John Hancock Marathon Asset-Based Lending Fund
Data through 2026-05-07 · latest filing N-CSRS filed 2026-07-01
Sponsored by John Hancock and Marathon. Tender-Offer Fund structure focused on private credit.
Tender-Offer FundPrivate Credit
- Net assets
- $265.1M
source
Semiannual shareholder report (Form N-CSRS) · filed 2026-07-01 · period 2026-04-30
Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)
“CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES 4-30-26 (unaudited) Assets Unaffiliated investments, at value (Cost $269,866,628) $270,239,967 Affiliated investments, at value (Cost $35,612,948) 38,163,325 Total investments, at value (Cost $305,479,576) 308,403,292 Unrealized appreciation on forward foreign currency contracts 31,025 Receivable for futures variation margin 447,295 Cash 517,317 Collateral held at broker for futures contracts 62,250 Receivable for escrow and corporate advances, at value (Cost $563,378) 563,378 Collateral at prime broker 2,122,613 Dividends and interest receivable 1,691,276 Receivable for fund shares sold 5,348,870 Other assets 58,749 Total assets 319,246,065 Liabilities Payable for open reverse repurchase agreements 51,019,613 Unrealized depreciation on forward foreign currency contracts 22,458 Deferred tax liability 504,439 Payable to affiliates Investment management fees 305,278 Incentive fees 641,067 Accounting and legal services fees 29,406 Distribution and service fees 45,844 Trustees’ fees 10,265 Other liabilities and accrued expenses 1,594,436 Total liabilities 54,172,806 Net assets $265,073,259”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-04-30 - NAV / share
- $20.15
source
Semiannual shareholder report (Form N-CSRS) · filed 2026-07-01 · period 2026-04-30
S4_numeric_column_header_class_block — class Class I; column Period ended 4-30-26; 6 months ended 2026-04-30; net asset value, end of period
“Net asset value, end of period 6 $20.15 $20.43 $20.28 $20.01 $19.84 To”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Class I · as of 2026-04-30 - Net flows, last qtr
- +1.4% qtr ended 2026-03-31
- Distribution coverage (NII)
- Not yet compiled Not yet compiled
- Leverage in use
- Not yet compiled Not yet compiled
- Total return, 12m
- +7.87% SEC-filed fiscal year return 2024-11-01 to 2025-10-31 · Class I · SEC source 0001885778-26-000014
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Genprov Holdco LLC was newly flagged defaulted in the April 30, 2026 N-PORT: 1.84% of portfolio value ($4,784,392). (2026-04-30)
Genprov Holdco LLC was newly flagged defaulted in the April 30, 2026 N-PORT: 1.84% of portfolio value ($4,784,392). The January 31, 2026 report carried no flag.
Why it matters and what changed
The fund's own filing flags a portfolio investment as in default or non-accrual. This is a named credit failure inside the book, and the disclosed size tells you whether it dents NAV or merely trims income.
Position size in the filing: 1.84% of portfolio value.
Source: nport-diff:2026-04-30:flag:genprov holdco llc
D1 crossed its monitoring threshold for the period ended 2026-04-30.
D1 crossed its monitoring threshold for the period ended 2026-04-30.
Why it matters and what changed
New defaults and write-downs across the current and prior reporting period add up to 1% or more of the portfolio, whatever any single position's size.
current level $2.18 (no prior-period value stored)
Source: nport-diff:2026-04-30:flag:genprov holdco llc
A fee waiver; it expires July 31, 2027.
A fee waiver; it expires July 31, 2027.
Why it matters and what changed
A dated fee waiver is now within six months of expiry. If it is not extended, the expense increase lands on shareholders; extensions are usually disclosed via a short 8-K or prospectus supplement, so silence approaching the date is itself information.
First occurrence; no comparative values apply to this rule type.
Source: https://www.sec.gov/Archives/edgar/data/1885778/000119312526166981/d647229d486bpos.htm | Fees and expenses, p11 footnote 8, second paragraph; no rate is printed for this waiver, which is allocated proportionally across the participating John Hancock funds by aggregate net assets
The fund's expense cap of 0.60% of net assets has applied and expires April 30, 2027.
The fund's expense cap of 0.60% of net assets has applied and expires April 30, 2027.
Why it matters and what changed
A dated fee waiver is now within six months of expiry. If it is not extended, the expense increase lands on shareholders; extensions are usually disclosed via a short 8-K or prospectus supplement, so silence approaching the date is itself information.
First occurrence; no comparative values apply to this rule type.
Source: https://www.sec.gov/Archives/edgar/data/1885778/000119312526166981/d647229d486bpos.htm | Fees and expenses, p11 footnote 8; the cap applies to a listed set of ordinary operating expenses and excludes advisory and incentive fees, interest, 12b-1 fees, class specific expenses, taxes, acquired fund fees, portfolio brokerage and investment-related expenses
New share sales fell 2% from the prior month (0.5% of net assets to 0.5% of net assets); the fourth consecutive decline; down 38% over the trailing year.
New share sales fell 2% from the prior month (0.5% of net assets to 0.5% of net assets); the fourth consecutive decline; down 38% over the trailing year.
Why it matters and what changed
New share sales down 30% or more over the trailing year, as a share of the fund: inflows that used to fund redemptions are thinning.
0.5% of net assets in the period, from 0.5% the period before.
Source: NPORT-P mon3Flow.sales | https://www.sec.gov/Archives/edgar/data/1885778/000188577826000012/xslFormNPORT-P_X01/primary_doc.xml
JH FINANCE LEASE CO LLC SPV was marked down 95% between the January 31, 2026 and April 30, 2026 reports ($5,385,178 to $259,177) with par unchanged: a valuation mark, not a sale. (2026-04-30)
JH FINANCE LEASE CO LLC SPV was marked down 95% between the January 31, 2026 and April 30, 2026 reports ($5,385,178 to $259,177) with par unchanged: a valuation mark, not a sale.
Why it matters and what changed
A portfolio position was written down materially. Marks are management's own estimate of impairment, so a large markdown is a loss being recognized -- the fund-level NAV effect depends on the position's size.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: nport-diff:2026-04-30:mark:jh finance lease co llc spv
NAV per share fell 1.4% from $20.43 to $20.15 (2026-04-30).
NAV per share fell 1.4% from $20.43 to $20.15 (2026-04-30).
Why it matters and what changed
Private-market NAVs move slowly by construction: a 1%+ single-month decline, net of distributions, happens in about one month in fourteen across these funds and is worth watching.
$20.43 -> $20.15 (down 1.4% vs prior period); trailing 4-period average $20.34; same period prior year $20.50; comparison interval: ~6 months (2025-10-31 -> 2026-04-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: https://www.sec.gov/Archives/edgar/data/1885778/000188577826000014/f45605d1.htm | S4_numeric_column_header_class_block | class Class I | column Period ended 4-30-26 | 6 months ended 2026-04-30 | net asset value, end of period
Shelving Rock, Loan ID - R1D9612999292 newly flagged in default (0.13% of portfolio value). (2025-10-31)
Shelving Rock, Loan ID - R1D9612999292 newly flagged in default (0.13% of portfolio value).
Why it matters and what changed
The fund's own filing flags a portfolio investment as in default or non-accrual. This is a named credit failure inside the book, and the disclosed size tells you whether it dents NAV or merely trims income.
Position size in the filing: 0.13% of portfolio value.
Source: nport-diff:2025-10-31:flag:shelving rock, loan id - r1d9612999292
JH AIRCRAFT LEASING 4535 DESIGNATED ACTIVITY COMPANY was marked down 97% between the July 31, 2025 and October 31, 2025 reports ($22,374,807 to $579,364) with par unchanged: a valuation mark, not a sale. (2025-10-31)
JH AIRCRAFT LEASING 4535 DESIGNATED ACTIVITY COMPANY was marked down 97% between the July 31, 2025 and October 31, 2025 reports ($22,374,807 to $579,364) with par unchanged: a valuation mark, not a sale.
Why it matters and what changed
A portfolio position was written down materially. Marks are management's own estimate of impairment, so a large markdown is a loss being recognized -- the fund-level NAV effect depends on the position's size.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: nport-diff:2025-10-31:mark:jh aircraft leasing 4535 designated activity company
Historical findings (8)
Shelving Rock, Loan ID - R1D7358890 newly flagged in default (0.07% of portfolio value). (2025-07-31)
Bank of America, Loan ID - R1D4876787441 newly flagged in default (0.11% of portfolio value). (2025-04-30)
Bank of America, Loan ID - R1D686170042 newly flagged in default (0.07% of portfolio value). (2024-10-31)
ACHV 2023-3PL R was marked down 31% between the July 31, 2024 and October 31, 2024 reports ($549,106 to $379,081) with par unchanged: a valuation mark, not a sale. (2024-10-31)
Bank of America, Loan ID - R1D681784389 newly flagged in default (0.20% of portfolio value). (2024-07-31)
ACHV 2023-3PL R was marked down 32% between the April 30, 2024 and July 31, 2024 reports ($809,922 to $549,106) with par unchanged: a valuation mark, not a sale. (2024-07-31)
Bank of America, Loan ID - R1D4876771641 newly flagged in default (0.06% of portfolio value). (2024-04-30)
New share sales fell 100% from the prior period ($150,000 -> $0.00, period ended 2023-03-31).
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance history
| Window | Class | Basis | Return | Source |
|---|---|---|---|---|
| 2025-11-01 to 2026-04-30 | Class I | basis not stated in the filed row | +3.20% | SEC source 0001885778-26-000014 |
| 2024-11-01 to 2025-10-31 | Class I | basis not stated in the filed row | +7.87% | SEC source 0001885778-26-000014 |
| 2024-11-01 to 2025-04-30 | Class I | basis not stated in the filed row | +3.83% | SEC source 0001683863-25-005571 |
| 2023-11-01 to 2024-10-31 | Class I | basis not stated in the filed row | +8.58% | SEC source 0001885778-26-000014 |
| 2023-11-01 to 2024-04-30 | Class I | basis not stated in the filed row | +3.99% | SEC source 0001683863-24-004553 |
| 2022-11-01 to 2023-10-31 | Class I | basis not stated in the filed row | +6.40% | SEC source 0001885778-26-000014 |
| 2022-11-01 to 2023-04-30 | Class I | basis not stated in the filed row | +3.10% | SEC source 0001683863-23-005326 |
| 2022-07-11 to 2022-10-31 | Class I | basis not stated in the filed row | -0.80% | SEC source 0001885778-26-000014 |
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
| Date | Position change |
|---|---|
| 2026-04-30 | Genprov Holdco LLC was newly flagged defaulted in the April 30, 2026 N-PORT: 1.84% of portfolio value ($4,784,392). The January 31, 2026 report carried no flag. |
| 2026-04-30 | AVANT LOANS FUNDING TRUST 2022 AVNT 2022 REV1 E 144A (1.1% of portfolio value in the 2026-01-31 report, $3,007,500) is absent from the 2026-04-30 report -- realized, sold, or restructured under a different name. |
| 2026-04-30 | KINETIC ABS ISSUER LLC UNITK 2026 1A C 144A (1.4% of portfolio value in the 2026-01-31 report, $3,562,344) is absent from the 2026-04-30 report -- realized, sold, or restructured under a different name. |
| 2026-04-30 | PAGAYA AI DEBT TRUST 2023-7 PAID 2023 7 D 144A (1.3% of portfolio value in the 2026-01-31 report, $3,528,504) is absent from the 2026-04-30 report -- realized, sold, or restructured under a different name. |
| 2026-04-30 | JH FINANCE LEASE CO LLC SPV was marked down 95% between the January 31, 2026 and April 30, 2026 reports ($5,385,178 to $259,177) with par unchanged: a valuation mark, not a sale. |
| 2026-04-30 | New position Kinetic ABS Issuer LLC: 1.4% of portfolio value ($3,568,280) as of 2026-04-30; absent from the 2026-01-31 report. |
| 2026-04-30 | New position TILAPIA DAC SERIES 4 20341231 00001.0000000000: 3.8% of portfolio value ($10,000,000) as of 2026-04-30; absent from the 2026-01-31 report. |
| 2026-01-31 | BX TRUST 2023-DELC BX 2023 DELC E 144A (1.0% of portfolio value in the 2025-10-31 report, $2,526,214) is absent from the 2026-01-31 report -- realized, sold, or restructured under a different name. |
| 2026-01-31 | KKR Financial CLO 2013-1 Ltd. (1.0% of portfolio value in the 2025-10-31 report, $2,508,602) is absent from the 2026-01-31 report -- realized, sold, or restructured under a different name. |
| 2026-01-31 | SANTANDER DRIVE AUTO RECEIVABL SDART 2023 S1 CERT 144A (1.2% of portfolio value in the 2025-10-31 report, $3,059,339) is absent from the 2026-01-31 report -- realized, sold, or restructured under a different name. |
| 2026-01-31 | FREED ABS TRUST 2022-3FP FREED 2022 3FP CERT 144A was marked up 28% between the October 31, 2025 and January 31, 2026 reports ($2,496,907 to $3,196,721) with par unchanged: a valuation mark, not a sale. |
| 2026-01-31 | New position AREIT 2025-CRE11 AREIT 2025 CRE11 E 144A: 1.1% of portfolio value ($2,999,970) as of 2026-01-31; absent from the 2025-10-31 report. |
Where exit demand met the cap.
Every one of the 7 disclosed periods was filled in full.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-03-31 | - | 100% | 57% | filled |
| 2025-12-31 | - | 100% | 27% | filled |
| 2025-09-30 | - | 100% | 20% | filled |
| 2025-06-30 | - | 100% | 18% | filled |
| 2025-03-31 | - | 100% | 62% | filled |
| 2024-12-31 | - | 100% | 3% | filled |
| 2024-09-30 | - | 100% | 3% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Not yet compiled
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Who can invest: No investor qualification is stated in the prospectus. 486BPOS filed 2026-04-21.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class A | Sales-load class for transactional brokerage distribution. | 2.50% | 25 bps | $1,000 | - |
| Class D | Sales-load class for transactional brokerage distribution. | 1.50% | 25 bps | $10,000 | - |
| Class I | - | 0.00% | 0 bps | $250,000 | - |
| Class S | Sales-load class for transactional brokerage distribution. | 3.50% | 85 bps | $10,000 | - |
| Class U | Servicing-fee class for brokerage or platform distribution. | 0.00% | 75 bps | $1,000 | - |
Management fee: 1.35% of average daily managed assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001193125-26-166981.
Filed fee conditions
The Advisor shall be entitled to receive from the fund as compensation for its services both a Management Fee and an Incentive Fee. The Advisor shall be paid at the end of each calendar month a fee at the annual rate of 1.350% of the average daily value of the Managed Assets of the fund (the Management Fee). The term “Managed Assets” means the total assets of the fund (including any assets attributable to any preferred shares that may be issued or to indebtedness), minus the fund’s liabilities incurred in the normal course of operations other than liabilities relating to indebtedness.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 1.35% | 12.5% of income, 5% hurdle
*
Incentive Fee: 12.50% of Pre-Incentive Fee Net Investment Income attributable to each Share Class (each Share Class); Quarterly Return hurdle of 1.25% of the class's average daily net assets, printed as 5.00% annualized, with a catch-up to 1.4286% per quarter, printed as 5.714% annualized. SEC source 0001193125-26-166981 |
0.00% | 0 bps | - | - |
| Fee component | Rate | Basis / class | Condition |
|---|---|---|---|
| Performance · Incentive Fee | 12.50% | Pre-Incentive Fee Net Investment Income attributable to each Share Class each Share Class | Quarterly Return hurdle of 1.25% of the class's average daily net assets, printed as 5.00% annualized, with a catch-up to 1.4286% per quarter, printed as 5.714% annualized.* |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (7)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | The Advisor shall be entitled to receive from the fund as compensation for its services both a Management Fee and an Incentive Fee. The Advisor shall be paid at the end of each calendar month a fee at the annual rate of 1.350% of the average daily value of the Managed Assets of the fund (the Management Fee). The term “Managed Assets” means the total assets of the fund (including any assets attributable to any preferred shares that may be issued or to indebtedness), minus the fund’s liabilities incurred in the normal course of operations other than liabilities relating to indebtedness. | 1.35 pct annual of average daily managed assets | - |
| expense_limitation | 8 The Advisor contractually agrees to reduce its Management Fee for the fund or, if necessary, make payment to the fund, in an amount equal to the amount by which the following expenses of the fund, incurred in the ordinary course of the fund’s business, exceed 0.60% percent of average daily net assets (on an annualized basis) of the fund: (a) administrative fees; (b) custody and accounting fees; (c) audit fees; (d) legal fees; (e) independent trustee fees; (f) valuation fees; (g) blue sky fees; (h) insurance premiums; (i) printing costs; (j) registration and filing expenses; (k) organizational and offering expenses; (l) transfer agent fees and service fees; (m) other miscellaneous ordinary expenses, but excluding (1) advisory and incentive fees; (2) interest expense; (3) 12b-1 fees; (4) any cashiering or other investment servicing fees; (5) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the business of the fund; (6) taxes; (7) short dividends; (8) Acquired Fund Fees and Expenses (based on indirect net expenses associated with the fund’s investments in underlying investment companies); (9) class specific expenses; (10) portfolio brokerage commissions; (11) expenses related to, or incurred by, special purpose vehicles or other subsidiaries of the fund held directly or indirectly by the fund; (12) expenses, including legal expenses, related to investments of the fund; and (13) expenses, including legal expenses, related to co-investment transactions involving the fund. This agreement expires on April 30, 2027, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time. | 0.6 pct annual of average daily net assets for specified ordinary expenses | - |
| fee_waiver | The Advisor also contractually agrees to waive a portion of its Management Fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement. This waiver is allocated proportionally among the participating funds. This agreement expires on July 31, 2027, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time. | Text disclosure | - |
| fund_inception_date | 2022-07-11 | Text disclosure | 2022-07-11 |
| incentive_fee_schedule | The Incentive Fee is earned on Pre-Incentive Fee Net Investment Income, as defined below, attributable to each Share Class, and shall be calculated and accrued on a daily basis while being determined and payable in arrears as of the end of each fiscal quarter. Thus, the calculation of the Incentive Fee for each fiscal quarter is as follows: ● No Incentive Fee shall be payable in any fiscal quarter in which the Pre-Incentive Fee Net Investment Income attributable to the Class does not exceed a quarterly return of 1.25% of the Class’s average daily net assets for the applicable quarterly payment period (calculated in accordance with US GAAP and gross of any accrued (but unpaid) performance fee if applicable during the payment period) (the Quarterly Return), or 5.00% annualized; ● All Pre-Incentive Fee Net Investment Income attributable to the Class (if any) that exceeds the Quarterly Return, but is less than or equal to 1.4286% of the Class’ s average daily net assets for the applicable quarterly payment period (calculated in accordance with US GAAP and gross of any accrued (but unpaid) performance fee if applicable during the payment period) , or 5.714% annualized , shall be payable to the Advisor; and ● For any fiscal quarter in which Pre-Incentive Fee Net Investment Income attributable to the Class exceeds 1.4286% of the Class’s average daily net assets for the applicable quarterly payment period (calculated in accordance with US GAAP and gross of any accrued (but unpaid) performance fee if applicable during the payment period), the Incentive Fee with respect to that Class shall equal 12.5% of Pre-Incentive Fee Net Investment Income attributable to the Class. | 12.5 pct of pre incentive fee net investment income per class above catch up | - |
| leverage_ceiling | the aggregate amount of outstanding senior securities representing indebtedness may not exceed 33 1/3% of the fund’s total assets immediately after any borrowing or other issuance of senior securities representing indebtedness). When the fund borrows money, the fund intends to retire outstanding indebtedness to the extent necessary to maintain asset coverage of any outstanding indebtedness of at least 300%. | 33.333333333333336 of total assets | - |
| repurchase_program_terms | The fund has adopted, pursuant to Rule 23c-3 under the 1940 Act, a fundamental policy, which cannot be changed without Shareholder approval, requiring the fund to offer to repurchase at least 5% and not more than 25% of its Shares at NAV per share on a regular quarterly schedule. The fund expects its initial repurchase offer to be issued in the second quarter of 2026. Repurchase Dates The fund will make quarterly repurchase offers every three months. | 5.0 pct of outstanding shares per quarter fundamental minimum | - |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-07-01 | N-CSRS | 0001885778-26-000014 |
| 2026-06-25 | NPORT-P | 0001885778-26-000012 |
| 2026-05-07 | SC TO-I/A | 0001193125-26-210754 |
| 2026-05-07 | DEF 14A | 0001193125-26-210728 |
| 2026-04-21 | 486BPOS | 0001193125-26-166981 |
| 2026-03-30 | NPORT-P | 0001885778-26-000006 |
| 2026-02-20 | SC TO-I | 0001193125-26-060380 |
| 2026-01-30 | SC TO-I/A | 0001193125-26-030799 |
| 2026-01-21 | DEF 14A | 0001193125-26-017755 |
| 2025-12-30 | N-CSR | 0001193125-25-337192 |
| 2025-12-29 | NPORT-P | 0001193125-25-332687 |
| 2025-11-21 | SC TO-I | 0001193125-25-290783 |
| 2025-10-23 | SC TO-I/A | 0001193125-25-248524 |
| 2025-09-26 | NPORT-P | 0001193125-25-219578 |
| 2025-08-29 | SC TO-I/A | 0001193125-25-192154 |