diff --git a/generated/schema.ts b/generated/schema.ts
index 9ea6658..3398c6f 100644
--- a/generated/schema.ts
+++ b/generated/schema.ts
@@ -196,6 +196,15 @@ export class Tranche extends Entity {
     this.set("totalCollateral", Value.fromBigInt(value));
   }
 
+  get totalCollateralSimulated(): BigInt {
+    let value = this.get("totalCollateralSimulated");
+    return value!.toBigInt();
+  }
+
+  set totalCollateralSimulated(value: BigInt) {
+    this.set("totalCollateralSimulated", Value.fromBigInt(value));
+  }
+
   get totalCollateralAtMaturity(): BigInt | null {
     let value = this.get("totalCollateralAtMaturity");
     if (!value || value.kind == ValueKind.NULL) {
diff --git a/schema.graphql b/schema.graphql
index 0fd02f1..73c3b08 100644
--- a/schema.graphql
+++ b/schema.graphql
@@ -29,8 +29,10 @@ type Tranche @entity {
   ratio: BigInt!
   " index of this tranche, i.e. A-tranche is 0, B is 1 and so on "
   index: BigInt!
-  " The amount of collateral in this tranche for redemption "
+  " The amount of collateral held by the contract. Is 0 until bond is matured, and after that point will update with rebases and user redemptions "
   totalCollateral: BigInt!
+  " The amount of collateral the tranche would receive if the bond were to be matured at this point in time. Post maturity this is equal to totalCollateral "
+  totalCollateralSimulated: BigInt!
   " The amount of collateral in this tranche for redemption at time bond matured "
   totalCollateralAtMaturity: BigInt
   " token total supply at time bond matured "
diff --git a/src/mappings/bondTemplate.ts b/src/mappings/bondTemplate.ts
index c4ecedb..fbb616e 100644
--- a/src/mappings/bondTemplate.ts
+++ b/src/mappings/bondTemplate.ts
@@ -6,27 +6,31 @@ import {
   Redeem,
   RedeemMature,
 } from '../../generated/templates/BondTemplate/BondController';
-import { fetchBond, matureBond, updateBond } from '../utils/bond';
+import { fetchBond, matureBond, updateBond, updateSimulatedTrancheCollateral } from '../utils/bond';
 
 export function handleDeposit(event: Deposit): void {
   const bond = fetchBond(event.address.toHexString());
   updateBond(bond);
+  updateSimulatedTrancheCollateral(bond);
 }
 
 export function handleRedeem(event: Redeem): void {
   const bond = fetchBond(event.address.toHexString());
   updateBond(bond);
+  updateSimulatedTrancheCollateral(bond);
 }
 
 export function handleRedeemMature(event: RedeemMature): void {
   const bond = fetchBond(event.address.toHexString());
   updateBond(bond);
+  updateSimulatedTrancheCollateral(bond);
 }
 
 export function handleMature(event: Mature): void {
   const bond = fetchBond(event.address.toHexString());
   updateBond(bond);
   matureBond(bond, event);
+  updateSimulatedTrancheCollateral(bond);
 }
 
 export function handleFeeUpdate(event: FeeUpdate): void {
diff --git a/src/utils/bond.ts b/src/utils/bond.ts
index 3d3a0df..431cbc6 100644
--- a/src/utils/bond.ts
+++ b/src/utils/bond.ts
@@ -165,6 +165,35 @@ export function updateBondAfterRebase(bondId: string): void {
     tranche.save();
   }
   bond.save();
+  updateSimulatedTrancheCollateral(bond);
+}
+
+export function updateSimulatedTrancheCollateral(bond: Bond): void {
+  const tranches = bond.tranches;
+  let collateralRemaining = bond.totalCollateral;
+  for (let trancheIndex = 0; trancheIndex < tranches.length; trancheIndex++) {
+    const trancheId = tranches[trancheIndex];
+    const tranche = fetchTranche(trancheId);
+    if (bond.isMature) {
+      tranche.totalCollateralSimulated = tranche.totalCollateral;
+    } else {
+      const trancheSupply = fetchToken(tranche.token).totalSupply;
+      if (collateralRemaining.lt(trancheSupply)) {
+        tranche.totalCollateralSimulated = collateralRemaining;
+        collateralRemaining = ZERO_BI;
+      } else {
+        if (trancheIndex < tranches.length - 1) {
+          // Senior tranches get paid up to 1:1
+          tranche.totalCollateralSimulated = trancheSupply;
+          collateralRemaining = collateralRemaining.minus(trancheSupply);
+        } else {
+          // Junior tranche gets all excess
+          tranche.totalCollateralSimulated = collateralRemaining;
+        }
+      }
+    }
+    tranche.save();
+  }
 }
 
 export function updateBond(bond: Bond): void {
diff --git a/src/utils/tranche.ts b/src/utils/tranche.ts
index 299be9c..87aa670 100644
--- a/src/utils/tranche.ts
+++ b/src/utils/tranche.ts
@@ -16,6 +16,7 @@ export function createTranche(bondId: string, collateralId: string, trancheIndex
     tranche.token = trancheId;
     tranche.ratio = trancheResult.value.getRatio();
     tranche.totalCollateral = ERC20.bind(castToAddress(collateralId)).balanceOf(trancheAddress);
+    tranche.totalCollateralSimulated = tranche.totalCollateral;
     tranche.save();
     return tranche;
   } else {