Thomas J. Herzfeld Advisors, Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Thomas J. Herzfeld Advisors, Inc. reported 104 stock positions worth $295.6 million. Its top holding was FS Specialty Lending Fund (FSSL) at 9.8% of the portfolio, followed by PIMCO Dynamic Income Strat (PDX, 8.3%) and Highland Opport & Income (HFRO, 5.0%). Compared with Q3 2025, it opened 18 new positions, sold out of 15, added to 46 and reduced 21. The biggest buy was a new position in FS Specialty Lending Fund (FSSL) and the biggest sale PIMCO Dynamic Income Strat (PDX, shares −17%).

Most Recent 13F
Q2 2026
Location
MIAMI BEACH, FL
CIK
0001509510
Portfolio Value
$295.6M (Q4 2025)
SEC Filing
0001398344-26-003154 ↗ filed Feb 13, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $282.7M Q1 2024 Q2 2024: $285.0M Q2 2024 Q3 2024: $300.2M Q3 2024 Q4 2024: $311.9M Q4 2024 Q1 2025: $293.9M Q1 2025 Q2 2025: $280.4M Q2 2025 Q3 2025: $291.7M Q3 2025 Q4 2025: $295.6M $295.6M Q4 2025 Q1 2026: $294.0M Q1 2026 Q2 2026: $325.7M Q2 2026

Holdings 104 stocks · $295.6M
FSSL FS Specialty Lending Fund 9.81% 2,050,866 $29.0M New
PDX PIMCO Dynamic Income Strat 8.30% 1,305,721 $24.5M Reduce -16.8%
HFRO Highland Opport & Income 4.97% 2,457,285 $14.7M Reduce -12.1%
SABA Saba Capital Income & Opp II 4.44% 1,590,092 $13.1M Reduce -11.0%
HERZ Herzfeld Credit Income Fund 4.39% 5,841,928 $13.0M Reduce -4.2%
BRW Saba Capital Income & Opport 4.35% 1,834,714 $12.9M Add +56.1%
BPRE Bluerock Private Real Estate 4.34% 854,779 $12.8M New
FSCO FS Credit Opportunities Corp. 4.05% 1,899,781 $12.0M Add +97.2%
GOF Guggenheim Strategic Opport 4.04% 927,245 $11.9M New
PAXS PIMCO Access Income Fund 3.87% 747,910 $11.4M Add +55.4%
RA Brookfield Real Assets Incom 3.39% 772,267 $10.0M Add +6.6%
ASA ASA Gold and Precious Metals 2.71% 134,342 $8.0M Reduce -25.6%
STEW SRH Total Return Fund Inc. 2.40% 382,005 $7.1M Add +1.7%
JFR Nuveen Floating Rate Income 2.32% 876,956 $6.9M Reduce -31.9%
DPG Duff & Phelps Utility & Inc. 2.02% 469,477 $6.0M Add +11.5%
NBXG Neuberger Next Generation Co. 2.01% 412,390 $6.0M Add +4.6%
OXLC Oxford Lane Capital Corp. 1.98% 399,466 $5.8M Add +75.3%
SDHY Pgim SHRT Durat Hi YLD 1.84% 329,953 $5.4M Add +2.7%
BSTZ BlackRock Sci & Tech TRM TR 1.65% 215,176 $4.9M Add +2.6%
PDO PIMCO Dynamic Income Opport 1.62% 345,432 $4.8M Add +8.6%
TBLD Thornburg Income Builder Opp 1.58% 231,757 $4.7M Add +1.7%
TWN Taiwan Fund Inc./TH/MD-US Inc. 1.49% 82,666 $4.4M Reduce -2.3%
RFMZ Rivernorth Flex Muni II 1.37% 319,486 $4.0M Add +6.3%
BTX BlackRock Tech & Priv Eqty 1.21% 543,195 $3.6M New
EIC Eagle Point Income Co.-USA Inc. 1.20% 310,811 $3.5M New
XAI OCTAGN FLT RAT & ALT INM 1.04% 638,082 $3.1M New
FINS Angel Oak Financ Strat Inc. 0.97% 216,513 $2.9M Add +4.3%
DIAX Nuveen Dow 30 Dynamic Overwr 0.95% 183,190 $2.8M Add +1.2%
CET Central Securities Corp. 0.94% 54,569 $2.8M Add +4.5%
BGX Blackstone Long-Short Credit 0.92% 233,050 $2.7M Add +46.4%
PDI PIMCO Dynamic Income Fund 0.92% 152,852 $2.7M New
XJQCX Nuveen Credit Strategies Inc. 0.90% 531,122 $2.7M Reduce -22.4%
NCV Virtus Convertible & Income 0.89% 174,319 $2.6M New
LDP Cohen & Steers Limited Durat 0.89% 124,038 $2.6M Reduce -43.9%
MSD Morgan Stanley Emrg MKT Debt 0.81% 322,893 $2.4M New
DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD 0.71% 341,091 $2.1M Add +0.7%
XCMUX MFS High Yield Municipal TR 0.66% 558,611 $2.0M Add +2.2%
CEFS Saba Opport Hedg Cef ETF-Usd 0.66% 84,021 $1.9M Reduce -14.7%
XPCQX PIMCO California Muni Inc. FD 0.65% 221,201 $1.9M Add +1.1%
CXH MFS Investment Grade Muni 0.65% 242,426 $1.9M Add +0.8%
XGDVX Gabelli Dividend & Income TR 0.64% 68,091 $1.9M Reduce -28.4%
MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS 0.53% 113,493 $1.6M Reduce -33.7%
JLS Nuveen Mortgage & Income 0.50% 80,720 $1.5M Reduce -17.1%
MMD Nylim Mackay Definedterm Mun filed as NYLI MACKAY DEFINEDTERM MUNI 0.49% 97,226 $1.4M Add +0.8%
DMO Western Asset Mort Def Opp 0.46% 121,852 $1.3M Reduce -11.4%
BTT BlackRock 2030 Muni TRGT TRM 0.38% 49,685 $1.1M Add +0.8%
CCIF Carlyle Credit Income Fund 0.32% 201,113 $943K Add +497.1%
MFM Aberdeen Municipal Income 0.25% 137,475 $746K Add +1.5%
PTY PIMCO Corporate & Income Opp 0.24% 55,818 $720K New
ECC Eagle Point Credit Co. 0.24% 124,736 $718K New
GNT Gamco Natural Resources Gold 0.23% 90,459 $674K Reduce -61.5%
CXE MFS High Income Municipal TR 0.21% 166,696 $617K Add +36.7%
LEO BNY Mellon Strategic Muni 0.20% 94,265 $600K Add +0.7%
GLD SPDR Gold Shares 0.19% 1,398 $554K No change
XMVTX BlackRock Munivest Fund II 0.17% 46,375 $501K Add +0.6%
VFL Abrdn National Municipal Inc. 0.12% 35,909 $369K Add +36.2%
FMN Federated Herm Prem Muni Inc. 0.11% 29,727 $330K New
NBH Neuberger Municipal Fund Inc. 0.11% 32,348 $327K New
SPY SS SPDR S&P 500 ETF Trust-US 0.09% 390 $266K No change
DMB BNY Mellon Muni BND Infra 0.09% 23,503 $258K Add +0.8%
TFLO iShares Treasury Floating Ra 0.08% 4,469 $226K Reduce -95.8%
STK Columbia Slgmn Prem Tech GR 0.07% 5,834 $215K Add +74.4%
SPMC Sound Point Meridian Capital 0.06% 13,720 $189K New
QQQ Invesco QQQ Trust Series 1 0.06% 270 $166K No change
NFLX Netflix Inc. 0.03% 1,000 $94K No change
MDY State Street SPDR S&P Midcap 0.03% 150 $90K No change
TMC TMC the Metals Co. Inc. 0.03% 12,911 $80K No change
META Meta Platforms Inc. Class A 0.02% 100 $66K No change
EMO Clearbridge Energy Midstream 0.02% 1,016 $45K New
FXY Invesco Currencyshares Japan 0.01% 600 $35K No change
FPF First TR Interm Dur & Inc. 0.01% 1,792 $33K Reduce -3.5%
PFO Flaherty & Crumrine P&I Opp 0.01% 3,345 $32K Add +4.1%
ANGX Angel Studios Inc. 0.01% 5,699 $27K No change
KF Korea Fund Inc. 0.01% 602 $22K No change
JOF Japan Smaller Capitalization 0.01% 1,851 $21K No change
EEA The European Equity Fund Inc. 0.01% 1,681 $17K No change
MXE Mexico Equity and Income FD 0.01% 1,380 $17K Add +20.6%
XEMDX Western Asset Emrg MRKT DBT 0.01% 1,554 $17K Add +11.1%
TDF Templeton Dragon Fund Inc. 0.01% 1,416 $16K Add +0.6%
MXF Mexico Fund Inc. 0.01% 770 $16K Add +9.2%
AEF Abrdn Emerging Markets Ex CH 0.01% 2,124 $15K Add +6.5%
NMAI Nuveen Multi-Asset Income 0.00% 1,096 $14K Add +12.1%
SVXY Proshares Short Vix St Futur 0.00% 220 $12K No change
EMF Templeton Emerging Markets 0.00% 660 $11K No change
EDF VSH Emerging Markets Income filed as VIRTUS STONE HBR EMRG MKTS I 0.00% 2,052 $10K No change
PGZ Principal Real Estate Income 0.00% 992 $10K New
TSI TCW Strategic Income Fund 0.00% 2,000 $10K No change
IIF Morgan Stanley India Invest 0.00% 391 $10K No change
CLM Cornerstone Strategic Invest 0.00% 1,060 $9K Reduce -88.9%
GF The New Germany Fund Inc. 0.00% 689 $8K Reduce -44.8%
GAM General American Investors 0.00% 124 $7K Add +10.7%
ADX Adams Diversified Equity 0.00% 308 $7K Add +2.3%
BDJ BlackRock Enhanced Eqty DVD 0.00% 700 $7K Add +3.2%
GAB Gabelli Equity Trust 0.00% 1,070 $7K Add +2.5%
EDD Morgan Stanley Emrg MRK Dom 0.00% 1,185 $6K New
RVT Royce Small-Cap Trust Inc. 0.00% 395 $6K Add +3.4%
TY Tri-Continental Corp. 0.00% 194 $6K Add +7.2%
QQQX Nuveen Nasdaq 100 DYN Overwr 0.00% 221 $6K Add +2.3%
JCE Nuveen Core Equity Alpha 0.00% 393 $6K Add +4.0%
XAODX Abrdn Total Dynamic Dividend 0.00% 590 $6K Reduce -49.2%
ASG Liberty All-Star Growth FD 0.00% 1,077 $6K No change
USA Liberty All Star Equity Fund 0.00% 823 $5K No change
ZTR Virtus Total Return Fund Inc. 0.00% 447 $3K Reduce -35.4%
NXDT Nexpoint Diversified Real Es 0.00% 276 $1K New
Other holdings (3): bonds, preferreds, convertibles and warrants · $34K (not counted above)
SecurityClassShares / PrincipalValueChange
NPWR.WS Rice Acquisition Corp. II-CW *W EXP 06/08/202 32,771$16KNo change
AIRJW Power & Digital Acq -CW24 *W EXP 03/15/202 15,307$13KNo change
PCTTW Purecycle Techno-CW26 *W EXP 03/17/202 5,457$4KNo change

Total filed on the 13F, all lines: $295.6M.

Portfolio Sells Q3 2025 → Q4 2025
PDX PIMCO Dynamic Income Strat Reduce -16.8% 8.30% −5.12
PAAA Pgim Aaa Clo ETF Sold out 0.00% −3.63
PFIX Simplify Interest Rate Hedge Sold out 0.00% −3.16
XFFCX Flaherty & Crumrine Pref Inc. Sold out 0.00% −2.22
TFLO iShares Treasury Floating Ra Reduce -95.8% 0.08% −1.79
NPFD Nuveen Var RT Pref & Inc. Sold out 0.00% −1.79
KYN Kayne Anderson Energy Infra Sold out 0.00% −1.36
PROSHARES TR Sold out 0.00% −1.35
JFR Nuveen Floating Rate Income Reduce -31.9% 2.32% −1.29
SABA Saba Capital Income & Opp II Reduce -11.0% 4.44% −1.15
HFRO Highland Opport & Income Reduce -12.1% 4.97% −1.12
XTEAX Tortoise Sust&social Imp Ter Sold out 0.00% −0.95
PFN PIMCO Income Strategy FD II Sold out 0.00% −0.83
TYG Tortoise Energy Infrastruct Sold out 0.00% −0.78
LDP Cohen & Steers Limited Durat Reduce -43.9% 0.89% −0.76
HQL Abrdn Life Sciences Investor Sold out 0.00% −0.62
HQH Abrdn Healthcare Investors Sold out 0.00% −0.60
HERZ Herzfeld Credit Income Fund Reduce -4.2% 4.39% −0.59
GNT Gamco Natural Resources Gold Reduce -61.5% 0.23% −0.34
XJQCX Nuveen Credit Strategies Inc. Reduce -22.4% 0.90% −0.33
MEGI Nylim CBRE GB Infra Mtrnd TF Reduce -33.7% 0.53% −0.33
XGDVX Gabelli Dividend & Income TR Reduce -28.4% 0.64% −0.25
JLS Nuveen Mortgage & Income Reduce -17.1% 0.50% −0.13
ASA ASA Gold and Precious Metals Reduce -25.6% 2.71% −0.12
CEFS Saba Opport Hedg Cef ETF-Usd Reduce -14.7% 0.66% −0.11
DMO Western Asset Mort Def Opp Reduce -11.4% 0.46% −0.10
TWN Taiwan Fund Inc./TH/MD-US Inc. Reduce -2.3% 1.49% −0.08
QID Proshares Ultrashort QQQ Sold out 0.00% −0.06
CLM Cornerstone Strategic Invest Reduce -88.9% 0.00% −0.02
DMA Destra Multi-Alternative Sold out 0.00% −0.02
XBGYX BlackRock Enh Intl DVD TR Sold out 0.00% −0.00
GF The New Germany Fund Inc. Reduce -44.8% 0.00% −0.00
BCAT BlackRock Capital Alloc TR Sold out 0.00% −0.00
XAODX Abrdn Total Dynamic Dividend Reduce -49.2% 0.00% −0.00
FPF First TR Interm Dur & Inc. Reduce -3.5% 0.01% −0.00
ZTR Virtus Total Return Fund Inc. Reduce -35.4% 0.00% −0.00

Portfolio Buys Q3 2025 → Q4 2025
FSSL FS Specialty Lending Fund New 9.81% +9.81
BPRE Bluerock Private Real Estate New 4.34% +4.34
GOF Guggenheim Strategic Opport New 4.04% +4.04
FSCO FS Credit Opportunities Corp. Add +97.2% 4.05% +1.77
BRW Saba Capital Income & Opport Add +56.1% 4.35% +1.22
BTX BlackRock Tech & Priv Eqty New 1.21% +1.21
EIC Eagle Point Income Co.-USA Inc. New 1.20% +1.20
PAXS PIMCO Access Income Fund Add +55.4% 3.87% +1.19
XAI OCTAGN FLT RAT & ALT INM New 1.04% +1.04
PDI PIMCO Dynamic Income Fund New 0.92% +0.92
NCV Virtus Convertible & Income New 0.89% +0.89
MSD Morgan Stanley Emrg MKT Debt New 0.81% +0.81
OXLC Oxford Lane Capital Corp. Add +75.3% 1.98% +0.66
BGX Blackstone Long-Short Credit Add +46.4% 0.92% +0.26
CCIF Carlyle Credit Income Fund Add +497.1% 0.32% +0.25
PTY PIMCO Corporate & Income Opp New 0.24% +0.24
ECC Eagle Point Credit Co. New 0.24% +0.24
DPG Duff & Phelps Utility & Inc. Add +11.5% 2.02% +0.16
FMN Federated Herm Prem Muni Inc. New 0.11% +0.11
NBH Neuberger Municipal Fund Inc. New 0.11% +0.11
PDO PIMCO Dynamic Income Opport Add +8.6% 1.62% +0.08
RA Brookfield Real Assets Incom Add +6.6% 3.39% +0.07
SPMC Sound Point Meridian Capital New 0.06% +0.06
STEW SRH Total Return Fund Inc. Add +1.7% 2.40% +0.06
CXE MFS High Income Municipal TR Add +36.7% 0.21% +0.05
BSTZ BlackRock Sci & Tech TRM TR Add +2.6% 1.65% +0.05
FINS Angel Oak Financ Strat Inc. Add +4.3% 0.97% +0.03
STK Columbia Slgmn Prem Tech GR Add +74.4% 0.07% +0.03
VFL Abrdn National Municipal Inc. Add +36.2% 0.12% +0.03
DSM BNYM Strat Muni BND Add +0.7% 0.71% +0.02
RFMZ Rivernorth Flex Muni II Add +6.3% 1.37% +0.02
DIAX Nuveen Dow 30 Dynamic Overwr Add +1.2% 0.95% +0.02
TBLD Thornburg Income Builder Opp Add +1.7% 1.58% +0.02
CET Central Securities Corp. Add +4.5% 0.94% +0.02
EMO Clearbridge Energy Midstream New 0.02% +0.02
XCMUX MFS High Yield Municipal TR Add +2.2% 0.66% +0.01
CXH MFS Investment Grade Muni Add +0.8% 0.65% +0.00
BTT BlackRock 2030 Muni TRGT TRM Add +0.8% 0.38% +0.00
PGZ Principal Real Estate Income New 0.00% +0.00
MFM Aberdeen Municipal Income Add +1.5% 0.25% +0.00
LEO BNY Mellon Strategic Muni Add +0.7% 0.20% +0.00
EDD Morgan Stanley Emrg MRK Dom New 0.00% +0.00
DMB BNY Mellon Muni BND Infra Add +0.8% 0.09% +0.00
XMVTX BlackRock Munivest Fund II Add +0.6% 0.17% +0.00
MXE Mexico Equity and Income FD Add +20.6% 0.01% +0.00
AEF Abrdn Emerging Markets Ex CH Add +6.5% 0.01% +0.00
XEMDX Western Asset Emrg MRKT DBT Add +11.1% 0.01% +0.00
MXF Mexico Fund Inc. Add +9.2% 0.01% +0.00
NMAI Nuveen Multi-Asset Income Add +12.1% 0.00% +0.00
NXDT Nexpoint Diversified Real Es New 0.00% +0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 123$325.7MFSSL, PDX, FSCO, HFRO, GOF
Q1 2026 110$294.0MFSSL, PDX, FSCO, HFRO, HERZ
Q4 2025 104$295.6MFSSL, PDX, HFRO, SABA, HERZ
Q3 2025 101$291.7MPDX, HFRO, SABA, HERZ, PAAA
Q2 2025 105$280.4MPDX, FSCO, HERZ, SABA, HFRO
Q1 2025 125$293.9MPDX, FSCO, HERZ, SABA, HFRO
Q4 2024 144$311.9MPDX, FSCO, HFRO, SABA, NPFD
Q3 2024 151$300.2MPDX, FSCO, HFRO, NPFD, PCF
Q2 2024 234$285.0MPDX, FSCO, HFRO, NPFD, SPMC
Q1 2024 148$282.7MPDX, FSCO, HFRO, NXDT, OCCI