Major holder of Herzfeld Credit (HERZ) discloses 43.27% ownership stake

Rhea-AI Filing Summary

Thomas J. Herzfeld and related accounts report a significant stake in Herzfeld Credit Income Fund, Inc. They disclose beneficial ownership of 866,736 common shares, equal to 43.27% of the 2,002,996 shares outstanding as of February 23, 2025.

Herzfeld holds 190,664 shares with sole voting and dispositive power, and 676,072 shares are held with shared voting and/or dispositive power through advisory accounts. Recent open-market activity includes advisory clients buying 16,953 shares and Herzfeld personally buying 5,036 shares on March 2–3, 2026 at prices around $15.32–$15.81 per share.

Insights

Equity ownership and governance analyst

Herzfeld and clients now control 43.27% of Herzfeld Credit Income Fund.

The filing shows Thomas J. Herzfeld and advisory accounts beneficially owning 866,736 common shares, or 43.27% of the fund’s 2,002,996 shares outstanding as of February 23, 2025. This represents a large, influential block in a relatively small share base.

Control is split between 190,664 shares where Herzfeld has sole voting and dispositive power and 676,072 shares held in client accounts where he shares voting and/or dispositive power. The document notes that no individual client account owns more than 5% of the issuer’s common shares, so influence is concentrated at the advisory level.

On March 2–3, 2026, advisory clients bought a combined 16,953 shares and Herzfeld personally bought 5,036 shares via open-market transactions at prices between $15.3186 and $15.8086 per share. Subsequent ownership updates, if any, would appear in future beneficial ownership amendments.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 35)

Herzfeld Credit Income Fund, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

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)

03/03/2026

(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).

SCHEDULE 13D

CUSIP Number(s):

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 190,664.00
8	Shared Voting Power 676,072.00
9	Sole Dispositive Power 190,664.00
10	Shared Dispositive Power 676,072.00

11

Aggregate amount beneficially owned by each reporting person

866,736.00

12

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

13

Percent of class represented by amount in Row (11)

43.27 %

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 866,736 shares representing 43.27% 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 190,664 shares of common stock. With respect to the Accounts, the Reporting Person beneficially owns with shared power to vote and/or dispose of 676,072 shares of common stock.
(c)	On March 2, 2026 through open market transactions, the Advisory clients bought 14,340 shares at $15.3832 and Mr. T. Herzfeld bought 3,760 shares at $15.3186. On March 3, 2026 through open market transactions, the Advisory clients bought 2,613 shares at $15.7734 and Mr. T. Herzfeld bought 1,276 shares at $15.8086.
(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:	03/05/2026

FAQ

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

The filing reports beneficial ownership of 866,736 common shares, equal to 43.27% of the 2,002,996 shares outstanding as of February 23, 2025. This reflects a large, influential position in Herzfeld Credit Income Fund’s equity base.

How are Herzfeld’s shares in Herzfeld Credit Income Fund (HERZ) split between sole and shared control?

Herzfeld reports 190,664 shares with sole voting and dispositive power. He also reports 676,072 shares where voting and/or dispositive power is shared through advisory client accounts, indicating both personal and client-based exposure to the fund.

What recent stock purchases in HERZ are disclosed for Herzfeld and advisory clients?

On March 2, 2026 advisory clients bought 14,340 shares at $15.3832 and Herzfeld bought 3,760 shares at $15.3186. On March 3, 2026 clients bought 2,613 shares at $15.7734 and Herzfeld bought 1,276 shares at $15.8086, all via open-market transactions.

What is the total number of Herzfeld Credit Income Fund (HERZ) shares outstanding referenced in the filing?

The document states that Herzfeld’s 866,736 beneficially owned shares represent 43.27% of 2,002,996 shares outstanding. That outstanding share figure is reported as of February 23, 2025 by Herzfeld Credit Income Fund, Inc.

Do any individual advisory client accounts exceed 5% ownership of HERZ shares?

No. The filing specifies that while advisory accounts collectively hold 676,072 shares, no single account owns more than 5% of Herzfeld Credit Income Fund’s common shares. This means client ownership is dispersed across multiple accounts.

What type of filing is this for Herzfeld Credit Income Fund (HERZ) and what does it signify?

This is an amended Schedule 13D/A, used when a holder of more than 5% of a company’s shares updates its beneficial ownership information. It signals that Herzfeld and related accounts maintain a large, reportable stake in the fund.