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, 2024 |
ITEM 1. REPORT TO STOCKHOLDERS
Portfolio summary 6-30-24 (unaudited)
Commercial mortgage loans | 93.2 |
U.S. Government | 5.0 |
Short-term investments and other | 1.8 |
U.S. Treasury | 5.0 |
POP 3 Ravinia LLC | 4.8 |
Regent Garden Associates LLC | 4.7 |
Downtown Woodinville LLC | 3.0 |
Interpark Holdings LLC | 2.4 |
Voyager RV Resort MHC | 1.7 |
Crawford Long - CPI LLC | 1.5 |
5021 St. LLC | 1.4 |
UGP Broadway Stadium East LLC | 1.3 |
Plaza Inv. LP | 1.3 |
TOTAL | 27.1 |
Cash and cash equivalents are not included. |
Portfolio of investments 6-30-24 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Commercial mortgage loans (A) 93.2% | $1,921,649,746 | ||||
(Cost $2,166,039,304) | |||||
Industrial 11.4% | 234,550,955 | ||||
1419 Potrero LLC | 3.660 | 09-01-30 | 5,372,600 | 4,605,457 | |
183rd La Palma Investors | 5.510 | 10-01-34 | 9,800,000 | 9,800,000 | |
701 Cottontail Lane Associates LLC | 3.680 | 04-01-46 | 4,131,232 | 3,188,725 | |
Accord/Pac Members LLC | 3.500 | 09-01-40 | 7,754,263 | 6,339,994 | |
American Fork OW LLC | 2.900 | 02-10-36 | 5,343,568 | 4,185,457 | |
Arow Fremont Boulevard LLC | 4.420 | 11-05-27 | 5,000,000 | 4,852,140 | |
Artesia Capital II LLC | 2.470 | 01-01-29 | 5,000,000 | 4,394,770 | |
Bel Bridgeport LLC | 2.840 | 03-01-29 | 19,300,000 | 17,076,158 | |
Colt Street Partners LLC | 3.290 | 01-01-35 | 9,507,983 | 7,957,259 | |
Commerce Industrial Park LLC | 2.750 | 12-01-31 | 15,000,000 | 12,480,675 | |
DNP Regio LLC | 3.110 | 10-01-36 | 11,798,655 | 9,239,609 | |
Harborgate LLC | 2.610 | 01-01-31 | 9,214,562 | 7,791,244 | |
Industry West Commerce Center LLC | 2.810 | 03-01-41 | 9,277,022 | 6,988,112 | |
Injans Investments GP | 5.510 | 10-01-34 | 6,800,000 | 6,800,000 | |
Macaw Phoebe Investors | 5.510 | 10-01-35 | 6,600,000 | 6,600,000 | |
Oltmans Investment Company LLC | 5.510 | 10-01-33 | 4,300,000 | 4,300,000 | |
Orangewood Properties, Ltd. | 2.940 | 07-01-31 | 8,600,000 | 7,309,278 | |
Phase 1A GLC 7 LLC and SLC Port Phase 1A LLC | 5.830 | 10-01-34 | 5,000,000 | 5,000,000 | |
Phase 2 GLC 2 LLC | 5.780 | 07-01-34 | 13,600,000 | 13,623,116 | |
Rancho San Marino Partners GP | 5.510 | 10-01-34 | 10,200,000 | 10,200,000 | |
Rehco Loan LLC | 3.000 | 11-01-51 | 4,912,746 | 3,641,067 | |
Rep 2035 LLC | 3.260 | 12-01-35 | 16,486,124 | 12,856,457 | |
Rep A 2033 LLC | 6.250 | 10-01-33 | 18,800,000 | 19,179,628 | |
RLIF International Parkway SPE LLC | 2.890 | 12-01-33 | 11,100,000 | 8,840,706 | |
Roderick Catalyst 5 LLC | 5.600 | 05-01-44 | 5,494,092 | 5,400,017 | |
S/K 53 Brunswick Associates LLC | 3.160 | 04-01-31 | 6,066,898 | 5,121,651 | |
SLI III LLC | 6.490 | 01-01-34 | 4,081,230 | 4,282,275 | |
Warehouse Associates Corp. Centre Shepherd, Ltd. | 3.140 | 02-01-31 | 8,462,172 | 7,141,751 | |
West Valley Properties, Inc. | 2.780 | 12-01-36 | 7,000,000 | 5,297,691 | |
Willow Creek Court LLC | 4.530 | 07-01-52 | 7,070,725 | 6,004,311 | |
WPC Triad LLC | 2.960 | 04-01-31 | 4,839,618 | 4,053,407 | |
Multifamily 37.2% | 765,670,875 | ||||
11 West Partners LLC | 3.770 | 05-01-32 | 9,585,592 | 8,420,233 | |
257 Ridgewood Ave LLC | 3.560 | 04-01-32 | 10,100,000 | 8,830,077 | |
5021 St. LLC | 4.390 | 09-01-40 | 31,317,172 | 28,652,551 | |
655 Kelton LLC | 2.270 | 04-01-31 | 4,802,724 | 4,021,850 | |
801 West End Avenue Corp. | 2.440 | 04-01-31 | 5,500,000 | 4,547,939 | |
955 995 Stewart Drive LLC | 2.360 | 01-01-32 | 20,000,000 | 16,449,600 | |
Americana Lakewood V LLC | 3.110 | 09-01-32 | 17,500,000 | 15,145,795 | |
Americana on the River LLC | 2.970 | 05-01-36 | 5,226,214 | 4,161,493 | |
Arboretum LLC | 2.800 | 01-01-29 | 5,900,000 | 5,229,978 | |
Aventura at Mid Rivers LLC | 2.390 | 02-01-31 | 4,328,065 | 3,664,689 | |
Aventura at Richmond LLC | 2.210 | 01-01-31 | 3,758,019 | 3,190,122 | |
Avondale Siesta Pointe Apartments LP | 2.550 | 03-01-33 | 3,329,163 | 2,693,300 | |
Bandicoot LLC | 2.950 | 06-01-30 | 15,000,000 | 13,045,395 | |
Berkshire Apartments LLC | 2.660 | 03-01-46 | 5,607,043 | 4,297,294 |
Portfolio of investments 6-30-24 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Multifamily (continued) | |||||
BGN Properties Covina Palms LP | 5.630 | 09-01-34 | 5,000,000 | $4,989,880 | |
BGN Properties Palm Gate LP | 2.860 | 06-01-32 | 7,000,000 | 5,871,229 | |
Bigos Cedars Lakeside LLC | 2.530 | 11-01-31 | 6,400,000 | 5,291,571 | |
Bref-Masters Cove LLC | 3.070 | 06-01-29 | 6,100,000 | 5,421,064 | |
BW Logan LLC | 6.370 | 04-01-28 | 2,073,322 | 2,118,552 | |
Capri Apartments LLC | 3.360 | 04-01-30 | 6,500,000 | 5,754,301 | |
Castlewood Associates LLC | 2.870 | 04-01-31 | 5,000,000 | 4,239,675 | |
Caton House Apartments LLC | 2.740 | 09-01-36 | 3,754,363 | 2,948,383 | |
Chandler Property Development Associates LP | 2.550 | 03-01-33 | 7,213,186 | 5,835,482 | |
Chimney Top LLC | 2.910 | 02-01-29 | 6,800,000 | 6,028,268 | |
CJ's Pinemeadows Apartments LP | 3.380 | 07-01-41 | 9,409,741 | 7,431,945 | |
CLAGB LLC | 2.680 | 02-01-36 | 5,545,610 | 4,343,438 | |
Congressional Properties LP | 3.210 | 04-01-47 | 5,648,776 | 4,506,605 | |
Copperstone Apartments LP | 2.880 | 04-01-39 | 5,268,931 | 4,377,085 | |
CR Ballantyne LLC | 3.290 | 06-01-36 | 6,200,000 | 4,925,720 | |
Creekside at Amherst Apartments LLC | 3.380 | 09-01-31 | 10,809,424 | 9,751,441 | |
Creekwood Centre Denton LLC | 3.400 | 04-01-32 | 11,000,000 | 9,532,127 | |
Crossing Company LP | 2.780 | 10-01-31 | 6,600,000 | 5,479,214 | |
Deer Chase Housing Partners LP | 2.630 | 04-01-27 | 4,000,000 | 3,699,000 | |
Draper Southpoint Apartments LLC | 2.520 | 04-01-31 | 5,558,639 | 4,643,081 | |
DTN Waters House LLC | 3.300 | 08-01-31 | 5,104,406 | 4,364,828 | |
Eastwood Apartments of Springdale LP | 2.490 | 01-01-36 | 2,250,816 | 1,903,191 | |
Edgewater Park Real Estate Associates LLC | 2.890 | 08-01-36 | 8,400,000 | 6,783,857 | |
Elizabeth Lake Estates LLC | 2.920 | 05-01-31 | 4,850,199 | 4,173,461 | |
Fairgrounds Apartments LP | 2.490 | 01-01-36 | 2,572,361 | 2,175,075 | |
Forest Meadows Villas, Ltd. | 2.770 | 12-01-35 | 2,061,555 | 1,659,847 | |
Fountainview Terrace Apartments | 2.900 | 07-01-41 | 3,994,532 | 3,266,129 | |
Four Seasons Apartments LLC | 5.590 | 03-01-29 | 5,300,000 | 5,316,870 | |
FPACP3 Greenville LLC | 3.440 | 03-01-30 | 8,950,000 | 8,001,989 | |
Fredwood LLLP | 2.740 | 09-01-36 | 3,848,222 | 3,048,807 | |
Gadberry Courts LP | 3.330 | 05-01-32 | 6,496,775 | 5,561,799 | |
Gateway MHP, Ltd. | 3.950 | 07-01-29 | 9,055,075 | 8,592,388 | |
Georgetown Mews Owners Corp. | 2.870 | 01-01-36 | 6,477,549 | 5,248,790 | |
Grande Apartments LP | 3.380 | 07-01-41 | 8,186,475 | 6,465,792 | |
Greenhouse Apartments LP | 3.380 | 07-01-41 | 9,409,741 | 7,431,945 | |
Harbor Breeze LP | 2.400 | 11-01-31 | 5,000,000 | 4,118,570 | |
Hudson Troy Towers Apartment Corp. | 6.140 | 11-01-28 | 7,249,710 | 7,459,720 | |
Hunters Price LP | 3.360 | 04-01-32 | 11,500,000 | 9,833,098 | |
JGK Garden Grove LP | 2.790 | 02-01-32 | 3,500,000 | 2,925,052 | |
Kingswick Apartments LP | 3.310 | 04-01-42 | 12,430,783 | 9,905,382 | |
La Costa Vista LLC | 2.610 | 04-01-31 | 4,637,217 | 3,879,301 | |
Lassen Associates LLC | 3.020 | 07-01-31 | 5,300,000 | 4,587,389 | |
McCue Ventures LLC | 5.570 | 05-01-58 | 11,371,482 | 11,037,377 | |
Meramec Station Big Bend Investors LLC | 2.780 | 05-01-41 | 4,222,177 | 3,396,104 | |
Mesa Broadway Property LP | 2.550 | 03-01-33 | 4,438,884 | 3,591,066 | |
Midway Manor Apartments LP | 2.400 | 11-01-31 | 3,200,000 | 2,635,885 | |
Mill Pond, Ltd. | 2.870 | 06-01-36 | 6,725,650 | 5,351,788 | |
Monticello Apartments LLC | 5.760 | 11-01-38 | 3,705,293 | 3,776,109 | |
Montrose Manor Apartments LLC | 2.740 | 09-01-36 | 5,349,967 | 4,241,988 |
Portfolio of investments 6-30-24 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Multifamily (continued) | |||||
Niederst Portage Towers LLC | 2.670 | 12-01-31 | 6,417,509 | $5,369,433 | |
Northbridge Park Company OP, Inc. | 3.640 | 06-01-51 | 9,134,290 | 7,112,634 | |
Northland Monterra LLC | 2.890 | 07-01-31 | 13,500,000 | 11,377,166 | |
Northridge Garden Associates LLC | 3.020 | 07-01-31 | 5,300,000 | 4,612,532 | |
Nostalgia Properties LLC | 3.040 | 05-01-31 | 16,600,000 | 14,072,285 | |
Pademelon LLC | 3.000 | 06-01-30 | 6,000,000 | 5,197,842 | |
Peace Ranch Madison LLC | 5.570 | 09-01-27 | 5,000,000 | 4,901,650 | |
Penndel Apartments LP | 3.270 | 06-01-31 | 5,441,150 | 4,677,332 | |
Pepperward Apartments LLC | 2.180 | 01-01-27 | 3,859,688 | 3,565,661 | |
Pepperwood Apartments LLC | 2.890 | 10-01-30 | 3,500,000 | 2,925,017 | |
Plantation Crossing Apartments LLC | 3.040 | 09-01-31 | 4,801,228 | 4,088,145 | |
Platypus LLC | 2.950 | 06-01-30 | 4,000,000 | 3,473,324 | |
Plum Grove Rolling Meadows LLC | 2.920 | 03-01-36 | 3,500,000 | 2,640,446 | |
Price Greenbriar Plano LLC | 3.240 | 05-01-31 | 8,000,000 | 6,829,488 | |
Prime/Scrc SPE LLC | 2.650 | 12-01-31 | 10,000,000 | 8,275,890 | |
Raamco Broadwater LLC | 3.090 | 07-01-31 | 4,400,000 | 3,739,573 | |
Regency Apartments Vancouver LLC | 2.250 | 04-01-31 | 4,616,854 | 3,884,621 | |
Regent Garden Associates LLC | 3.250 | 03-10-35 | 114,014,508 | 96,578,611 | |
Richmar II Apartments LLC | 2.930 | 08-01-36 | 9,385,096 | 7,572,177 | |
Rollins Park Apartments Section 2 LP | 3.210 | 04-01-47 | 9,508,773 | 7,606,229 | |
Rollins Park Apartments Section 3 LP | 3.210 | 04-01-47 | 4,048,290 | 3,238,296 | |
Rose Gardens Senior LP | 3.330 | 05-01-32 | 8,143,845 | 6,927,016 | |
Sandstone Tucson LLC | 5.820 | 01-01-29 | 4,973,992 | 5,106,086 | |
Sebring Associates/Excelsior Two LLC | 2.950 | 03-08-51 | 9,292,486 | 6,817,247 | |
SFI Partnership 12, Ltd. | 5.900 | 11-01-53 | 16,877,455 | 16,985,960 | |
Sonoma at Porter Ranch LLC | 5.400 | 05-01-34 | 9,984,187 | 9,941,285 | |
Spring Park Apartments | 3.440 | 10-01-31 | 17,100,000 | 14,782,129 | |
The Enclave LLC | 2.940 | 05-01-31 | 5,000,000 | 4,216,780 | |
The Fairways at Derby Apartments, Ltd. | 2.560 | 01-01-37 | 5,489,975 | 4,564,393 | |
The Links at Columbia LP | 2.720 | 05-01-41 | 16,436,265 | 13,177,381 | |
The Links at Rainbow Curve LP | 2.630 | 07-01-32 | 6,624,942 | 5,990,219 | |
The Trails at the Crossings Apartments, Ltd. | 2.800 | 01-01-42 | 16,502,110 | 13,215,682 | |
Tivoli Orlando Associates, Ltd. | 6.750 | 10-01-27 | 9,755,537 | 10,185,854 | |
Topaz House, Ltd. | 3.300 | 04-01-47 | 16,958,625 | 13,627,408 | |
Trail Horse Partners LLC | 2.690 | 04-01-31 | 6,034,130 | 5,049,909 | |
Villages at Clear Springs Apartments | 3.340 | 10-01-29 | 15,000,000 | 13,419,300 | |
Volunteer Parkridge LLC | 3.020 | 05-01-31 | 5,500,000 | 4,661,663 | |
Windsor Place Apartments | 3.530 | 02-01-32 | 9,200,000 | 8,074,030 | |
Woodlane Place Townhomes LLC | 2.900 | 05-05-35 | 9,093,097 | 7,360,689 | |
Woods I LLC | 3.100 | 07-01-30 | 6,868,654 | 6,020,334 | |
Woods Mill Park Apartments LLC | 2.610 | 02-01-41 | 4,423,465 | 3,537,184 | |
Office 17.1% | 352,908,044 | ||||
1131 Wilshire Boulevard LLC | 3.520 | 05-01-31 | 4,412,370 | 3,749,036 | |
1600 Dove LP + GS 1600 Dove LLC | 3.670 | 06-01-31 | 4,238,823 | 3,388,786 | |
1635 Divisadero Medical Building LLC | 3.950 | 06-01-30 | 4,102,664 | 3,851,786 | |
1635 Divisadero Medical Building LLC | 6.000 | 06-01-30 | 8,213,530 | 8,458,235 | |
900 Wilshire Boulevard LLC | 3.080 | 07-01-31 | 11,600,000 | 9,652,522 | |
Aman, Inc. | 5.170 | 12-01-29 | 22,000,000 | 20,638,596 |
Portfolio of investments 6-30-24 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Office (continued) | |||||
Avamer 57 Fee LLC | 2.310 | 11-01-26 | 10,000,000 | $9,178,520 | |
Bayside Square Investments LLC | 3.480 | 02-01-42 | 11,900,000 | 9,011,085 | |
Central Way Plaza LLC | 2.910 | 03-01-32 | 9,514,345 | 8,101,636 | |
Continental Plaza LLC | 5.490 | 01-01-33 | 4,903,297 | 4,955,085 | |
Corp. Center West Associates LLC | 3.650 | 04-01-35 | 12,500,000 | 10,369,950 | |
Crawford Long - CPI LLC | 4.800 | 06-01-32 | 31,500,000 | 30,382,916 | |
Delphi Investors LLC | 2.520 | 01-01-31 | 9,215,659 | 7,730,998 | |
Edina Crosstown Medical LLC | 3.230 | 06-01-41 | 12,163,967 | 10,126,904 | |
Fairfield 35 Pinelawn LLC | 3.450 | 01-01-42 | 6,854,818 | 5,247,096 | |
HCFD Round Rock, Ltd. | 6.070 | 10-01-49 | 11,100,000 | 10,859,596 | |
JB IV V LLC | 4.580 | 12-01-32 | 5,000,000 | 4,671,280 | |
L&B Depp-Ucepp 5500 Preston Road, Inc. | 4.490 | 07-01-29 | 18,500,000 | 17,512,008 | |
LN Bear Creek LLC | 5.490 | 01-01-33 | 4,903,297 | 4,955,085 | |
Medical Oaks Pavilion PH III, Ltd. | 3.000 | 11-01-40 | 9,050,011 | 7,229,891 | |
NCHC 3 LLC | 3.390 | 02-01-32 | 17,731,838 | 15,246,065 | |
Newton Executive Park LP | 2.570 | 10-01-33 | 4,472,035 | 3,708,547 | |
Ocean Pointe Venture Fund LP | 4.840 | 08-01-47 | 7,203,899 | 6,423,752 | |
Olympic Mills Commerce Center LLC | 4.060 | 03-01-36 | 9,891,372 | 8,741,648 | |
Parc Center Drive Joint Venture | 5.480 | 02-01-32 | 1,953,098 | 1,966,067 | |
POP 3 Ravinia LLC | 4.460 | 01-01-42 | 110,817,961 | 98,579,448 | |
Quay Works LLC | 2.790 | 12-01-36 | 11,577,618 | 9,129,901 | |
Sic Mountainbay Plaza LLC | 7.120 | 01-01-30 | 9,904,278 | 10,266,567 | |
Skotdal Mutual LLC | 2.860 | 06-15-31 | 6,033,498 | 5,205,690 | |
Switch Building Investors II LP | 2.690 | 06-01-36 | 4,154,399 | 3,569,348 | |
Other 6.3% | 130,696,904 | ||||
Interpark Holdings LLC | 5.860 | 07-01-33 | 49,423,712 | 48,721,451 | |
SRB1 LLC | 5.670 | 09-01-38 | 20,000,000 | 19,717,880 | |
UGP Broadway Stadium East LLC | 6.530 | 11-01-30 | 25,833,732 | 26,273,293 | |
Voyager RV Resort MHC | 4.100 | 06-01-29 | 38,048,970 | 35,984,280 | |
Retail 21.2% | 437,822,968 | ||||
1360 Summitridge RS LLC | 3.500 | 09-01-30 | 4,500,000 | 3,914,082 | |
192 Investors LLC | 3.750 | 08-01-29 | 16,417,824 | 15,312,625 | |
8421 Lyndale Avenue South LLC | 2.580 | 11-01-28 | 4,954,135 | 4,367,704 | |
AFCC SPE LLC | 5.810 | 04-01-34 | 14,556,512 | 14,419,929 | |
Beverly West Square Associates LP | 5.560 | 12-01-30 | 6,396,382 | 6,512,266 | |
Burroughs LPM LP | 2.980 | 01-01-36 | 11,740,124 | 9,283,585 | |
BWP Crown Valley 1 LLC | 3.020 | 04-01-37 | 15,000,000 | 11,185,110 | |
Canton R2g Owner LLC | 2.810 | 03-01-29 | 7,300,000 | 6,499,110 | |
Carriage Way LLC | 3.520 | 08-01-31 | 3,776,060 | 3,240,173 | |
CE Enterprise Partners LLC | 4.700 | 07-01-32 | 4,022,879 | 3,801,404 | |
Chapel Hills East LLC | 5.950 | 03-01-34 | 6,100,000 | 5,981,416 | |
CIP Group of Homestead LLC | 3.060 | 06-01-33 | 6,365,113 | 5,274,953 | |
Cross Keys Development Company | 2.550 | 10-01-33 | 12,749,962 | 10,556,305 | |
Downtown Woodinville LLC | 3.830 | 06-01-29 | 65,000,000 | 61,202,310 | |
Edgewater Partnership LP | 6.500 | 04-01-25 | 2,399,688 | 2,379,222 | |
Elsinore Developers LLC | 6.090 | 02-01-34 | 5,000,000 | 5,187,230 | |
Erep Cobbler Crossing II LLC | 6.620 | 12-01-28 | 3,100,000 | 3,190,052 | |
Gateway Village Plaza LP | 3.420 | 07-01-31 | 5,696,718 | 4,964,553 |
Portfolio of investments 6-30-24 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Retail (continued) | |||||
Harbor Center Partners LP | 4.720 | 09-01-32 | 18,100,000 | $17,286,839 | |
Howard Lehigh Holdings LLC | 5.770 | 04-01-34 | 7,683,944 | 7,594,318 | |
J J Carson LLC | 2.950 | 11-01-31 | 11,853,537 | 9,909,130 | |
Joliet Hillcrest Shopping Center LLC | 3.700 | 06-01-25 | 9,252,639 | 9,056,224 | |
Kimberly Partners of Albany LP | 2.920 | 12-01-30 | 4,589,319 | 3,889,462 | |
La Habra Westridge Partners LP | 5.970 | 10-01-34 | 20,000,000 | 20,000,000 | |
Ladera Corporate Terrace South LLC | 3.870 | 06-01-32 | 7,224,508 | 6,342,439 | |
LB PCH Associates LLC | 3.870 | 05-01-32 | 17,598,647 | 15,458,194 | |
Manoa Shopping Center Associates LP | 6.770 | 03-01-30 | 2,292,043 | 2,365,617 | |
Manoa Shopping Center Associates LP | 7.060 | 03-01-30 | 4,847,519 | 5,127,953 | |
Meadow and Central LP | 3.100 | 01-01-32 | 3,797,083 | 3,255,205 | |
Nat City SPE LLC | 3.980 | 02-01-35 | 1,918,456 | 1,565,343 | |
National City Plaza | 4.110 | 03-01-35 | 8,243,594 | 7,103,085 | |
Platt Partners LP | 3.442 | 05-05-37 | 14,000,000 | 11,322,556 | |
Plaza Inv. LP | 3.910 | 05-01-26 | 26,665,427 | 25,929,541 | |
PRTC LP | 3.130 | 05-01-32 | 11,097,797 | 9,656,582 | |
SF Lynnwood Crossroads LLC | 4.780 | 09-01-32 | 3,854,000 | 3,674,350 | |
SF Mansfield LLC | 2.990 | 04-01-33 | 5,000,000 | 4,023,605 | |
SF Stapleton LLC | 2.850 | 03-01-31 | 4,680,000 | 3,887,793 | |
Silverado Ranch Centre LLC | 7.500 | 06-01-30 | 4,799,049 | 5,076,458 | |
St. Indian Ridge LLC | 6.590 | 08-01-29 | 3,872,837 | 4,001,105 | |
Stony Island Plaza | 3.620 | 10-01-34 | 5,458,992 | 4,640,820 | |
Sunnyside Marketplace LLC | 3.420 | 04-01-30 | 6,857,775 | 6,132,606 | |
Tanecap 1 LP | 2.690 | 09-01-31 | 4,690,551 | 3,894,377 | |
THF Greengate Development LP | 6.320 | 10-01-25 | 24,422,625 | 24,602,571 | |
Town Center Associates | 2.790 | 03-01-29 | 4,113,932 | 3,714,531 | |
Valley Square I LP | 5.490 | 02-01-26 | 14,842,821 | 14,539,938 | |
Warwick Devco LP | 2.880 | 07-01-33 | 6,601,384 | 5,561,369 | |
West Linn Shopping Center Associates LLC | 3.160 | 01-01-32 | 7,693,031 | 6,517,782 | |
Westmount Plaza Arlington Plaza Joint Venture | 5.820 | 06-10-34 | 13,300,000 | 13,358,055 | |
WG Opelousas LA LLC | 7.290 | 05-01-28 | 1,010,524 | 1,063,091 | |
U.S. Government and Agency obligations 5.0% | $102,709,953 | ||||
(Cost $103,774,597) | |||||
U.S. Government 5.0% | 102,709,953 | ||||
U.S. Treasury | |||||
Note | 3.875 | 08-15-33 | 2,400,000 | 2,308,875 | |
Note | 4.000 | 02-15-34 | 5,800,000 | 5,629,625 | |
Note | 4.375 | 05-15-34 | 90,000,000 | 90,028,125 | |
Note | 4.500 | 11-15-33 | 4,700,000 | 4,743,328 |
Yield* (%) | Maturity date | Par value^ | Value | ||
Short-term investments 5.4% | $111,480,044 | ||||
(Cost $111,482,569) | |||||
U.S. Government 3.6% | 74,817,613 | ||||
U.S. Treasury Bill | 5.197 | 08-15-24 | 34,300,000 | 34,075,276 | |
U.S. Treasury Bill | 5.228 | 09-12-24 | 5,000,000 | 4,946,894 | |
U.S. Treasury Bill | 5.233 | 09-03-24 | 20,000,000 | 19,813,653 |
Portfolio of investments 6-30-24 (unaudited)
Yield* (%) | Maturity date | Par value^ | Value | ||
U.S. Government (continued) | |||||
U.S. Treasury Bill | 5.243 | 08-29-24 | 11,100,000 | $11,004,403 | |
U.S. Treasury Bill | 5.252 | 08-01-24 | 5,000,000 | 4,977,387 |
Yield (%) | Shares | Value | |||
Short-term funds 1.8% | 36,662,431 | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 5.2397(B) | 36,662,431 | 36,662,431 |
Total investments (Cost $2,381,296,470) 103.6% | $2,135,839,743 | ||||
Other assets and liabilities, net (3.6%) | (74,249,586) | ||||
Total net assets 100.0% | $2,061,590,157 |
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 6-30-24. |
* | Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end. |
John Hancock GA Mortgage Trust
Assets | |
Unaffiliated investments, at value (Cost $2,381,296,470) | $2,135,839,743 |
Interest receivable | 7,410,560 |
Receivable for fund shares issued | 20,000,000 |
Other assets | 73,843 |
Total assets | 2,163,324,146 |
Liabilities | |
Distributions payable | 20,901,994 |
Payable for investments purchased | 79,127,167 |
Payable to affiliates | |
Investment management fees | 1,094,059 |
Accounting and legal services fees | 247,804 |
Trustees' fees | 1,726 |
Other liabilities and accrued expenses | 361,239 |
Total liabilities | 101,733,989 |
Net assets | $2,061,590,157 |
Net assets consist of | |
Paid-in capital | $2,324,713,298 |
Total distributable earnings | (263,123,141) |
Net assets | $2,061,590,157 |
Net asset value per share | |
Based on 116,277,851 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value | $17.73 |
Statement of operations for the six months ended 6-30-24 (unaudited)
Investment income | |
Interest | $42,475,119 |
Other income | 206,308 |
Total investment income | 42,681,427 |
Expenses | |
Investment management fees | 2,177,420 |
Accounting and legal services fees | 427,982 |
Transfer agent fees | 19,733 |
Trustees' fees | 47,098 |
Custodian fees | 226,534 |
Mortgage servicing fees | 156,221 |
Professional fees | 241,025 |
Other | 103,560 |
Total expenses | 3,399,573 |
Net investment income | 39,281,854 |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments | (573,006) |
(573,006) | |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments | (44,476,647) |
(44,476,647) | |
Net realized and unrealized loss | (45,049,653) |
Decrease in net assets from operations | $(5,767,799) |
Statements of changes in net assets
Six months ended 6-30-24 (unaudited) | Year ended 12-31-23 | |
Increase (decrease) in net assets | ||
From operations | ||
Net investment income | $39,281,854 | $70,949,504 |
Net realized loss | (573,006) | (3,961,219) |
Change in net unrealized appreciation (depreciation) | (44,476,647) | 71,778,681 |
Increase (decrease) in net assets resulting from operations | (5,767,799) | 138,766,966 |
Distributions to shareholders | ||
From net investment income and net realized gain | (35,255,377) | (70,936,820) |
Total distributions | (35,255,377) | (70,936,820) |
Fund share transactions | ||
Fund shares issued | 130,000,000 | 145,000,000 |
Total increase | 88,976,824 | 212,830,146 |
Net assets | ||
Beginning of period | 1,972,613,333 | 1,759,783,187 |
End of period | $2,061,590,157 | $1,972,613,333 |
Share activity | ||
Shares outstanding | ||
Beginning of period | 109,032,224 | 100,857,268 |
Shares issued | 7,245,627 | 8,174,956 |
End of period | 116,277,851 | 109,032,224 |
Statement of cash flows for the six months ended 6-30-24 (unaudited)
Cash flows from operating activities | |
Net decrease in net assets from operations | $(5,767,799) |
Adjustments to reconcile net decrease in net assets from operations to net cash used in operating activities: | |
Long-term investments purchased | (317,558,016) |
Long-term investments sold | 156,651,143 |
Net purchases and sales in short-term investments | (22,398,127) |
Net amortization of premium (discount) | (205,074) |
(Increase) Decrease in assets: | |
Interest receivable | (333,592) |
Other assets | (73,843) |
Increase (Decrease) in liabilities: | |
Payable for investments purchased | 52,452,148 |
Payable to affiliates | 97,564 |
Other liabilities and accrued expenses | 25,641 |
Net change in unrealized (appreciation) depreciation on: | |
Unaffiliated investments | 44,476,647 |
Net realized (gain) loss on: | |
Unaffiliated investments | 573,006 |
Net cash used in operating activities | $(92,060,302) |
Cash flows provided by (used in) financing activities | |
Distributions to shareholders | $(37,939,698) |
Fund shares issued | 130,000,000 |
Net cash flows provided by financing activities | $92,060,302 |
Cash at beginning of period | $— |
Cash at end of period | $— |
Financial highlights
Period ended | 6-30-241 | 12-31-23 | 12-31-22 | 12-31-21 | 12-31-20 | 12-31-192 |
Per share operating performance | ||||||
Net asset value, beginning of period | $18.09 | $17.45 | $20.84 | $21.76 | $21.65 | $20.00 |
Net investment income3 | 0.35 | 0.68 | 0.60 | 0.58 | 0.65 | 0.67 |
Net realized and unrealized gain (loss) on investments | (0.40) | 0.63 | (3.38) | (0.95) | 1.56 | 1.74 |
Total from investment operations | (0.05) | 1.31 | (2.78) | (0.37) | 2.21 | 2.41 |
Less distributions | ||||||
From net investment income | (0.31) | (0.67) | (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 | (0.31) | (0.67) | (0.61) | (0.55) | (2.10) | (0.76) |
Net asset value, end of period | $17.73 | $18.09 | $17.45 | $20.84 | $21.76 | $21.65 |
Total return (%) | (0.29)5 | 7.68 | (13.37) | (1.70) | 11.00 | 12.125 |
Ratios and supplemental data | ||||||
Net assets, end of period (in millions) | $2,062 | $1,973 | $1,760 | $2,089 | $1,541 | $1,207 |
Ratios (as a percentage of average net assets): | ||||||
Expenses | 0.346 | 0.35 | 0.36 | 0.35 | 0.39 | 0.406 |
Net investment income | 3.976 | 3.86 | 3.25 | 2.74 | 2.98 | 3.276 |
Portfolio turnover (%) | 8 | 15 | 39 | 38 | 33 | 47 |
1 | Six months ended 6-30-24. 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 6-30-24 (unaudited)
Notes to financial statements 6-30-24 (unaudited)
Total value at 6-30-24 | Level 1 quoted price | Level 2 Significant observable inputs | Level 3 Significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
Commercial mortgage loans | $1,921,649,746 | — | — | $1,921,649,746 |
U.S. Government and Agency obligations | 102,709,953 | — | $102,709,953 | — |
Short-term investments | 111,480,044 | $36,662,431 | 74,817,613 | — |
Total investments in securities | $2,135,839,743 | $36,662,431 | $177,527,566 | $1,921,649,746 |
Commercial mortgage loans | |
Balance as of 12-31-23 | $1,870,450,746 |
Purchases | 135,800,000 |
Sales | (41,836,378) |
Realized gain (loss) | (247,805) |
Net amortization of (premium) discount | (742,891) |
Change in unrealized appreciation (depreciation) | (41,773,926) |
Balance as of 6-30-24 | $1,921,649,746 |
Change in unrealized appreciation (depreciation) at period end1 | $(41,955,967) |
1 | Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at period end. This balance is included in change in unrealized appreciation (depreciation) on the Statement of operations. |
Notes to financial statements 6-30-24 (unaudited)
Fair Value at 6-30-24 | Valuation technique | Significant unobservable inputs | Input/Range* | Input Weighted Average* | |
Commercial mortgage loans | $1,858,949,746 | Discounted cash flow | Discount rate | 4.99% - 7.85% | 5.77% |
$62,700,000 | Transactions Indicative of Value | Recent transactions | $100 | $100 | |
$1,921,649,746 |
Significant Unobservable Input | Impact to Valuation if input had increased | Impact to Valuation if input had decreased |
Discount rate | Decrease | Increase |
Recent transactions | Increase | Decrease |
Notes to financial statements 6-30-24 (unaudited)
Notes to financial statements 6-30-24 (unaudited)
Notes to financial statements 6-30-24 (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
ITEM 2. CODE OF ETHICS.
Item is not applicable at this time.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Item is not applicable at this time.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Item is not applicable at this time.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Item is not applicable at this time.
ITEM 6. INVESTMENTS.
(a)Refer to information included in Item 1.
(b)Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENTINVESTMENT COMPANIES.
Not applicable.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. Not applicable.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Item is not applicable at this time.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Item is not applicable at this time.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a)Item is not applicable at this time.
(b)Item is not applicable at this time.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a)Not applicable.
(b)Not applicable.
ITEM 15. 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 and Governance Committee Charter.”
ITEM 16. 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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
The Fund did not participate in securities lending activities.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Item is not applicable at this time.
ITEM 19. EXHIBITS.
(a)(1) Item is not applicable at this time.
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 28, 2024 |
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 28, 2024 |
By: | /s/ Heidi Knapp |
| ------------------------------- |
| Heidi Knapp |
| Treasurer and Chief Financial Officer |
Date: | August 28, 2024 |