Form 4: Herzfeld Credit Income Fund Portfolio Manager Sells Shares

Herzfeld Credit Income Fund's Portfolio Manager, Ryan M. Paylor, reported the disposition of 3,679 common shares at $2.5935 each as part of a tender offer.

Summary

• Ryan M. Paylor, Portfolio Manager of Herzfeld Credit Income Fund, Inc. (HERZ), reported a disposition of common stock.
• The transaction involved 3,679 shares of common stock, disposed of on October 21, 2025.
• The shares were disposed of at a price of $2.5935 per share.
• Following this transaction, Ryan M. Paylor beneficially owns 46,823 shares directly.
• This disposition was in connection with an issuer tender offer by the Fund.
• The Tender Offer Statement on Schedule TO was filed with the SEC on September 17, 2025.
• The final proration factor for the Tender Offer was 7.2858%.

Sentiment

Score: 5

Explanation: The filing is a factual report of an insider transaction related to a tender offer, providing no explicit positive or negative sentiment regarding the company's operational performance or future prospects.

Positives

• The tender offer provided an opportunity for shareholders, including the reporting person, to tender shares at a specified price, offering liquidity.

Negatives

• The final proration factor of 7.2858% indicates that only a small percentage of tendered shares were accepted, meaning many shareholders who wished to sell more shares were unable to do so.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders who participated in the tender offer received cash for their shares at $2.5935, subject to the 7.2858% proration factor.
• Remaining shareholders may experience a slight increase in per-share metrics if the tender offer successfully reduced the total outstanding share count.

Key Dates

Keywords

Herzfeld Credit Income Fund, HERZ, Ryan M. Paylor, Form 4, insider transaction, tender offer, common stock, portfolio manager