0141 Shares bought by Thomas J. Herzfeld

Key Terms

beneficially owns, sole voting power, shared dispositive power, Schedule 13D, +1 more

5 terms

beneficially owns financial

"the Reporting Person beneficially owns with sole power to vote and dispose of 197,248 shares"

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

sole voting power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: | 7 | Sole Voting Power 197,248.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

shared dispositive power financial

"8 | Shared Voting Power 701,553.00 9 | Sole Dispositive Power 197,248.00 10 | Shared Dispositive Power 701,553.00"

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

open market transactions financial

"On March 5, 2026, through open market transactions, the Advisory clients bought 278 shares"

Open market transactions are the buying and selling of a company’s shares or other securities conducted on public exchanges or through the wider market rather than through private deals or negotiated placements. They matter to investors because these trades change supply and demand in real time—like shoppers affecting a store’s inventory—and so can move prices, signal management or investor sentiment, affect liquidity, and alter ownership stakes that influence future returns and risk.

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

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Accepted by SEC EDGAR 04/20/2026 - 04:56 PM Learn about SEC filing dates

FAQ

What ownership stake does Herzfeld hold in Herzfeld Credit Income Fund (HERZ)?

Herzfeld and related advisory accounts beneficially own 898,801 common shares, representing 44.87% of the 2,002,996 shares outstanding as of February 23, 2025. This large stake gives significant influence over shareholder matters and company decisions.

How many HERZ shares does Thomas J. Herzfeld control directly versus through clients?

Thomas J. Herzfeld has sole power over 197,248 shares and shared power over 701,553 shares held in advisory client accounts. Combined, these positions total 898,801 shares, or 44.87% of Herzfeld Credit Income Fund’s outstanding common stock.

What recent trading activity is disclosed in this HERZ Schedule 13D/A amendment?

The filing lists multiple open market transactions by advisory clients from March 5 to April 16, 2026. Examples include buying 5,362 shares at $15.2522 on March 13 and 13,573 shares at $16.527 on April 16, alongside smaller sales.

Does any single advisory client hold more than 5% of HERZ shares?

No. The filing states that no owner of an advisory account holds more than 5% of Herzfeld Credit Income Fund’s common shares. The large aggregate position reflects combined holdings managed by Herzfeld, not a single concentrated client stake.

What voting and dispositive powers does Herzfeld report over HERZ shares?

Herzfeld reports sole voting and dispositive power over 197,248 shares and shared voting and/or dispositive power over 701,553 shares held in advisory accounts. This structure means he can influence how these shares are voted and whether they are sold.

Why was this HERZ Schedule 13D/A (Amendment No. 36) filed?

The amendment updates Herzfeld’s beneficial ownership and recent trading in Herzfeld Credit Income Fund common stock. It reflects ongoing open market purchases and sales by advisory clients while confirming that the aggregate beneficial stake remains at 44.87% of outstanding shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 36)

Herzfeld Credit Income Fund, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

42804T205

(CUSIP Number)

Thomas K. Morgan
119 Washington Ave., Suite 504
Miami Beach, FL, 33139
(305) 777-1660

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/16/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 42804T205

1

Name of reporting person

Thomas J. Herzfeld, et al.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 197,248.00
8	Shared Voting Power 701,553.00
9	Sole Dispositive Power 197,248.00
10	Shared Dispositive Power 701,553.00

11

Aggregate amount beneficially owned by each reporting person

898,801.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

44.87 %

14

Type of Reporting Person (See Instructions)

IN, IA

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: Herzfeld Credit Income Fund, Inc.
(c)	Address of Issuer's Principal Executive Offices: 119 Washington Ave., Suite 504, Miami Beach, FLORIDA , 33139.
Item 5.	Interest in Securities of the Issuer
(a)	The aggregate number of shares of common stock to which this Schedule 13D relates is 898,801 shares representing 44.87% of the 2,002,996 shares outstanding as reported by the issuer as of February 23, 2025.
(b)	With respect to the shares of common stock owned individually, the Reporting Person beneficially owns with sole power to vote and dispose of 197,248 shares of common stock. With respect to the Accounts, the Reporting Person beneficially owns with shared power to vote and/or dispose of 701,553 shares of common stock.
(c)	On March 5, 2026, through open market transactions, the Advisory clients bought 278 shares at $15.8669 and sold 41 shares at 15.605. On March 6, 2026, through open market transactions, the Advisory clients bought 155 shares at $15.70. On March 9, 2026, through open market transactions, the Advisory clients sold 795 shares at $15.82. On March 13, 2026, through open market transactions, the Advisory clients bought 5,362 shares at $15.2522. On March 17, 2026, through open market transactions, the Advisory clients bought 514 shares at $15.50. On March 18, 2026, through open market transactions, the Advisory clients bought 606 shares at $15.50 and sold 60 shares at $15.75. On March 19, 2026, through open market transactions, the Advisory clients bought 152 shares at $15.6393. On March 20, 2026, through open market transactions, the Advisory clients bought 3,906 shares at $15.6291. On March 23, 2026, through open market transactions, the Advisory clients bought 9 shares at $15.50. On March 25, 2026, through open market transactions, the Advisory clients bought 1,279 shares at $15.50. On March 27, 2026, through open market transactions the Advisory clients bought 1,726 shares at $15.50. On March 31, 2026, through open market transactions the Advisory clients bought 199 shares at $15.50. On April 1, 2026, through open market transactions, the Advisory clients bought 36 shares at $15.73. On April 9, 2026, through open market transactions, the Advisory clients 623 shares at $15.99. On April 15, 2026, through open market transactions, the Advisory clients bought 1,441 shares at $15.9683, and Mr. T. Herzfeld bought 3,610 shares at $16.0141. On April 16, 2026, through open market transactions, the Advisory clients bought 13,573 shares at $16.527.
(d)	The owner of each of the Accounts individually has the right to receive and the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of common stock. To date no owner of an Account holds more than 5% of the Issuer's common shares.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Thomas J. Herzfeld, et al.

Signature:	/s/ Thomas J. Herzfeld
Name/Title:	Thomas J. Herzfeld, Chairman
Date:	04/20/2026