  We report on two NuSTAR observations of the HMXB A 0535+26 taken toward the
end of its normal 2015 outburst at very low $3-50$ keV luminosities of
${\sim}1.4\times10^{36}$ erg/s and ${\sim}5\times10^{35}$ erg/s which are
complemented by 9 Swift observations. The data clearly confirm indications seen
in earlier data that the source's spectral shape softens as it becomes fainter.
The smooth, exponential rollover at high energies present in the first
observation evolves to a much more abrupt steepening of the spectrum at $20-30$
keV. The continuum evolution can be well described with emission from a
magnetized accretion column, modeled using the compmag model modified by an
additional Gaussian emission component for the fainter observation. Between the
two observations, the optical depth changes from $0.75\pm0.04$ to
$0.56^{+0.01}_{-0.04}$, the electron temperature remains constant, and there is
an indication that the column decreases in radius. Since the energy resolved
pulse profiles remain virtually unchanged in shape between the two
observations, the emission properties of the accretion column, however, reflect
the same accretion regime. This conclusion is also confirmed by our result that
the energy of the cyclotron resonant scattering feature (CRSF) at ${\sim}45$
keV is independent of the luminosity, implying that the magnetic field in the
region in which the observed radiation is produced is the same in both
observations. Finally, we also constrain the evolution of the continuum
parameters with rotational phase of the neutron star. The width of the CRSF
could only be constrained for the brighter observation. Based on Monte-Carlo
simulations of CRSF formation in single accretion columns, its pulse phase
dependence supports a simplified fan beam emission pattern. The evolution of
the CRSF width is very similar to that of the CRSF depth, which is in
disagreement with expectations.
