Herzfeld Credit Income Fund buys 100,886 shares

The Fund accepted 14,147 shares tendered individually and 42,834 shares tendered by the Accounts at $18.2033 per share.

Rhea-AI Filing Summary

Herzfeld Credit Income Fund, Inc. completed a cash tender offer to purchase up to 5%, or 100,886 shares, at 97.5% of the most recently determined NAV per share as of October 15, 2026. On October 20, 2026, the Fund accepted 14,147 shares tendered individually by Thomas J. Herzfeld and 42,834 shares tendered by the Accounts at $18.2033 per share; payment was made that day.

Thomas J. Herzfeld, et al. reported beneficial ownership of 757,138 shares, or 39.41% of the 1,920,989 shares outstanding as of October 20, 2026. The Accounts also reported open-market sales on October 8, October 9, and October 12, 2026.

Filing Explained

The completed tender was oversubscribed: 1,441,647 shares were properly tendered against 100,886 sought, so the Fund allocated purchases pro rata at 6.99895% of tendered shares.

Key Figures

Tender offer limit: Up to 100,886 shares (5%) Tender price: $18.2033 per share Proration factor: 6.99895% +5 more

8 metrics

Tender offer limit Up to 100,886 shares (5%) Cash tender offer for the Fund's outstanding common stock

Tender price $18.2033 per share Price paid for shares accepted on October 20, 2026

Proration factor 6.99895% Applied to shares properly tendered

Individually accepted shares 14,147 shares Tendered individually by Thomas J. Herzfeld

Accounts' accepted shares 42,834 shares Tendered by the Accounts

Beneficial ownership 757,138 shares Reported by Thomas J. Herzfeld, et al.

Ownership percentage 39.41% Of shares outstanding as of October 20, 2026

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

Key Terms

net asset value (NAV), pro-rata basis, proration factor, beneficially owns with shared power to vote and/or dispose

4 terms

net asset value (NAV) financial

"97.5% of the most recently determined net asset value ("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.

pro-rata basis financial

"purchased Shares properly tendered 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.

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.

beneficially owns with shared power to vote and/or dispose regulatory

"beneficially owns with shared power to vote and/or dispose of 569,152 shares"

FAQ

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

How many shares did HERZ accept in its 2026 tender offer?

The Fund purchased 100,886 shares in the cash tender offer, which was for up to 5%, or 100,886 shares, of its outstanding common stock.

How many HERZ shares did Thomas J. Herzfeld, et al. beneficially own?

Thomas J. Herzfeld, et al. reported beneficial ownership of 757,138 shares, or 39.41% of the 1,920,989 shares outstanding as of October 20, 2026.

Why were fewer HERZ shares accepted than tendered?

The number of shares properly tendered exceeded the number the Fund offered to purchase, so accepted shares were allocated on a pro-rata basis using a 6.99895% proration factor, subject to rounding adjustments to avoid fractional shares.

How many shares did Thomas J. Herzfeld and the Accounts tender in the HERZ offer?

Thomas J. Herzfeld tendered 202,133 shares individually, and the Accounts tendered 611,986 shares before the offer expired.

What HERZ shares did the Accounts sell in October 2026?

The Accounts sold 100 shares on October 8 at $15.00, 5,825 shares on October 9 at $15.0306, and 208 shares on October 12 at $14.9302 through open-market transactions.

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

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Available on EDGAR 10/22/2026 - 05:57 PM EDT Accepted by SEC EDGAR 10/22/2026 - 05:57 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. 39)

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

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 187,986.00
8	Shared Voting Power 569,152.00
9	Sole Dispositive Power 187,986.00
10	Shared Dispositive Power 569,152.00

11

Aggregate amount beneficially owned by each reporting person

757,138.00

12

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

13

Percent of class represented by amount in Row (11)

39.41 %

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 757,138 shares representing 39.41% 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 187,986 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 202,133 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 14,147 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.

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:	10/22/2026