Herzfeld Credit Income Fund president reports 33.09% stake

Oversubscribed tenders were subject to a 6.99895% proration; the Fund paid $18.2033 per accepted share.

Rhea-AI Filing Summary

Herzfeld Credit Income Fund, Inc. (HERZ) accepted for purchase 4,998 shares tendered individually by reporting person Erik M. Herzfeld, President, and 42,834 shares tendered by the Accounts, each at $18.2033 per share; payment was made October 20, 2026. The Accounts also sold 100 shares at $15.00 on October 8, 5,825 at $15.0306 on October 9, and 208 at $14.9302 on October 12, 2026, through open-market transactions.

The Fund's cash tender offer covered up to 100,886 shares, or 5% of outstanding shares, at 97.5% of net asset value as of October 15, 2026. Because tenders exceeded the shares sought, the Fund applied a 6.99895% proration. Erik M. Herzfeld reported beneficial ownership totaling 635,567 shares, or 33.09% of the 1,920,989 shares outstanding reported by the Fund as of October 20, 2026.

Key Figures

Beneficial ownership: 635,567 shares Ownership percentage: 33.09% Shares outstanding: 1,920,989 shares +5 more

8 metrics

Beneficial ownership 635,567 shares Reported by Erik M. Herzfeld as reporting person

Ownership percentage 33.09% Of 1,920,989 shares outstanding as of October 20, 2026

Shares outstanding 1,920,989 shares As reported by the Fund as of October 20, 2026

Individually tendered shares accepted 4,998 shares Accepted for purchase on October 20, 2026

Accounts' tendered shares accepted 42,834 shares Accepted for purchase on October 20, 2026

Tender purchase price $18.2033 per share Shares accepted for purchase on October 20, 2026

Cash tender offer Up to 100,886 shares Stated as 5% of outstanding shares

Proration factor 6.99895% Applied because properly tendered shares exceeded the amount offered for purchase

Key Terms

net asset value (NAV), proration factor, pro-rata basis

3 terms

net asset value (NAV) financial

"97.5% of the most recently determined NAV per Share"

Net asset value (NAV) is the per-share value of an investment fund calculated by totaling the fund’s assets, subtracting its liabilities, and dividing the remainder by the number of outstanding shares. Think of it like a price tag on each share of a collective piggy bank: investors use NAV to see what each share is worth, to compare funds, and, for many funds, it’s the price at which shares are bought or redeemed.

proration factor financial

"That proration factor is the number of Shares purchased"

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.

pro-rata basis financial

"purchased on a pro-rata basis"

Allocation or distribution that gives each participant a share proportional to their existing ownership, stake or entitlement — like slicing a pie so everyone gets a piece matching how big their original slice was. For investors this matters because it determines how much of new shares, dividends, fees or obligations they receive, helps preserve or change ownership percentages, and directly affects dilution and voting power.

FAQ

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

How many HERZ shares did Erik M. Herzfeld and the Accounts tender, and how many were accepted?

Erik M. Herzfeld individually properly tendered 71,413 shares, of which 4,998 were accepted; the Accounts properly tendered 611,986 shares, of which 42,834 were accepted. Both accepted amounts were purchased at $18.2033 per share, and payment was made October 20, 2026.

What were the terms of the HERZ cash tender offer?

The Fund offered to purchase up to 100,886 shares, or 5% of its outstanding common shares, at 97.5% of the most recently determined net asset value per share as of October 15, 2026. The offer was oversubscribed and shares were purchased on a pro-rata basis.

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

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Available on EDGAR 10/22/2026 - 05:54 PM EDT Accepted by SEC EDGAR 10/22/2026 - 05:53 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 32)

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 405
Miami Beach, FL, 33139
(305) 777-1660

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

10/20/2026

(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

Erik M. 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 66,415.00
8	Shared Voting Power 569,152.00
9	Sole Dispositive Power 66,415.00
10	Shared Dispositive Power 569,152.00

11

Aggregate amount beneficially owned by each reporting person

635,567.00

12

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

13

Percent of class represented by amount in Row (11)

33.09 %

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 405, 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 635,567 shares representing 33.09% of the 1,920,989 shares outstanding as reported by the issuer as of October 20, 2026.
(b)	With respect to the shares of common stock owned individually, the Reporting Person beneficially owns with sole power to vote and dispose of 66,415 shares of common stock. With respect to the Accounts, the Reporting Person beneficially owns with shared power to vote and/or dispose of 569,152 shares of common stock.
(c)	On October 8, 2026, through open market transactions, the Accounts sold 100 shares at $15.00. On October 9, 2026, through open market transactions, the Accounts sold 5,825 shares at $15.0306. On October 12, 2026, through open market transactions, the Accounts sold 208 shares at $14.9302. Tender Offer: On October 20, 2026, Herzfeld Credit Income Fund, Inc. (the "Fund") announced the final results of a cash tender offer to purchase up to 5%, or 100,886 shares, of its outstanding shares of common stock (the "Shares") at 97.5% of the most recently determined net asset value ("NAV") per Share as of October 15, 2026, the expiration date (the "Tender Offer"). The Reporting Person individually properly tendered 71,413 Shares and the Accounts properly tendered 611,986 Shares prior to the expiration date of the Tender Offer. Under the terms and conditions of the Tender Offer, because the number of Shares properly tendered exceeded the number of Shares the Fund offered to purchase, the Fund purchased Shares properly tendered on a pro-rata basis, subject to rounding adjustment to avoid the purchase of fractional shares, of 6.99895%. That proration factor is the number of Shares purchased (100,886) divided by the number of Shares properly tendered by all participating stockholders of the Fund (1,441,647), subject to a rounding adjustment to avoid the purchase of fractional shares. On October 20, 2026, the Fund accepted for purchase 4,998 Shares of the Reporting Person tendered individually and 42,834 Shares tendered by the Accounts, in each case at $18.2033 per Share, which equals 97.5% of the Fund's most recently determined NAV per Share as of October 15, 2026. Payment for the accepted Shares was made on October 20, 2026.
(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.
(e)	Not applicable.

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.

Erik M. Herzfeld, et al.

Signature:	/s/ Erik M. Herzfeld
Name/Title:	Erik M. Herzfeld, President
Date:	10/22/2026