2026.07

This release extends Tenor's calculation engine for more complex deal structures and brings significant workflow improvements across the platform.

Watch this video to learn more about the new features coming on July 31:

Here's a summary of what's new:

• Tiered interest rates: Define up to any number of balance tiers on a facility, each with its own fixed or floating rate configuration. Tenor accrues daily interest per tier and surfaces per-tier detail in the schedule view.
• OID configuration redesign: The New Facility wizard's Step 3 now has dedicated controls for where OID applies (Total Commitment or per Funding), whether it accrues immediately or is deferred, and a bidirectional Face Value % / OID Amount field.
• Automated amendment processing: Amendments are classified separately from credit agreements and notices. Tenor's AI extracts the changed parameters, matches the amendment to the correct facility, and applies the changes with a historical record of what changed.
• Notice rate reconciliation: The Activities grid highlights cells where a received rate differs from the expected matrix value, so discrepancies are visible at a glance without leaving the grid.
• P&L report balance and rate visibility: Each P&L row now shows Principal Beginning Balance and Principal Ending Balance, plus the Reference Rate, Spread, and All-In Rate that applied during the period.
• Facility export to Excel: A new Export to Excel button on the Facility Details page downloads the full facility as a workbook containing the facility definition, fund ownerships, and activity views in import-ready format.
• Expand multiple date rows simultaneously: You can now expand multiple date rows in the Activity View and Daily View, and collapse or expand all rows at once on facilities with multiple contract lineages.
• Group contracts by any column: A new grouper dropdown clusters the contracts table by any column (status, lineage, series, or other attributes) for faster scanning in large portfolios.
• Facility details rate and calendar information: The Facility Details tab now shows the bank days calendar and holiday roll direction, the lookback days configuration for floating-rate resets, and an estimated PMT amount when you choose a Mortgage or Autocalculated principal payment schedule during facility creation.
• In-app help center: A help icon in the top bar opens a documentation panel inside Tenor, with a searchable card-grid landing page, back and forward navigation between articles, and escape-to-close support.

Apply different interest rates to different balance tiers

Many real-world credit facilities apply different rates to different portions of the outstanding balance — for example a floating rate up to a threshold and a fixed rate above it. Previously Tenor supported a single rate per facility, forcing manual workarounds for these structures. Tiered interest rates let you model these deals natively so accruals reflect the actual rate applied to each slice of the balance.

What's new

• Balance tier configuration: When setting up a facility's interest terms, you can define multiple tiers by balance range. Each tier specifies a lower and upper balance bound and its own independent rate configuration: a fixed rate or a floating rate with its own index, spread, floor, cap, and floor/cap method.
• Mixed rate types across tiers: A single facility can mix rate types across tiers — for example, a fixed rate on the first tranche and a SOFR-based floating rate on the remainder, each with its own benchmark and spread.
• Contiguous tier validation: Tenor validates that your tiers are contiguous and cover the full balance range before saving.
• Tiered Rate Breakdown popover: In the schedule view, rows with tiered rates show Varies in the Interest Rate column. Clicking the info icon next to it opens a Tiered Rate Breakdown popover showing each balance tier range and its rate, so you can verify exactly which rate applied to each slice of the balance for any given period.
• Lookback days and calendar: When the floating rate is configured with a lookback period, you can specify the days configuration (Everyday, Weekdays, or Bank Holidays) and, when Bank Holidays is selected, a holiday calendar. These settings are visible on the Facility Details tab alongside the rest of the rate configuration.

Note: Tiered rates can be configured at the facility and contract level. The Facility Details tab displays the full tier table alongside the lookback days configuration and bank days calendar. Tiered rates in parallel contracts will be supported in later releases.

Configure original issue discount with precision

Original issue discount appears in private-credit deals in many forms, and Tenor previously supported only a simplified model. If your deal applied OID per funding draw, accrued it on a deferred basis, or required you to enter OID as either a face value percentage or a fixed dollar amount, you had to work around the wizard. This release restructures the Step 3 (Amount) screen to give you the controls to configure OID exactly the way your credit agreement describes it.

What's new

• Face Value % and OID Amount: Enter OID as a percentage of face value or as a fixed dollar amount. The two fields are linked; changing one recalculates and updates the other automatically.
• Apply OID To: Choose whether OID applies to Fundings (applied per draw and accumulated over the life of the facility) or to the Total Commitment (a one-time discount at closing).
• OID Accrual Timing: Choose Deferred (accrued progressively and recognized at maturity) or Immediate (accrued in full at funding, then amortized into income). The Apply OID To and OID Accrual Timing toggles appear once a non-zero OID amount is entered.

These controls join the existing OID Amortization Method dropdown (Lump Sum, Linear, Linear with Paydowns).

Automated processing for loan amendments

Amendments change the economics of a facility — a new rate, maturity, or commitment — and applying those changes by hand is slow and error-prone. Tenor already processes credit agreements and notices automatically, and this release adds amendments as a supported document type so the changes flow into the right facility with a clear record of what changed.

What's new

• Amendment document classification: When you upload an amendment, Tenor classifies it separately from credit agreements and notices and routes it through a delta-aware extraction step.
• Before-and-after extraction: The AI identifies the effective date and the specific parameters that changed — such as rate, maturity, or commitment — and surfaces the before-and-after values side by side for review. For example, the AI might identify that the interest rate changed from 12% to 13.5%, or that the maturity date or commitment amount was adjusted.
• Chronological processing: Amendments apply only to existing facilities and are processed in strict chronological sequence: each amendment must be applied before the next one in the queue can proceed, so the facility's history reflects exactly when each change became effective.
• Historical record: Once you approve the extracted changes, Tenor applies them to the matched facility and preserves the prior configuration as a historical record so you can see what the facility looked like before the amendment. Rows that cannot be matched confidently are flagged for review rather than applied automatically.

Note: Amendment processing follows the same document upload workflow as credit agreements and notices.

Compare notice rates against expected values in the Activities grid

When a lender notice arrives with a different rate than what Tenor has in the payment matrix, identifying the discrepancy previously required leaving the grid to compare notices against the facility record by hand. This release adds a dedicated comparison column to the Activities grid so you can see the received rate alongside the expected rate without leaving the view.

What's new

• Notice Received Rate column: The Activities grid adds a Notice Received Rate column that displays the rate captured from the lender notice alongside the expected contract rate for each period.
• Amber highlighting on discrepancies: Tenor compares the two values automatically: when the received rate differs from the expected rate, the cell is highlighted in amber so the discrepancy is visible at a glance.
• Consistent comparison pattern: The same comparison pattern applies to other notice columns — paydown, interest payment, and fee payment amounts each have a corresponding received-value column, all highlighted when the received figure differs from the scheduled amount.

Note: The Notice Received Rate column appears in the Activities grid for facilities that receive rate notices. Once you've confirmed a rate discrepancy, you can update the facility's matrix rate through the standard edit flow.

P&L report: see the balance and rate behind each accrual

Fund accounting teams reconcile the Tenor P&L report against the general ledger and lender statements, and that job requires knowing the exact balance and rate that drove each accrual. Previously, each row showed the interest amount but not the principal it was calculated on or the rate that was applied, making it necessary to cross-reference loan agreements to verify the numbers.

What's new

• Principal Beginning Balance and Principal Ending Balance: The opening and closing balance for the period, so you can verify that accruals are calculated on the right base amount.
• Reference Rate, Spread, and All-In Rate: The rate components that applied during the period, so accruals can be verified inline without pulling the credit agreement.

This enhancement was developed in close collaboration with accounting teams to ensure the report surfaces exactly the fields needed for reconciliation. The five columns together mean fund accountants can verify every line of the P&L without leaving the report.

Export a facility's full definition and schedule to Excel

Recreating a facility in a different environment, sharing data with counterparties, or taking a snapshot for audit required pulling fields from multiple screens. A full Excel export of the facility — including the deal structure, fund ownerships, and activity views — is now available in one click from the Facility Details page.

What's new

• Export to Excel button: An Export to Excel button on the Facility Details page downloads the full facility as a workbook. The workbook includes four populated sheets — Funds, Fund Ownerships, Facility, and Activity View — each structured to match Tenor's existing import templates so the file can be re-imported into a clean environment.
• Import-ready format: The activity view includes only actual recorded activity, not projections; projections are recreated automatically when the file is re-imported, because Tenor rebuilds them from the facility's metadata and contract schedule. This keeps the exported file compact and the import process clean.
• Common use case — environment migration: A common use case is moving a facility from one tenant environment to another — for example, from staging into production, or sharing a facility with a counterparty who runs their own Tenor instance. Because the workbook matches the import format exactly, no reformatting is needed on the receiving side.

Note: The workbook also includes Daily View, Contracts, and Fees tabs, which are reserved for future export coverage and are empty in this release.

Compare activity across multiple dates at once in the schedule

The schedule tab's Activity View and Daily View show loan activity by date: expanding a row reveals the contracts that had activity on that day. Previously, only one date row could be expanded at a time, so comparing activity on different dates required toggling rows back and forth — a friction point that added up when troubleshooting interest accruals or reconciling numbers across periods.

What's new

• Multiple expanded rows: You can now expand multiple date rows at the same time. Each expanded row stays open as you expand others, so you can compare contract-level activity across dates side by side.
• Expand All and Collapse All: On facilities with multiple contract lineages, Expand All and Collapse All icons appear in the column header to expand or collapse every date row in a single click.
• Available in both views: Multi-row expansion is available in both the Activity View and the Daily View.

Group contracts by any column for faster scanning

As portfolios grow, the Contracts tab becomes a long flat list that is difficult to scan when you want to see all contracts in a particular state or with the same lineage. The new grouper dropdown lets you cluster contracts by any column so matching records appear together.

What's new

• Group by dropdown: A Group by dropdown in the Contracts tab toolbar lets you cluster the contract table by any column — status, lineage, series, rate type, or other attributes. Select a column and the rows re-sort into groups with collapsible header rows; selecting "None" returns the table to its default flat sort.
• Available in Fund View and Global Deal View: The grouper is available in both Fund View and Global Deal View. Grouping by lineage, for example, lets you see all contracts within the same draw side by side, while grouping by status makes it easy to separate active contracts from expired or pending ones at a glance.

See rate configuration, calendars, and estimated payments in Facility Details

Verifying a facility's rate setup previously required opening the edit wizard to see how floating-rate lookback periods, bank days calendars, and holiday roll directions were configured. Three improvements bring that information to the read-only Facility Details view and add an estimated payment preview when you're setting up a new facility.

What's new

• Bank Days Calendar and Holiday Roll Direction: The Facility Details tab now shows which holiday calendar is applied to the facility's payment schedule and which direction payments roll when they fall on a holiday. This makes it possible to verify a facility's calendar setup without editing the record.
• Lookback Days configuration: Facilities with a floating rate show the lookback days setting (Everyday, Weekdays, or Bank Holidays) and, when Bank Holidays is selected, the associated holiday calendar, so you can verify the full floating-rate setup without opening the edit form.
• Estimated payment per term: When you select Mortgage or Autocalculated as the principal payment schedule type during facility creation, an estimated payment amount is displayed alongside the selector so you can validate the repayment structure before saving.

Together, these three improvements reduce the back-and-forth between the read-only details view and the edit wizard. The most commonly referenced rate configuration fields are now visible at a glance alongside the facility's other details.

Access documentation without leaving Tenor

Looking something up in the help center previously meant switching browser tabs and losing your place in the application. The help center is now available as a sliding panel inside Tenor, so you can read documentation while staying in your current workflow.

What's new

• Help icon and sliding panel: A help icon in the Tenor top bar opens a documentation side panel without navigating away from the current page. The panel slides in alongside your work rather than replacing the screen, and you can dismiss it at any time with the Escape key or by clicking outside it.
• Card-grid landing page: The landing page greets you with a short video walkthrough of the latest release notes, then a card-grid layout that organizes articles by topic. Hovering over any card immediately reveals the articles inside.
• Search: Search is available from the landing page and throughout the panel. It prioritizes matches in article titles before matches in body content, so the most relevant article rises to the top when you type a feature name or keyword.
• Back and forward navigation: Navigate between visited articles the same way you would in a browser tab, without losing your position in the main application.
• Dock, undock, and full-screen modes: Pin the panel to the side of the screen or float it freely depending on your screen size and workflow. Full-screen mode expands the panel when you need the full article width.

The panel serves exactly the same content as the standalone Tenor help center at tenor-help.junipersquare.com. Articles are updated as new features ship, so the in-app panel and the external site always reflect the same documentation.