UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23418
John Hancock GA Mortgage Trust
(Exact name of registrant as specified in charter)
197 Clarendon Street, Boston, Massachusetts 02116 (Address of principal executive offices) (Zip code)
Heidi Knapp
Treasurer
197 Clarendon Street
Boston, Massachusetts 02116
(Name and address of agent for service) Registrant's telephone number, including area code: 617-378-1870
Date of fiscal year end: | December 31 |
Date of reporting period: | June 30, 2023 |
ITEM 1. REPORTS TO STOCKHOLDERS
Portfolio summary 6-30-23 (unaudited)
Commercial mortgage loans | 94.2 |
U.S. Government | 3.3 |
Short-term investments and other | 2.5 |
POP 3 Ravinia LLC | 5.8 |
Regent Garden Associates LLC | 5.3 |
U.S. Treasury | 3.3 |
Downtown Woodinville LLC | 3.3 |
Interpark Holdings LLC | 2.7 |
Voyager RV Resort MHC | 2.0 |
Crawford Long - CPI LLC | 1.7 |
5021 St. LLC | 1.6 |
Plaza Inv. LP | 1.4 |
THF Greengate Development LP | 1.4 |
TOTAL | 28.5 |
Cash and cash equivalents are not included. |
Portfolio of investments 6-30-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Commercial mortgage loans (A) 94.2% | $1,727,844,920 | ||||
(Cost $1,982,614,901) | |||||
11 West Partners LLC | 3.770 | 05-01-32 | 9,600,000 | 8,362,646 | |
1131 Wilshire Boulevard LLC | 3.520 | 05-01-31 | 4,509,092 | 3,646,349 | |
1360 Summitridge RS LLC | 3.500 | 09-01-30 | 4,500,000 | 3,826,805 | |
1419 Potrero LLC | 3.660 | 09-01-30 | 5,492,359 | 4,612,033 | |
1600 Dove LP + GS 1600 Dove LLC | 3.670 | 06-01-31 | 4,329,091 | 3,581,820 | |
1635 Divisadero Medical Building LLC | 3.950 | 06-01-30 | 4,696,940 | 4,388,341 | |
1635 Divisadero Medical Building LLC | 6.000 | 06-01-30 | 9,317,959 | 9,693,724 | |
192 Investors LLC | 3.750 | 08-01-29 | 16,740,323 | 15,444,856 | |
257 Ridgewood Ave LLC | 3.560 | 04-01-32 | 10,100,000 | 8,698,029 | |
5021 St. LLC | 4.390 | 09-01-40 | 32,026,282 | 29,765,130 | |
655 Kelton LLC | 2.270 | 04-01-31 | 4,931,275 | 4,094,354 | |
701 Cottontail Lane Associates LLC | 3.680 | 04-01-46 | 4,252,353 | 3,275,260 | |
801 West End Avenue Corp. | 2.440 | 04-01-31 | 5,500,000 | 4,513,586 | |
8421 Lyndale Avenue South LLC | 2.580 | 11-01-28 | 5,073,798 | 4,344,612 | |
900 Wilshire Boulevard LLC | 3.080 | 07-01-31 | 11,600,000 | 9,695,674 | |
955 995 Stewart Drive LLC | 2.360 | 01-01-32 | 20,000,000 | 16,166,000 | |
Accord/Pac Members LLC | 3.500 | 09-01-40 | 8,102,657 | 6,670,731 | |
Aman, Inc. | 5.170 | 12-01-29 | 22,000,000 | 21,368,270 | |
American Fork OW LLC | 2.900 | 02-10-36 | 5,461,457 | 4,230,231 | |
Americana Lakewood V LLC | 3.110 | 09-01-32 | 17,500,000 | 15,155,543 | |
Americana on the River LLC | 2.970 | 05-01-36 | 5,351,207 | 4,270,204 | |
Arboretum LLC | 2.800 | 01-01-29 | 5,900,000 | 5,080,018 | |
Arow Fremont Boulevard LLC | 4.420 | 11-05-27 | 5,000,000 | 4,811,850 | |
Artesia Capital II LLC | 2.470 | 01-01-29 | 5,000,000 | 4,282,175 | |
Avamer 57 Fee LLC | 2.310 | 11-01-26 | 10,000,000 | 8,883,260 | |
Aventura at Mid Rivers LLC | 2.390 | 02-01-31 | 4,442,770 | 3,681,941 | |
Aventura at Richmond LLC | 2.210 | 01-01-31 | 3,860,795 | 3,178,608 | |
Avondale Siesta Pointe Apartments LP | 2.550 | 03-01-33 | 3,414,898 | 2,724,119 | |
Bandicoot LLC | 2.950 | 06-01-30 | 15,000,000 | 12,919,350 | |
Bayside Square Investments LLC | 3.480 | 02-01-42 | 11,900,000 | 8,999,649 | |
Bel Bridgeport LLC | 2.840 | 03-01-29 | 19,300,000 | 16,846,661 | |
Berkshire Apartments LLC | 2.660 | 03-01-46 | 5,794,975 | 4,552,098 | |
Beverly West Square Associates LP | 5.560 | 12-01-30 | 7,191,416 | 7,404,635 | |
BGN Properties Palm Gate LP | 2.860 | 06-01-32 | 7,000,000 | 5,861,254 | |
Bigos Cedars Lakeside LLC | 2.530 | 11-01-31 | 6,400,000 | 5,167,558 | |
Bref-Masters Cove LLC | 3.070 | 06-01-29 | 6,100,000 | 5,278,537 | |
Burroughs LPM LP | 2.980 | 01-01-36 | 12,122,220 | 9,484,680 | |
BW Logan LLC | 6.370 | 04-01-28 | 2,536,141 | 2,606,912 | |
BWP Crown Valley 1 LLC | 3.020 | 04-01-37 | 15,000,000 | 11,233,290 | |
Canton R2g Owner LLC | 2.810 | 03-01-29 | 7,300,000 | 6,275,927 | |
Capri Apartments LLC | 3.360 | 04-01-30 | 6,500,000 | 5,757,681 | |
Carriage Way LLC | 3.520 | 08-01-31 | 3,857,656 | 3,253,439 | |
Castlewood Associates LLC | 2.870 | 04-01-31 | 5,000,000 | 4,116,030 | |
Caton House Apartments LLC | 2.740 | 09-01-36 | 3,845,831 | 3,011,344 | |
CE Enterprise Partners LLC | 4.700 | 07-01-32 | 4,117,275 | 3,885,296 | |
Central Way Plaza LLC | 2.910 | 03-01-32 | 9,734,117 | 8,215,342 | |
Chandler Property Development Associates LP | 2.550 | 03-01-33 | 7,398,945 | 5,902,257 | |
Chimney Top LLC | 2.910 | 02-01-29 | 6,800,000 | 5,891,030 |
Portfolio of investments 6-30-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
CIP Group of Homestead LLC | 3.060 | 06-01-33 | 6,514,527 | $5,303,490 | |
CJ's Pinemeadows Apartments LP | 3.380 | 07-01-41 | 9,618,694 | 7,530,351 | |
CLAGB LLC | 2.680 | 02-01-36 | 5,686,209 | 4,419,759 | |
Colt Street Partners LLC | 3.290 | 01-01-35 | 9,716,324 | 7,796,427 | |
Columbia Cochran Commons LLC | 5.790 | 03-01-24 | 3,169,396 | 3,168,588 | |
Commerce Industrial Park LLC | 2.750 | 12-01-31 | 15,000,000 | 12,364,140 | |
Congressional Properties LP | 3.210 | 04-01-47 | 5,813,913 | 4,765,508 | |
Continental Plaza LLC | 5.490 | 01-01-33 | 4,972,333 | 5,106,039 | |
Copperstone Apartments LP | 2.880 | 04-01-39 | 5,549,674 | 4,595,352 | |
Corp. Center West Associates LLC | 3.650 | 04-01-35 | 12,500,000 | 10,456,400 | |
CR Ballantyne LLC | 3.290 | 06-01-36 | 6,200,000 | 5,013,971 | |
Crawford Long - CPI LLC | 4.800 | 06-01-32 | 31,500,000 | 30,625,781 | |
Creekside at Amherst Apartments LLC | 3.380 | 09-01-31 | 11,076,174 | 9,819,903 | |
Creekwood Centre Denton LLC | 3.400 | 04-01-32 | 11,000,000 | 9,458,196 | |
Cross Keys Development Company | 2.550 | 10-01-33 | 13,000,000 | 10,414,625 | |
Crossing Company LP | 2.780 | 10-01-31 | 6,600,000 | 5,392,042 | |
Deer Chase Housing Partners LP | 2.630 | 04-01-27 | 4,000,000 | 3,609,776 | |
Delphi Investors LLC | 2.520 | 01-01-31 | 9,451,657 | 7,754,687 | |
DNP Regio LLC | 3.110 | 10-01-36 | 12,068,489 | 9,347,419 | |
Downtown Woodinville LLC | 3.830 | 06-01-29 | 65,000,000 | 60,998,795 | |
Draper Southpoint Apartments LLC | 2.520 | 04-01-31 | 5,701,835 | 4,662,761 | |
DTN Waters House LLC | 3.300 | 08-01-31 | 5,212,557 | 4,381,363 | |
Eastwood Apartments of Springdale LP | 2.490 | 01-01-36 | 2,416,412 | 2,009,884 | |
Edgewater Park Real Estate Associates LLC | 2.890 | 08-01-36 | 8,400,000 | 6,849,889 | |
Edgewater Partnership LP | 5.200 | 04-01-25 | 2,449,518 | 1,996,551 | |
Edina Crosstown Medical LLC | 3.230 | 06-01-41 | 12,692,580 | 10,490,785 | |
Elizabeth Lake Estates LLC | 2.920 | 05-01-31 | 4,967,112 | 4,154,125 | |
Fairfield 35 Pinelawn LLC | 3.450 | 01-01-42 | 7,001,146 | 5,344,577 | |
Fairgrounds Apartments LP | 2.490 | 01-01-36 | 2,761,613 | 2,297,011 | |
Forest Meadows Villas, Ltd. | 2.770 | 12-01-35 | 2,159,404 | 1,728,601 | |
Fountainview Terrace Apartments | 2.900 | 07-01-41 | 4,172,666 | 3,384,108 | |
FPACP3 Greenville LLC | 3.440 | 03-01-30 | 8,950,000 | 7,857,670 | |
Fredwood LLLP | 2.740 | 09-01-36 | 3,941,977 | 3,110,118 | |
Gadberry Courts LP | 3.330 | 05-01-32 | 6,652,163 | 5,653,726 | |
Gateway MHP, Ltd. | 3.950 | 07-01-29 | 9,262,382 | 8,680,955 | |
Gateway Village Plaza LP | 3.420 | 07-01-31 | 5,800,000 | 4,974,666 | |
Georgetown Mews Owners Corp. | 2.870 | 01-01-36 | 6,780,219 | 5,528,028 | |
Grande Apartments LP | 3.380 | 07-01-41 | 8,368,264 | 6,551,405 | |
Greenhouse Apartments LP | 3.380 | 07-01-41 | 9,618,694 | 7,530,351 | |
Harbor Breeze LP | 2.400 | 11-01-31 | 5,000,000 | 4,106,945 | |
Harbor Center Partners LP | 4.720 | 09-01-32 | 18,100,000 | 17,486,682 | |
Harborgate LLC | 2.610 | 01-01-31 | 9,451,732 | 7,817,962 | |
Hunters Price LP | 3.360 | 04-01-32 | 11,500,000 | 9,701,849 | |
Industry West Commerce Center LLC | 2.810 | 03-01-41 | 9,506,541 | 7,230,789 | |
Interpark Holdings LLC | 5.860 | 07-01-33 | 50,000,000 | 49,366,663 | |
J J Carson LLC | 2.950 | 11-01-31 | 12,000,000 | 9,822,456 | |
JB IV V LLC | 4.580 | 12-01-32 | 5,000,000 | 4,780,210 | |
JGK Garden Grove LP | 2.790 | 02-01-32 | 3,500,000 | 2,922,598 | |
Joliet Hillcrest Shopping Center LLC | 3.700 | 06-01-25 | 9,669,020 | 9,245,517 | |
Kimberly Partners of Albany LP | 2.920 | 12-01-30 | 4,740,585 | 3,936,966 |
Portfolio of investments 6-30-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Kingswick Apartments LP | 3.310 | 04-01-42 | 12,698,568 | $10,359,708 | |
L&B Depp-Ucepp 5500 Preston Road, Inc. | 4.490 | 07-01-29 | 18,500,000 | 17,528,713 | |
La Costa Vista LLC | 2.610 | 04-01-31 | 4,755,032 | 3,913,815 | |
Ladera Corporate Terrace South LLC | 3.870 | 06-01-32 | 7,364,915 | 6,398,527 | |
Lassen Associates LLC | 3.020 | 07-01-31 | 5,300,000 | 4,496,626 | |
LB PCH Associates LLC | 3.870 | 05-01-32 | 17,942,345 | 15,589,368 | |
LN Bear Creek LLC | 5.490 | 01-01-33 | 4,972,333 | 5,106,039 | |
Manoa Shopping Center Associates LP | 7.060 | 03-01-30 | 5,507,912 | 5,910,447 | |
McCue Ventures LLC | 5.570 | 05-01-58 | 11,482,146 | 11,531,451 | |
Meadow and Central LP | 3.100 | 01-01-32 | 3,882,894 | 3,215,588 | |
Medical Oaks Pavilion PH III, Ltd. | 3.000 | 11-01-40 | 9,470,440 | 7,500,456 | |
Meramec Station Big Bend Investors LLC | 2.780 | 05-01-41 | 4,415,026 | 3,534,047 | |
Mesa Broadway Property LP | 2.550 | 03-01-33 | 4,553,197 | 3,632,158 | |
Midway Manor Apartments LP | 2.400 | 11-01-31 | 3,200,000 | 2,628,445 | |
Mill Pond, Ltd. | 2.870 | 06-01-36 | 6,888,320 | 5,548,831 | |
Montrose Manor Apartments LLC | 2.740 | 09-01-36 | 5,480,310 | 4,291,165 | |
Nat City SPE LLC | 3.980 | 02-01-35 | 1,955,599 | 1,577,580 | |
National City Plaza | 4.110 | 03-01-35 | 8,400,526 | 7,179,165 | |
NCHC 3 LLC | 3.390 | 02-01-32 | 18,112,319 | 15,356,403 | |
Newton Executive Park LP | 2.570 | 10-01-33 | 4,674,269 | 3,905,936 | |
Niederst Portage Towers LLC | 2.670 | 12-01-31 | 6,573,572 | 5,417,780 | |
Northbridge Park Company OP, Inc. | 3.640 | 06-01-51 | 9,329,754 | 7,518,494 | |
Northland Monterra LLC | 2.890 | 07-01-31 | 13,500,000 | 11,229,638 | |
Northridge Garden Associates LLC | 3.020 | 07-01-31 | 5,300,000 | 4,496,626 | |
Nostalgia Properties LLC | 3.040 | 05-01-31 | 16,600,000 | 13,756,088 | |
Ocean Pointe Venture Fund LP | 4.840 | 08-01-47 | 7,368,654 | 6,693,015 | |
Olympic Mills Commerce Center LLC | 4.060 | 03-01-36 | 10,535,445 | 9,743,317 | |
Orangewood Properties, Ltd. | 2.940 | 07-01-31 | 8,600,000 | 7,194,364 | |
Pademelon LLC | 3.000 | 06-01-30 | 6,000,000 | 5,086,956 | |
Parc Center Drive Joint Venture | 5.480 | 02-01-32 | 2,152,671 | 2,166,456 | |
Peace Ranch Madison LLC | 5.570 | 09-01-27 | 5,000,000 | 4,856,715 | |
Penndel Apartments LP | 3.270 | 06-01-31 | 5,564,693 | 4,699,556 | |
Pepperward Apartments LLC | 2.180 | 01-01-27 | 3,960,664 | 3,557,270 | |
Pepperwood Apartments LLC | 2.890 | 10-01-30 | 3,500,000 | 2,852,276 | |
Plantation Crossing Apartments LLC | 3.040 | 09-01-31 | 4,912,769 | 4,111,492 | |
Platt Partners LP | 3.390 | 05-05-37 | 14,000,000 | 11,532,640 | |
Platypus LLC | 2.950 | 06-01-30 | 4,000,000 | 3,461,676 | |
Plaza Inv. LP | 3.910 | 05-01-26 | 27,420,136 | 26,387,027 | |
Plum Grove Rolling Meadows LLC | 2.920 | 03-01-36 | 3,500,000 | 2,635,752 | |
POP 3 Ravinia LLC | 4.460 | 01-01-42 | 112,816,623 | 106,681,087 | |
Price Greenbriar Plano LLC | 3.240 | 05-01-31 | 8,000,000 | 6,686,808 | |
Prime/Scrc SPE LLC | 2.650 | 12-01-31 | 10,000,000 | 8,152,480 | |
PRTC LP | 3.130 | 05-01-32 | 11,342,938 | 9,931,150 | |
Quay Works LLC | 2.790 | 12-01-36 | 11,916,697 | 9,362,412 | |
Raamco Broadwater LLC | 3.090 | 07-01-31 | 4,400,000 | 3,686,065 | |
Regency Apartments Vancouver LLC | 2.250 | 04-01-31 | 4,740,806 | 3,985,738 | |
Regent Garden Associates LLC | 3.250 | 03-10-35 | 116,788,063 | 97,663,551 | |
Rehco Loan LLC | 3.000 | 11-01-51 | 5,026,586 | 3,867,234 | |
Rep 2035 LLC | 3.260 | 12-01-35 | 16,831,489 | 12,976,337 | |
Richmar II Apartments LLC | 2.930 | 08-01-36 | 9,607,966 | 7,778,772 |
Portfolio of investments 6-30-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
RLIF International Parkway SPE LLC | 2.890 | 12-01-33 | 11,100,000 | $8,747,344 | |
Rollins Park Apartments Section 2 LP | 3.210 | 04-01-47 | 9,786,754 | 8,021,938 | |
Rollins Park Apartments Section 3 LP | 3.210 | 04-01-47 | 4,166,638 | 3,415,280 | |
Rose Gardens Senior LP | 3.330 | 05-01-32 | 8,338,626 | 7,015,019 | |
S/K 53 Brunswick Associates LLC | 3.160 | 04-01-31 | 6,208,371 | 5,133,571 | |
Sebring Associates/Excelsior Two LLC | 2.950 | 03-08-51 | 9,517,442 | 7,101,544 | |
SF Lynnwood Crossroads LLC | 4.780 | 09-01-32 | 3,854,000 | 3,737,401 | |
SF Mansfield LLC | 2.990 | 04-01-33 | 5,000,000 | 3,994,090 | |
SF Stapleton LLC | 2.850 | 03-01-31 | 4,680,000 | 3,795,597 | |
Silverado Ranch Centre LLC | 7.500 | 06-01-30 | 5,409,741 | 5,757,203 | |
Skotdal Mutual LLC | 2.860 | 06-15-31 | 6,227,751 | 5,335,956 | |
Spring Park Apartments | 3.440 | 10-01-31 | 17,100,000 | 14,617,832 | |
SRB1 LLC | 5.670 | 09-01-38 | 20,000,000 | 19,708,265 | |
St. Indian Ridge LLC | 6.590 | 08-01-29 | 4,482,106 | 4,639,616 | |
Stony Island Plaza | 3.620 | 10-01-34 | 5,605,336 | 4,733,061 | |
Styertowne Shopping Center LLC | 6.060 | 03-01-24 | 10,548,233 | 10,552,284 | |
Sunnyside Marketplace LLC | 3.420 | 04-01-30 | 7,020,344 | 6,180,619 | |
Switch Building Investors II LP | 2.690 | 06-01-36 | 4,443,873 | 3,824,628 | |
Tanecap 1 LP | 2.690 | 09-01-31 | 4,805,732 | 3,929,974 | |
The Enclave LLC | 2.940 | 05-01-31 | 5,000,000 | 4,105,190 | |
The Fairways at Derby Apartments, Ltd. | 2.560 | 01-01-37 | 5,855,137 | 4,839,493 | |
The Links at Columbia LP | 2.720 | 05-01-41 | 17,191,327 | 13,555,843 | |
The Links at Rainbow Curve LP | 2.630 | 07-01-32 | 7,350,998 | 6,616,847 | |
The Trails at the Crossings Apartments, Ltd. | 2.800 | 01-01-42 | 17,218,629 | 13,713,364 | |
THF Greengate Development LP | 6.320 | 10-01-25 | 25,853,150 | 26,193,921 | |
Tivoli Orlando Associates, Ltd. | 6.750 | 10-01-27 | 10,599,681 | 11,194,376 | |
Topaz House, Ltd. | 3.300 | 04-01-47 | 17,448,507 | 14,289,838 | |
Town Center Associates | 2.790 | 03-01-29 | 4,378,948 | 3,915,958 | |
Trail Horse Partners LLC | 2.690 | 04-01-31 | 6,185,551 | 5,066,758 | |
Valley Square I LP | 5.490 | 02-01-26 | 15,373,233 | 14,715,182 | |
Villages at Clear Springs Apartments | 3.340 | 10-01-29 | 15,000,000 | 13,190,655 | |
Volunteer Parkridge LLC | 3.020 | 05-01-31 | �� | 5,500,000 | 4,555,007 |
Voyager RV Resort MHC | 4.100 | 06-01-29 | 38,905,149 | 36,269,597 | |
Warehouse Associates Corp. Centre Shepherd, Ltd. | 3.140 | 02-01-31 | 8,641,472 | 7,139,532 | |
Warwick Devco LP | 2.880 | 07-01-33 | 6,812,306 | 5,793,893 | |
West Linn Shopping Center Associates LLC | 3.160 | 01-01-32 | 7,865,204 | 6,557,236 | |
West Valley Properties, Inc. | 2.780 | 12-01-36 | 7,000,000 | 5,394,900 | |
WG Opelousas LA LLC | 7.290 | 05-01-28 | 1,142,369 | 1,216,201 | |
White Oak Subsidiary LLC | 4.900 | 07-01-24 | 7,444,530 | 7,386,679 | |
White Oak Subsidiary LLC | 8.110 | 07-01-24 | 12,069,856 | 12,347,572 | |
Willow Creek Court LLC | 4.530 | 07-01-52 | 7,192,824 | 6,233,546 | |
Windsor Place Apartments | 3.530 | 02-01-32 | 9,200,000 | 7,915,754 | |
Woodlane Place Townhomes LLC | 2.900 | 05-05-35 | 9,325,211 | 7,471,863 | |
Woods I LLC | 3.100 | 07-01-30 | 7,037,197 | 6,149,785 | |
Woods Mill Park Apartments LLC | 2.610 | 02-01-41 | 4,632,634 | 3,654,843 | |
WPC Triad LLC | 2.960 | 04-01-31 | 4,977,426 | 4,091,026 |
Portfolio of investments 6-30-23 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
U.S. Government and Agency obligations 3.3% | $61,050,469 | ||||
(Cost $62,692,617) | |||||
U.S. Government 3.3% | 61,050,469 | ||||
U.S. Treasury | |||||
Note | 3.375 | 05-15-33 | 2,400,000 | 2,314,500 | |
Note | 3.500 | 02-15-33 | 60,300,000 | 58,735,969 |
Yield (%) | Shares | Value | |||
Short-term investments 4.2% | $78,102,635 | ||||
(Cost $78,102,635) | |||||
Short-term funds 4.2% | 78,102,635 | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 5.0063(B) | 78,102,635 | 78,102,635 |
Total investments (Cost $2,123,410,153) 101.7% | $1,866,998,024 | ||||
Other assets and liabilities, net (1.7%) | (31,511,043) | ||||
Total net assets 100.0% | $1,835,486,981 |
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | |
^All par values are denominated in U.S. dollars unless otherwise indicated. | |
Security Abbreviations and Legend | |
(A) | Securities are valued using significant unobservable inputs and are classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements. |
(B) | The rate shown is the annualized seven-day yield as of 6-30-23. |
John Hancock GA Mortgage Trust
Assets | |
Unaffiliated investments, at value (Cost $2,123,410,153) | $1,866,998,024 |
Interest receivable | 6,800,246 |
Other assets | 29,824 |
Total assets | 1,873,828,094 |
Liabilities | |
Distributions payable | 16,607,059 |
Payable for investments purchased | 20,000,000 |
Payable to affiliates | |
Investment management fees | 1,011,755 |
Accounting and legal services fees | 262,428 |
Trustees' fees | 405 |
Other liabilities and accrued expenses | 459,466 |
Total liabilities | 38,341,113 |
Net assets | $1,835,486,981 |
Net assets consist of | |
Paid-in capital | $2,104,713,298 |
Total distributable earnings | (269,226,317) |
Net assets | $1,835,486,981 |
Net asset value per share | |
Based on 103,924,025 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value | $17.66 |
Statement of operations for the six months ended 6-30-23(unaudited)
Investment income | |
Interest | $36,149,448 |
Other income | 184,385 |
Total investment income | 36,333,833 |
Expenses | |
Investment management fees | 1,985,992 |
Accounting and legal services fees | 431,975 |
Transfer agent fees | 16,271 |
Trustees' fees | 64,634 |
Custodian fees | 230,729 |
Mortgage servicing fees | 145,222 |
Professional fees | 267,600 |
Other | 77,162 |
Total expenses | 3,219,585 |
Net investment income | 33,114,248 |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments | 330,051 |
330,051 | |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments | 16,346,632 |
16,346,632 | |
Net realized and unrealized gain | 16,676,683 |
Increase in net assets from operations | $49,790,931 |
Statements of changes in net assets
Six months ended 6-30-23 (unaudited) | Year ended 12-31-22 | |
Increase (decrease) in net assets | ||
From operations | ||
Net investment income | $33,114,248 | $64,400,641 |
Net realized gain (loss) | 330,051 | (15,208,714) |
Change in net unrealized appreciation (depreciation) | 16,346,632 | (348,533,404) |
Increase (decrease) in net assets resulting from operations | 49,790,931 | (299,341,477) |
Distributions to shareholders | ||
From net investment income and net realized gain | (29,087,137) | (64,472,460) |
Total distributions | (29,087,137) | (64,472,460) |
Fund share transactions | ||
Fund shares issued | 55,000,000 | 185,000,000 |
Fund shares repurchased in tender offer | — | (150,000,000) |
Total from fund share transactions | 55,000,000 | 35,000,000 |
Total increase (decrease) | 75,703,794 | (328,813,937) |
Net assets | ||
Beginning of period | 1,759,783,187 | 2,088,597,124 |
End of period | $1,835,486,981 | $1,759,783,187 |
Share activity | ||
Shares outstanding | ||
Beginning of period | 100,857,268 | 100,239,171 |
Shares issued | 3,066,757 | 9,255,884 |
Shares repurchased in tender offer | — | (8,637,787) |
End of period | 103,924,025 | 100,857,268 |
Statement of cash flows for the six months ended 6-30-23 (unaudited)
Cash flows from operating activities | |
Net increase in net assets from operations | $49,790,931 |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | |
Long-term investments purchased | (229,067,758) |
Long-term investments sold | 120,552,950 |
Net purchases and sales in short-term investments | 44,919,289 |
Net amortization of premium (discount) | 628,155 |
(Increase) Decrease in assets: | |
Interest receivable | (723,647) |
Other assets | (29,824) |
Increase (Decrease) in liabilities: | |
Payable for investments purchased | 8,500,000 |
Payable to affiliates | (12,796) |
Other liabilities and accrued expenses | 40,204 |
Net change in unrealized (appreciation) depreciation on: | |
Unaffiliated investments | (16,346,632) |
Net realized (gain) loss on: | |
Unaffiliated investments | (330,051) |
Net cash used in operating activities | $(22,079,179) |
Cash flows provided by (used in) financing activities | |
Distributions to shareholders | $(32,920,821) |
Fund shares issued | 55,000,000 |
Net cash flows provided by financing activities | $22,079,179 |
Cash at beginning of period | $— |
Cash at end of period | $— |
Financial highlights
Period ended | 6-30-231 | 12-31-22 | 12-31-21 | 12-31-20 | 12-31-192 |
Per share operating performance | |||||
Net asset value, beginning of period | $17.45 | $20.84 | $21.76 | $21.65 | $20.00 |
Net investment income3 | 0.32 | 0.60 | 0.58 | 0.65 | 0.67 |
Net realized and unrealized gain (loss) on investments | 0.17 | (3.38) | (0.95) | 1.56 | 1.74 |
Total from investment operations | 0.49 | (2.78) | (0.37) | 2.21 | 2.41 |
Less distributions | |||||
From net investment income | (0.28) | (0.61) | (0.55) | (0.69) | (0.65) |
From net realized gain | — | — | —4 | (0.22) | (0.11) |
From tax return of capital | — | — | — | (1.19) | — |
Total distributions | (0.28) | (0.61) | (0.55) | (2.10) | (0.76) |
Net asset value, end of period | $17.66 | $17.45 | $20.84 | $21.76 | $21.65 |
Total return (%) | 2.845 | (13.37) | (1.70) | 11.00 | 12.125 |
Ratios and supplemental data | |||||
Net assets, end of period (in millions) | $1,835 | $1,760 | $2,089 | $1,541 | $1,207 |
Ratios (as a percentage of average net assets): | |||||
Expenses | 0.366 | 0.36 | 0.35 | 0.39 | 0.406 |
Net investment income | 3.676 | 3.25 | 2.74 | 2.98 | 3.276 |
Portfolio turnover (%) | 7 | 39 | 38 | 33 | 47 |
1 | Six months ended 6-30-23. Unaudited. |
2 | Period from 1-11-19 (commencement of operations) to 12-31-19. |
3 | Based on average daily shares outstanding. |
4 | Less than $0.005 per share. |
5 | Not annualized. |
6 | Annualized. |
Notes to financial statements 6-30-23 (unaudited)
Notes to financial statements 6-30-23 (unaudited)
Total value at 6-30-23 | Level 1 quoted price | Level 2 Significant observable inputs | Level 3 Significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
Commercial mortgage loans | $1,727,844,920 | — | — | $1,727,844,920 |
U.S. Government and Agency obligations | 61,050,469 | — | $61,050,469 | — |
Short-term investments | 78,102,635 | $78,102,635 | — | — |
Total investments in securities | $1,866,998,024 | $78,102,635 | $61,050,469 | $1,727,844,920 |
Commercial mortgage loans | |
Balance as of 12-31-22 | $1,630,201,297 |
Purchases | 101,500,000 |
Sales | (19,006,895) |
Realized gain (loss) | (263,053) |
Net amortization of (premium) discount | (968,682) |
Change in unrealized appreciation (depreciation) | 16,382,253 |
Balance as of 6-30-23 | $1,727,844,920 |
Change in unrealized appreciation (depreciation) at period end* | $16,382,253 |
Notes to financial statements 6-30-23 (unaudited)
Fair Value at 6-30-23 | Valuation Technique | Significant Unobservable Inputs | Input/ Range* | Input Weighted Average* | |
Commercial mortgage loans | $1,727,844,920 | Discounted cash flow | Discount rate | 4.76% - 16.25% | 5.63% |
Significant Unobservable Input | Impact to Valuation if input had increased | Impact to Valuation if input had decreased |
Discount rate | Decrease | Increase |
Notes to financial statements 6-30-23 (unaudited)
Notes to financial statements 6-30-23 (unaudited)
Notes to financial statements 6-30-23 (unaudited)
Investment objective, principal investment strategies, and principal risks (unaudited)
Investment objective, principal investment strategies, and principal risks (unaudited)
Investment objective, principal investment strategies, and principal risks (unaudited)
Investment objective, principal investment strategies, and principal risks (unaudited)
More information
All of the fund’s holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on the SEC’s website, sec.gov.
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a)Not applicable.
(b)Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED- END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a)Not applicable.
(b)Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "Nominating, Governance and Administration Committee Charter."
ITEM 11. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the registrant's disclosure controls and procedures as
conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b)There were no changes in the registrant's internal control over financial reporting that
occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
The Registrant did not participate in securities lending activities.
ITEM 13. EXHIBITS.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
John Hancock GA Mortgage Trust
By: | /s/ Ian Roke |
| ------------------------------ |
| Ian Roke |
| President |
Date: | August 23, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Ian Roke |
| ------------------------------- |
| Ian Roke |
| President |
Date: | August 23, 2023 |
By: | /s/ Heidi Knapp |
| ------------------------------- |
| Heidi Knapp |
| Treasurer and Chief Financial Officer |
Date: | August 23, 2023 |