Herzfeld Credit Income (HERZ) investor reports 43.75% ownership stake

Rhea-AI Filing Summary

Herzfeld Credit Income Fund, Inc. received an updated ownership report from longtime holder Thomas J. Herzfeld and related advisory accounts. They now beneficially own 8,523,628 common shares, equal to 43.75% of the 19,483,671 shares outstanding as of December 30, 2025.

The filing details a December 30, 2025 distribution of $0.6867 per share, paid about 20% in cash and 80% in stock, based on each investor’s election and an overall cash cap. Mr. Herzfeld received 313,441 shares and advisory clients 1,141,754 shares in stock. Numerous open-market buys and sells around $1.90–$2.76 per share are listed. The issuer effected a 10‑to‑1 reverse stock split effective February 6, 2026, but all amounts in this amendment are reported on a pre-split basis, and no single advisory account holds more than 5% of the fund’s common shares.

Insights

Equity ownership & governance analyst

Herzfeld and clients reaffirm a large 43.75% stake with updated trades and distributions.

Thomas J. Herzfeld and advisory clients report beneficial ownership of 8,523,628 shares, or 43.75% of Herzfeld Credit Income Fund as of December 30, 2025. This confirms a substantial, continuing block that can strongly influence shareholder votes and fund governance.

The amendment also explains a $0.6867 per-share distribution, largely in stock, and extensive open-market trading around $1.90–$2.76 per share by advisory clients. A 10‑to‑1 reverse split effective February 6, 2026 is noted, with all figures kept on a pre-split basis for consistency with the prior amendment.

No individual advisory account holds more than 5% of the fund’s shares, so the large position is spread across multiple clients. Future company filings may further describe any changes in ownership concentration or strategic intentions, but this amendment primarily updates figures and transaction details.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 33)

Herzfeld Credit Income Fund, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

42804T106

(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)

12/30/2025

(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).

SCHEDULE 13D

CUSIP No. 42804T106

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 1,856,241.00
8	Shared Voting Power 6,667,387.00
9	Sole Dispositive Power 1,856,241.00
10	Shared Dispositive Power 6,667,387.00

11

Aggregate amount beneficially owned by each reporting person

8,523,628.00

12

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

13

Percent of class represented by amount in Row (11)

43.75 %

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 8,523,628 shares representing 43.75% of the 19,483,671 shares outstanding as reported by the issuer as of December 30, 2025. (1) 1. The amount reported represents the actual number of shares, which differs from the estimate reported in a prior amendment to this Schedule 13D (the "Prior Amendment"), received by the reporting person and the Advisory clients in connection with the cash or stock distribution announced on December 30, 2025. The ratio of cash and stock received by the reporting person and the Advisory clients was based on such person's election as well as elections of other stockholders, subject to the pro-rata limitation. Further, the amount reported reflects additional transactions that have occurred in the Accounts subsequent to the filing of the Prior Amendment. Effective February 6, 2026 at 5:00pm, the issuer effected a 10-to-1 reverse stock split. The number of shares reported on this amendment are reported on a pre-split basis to accord with the Prior Amendment. All future amendments will be reported exclusively on a post-split basis.
(b)	With respect to the shares of common stock owned individually, the Reporting Person beneficially owns with sole power to vote and dispose of 1,856,241 shares of common stock. With respect to the Accounts, the Reporting Person beneficially owns with shared power to vote and/or dispose of 6,667,387 shares of common stock.
(c)	On December 22, 2025 through open market transactions, the Advisory clients sold 22,367 shares at $ 2.5804. On December 23, 2025 through open market transactions, the Advisory clients sold 33,496 shares at $ 2.5853. On December 24, 2025 through open market transactions, the Advisory clients sold 8,308 shares at $2.60. On December 30, 2025 through open market transactions, the Advisory clients sold 42,346 shares at $2.7619. On December 30, 2025, the Fund paid a distribution, in cash and shares of common stock, of $0.6867 per share owned by each stockholder as of the payment date of December 30, 2025 (the "December 2025 Distribution"). The December 2025 Distribution was paid in cash or shares of the Fund's common stock at the election of stockholders with the total amount of cash distributed to all stockholders limited to 20% of the total distribution to be paid, excluding any cash paid for fractional shares. The remainder of the December 2025 Distribution (approx. 80%) was paid in the form of shares of the Fund's common stock. The exact distribution of cash and stock to any given stockholder was dependent upon their election as well as elections of other stockholders, subject to the pro-rata limitation. The price per share used to calculate the number of shares to be issued in lieu of cash was $2.5799, which was determined using the volume weighted average price per share of the Fund on December 12, 15 and 16, 2025. Mr. T. Herzfeld received 313,441 shares of common stock of the Fund in connection with the December 2025 Distribution. The Advisory clients received 1,141,754 shares of common stock of the Fund in connection with the December 2025 Distribution. On January 2, 2026 through open market transactions, the Advisory clients sold 11,237 shares at $2.2117. On January 5, 2026 through open market transactions, the Advisory clients sold 38,866 shares at $2.0806. On January 7, 2026 through open market transactions, the Advisory clients sold 22,617 shares at $1.9612. On January 15, 2026, through open market transactions, the Advisory clients sold 777 shares at $1.949. On January 20, 2026, through open market transactions, the Advisory clients sold 1,018 shares at $1.91 and bought 497 shares at $1.918. On January 21, 2026, through open market transactions, the Advisory clients bought 13,040 shares at $1.9794. On January 22, 2026, through open market transactions, the Advisory clients sold 770 shares at $1.94 and bought 18,023 shares at $1.9396. On January 23, 2026, through open market transactions, the Advisory clients bought 13,609 shares at $1.9296. On January 26, 2026, through open market transactions, the Advisory clients bought 13,435 shares at $1.9191. On January 27, 2026, through open market transactions, the Advisory clients bought 4,229 shares at $1.95. On January 28, 2026, through open market transactions, the Advisory clients sold 86,573 shares at $1.9312 and bought 86,573 shares at $1.9309. On January 29, 2026, through open market transactions, the Advisory clients sold 815 shares at $1.92 and bought 14,982 shares at $1.9646. On January 30, 2026, through open market transactions, the Advisory clients bought 7,705 shares at $1.978. On February 2, 2026, through open market transactions, the Advisory clients bought 2,153 shares at $1.938. On February 3, 2026, through open market transactions, the Advisory clients sold 1,384 shares at $1.905. On February 4, 2026, through open market transactions, the Advisory clients sold 8,994 shares at $1.8331. On February 5, 2026, through open market transactions, the Advisory clients sold 8,730 shares at $1.8704.
(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:	02/10/2026

FAQ

What ownership stake in Herzfeld Credit Income Fund (HERZ) does Thomas J. Herzfeld report?

The filing reports that Thomas J. Herzfeld and related advisory accounts beneficially own 8,523,628 shares of Herzfeld Credit Income Fund, Inc. common stock. This represents 43.75% of the 19,483,671 shares outstanding as of December 30, 2025, indicating a large, influential holding.

How many Herzfeld Credit Income Fund (HERZ) shares are outstanding in this Schedule 13D/A?

The Schedule 13D/A states that Herzfeld Credit Income Fund, Inc. has 19,483,671 common shares outstanding as of December 30, 2025. Against this base, Thomas J. Herzfeld and advisory clients report beneficial ownership of 8,523,628 shares, or 43.75% of the fund’s equity.

What distribution did Herzfeld Credit Income Fund (HERZ) pay on December 30, 2025?

On December 30, 2025, the fund paid a distribution of $0.6867 per share to stockholders. Approximately 20% of the total distribution was paid in cash and about 80% in shares of common stock, with each investor’s mix affected by elections and a pro-rata cash limitation.

How many shares did Thomas J. Herzfeld and his advisory clients receive in the December 2025 distribution?

In the December 2025 distribution, Thomas J. Herzfeld personally received 313,441 shares of Herzfeld Credit Income Fund, Inc. common stock. Advisory clients collectively received 1,141,754 additional shares, reflecting their elections to take a significant portion of the $0.6867 per-share distribution in stock rather than cash.

What reverse stock split did Herzfeld Credit Income Fund (HERZ) implement and how is it reflected here?

The fund effected a 10‑to‑1 reverse stock split effective February 6, 2026 at 5:00 pm. However, this Schedule 13D/A reports all share numbers on a pre-split basis to remain consistent with the prior amendment, with future amendments to use post-split share figures exclusively.

Do any individual advisory accounts hold more than 5% of Herzfeld Credit Income Fund (HERZ) shares?

The filing states that no owner of any individual advisory account holds more than 5% of Herzfeld Credit Income Fund’s common shares. While the aggregate position is 43.75% across Herzfeld and clients, the stake is spread so each separate account remains below the 5% threshold.

What trading activity in HERZ shares is disclosed for the advisory clients?

The advisory clients executed multiple open-market trades between December 22, 2025 and February 5, 2026, including both purchases and sales. Reported prices range roughly from $1.83 to $2.76 per share, detailing day-by-day volumes and transaction prices during that period for transparency.