XA Investments Launches INTVL-C, an Extension to Its Interval Fund Index Suite Focused on Alternative Credit Interval & Tender Offer Funds

XA Investments (MCN) launched the XAI Interval Fund Credit Index (INTVL-C) on Jan 8, 2026 to track non-listed closed-end interval and tender offer funds with majority allocations to alternative credit strategies.

Rhea-AI Summary

XA Investments (MCN) launched the XAI Interval Fund Credit Index (INTVL-C) on Jan 8, 2026 to track non-listed closed-end interval and tender offer funds with majority allocations to alternative credit strategies.

The index is a daily total-return benchmark (reinvests distributions), has a base date of Jan 1, 2023, and comprised 58 constituents representing > $79 billion in combined net assets as of Dec 31, 2025. INTVL-C is a credit-focused sub-index of the broader XAI Interval Fund Index (101 constituents) and is calculated and rebalanced quarterly by Indxx, Inc.; ticker on Bloomberg is INTVL-C.

Positive

• Tracks $79B combined net assets across 58 constituents
• Daily total-return calculation with distributions assumed reinvested
• Base date of Jan 1, 2023 enables multi-year performance comparisons
• Quarterly rebalancing and professional calculation by Indxx, Inc.
• Provides a peer-focused benchmark for credit interval and tender offer funds

Negative

• Index covers only non-listed closed-end interval and tender offer funds
• Requirement of a majority credit allocation excludes multi-asset interval funds

Argus Jan 8 session

+0.33% close to close Open Argus

Details

News Market Reaction – MCN

On Jan 8, the day this news came out, MCN closed 0.33% above the previous close.

Data tracked by StockTitan Argus for the Jan 8 session.

Key Figures

INTVL-C constituents: 58 funds INTVL-C net assets: more than $79 billion INTVL-C base date: January 1, 2023 +5 more

INTVL-C constituents

58 funds

Constituents as of December 31, 2025

INTVL-C net assets

more than $79 billion

Total net assets of 58 constituents as of December 31, 2025

INTVL-C base date

January 1, 2023

Index base date

INTVL constituents

101 funds

Current number of funds in XAI Interval Fund Index

INTVL asset threshold

more than $100 million

Minimum net assets for index inclusion

INTVL asset classes

7 asset classes

Credit, real estate/real assets, hedge funds, specialty, multi-asset, tax-free bonds, venture/private equity

INTVL-C constituents (prior)

54 funds

Constituent count referenced in Dec 29, 2025 pre-launch release

MCN vs 52-week range

$5.16–$6.73

52-week low and high before this news

Historical Context

5 past events · Latest: Jan 06

5 events

1. Jan 06

   Platform access news

   24h Move

   +1.0%

   OCTIX interval fund became available on the Charles Schwab platform.

2. Jan 02

   Distribution declaration

   24h Move

   -0.3%

   MCN reaffirmed unchanged monthly distribution of $0.060 per share.

3. Dec 29

   Index launch plan

   24h Move

   -0.2%

   Announcement of upcoming INTVL-C alternative credit sub-index launch.

4. Dec 01

   Distribution declaration

   24h Move

   -0.8%

   MCN declared unchanged $0.060 monthly distribution for December 2025.

5. Nov 06

   Fiscal year change

   24h Move

   -0.7%

   Fund shifted fiscal year end from December 31 to September 30.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

closed-end interval funds, tender offer funds, investment company act of 1940, net asset values, +4 more

8 terms

closed-end interval funds financial

"track the performance of non-listed closed-end interval funds and tender offer funds"

A closed-end interval fund is an investment vehicle that raises a fixed pool of money, invests it according to a stated strategy, and does not allow daily buying back of shares; instead it offers limited chances at set intervals for shareholders to sell back some shares. Think of it like a club that only opens its doors periodically for members to leave or trade — this structure lets the fund hold less liquid assets and aim for steady income or long-term gains, but also means share prices and the ease of exiting can differ from everyday mutual funds or ETFs, which matters to investors weighing liquidity and return trade-offs.

tender offer funds financial

"closed-end interval funds and tender offer funds registered under the Investment Company Act"

Tender offer funds are the money set aside by investors or companies to buy shares directly from shareholders during a takeover or buyout process. They are important because they determine how much financial backing is available to acquire a company, influencing whether the offer is attractive and successful. Essentially, these funds act as the pool of resources used to persuade shareholders to sell their ownership stakes.

investment company act of 1940 regulatory

"funds registered under the Investment Company Act of 1940 (“1940 Act”)"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

net asset values financial

"include interval and tender offer funds with daily or weekly net asset values"

Net asset values (NAV) measure how much each share of an investment fund is worth by subtracting what the fund owes from what it owns and dividing the remainder by the number of shares. Think of it like a household’s net worth split among family members. Investors use NAV to see a fund’s current value per share, to track performance over time, and as the price for buying or selling shares in many pooled investments.

asset-backed lending financial

"credit strategies, including direct lending, multi-strategy, asset-backed lending, and structured credit"

Asset-backed lending is a loan that is secured by specific assets—such as inventory, accounts receivable, equipment or real estate—so the lender can seize or sell those assets if the borrower can’t repay. For investors, this matters because the presence and quality of collateral reduce credit risk, influence the borrower’s interest rate and borrowing capacity, and affect how quickly lenders can recover money in a default; think of it like pawning a valuable item to get a loan.

structured credit financial

"credit strategies, including direct lending, multi-strategy, asset-backed lending, and structured credit"

Structured credit is a way of bundling many loans or debt claims together and slicing that bundle into pieces with different levels of risk and return, like cutting a cake into layers where the bottom slice takes most of the crumbs and the top slice stays neat. Investors buy these slices to chase higher income or to shift credit risk, so understanding which layer you own, how the loans behave together, and how easy the slice is to sell matters for potential return and loss.

total return index financial

"The XAI Interval Fund Index®, also a total return index, measures the broader interval"

A total return index measures the performance of a group of stocks or bonds while assuming all cash distributions (like dividends or interest) are immediately reinvested back into the index; it shows how an investment grows from both price changes and income. Investors use it to see the full, real return over time—similar to tracking a tree’s size plus the fruit you plant again—so comparisons and long‑term performance assessments aren’t misleading.

index calculation agent technical

"are calculated daily, rebalanced quarterly, and are maintained by Indxx, Inc. as the index calculation agent"

An index calculation agent is the organization or service that computes and publishes the numerical value of a financial index using a predefined rule book, updating it for trades, stock splits, dividends and other corporate events. Think of it as the official scorekeeper for the index; investors rely on its accuracy because the index value drives prices and performance of funds, ETFs and derivatives that track or reference that index.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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CHICAGO, Jan. 08, 2026 (GLOBE NEWSWIRE) -- XA Investments LLC (“XAI”), a leader in closed-end interval and tender offer fund research, announces the launch of the XAI Interval Fund Credit Index™ (“INTVL-C”). INTVL-C is designed to track the performance of non-listed closed-end interval funds and tender offer funds registered under the Investment Company Act of 1940 (“1940 Act”) with majority allocations to alternative credit investments. The Index is calculated daily on a total return basis and assumes the reinvestment of distributions.

As of December 31, 2025, the Index’s 58 constituents combined for more than $79 billion in total net assets. INTVL-C has a January 1, 2023 base date. The Index allows for fair performance comparisons among interval funds with similar investment profiles and operational constraints, supporting more meaningful evaluation and informed decision-making.

“INTVL-C allows fund managers to benchmark credit interval funds against a true set of peers,” said Kimberly Flynn, President of XA Investments. “The Index is an industry first – the only available credit index which focuses on credit interval and tender offer funds.”

INTVL-C is part of the XA Investments suite of interval fund indices. In April 2025, the XAI Interval Fund Index^® (INTVL) was launched to track all interval and tender offer funds in the market. This latest index further underscores XA Investments’ ongoing commitment to delivering innovative research and data to the closed-end interval and tender offer market, helping to foster greater investor engagement and confidence in this rapidly growing investment space.

The Index is comprised of constituents that represent a group of market leaders within the interval fund marketplace, capturing the credit funds that have emerged as primary drivers of performance within the segment. The top 10 leaders include funds from managers such as Cliffwater, CION, Carlyle, PIMCO, Lord Abbett, Variant, Stone Ridge, Apollo and Federated Hermes.

“The launch of INTVL-C marks a significant advancement for the alternative credit fund landscape,” said Robert Stark, President and Deputy CEO of Nomura Asset Management International, and CEO of Nomura Capital Management. “By offering asset managers a transparent and comprehensive view of leading credit interval and tender offer funds, INTVL-C will be a useful tool for benchmarking and peer comparison.”

The XAI Interval Fund Credit Index™ (INTVL-C), a total return sub-index of the XAI Interval Fund Index^®, tracks the performance of alternative credit non-listed closed-end interval and tender offer funds registered under the Investment Company Act of 1940 with majority allocations to credit strategies, including direct lending, multi-strategy, asset-backed lending, and structured credit, and currently consists of 58 constituents. The XAI Interval Fund Index^®, also a total return index, measures the broader interval and tender offer fund universe with more than $100 million in net assets, offering diversified exposure across seven asset classes—credit, real estate/real assets, hedge funds, specialty, multi-asset, tax-free bonds, and venture/private equity—and currently comprises 101 constituents. Both indexes include interval and tender offer funds with daily or weekly net asset values that meet minimum asset thresholds, are calculated daily, rebalanced quarterly, and are maintained by Indxx, Inc. as the index calculation agent.

For more information on the XAI Interval Fund Index^® suite, please visit https://xainvestments.com/indices. If you would like to license INTVL, INTVL-C, or have any questions, please contact info@xainvestments.com or 888-903-3358. On Bloomberg, the Index is available under the ticker INTVL-C.

About XA Investments

XA Investments LLC (“XAI”) is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund, respectively the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT), the XAI Madison Equity Premium Income Fund (NYSE: MCN), and the Octagon XAI CLO Income Fund (OCTIX). In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including product development and market research, marketing and fund management. XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. For more information, please visit www.xainvestments.com.

Media Contact:

Joanna Sowa
jsowa@xainvestments.com
312-374-6938

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the XAI Interval Fund Credit Index (INTVL-C) launched Jan 8, 2026?

INTVL-C is a daily total-return index tracking non-listed interval and tender offer funds with majority alternative credit allocations, base date Jan 1, 2023.

How many funds and how much AUM does INTVL-C cover as of Dec 31, 2025?

INTVL-C comprises 58 constituents with over $79 billion in combined net assets as of Dec 31, 2025.

How is INTVL-C calculated and maintained for MCN investors?

The index is calculated daily on a total-return basis, assumes reinvested distributions, is rebalanced quarterly, and is maintained by Indxx, Inc..

What types of credit strategies are included in INTVL-C?

INTVL-C includes funds focused on direct lending, multi-strategy, asset-backed lending, and structured credit.

Where can investors access INTVL-C data and licensing information?

Index details are available on XA Investments indices pages; licensing and inquiries can be directed to info@xainvestments.com or 888-903-3358, and the ticker is INTVL-C on Bloomberg.