<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001493152-25-008511</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: MARATHON ASSET MANAGEMENT LP -->
          <cik>0001279913</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>6</amendmentNo>
      <securitiesClassTitle>Class I Shares of Beneficial Ownership</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001885778</issuerCik>
        <issuerName>John Hancock Marathon Asset-Based Lending Fund</issuerName>
        <issuerCusip>478025109</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>200 Berkeley Street</com:street1>
          <com:city>Boston</com:city>
          <com:stateOrCountry>MA</com:stateOrCountry>
          <com:zipCode>02116</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>MARATHON ASSET MANAGEMENT LP</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>1672376.13</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>1672376.13</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1672376.13</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>12.9</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <comments>See item 2 for additional information.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>John Hancock Marathon Asset-Based Lending Fund</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>200 Berkeley Street, Boston, MA 02116</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>As of December 31, 2025, Marathon Asset Management, L.P. (the "Reporting Person") may be deemed to beneficially own an aggregate of 1,672,376.13 Class I Shares of Beneficial Ownership ("Class I Shares") of the John Hancock Marathon Asset-Based Lending Fund (the "Issuer"). Ownership percentages are based on 12,929,288.94 Class I Shares issued and outstanding as of December 31, 2025 based on information reported directly by the Issuer to the Reporting Person.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>One Bryant Park, 38th Floor, New York, NY 10036</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Delaware</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>1,672,376.13</amountBeneficiallyOwned>
        <classPercent>12.9</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>1,672,376.13</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>1,672,376.13</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>MARATHON ASSET MANAGEMENT LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jamie Raboy</signature>
        <title>Authorized Signatory</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
