Maybern now supports automated in-product auditing. From the header navigation bar, users can click the clock icon next to the customer dropdown to access the Audit Log.

The audit log will automatically capture every action taken (and by whom) on an Object or Event across all Fund Families. Users are able to filter the entries in the audit log by date, team member who took the action , action type, object/event type, and fund family to help answer specific questions or troubleshoot any issues.

Upon clicking on an audit log event, a sidepanel will expand to present the user with additional data on the entry, such as the values of any attributes set or updated.

Maybern now supports automated credit facility interest expense tracking based on each loan's interest rate and principal usage.

The first step in setting up interest expense tracking on a credit facility is to build the interest rate calculation associated with your facility's loan(s).

Under Fund Family configuration → Calculations, users are now able to select a new classification type of interest rate.

Users are able to build an equation to represent a loan’s interest rate calculation. We’ve added the ability to reference the below reference rates in the calculation definition (only available when classification = interest rate ):

The system will ingest these reference rates daily to drive the interest expense calculation. Additionally, we’ve added the below metrics that can be referenced in the calculation definition. The value for these metrics will be defined on the loan config (more on this below).

Finally, we’ve added support for new operators max and min to support more complex interest rate calculation definitions.

When configuring a loan, Maybern now supports several new interest rate fields that the system will use to calculate daily interest expense:

First, the user will select (or define a new) interest rate calculation. This dropdown will pull in any calculation of type interest (see section above for how to create these calculations).

Users will also be able to define the spread and applicable margin. If these metrics were referenced in their interest rate calculation, these fields will be required.

Optionally, users are able to define the below attributes:

After the required loan(s) have been configured, as soon as users have drawn down from the loan(s), they will be able to post interest expense from the Expenses tab.

Upon clicking post interest expense, users will be presented with a modal to select the date range for the posting period. Users should align their interest expense posting cadence with the cadence with which they receive interest expense invoices from their bank.

The start date of the posting period will always be auto-set by the system. The first time interest is posted for the credit facility, the start date will be the first day interest accrued (based on the first principal tranche drawn). Every subsequent time interest is posted, the start date will be the day after the previous period’s end date.

After confirming the posting period's timeframe, users will be presented with system-calculated interest expense broken out by all loans in their credit facility. Users will be able to see the total interest expense the system calculated per loan for the period, as well as the daily average all-in interest rate, and the daily average principal outstanding.

Users can also click into the daily breakdown to view and download how the system is calculating interest expense by day (I.e. what the reference rate and outstanding principal was on each day) to validate against the bank's quoted invoice. After reviewing interest expense values, users can select post interest expense to confirm the interest expense for the stated period.

If there are discrepancies between system-calculated and bank-calculated interest expense (potentially caused by bank errors and/or small differences in reference rate used), and the user wants to override system values to match the bank’s invoice, adjustments can be made per loan.

Selecting adjust will take user to a table that shows principal , all-in rate , and interest expense for each day in the posting period. The user can review and edit either the all-in rate or the interest expense for a given day.

After saving the required adjustments, the user will be taken back the interest expense overview page to review adjustments made. If all looks correct, the user can then post interest expense.

After posting interest expense, users can view and export a breakdown of how interest expense is attributed to investments. Interest expense is allocated to deals based on the use associated with the outstanding tranches on each day interest accrued.

We’ve introduced a column to the Principal Tracking by Use credit facility table for Days Outstanding. This will allow users to quickly sort their tranches by days outstanding to determine if there are any tranches that need to be paid down.

We’ve updated the UI structure of Credit Facilities to contain three distinct pages:

The Net Event Investor Breakdown table's UI has been updated to support dynamic data grouping / ungrouping. The default grouping is Fund > Investor Class > Investor. Users are able to ungrouping any grouped columns.

The table now includes collapsable column categories (collapsed by default) to more clearly highlight the most important values in the below categories:

Users no longer have to click to run a waterfall after adding a distribution for a European waterfall. The system will automatically start processing the waterfall once a user clicks “Finalize Distribution” during the distribution flow.

We’ve introduced two new configurations that will provide more control in applying unique logic to the initial fee period.

Under Fee configuration, users will now see the below optional settings to override the charge timing (in advance or in arrears ), and the timing of the basis calculation (locked at start of period , locked at end of period , average of basis during period ) for the initial fee period.

Previously, if a fund based its management fee on a component that was not owned and tracked by Maybern, users were forced to upload an Excel sheet that contained the total fee basis over the fee posting period each time fees were posted.

Now, users can see what the components of their basis was in the prior period, and make basis adjustments on these components directly from the fee posting workflow.

In the first step of the fee posting workflow, users can now add fee basis adjustments, and review their fee basis broken out by investment to ensure their basis is correct.

The fee posting workflow remains unchanged for funds that are basing management fee calculations entirely on transactions that are written by Maybern's system.

Under Fund Family Configuration → Profile → Advanced, users can now configure a new setting: Equalization interest reference date , which controls whether equalization interest for the fund family is configured as of the closing date, or as of the equalization date. The options are Closing date , Cash equalization date , and the default setting is Cash equalization date.

For a given subsequent close, the order of operations between the equalization preview calculation and the management fee true-up calculation should be based on the fund family configuration:

The system now detects which step should occur first (based on the fund family’s configuration). If the user attempts to run the management fee true-up or the equalization preview in the wrong order (based on their fund family configuration), they’ll see a validation error.

If the fund family is configured incorrectly such that there is a circular dependency defined (i.e. their fee rate is impacted by the ownership structure of the fund AND their allocation rules for capital events are impacted by fee accruals), then the system will block users from creating a closing until the configuration error is resolved.

As part of our work to support a broader set of exports to third-party systems, we've recently added the ability to define multiple external IDs of different types on the investor entity. We've now updated the UI tables across the system to include the various types of external IDs that live on a given investor entity.

We’ve updated each UI table across the application where a column for investor entity’s external ID exists to breakout columns for each external IDs x ID Type that exists for the investor entity. The column names for each external IDs follow the convention Investor Entity external ID: [type]. All external ID columns displayed in the UI are included in the table export.

Example: Investor Entity A has the following external IDs defined:

Previously, date fields in Excel exports generated from the reporting tab were formatted as Strings, which prevented them from being appropriately filterable and sortable.

We’ve fixed this so date fields in reports are now exported in the standard date format.