MA Specialty Credit Income Fund: Nov 12, 2026 Repurchase Offer

What the October 8, 2026 notice says

MA Specialty Credit Income Fund began operations on May 28, 2024. The prospectus says it invests at least 80% of its assets in private loans, credit facilities and credit-related investments sourced by its adviser, MA Asset Management, LLC, of Irvington, New York. The notice is signed by the fund's treasurer and opens with the line “If You Do Not Want to Sell Your Shares at This Time, Please Disregard This Notice.”

Two details that matter for timing. Shares tendered “will earn dividends declared to shareholders of record only through the Repurchase Request Deadline,” so a holder gives up dividends declared after November 12. And the price is set on the pricing date, not on the NAV in the notice (next section).

Nine notices, eight results

Every quarter since October 2024 the fund has filed a Form N-23c-3 for an offer of 5%. The results come from the notes to the annual and semiannual reports, except the last, which the June 30, 2026 report gives as a subsequent event.

Because every result is below 5%, the fund bought everything tendered; proration applies only when requests exceed the offer. The notice NAV of $24.67 is the lowest of the nine and 1.3% under the $25.00 starting price (our arithmetic). The November 2024 offer, 4.00% when the fund was a few months old, is the only one that came near the 5% cap.

The next windows follow the prospectus months of February, May, August and November. The next after November 12, 2026 therefore falls in February 2027, after the December 31 date that matters for a 2026 required minimum distribution.

Who sold into the offers

The filings do not say who tendered. The fund's 10% owners must report each trade on Form 4, though, and two of them are reported by name in the SEC database as MA Eagle Holdings Fund and MA Eagle II Holdings Fund (Form 4 address: Sydney, Australia). Eagle II reported a sale on the deadline day of three offers; Eagle Holdings Fund never sold.

The first Form 4 was filed in December 2024, so the November 2024 offer (120,000 shares) is not covered; the three offers of 2025 that bought nothing show that neither Eagle fund tendered then. Eagle II's largest sale, 100,887.813 shares, was 3.1% of the 3,264,447.497 shares it held just before (our arithmetic). Between December 2024 and October 2026 the two Eagle funds filed 21 purchases and those three sales (our count of the Form 4 filings).

The Form 4 filed October 20, 2026 is a purchase, not an insider sale: on October 16, 2026, eight days after the notice, MA Eagle II Holdings Fund bought 96,930.533 shares at $24.76 (about $2.4 million, our arithmetic) and held 3,665,184.673 afterward. It is a 10% owner, not an officer. The officers and directors who file Form 4 for this fund reported only small purchases, none in 2026 above 2,004.008 shares.

Who owns the fund, and what that means for proration

The prospectus effective April 29, 2026 says: “As of March 31, 2026, MA Eagle II Holdings Fund and MA Eagle Holdings Fund, both affiliates of the Adviser, owned approximately 48.45% and 38.02%, respectively, of the voting securities of the Fund.” That leaves about 13.5% of the voting securities with everyone else (our arithmetic). The last Form 4 holdings (Eagle Holdings on March 12, 2026 and Eagle II on October 16, 2026) add to 6,227,028 shares, 89.1% of the 6,986,172 outstanding on June 30; the dates differ, so treat that only as a rough check.

The prospectus risk language is blunt: “Certain Shareholders may from time to time own or control a significant percentage of the Fund’s Shares.” It adds that their requests “may cause repurchases to be oversubscribed.” Proration is therefore decided mostly by what two affiliated funds do, not by outside holders. The arithmetic of how far that is from happening:

The share count at November 12 will be higher than June 30: the August result implies about 7.4 million shares (40,007 divided by 0.54%, a range because of rounding), which would put 5% near 370,000 shares. Illustration of what a holder would receive if total requests were larger than an offer of about 350,000 shares (our arithmetic, no such request has been reported):

The prospectus adds that the fund “may accept all Shares tendered for repurchase by Shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered.” The Class S minimum is $1,000,000, so that carve-out will rarely apply.

What 5% is in dollars, and the price you get

Five percent of the June 30 share count is 349,309 shares, $8.6 million at $24.67; on the roughly 7.4 million shares implied for August, 5% is about 370,000 shares, $9.1 million (our arithmetic). The price is the NAV on the pricing date. In the three offers where Eagle II's Form 4 shows the price, the sale price differed from the notice NAV:

The fund's own totals are consistent: $1,643,051 repurchased in 2025 for 65,854 shares is $24.95 a share, and $5,464,690 for 220,251 shares in the first half of 2026 is $24.81 (our arithmetic). Payment comes within seven days of pricing. If pricing is the same day, that is by November 19, 2026; even if the fund used the longest pricing delay the notice allows (the 14th calendar day), payment would come in early December 2026 (our arithmetic).

Can the fund pay for a larger offer?

The fund has met every request so far, and requests have been small beside its cash. The balance sheet at June 30, 2026, the last full report, and the N-PORT filed August 24, 2026:

Cash and short-term holdings were about 1.9 times the $8.6 million cost of a 5% offer (our arithmetic), but less than the commitments the fund may be asked to fund. The fund can also borrow, and its $22.7 million of bank borrowings show it uses a credit line. Net assets by N-PORT: $132.7 million (September 30, 2025), $156.1 million (December 31, 2025), $165.7 million (March 31, 2026), $172.4 million (June 30, 2026). The September 30, 2026 N-PORT is not yet filed.

Money in against money out

New money is slowing and repurchases are rising: sales in the first half of 2026 were about a quarter of the 2025 total in half the time (our arithmetic), while repurchases were more than three times the 2025 total. A fund that depends on new subscriptions to meet requests is a different risk from one that sells loans to meet them, and the filings do not say which has happened here. Income and payout are close: net investment income per share was $2.32 in 2025 against $2.35 of total distributions, which included $369,712 of return of capital, and $1.11 against $1.06 in the first half of 2026.

What a reader can do with this

• If you want out: a broker-held position is tendered through the broker, which may set an earlier cutoff and may charge a fee; a direct account needs the request form received in good order by UMB Fund Services before 4:00 p.m. Eastern on November 12, 2026. A request can be changed or withdrawn until then.
• If you hold it in an IRA: the custodian may need to approve the request, and the notice says deadlines will not be extended. November 12 is the last window before December 31, 2026; see RMD rules for illiquid IRA assets.
• If you are staying: watch the result of this offer (it will be in the annual report for 2026, due in March 2027), the September 30, 2026 N-PORT for defaults and borrowings, and further Form 4 sales by the Eagle funds.
• Taxes: the notice says a tender may be a taxable event. See how interval fund sales are reported and ask your CPA.
• Compare windows: the Q4 2026 tender deadlines calendar, our list of interval funds and the private credit redemptions tracker. For funds with similar offers see Nomura Alternative Income Fund and Variant Alternative Lending Fund.

FAQ

All figures are from SEC filings of MA Specialty Credit Income Fund (CIK 2015849) read on EDGAR on October 27, 2026: nine Form N-23c-3 notices (accessions 0001104659-24-106968 through 0001213900-26-107778), annual reports on Form N-CSR for 2024 and 2025 (0001104659-25-022210, 0001213900-26-023978), semiannual reports on Form N-CSRS for June 30, 2025 and 2026 (0001104659-25-087502, 0001213900-26-097478), the prospectus filed April 29, 2026 (0001104659-26-051548), four Form N-PORT reports from September 2025 to June 2026 and 31 Form 4 filings. The fund's last filing at the time of writing was the Form 4 of October 20, 2026. Percentages of offers, sums, ratios and dollar sizes of offers are our arithmetic. The Form 4 price is used as the repurchase price for the three deadlines shown. The number of shares tendered is not disclosed; the shares repurchased are. Dates can change if the fund extends or postpones the offer. This is analysis of public documents, not investment, legal or tax advice.