# EDGAR Filing Document

**Accession Number:** 0001509510
**File Stem:** 0001398344-26-003154
**Filing Date:** 2026-2
**Character Count:** 14947
**Document Hash:** df2615a9bde2b9d00d50d5536de8d2a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-003154.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001398344-26-003154

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thomas J. Herzfeld Advisors, Inc.
- **CENTRAL INDEX KEY:** 0001509510

**ORGANIZATION NAME:**
- **EIN:** 592414380
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14375
- **FILM NUMBER:** 26634304

**BUSINESS ADDRESS:**
- **STREET 1:** 119 WASHINGTON AVENUE, SUITE 504
- **CITY:** MIAMI BEACH
- **STATE:** FL
- **ZIP:** 33139
- **BUSINESS PHONE:** 305-271-1900

**MAIL ADDRESS:**
- **STREET 1:** 119 WASHINGTON AVENUE, SUITE 504
- **CITY:** MIAMI BEACH
- **STATE:** FL
- **ZIP:** 33139

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Thomas J. Herzfeld Advisors Inc.<br>**Address:** 119 WASHINGTON AVENUE SUITE 504<br>MIAMI BEACH, FL 33139

**Form 13F File Number:** 028-14375

**CRD Number (if applicable):** 000108369

**SEC File Number (if applicable):** 801-20866

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Erik M. Herzfeld<br>**Title:** President<br>**Phone:** 305-777-1660

**Signature, Place, and Date of Signing:**

/s/ Erik M. Herzfeld  Miami Beach, FL  02-13-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 107

**Form 13F Information Table Value Total:** $295604740

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ANGEL STUDIOS INC | CL A COM | 034948109 |  | 26614 | 5699 | SH |  | SOLE |  | 5699 | 0 | 0 |
| ASA GOLD AND PRECIOUS MTLS L | SHS | G3156P103 |  | 8016187 | 134342 | SH |  | SOLE |  | 134342 | 0 | 0 |
| INVESCO CURRENCYSHARES JAPAN | JAPANESE YEN | 46138W107 |  | 35202 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 165864 | 270 | SH |  | SOLE |  | 270 | 0 | 0 |
| ISHARES TR | TRS FLT RT BD | 46434V860 |  | 225506 | 4469 | SH |  | SOLE |  | 4469 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 66009 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 93760 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 |  | 1057 | 276 | SH |  | SOLE |  | 276 | 0 | 0 |
| PROSHARES TR II | SHT VIX ST TRM | 74347W130 |  | 12184 | 220 | SH |  | SOLE |  | 220 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 554041 | 1398 | SH |  | SOLE |  | 1398 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 265949 | 390 | SH |  | SOLE |  | 390 | 0 | 0 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 90492 | 150 | SH |  | SOLE |  | 150 | 0 | 0 |
| TMC THE METALS COMPANY INC | COM | 87261Y106 |  | 79661 | 12911 | SH |  | SOLE |  | 12911 | 0 | 0 |
| ABRDN EMERGING MARKETS EX CH | COM | 00301W105 |  | 14868 | 2124 | SH |  | SOLE |  | 2124 | 0 | 0 |
| ABRDN NATL MUN INCOME FD | SH BEN INT | 24610T108 |  | 368785 | 35909 | SH |  | SOLE |  | 35909 | 0 | 0 |
| ABRDN TOTAL DYNAMIC DIVIDEND | COM SH BEN INT | 00326L100 |  | 5753 | 590 | SH |  | SOLE |  | 590 | 0 | 0 |
| ADAMS DIVERSIFIED EQUITY FD | COM | 006212104 |  | 7171 | 308 | SH |  | SOLE |  | 308 | 0 | 0 |
| AIRJOULE TECHNOLOGIES CORP | *W EXP 03/15/202 | 612160119 |  | 13011 | 15307 | SH |  | SOLE |  | 15307 | 0 | 0 |
| ANGEL OAK FINL STRATEGIES IN | COM BEN INT | 03464A100 |  | 2860137 | 216513 | SH |  | SOLE |  | 216513 | 0 | 0 |
| BLACKROCK ENHANCED EQUITY DI | COM | 09251A104 |  | 6632 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| BLACKROCK MUN TARGET TERM TR | COM SHS BEN IN | 09257P105 |  | 1133812 | 49685 | SH |  | SOLE |  | 49685 | 0 | 0 |
| BLACKROCK MUNIVEST FD II INC | COM | 09253T101 |  | 501314 | 46375 | SH |  | SOLE |  | 46375 | 0 | 0 |
| BLACKROCK SCIENCE  TECHNOLO | SHS BEN INT | 09260K101 |  | 4865129 | 215176 | SH |  | SOLE |  | 215176 | 0 | 0 |
| BLACKROCK TECH AND PRIVATE E | SHS BEN INT | 09260Q108 |  | 3579655 | 543195 | SH |  | SOLE |  | 543195 | 0 | 0 |
| BLACKSTONE LONG SHORT CR INC | COM SHS BN INT | 09257D102 |  | 2717363 | 233050 | SH |  | SOLE |  | 233050 | 0 | 0 |
| BLUEROCK PVT REAL ESTATE FD | COM | 09631P102 |  | 12821685 | 854779 | SH |  | SOLE |  | 854779 | 0 | 0 |
| BNY MELLON MUN BD INFRASTRUC | COM SHS | 09662W109 |  | 258298 | 23503 | SH |  | SOLE |  | 23503 | 0 | 0 |
| BNY MELLON STRATEGIC MUN BD | COM | 09662E109 |  | 2104531 | 341091 | SH |  | SOLE |  | 341091 | 0 | 0 |
| BNY MELLON STRATEGIC MUNS IN | COM | 05588W108 |  | 599525 | 94265 | SH |  | SOLE |  | 94265 | 0 | 0 |
| BROOKFIELD REAL ASSETS INCOM | SHS BEN INT | 112830104 |  | 10008580 | 772267 | SH |  | SOLE |  | 772267 | 0 | 0 |
| CARLYLE CREDIT INCOME FUND | SHS BEN INT | 92535C104 |  | 943220 | 201113 | SH |  | SOLE |  | 201113 | 0 | 0 |
| CENTRAL SECS CORP | COM | 155123102 |  | 2767192 | 54569 | SH |  | SOLE |  | 54569 | 0 | 0 |
| CLEARBRIDGE ENERGY MIDSTRM O | COM | 18469P209 |  | 45364 | 1016 | SH |  | SOLE |  | 1016 | 0 | 0 |
| COHEN  STEERS LTD DURATION | COM | 19248C105 |  | 2625884 | 124038 | SH |  | SOLE |  | 124038 | 0 | 0 |
| COLUMBIA SELIGM PREM TECH GR | COM | 19842X109 |  | 214633 | 5834 | SH |  | SOLE |  | 5834 | 0 | 0 |
| CORNERSTONE STRATEGIC INVEST | COM | 21924B302 |  | 8860 | 1060 | SH |  | SOLE |  | 1060 | 0 | 0 |
| DUFF  PHELPS UTLITY AND INF | COM | 26433C105 |  | 5967053 | 469477 | SH |  | SOLE |  | 469477 | 0 | 0 |
| EAGLE POINT CREDIT COMPANY I | COM | 269808101 |  | 718479 | 124736 | SH |  | SOLE |  | 124736 | 0 | 0 |
| EAGLE POINT INCOME COMPANY I | COM | 269817102 |  | 3546354 | 310811 | SH |  | SOLE |  | 310811 | 0 | 0 |
| EUROPEAN EQUITY FD INC | COM | 298768102 |  | 17315 | 1681 | SH |  | SOLE |  | 1681 | 0 | 0 |
| EXCHANGE LISTED FDS TR | SABA INT RATE | 30151E806 |  | 1935844 | 84021 | SH |  | SOLE |  | 84021 | 0 | 0 |
| FEDERATED HERMES PREM MUNI I | COM | 31423P108 |  | 330267 | 29727 | SH |  | SOLE |  | 29727 | 0 | 0 |
| FIRST TR INTER DURATN PFD | COM | 33718W103 |  | 33403 | 1792 | SH |  | SOLE |  | 1792 | 0 | 0 |
| FLAHERTY  CRUMRINE PFD INCO | COM | 33848E106 |  | 31610 | 3345 | SH |  | SOLE |  | 3345 | 0 | 0 |
| FS CREDIT OPPORTUNITIES CORP | COMMON STOCK | 30290Y101 |  | 11968620 | 1899781 | SH |  | SOLE |  | 1899781 | 0 | 0 |
| FS SPECIALTY LENDING FD | COM SH BEN INT | 644323107 |  | 28999245 | 2050866 | SH |  | SOLE |  | 2050866 | 0 | 0 |
| GABELLI DIVID  INCOME TR | COM | 36242H104 |  | 1890894 | 68091 | SH |  | SOLE |  | 68091 | 0 | 0 |
| GABELLI EQUITY TR INC | COM | 362397101 |  | 6599 | 1070 | SH |  | SOLE |  | 1070 | 0 | 0 |
| GAMCO NAT RES GOLD  INCOME | SH BEN INT | 36465E101 |  | 673920 | 90459 | SH |  | SOLE |  | 90459 | 0 | 0 |
| GENERAL AMERN INVS CO INC | COM | 368802104 |  | 7294 | 124 | SH |  | SOLE |  | 124 | 0 | 0 |
| GUGGENHEIM STRATEGIC OPPORTU | COM SBI | 40167F101 |  | 11942916 | 927245 | SH |  | SOLE |  | 927245 | 0 | 0 |
| HERZFELD CREDIT INCOME FUND | COM | 42804T106 |  | 12969080 | 5841928 | SH |  | SOLE |  | 5841928 | 0 | 0 |
| HIGHLAND OPPS  INCOME FD | HIGHLAND INCOME | 43010E404 |  | 14694564 | 2457285 | SH |  | SOLE |  | 2457285 | 0 | 0 |
| JAPAN SMALLER CAPITALIZATION | COM | 47109U104 |  | 20509 | 1851 | SH |  | SOLE |  | 1851 | 0 | 0 |
| KOREA FD INC | COM NEW | 500634209 |  | 21865 | 602 | SH |  | SOLE |  | 602 | 0 | 0 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 |  | 5170 | 823 | SH |  | SOLE |  | 823 | 0 | 0 |
| LIBERTY ALL-STAR GROWTH FD I | COM | 529900102 |  | 5708 | 1077 | SH |  | SOLE |  | 1077 | 0 | 0 |
| MEXICO EQUITY  INCOME FD | COM | 592834105 |  | 17084 | 1380 | SH |  | SOLE |  | 1380 | 0 | 0 |
| MEXICO FD INC | COM | 592835102 |  | 15508 | 770 | SH |  | SOLE |  | 770 | 0 | 0 |
| MFS HIGH INCOME MUN TR | SH BEN INT | 59318D104 |  | 616775 | 166696 | SH |  | SOLE |  | 166696 | 0 | 0 |
| MFS HIGH YIELD MUN TR | SH BEN INT | 59318E102 |  | 1960725 | 558611 | SH |  | SOLE |  | 558611 | 0 | 0 |
| MFS INVT GRADE MUN TR | SH BEN INT | 59318B108 |  | 1927287 | 242426 | SH |  | SOLE |  | 242426 | 0 | 0 |
| MFS MUN INCOME TR | SH BEN INT | 552738106 |  | 746489 | 137475 | SH |  | SOLE |  | 137475 | 0 | 0 |
| MORGAN STANLEY EMERGING MKTS | COM | 617477104 |  | 6435 | 1185 | SH |  | SOLE |  | 1185 | 0 | 0 |
| MORGAN STANLEY EMKT DBT FD I | COM | 61744H105 |  | 2386179 | 322893 | SH |  | SOLE |  | 322893 | 0 | 0 |
| MORGAN STANLEY INDIA INVT FD | COM | 61745C105 |  | 9767 | 391 | SH |  | SOLE |  | 391 | 0 | 0 |
| NET POWER INC | *W EXP 06/08/202 | 64107A113 |  | 16386 | 32771 | SH |  | SOLE |  | 32771 | 0 | 0 |
| NEUBERGER MUN FD INC | COM | 64124P101 |  | 327362 | 32348 | SH |  | SOLE |  | 32348 | 0 | 0 |
| NEUBERGER NEXT GENERATION | COMMON STOCK | 64133Q108 |  | 5954912 | 412390 | SH |  | SOLE |  | 412390 | 0 | 0 |
| NEW GERMANY FD INC | COM | 644465106 |  | 7874 | 689 | SH |  | SOLE |  | 689 | 0 | 0 |
| NUVEEN CORE EQUITY ALPHA FD | COM | 67090X107 |  | 6270 | 393 | SH |  | SOLE |  | 393 | 0 | 0 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 |  | 2666232 | 531122 | SH |  | SOLE |  | 531122 | 0 | 0 |
| NUVEEN DOW 30 DYNMC OVERWRT | SHS | 67075F105 |  | 2795479 | 183190 | SH |  | SOLE |  | 183190 | 0 | 0 |
| NUVEEN FLOATING RATE INCOME | COM | 67072T108 |  | 6866565 | 876956 | SH |  | SOLE |  | 876956 | 0 | 0 |
| NUVEEN MORTGAGE AND INCOME F | COM | 670735109 |  | 1468297 | 80720 | SH |  | SOLE |  | 80720 | 0 | 0 |
| NUVEEN MULTI ASSET INCOME FU | COM | 670750108 |  | 14292 | 1096 | SH |  | SOLE |  | 1096 | 0 | 0 |
| NUVEEN NASDAQ 100 DYNAMIC OV | COM SHS | 670699107 |  | 6300 | 221 | SH |  | SOLE |  | 221 | 0 | 0 |
| NYLI CBRE GBL INFR MEGTRNDS | COM | 56064Q107 |  | 1561664 | 113493 | SH |  | SOLE |  | 113493 | 0 | 0 |
| NYLI MACKAY DEFINEDTERM MUNI | COM | 56064K100 |  | 1445751 | 97226 | SH |  | SOLE |  | 97226 | 0 | 0 |
| OXFORD LANE CAP CORP | COM | 691543847 |  | 5848182 | 399466 | SH |  | SOLE |  | 399466 | 0 | 0 |
| PGIM SHORT DUR HIG YLD OPP F | COM | 69355J104 |  | 5427727 | 329953 | SH |  | SOLE |  | 329953 | 0 | 0 |
| PIMCO ACCESS INCOME FUND | SHS BENFIN INT | 72203T100 |  | 11443029 | 747910 | SH |  | SOLE |  | 747910 | 0 | 0 |
| PIMCO CALIF MUN INCOME FD | COM | 72200N106 |  | 1931084 | 221201 | SH |  | SOLE |  | 221201 | 0 | 0 |
| PIMCO CORPORATE  INCOME OPP | COM | 72201B101 |  | 720052 | 55818 | SH |  | SOLE |  | 55818 | 0 | 0 |
| PIMCO DYNAMIC INCOME FD | SHS | 72201Y101 |  | 2707009 | 152852 | SH |  | SOLE |  | 152852 | 0 | 0 |
| PIMCO DYNAMIC INCOME OPRNTS | COM BEN SHS | 69355M107 |  | 4780779 | 345432 | SH |  | SOLE |  | 345432 | 0 | 0 |
| PIMCO DYNAMIC INCOME STRATEG | COM SHS BEN INT | 69346N107 |  | 24521440 | 1305721 | SH |  | SOLE |  | 1305721 | 0 | 0 |
| PRINCIPAL REAL ESTATE INCOME | SHS BEN INT | 74255X104 |  | 9930 | 992 | SH |  | SOLE |  | 992 | 0 | 0 |
| PURECYCLE TECHNOLOGIES INC | *W EXP 03/17/202 | 74623V111 |  | 4202 | 5457 | SH |  | SOLE |  | 5457 | 0 | 0 |
| RIVERNORTH FLEXIBLE MUNI INC | COM | 76883Y107 |  | 4044693 | 319486 | SH |  | SOLE |  | 319486 | 0 | 0 |
| ROYCE SMALL CAP TRUST INC | COM | 780910105 |  | 6358 | 395 | SH |  | SOLE |  | 395 | 0 | 0 |
| SABA CAPITAL INCOME  OPPORT | COM NEW | 880198205 |  | 13118259 | 1590092 | SH |  | SOLE |  | 1590092 | 0 | 0 |
| SABA CAPITAL INCOME  OPRNT | SHS NEW | 78518H202 |  | 12861345 | 1834714 | SH |  | SOLE |  | 1834714 | 0 | 0 |
| SOUND POINT MERIDIAN CAP INC | COMMON STOCK | 83617A108 |  | 188650 | 13720 | SH |  | SOLE |  | 13720 | 0 | 0 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 |  | 7082366 | 382005 | SH |  | SOLE |  | 382005 | 0 | 0 |
| TAIWAN FD INC | COM | 874036106 |  | 4412711 | 82666 | SH |  | SOLE |  | 82666 | 0 | 0 |
| TCW STRATEGIC INCOME FD INC | COM | 872340104 |  | 9880 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| TEMPLETON DRAGON FD INC | COM | 88018T101 |  | 15944 | 1416 | SH |  | SOLE |  | 1416 | 0 | 0 |
| TEMPLETON EMERGING MKTS FD | COM | 880191101 |  | 11240 | 660 | SH |  | SOLE |  | 660 | 0 | 0 |
| THORNBURG INCM BUILDER OPP T | COM | 885213108 |  | 4658316 | 231757 | SH |  | SOLE |  | 231757 | 0 | 0 |
| TRI CONTL CORP | COM | 895436103 |  | 6328 | 194 | SH |  | SOLE |  | 194 | 0 | 0 |
| VIRTUS CONVERTIBLE  INCOME | COM NEW | 92838X805 |  | 2640933 | 174319 | SH |  | SOLE |  | 174319 | 0 | 0 |
| VIRTUS STONE HBR EMRG MKTS I | COM | 86164T107 |  | 10198 | 2052 | SH |  | SOLE |  | 2052 | 0 | 0 |
| VIRTUS TOTAL RETURN FD INC | COM | 92835W107 |  | 2819 | 447 | SH |  | SOLE |  | 447 | 0 | 0 |
| WESTERN ASSET EMERGING MKTS | COM | 95766A101 |  | 16519 | 1554 | SH |  | SOLE |  | 1554 | 0 | 0 |
| WESTERN ASSET MTG DEFINED OP | COM | 95790B109 |  | 1347683 | 121852 | SH |  | SOLE |  | 121852 | 0 | 0 |
| XAI OCTAGN FLT RAT  ALT INM | COM | 98400T106 |  | 3062794 | 638082 | SH |  | SOLE |  | 638082 | 0 | 0 |

---