Form 4: Herzfeld Insider Sells Shares in Tender Offer

Thomas J. Herzfeld, Chairman of the Advisor, disposed of 121,238 shares of Herzfeld Credit Income Fund, Inc. common stock at $2.5935 per share as part of an issuer tender offer.

Summary

• Thomas J. Herzfeld, identified as the Chairman of the Advisor for Herzfeld Credit Income Fund, Inc. (HERZ), reported a disposition of common stock.
• On October 21, 2025, Mr. Herzfeld disposed of an estimated 121,238 shares of HERZ common stock.
• The shares were disposed of at a price of $2.5935 per share.
• This transaction was made in connection with an issuer tender offer by the Fund, which was detailed in a Tender Offer Statement on Schedule TO filed with the SEC on September 17, 2025.
• The final proration factor for the Tender Offer was 7.2858%.
• Following this reported transaction, Mr. Herzfeld beneficially owns 1,542,799 shares of HERZ common stock directly.

Sentiment

Score: 5

Explanation: The filing is a standard disclosure of an insider transaction related to a tender offer, which is a planned event. It does not inherently convey positive or negative sentiment regarding the company's performance or outlook.

Future Outlook

This filing reports a past transaction and does not contain forward-looking statements or guidance.

Industry Context

This filing is a routine disclosure of an insider transaction related to a company's issuer tender offer, a common mechanism for companies to repurchase their own shares. It does not provide broader industry trends or competitive analysis.

Related Party Transactions

• The reported transaction involves Thomas J. Herzfeld, Chairman of the Advisor, disposing of shares to the issuer, Herzfeld Credit Income Fund, Inc., as part of an issuer tender offer.

Stakeholder Impact

• Shareholders who participated in the tender offer received cash for their tendered shares, subject to the 7.2858% proration factor.
• Remaining shareholders may experience a slight increase in their proportional ownership of the Fund due to the reduction in outstanding shares from the tender offer.

Key Dates

Keywords

HERZ, Herzfeld Credit Income Fund, insider transaction, Form 4, tender offer, stock disposition, beneficial ownership