Import credit-fund loans into NAV (eNAV HLD-LOANS schedule)

The eNAV importer read only the HLD securities sheet, so a credit fund's loan book (its largest asset) never reached NAV. SATS Credit Fund showed $3.6M of securities while holding a $46.3M loan to Fold Holdings. Parse the HLD-LOANS schedule alongside HLD: each loan becomes a holding and position valued at principal plus accrued interest, flowing into holdings, invested cost, and the quarter NAV. Adds test coverage and bumps the package to 0.2.47.
2026-09-02 08:50:31 -05:00
parent ee8e1f30a1
commit 12a6e33bd8
5 changed files with 221 additions and 9 deletions
@@ -0,0 +1,84 @@
+"""Credit-fund loan schedule: the eNAV 'HLD-LOANS' sheet must fold into holdings and NAV.
+
+Regression for the SATS Credit Fund case where the Portal showed $3.6M of securities while
+the fund held a $46.3M loan — because the loan lives on a separate schedule, not the HLD
+Holdings Report. See import_router._parse_loans.
+"""
+
+import io
+from datetime import date, datetime
+
+import openpyxl
+
+from ten31portal.routers.import_router import _parse_schedule_xlsx
+
+
+def _enav_with_loan() -> bytes:
+    """Minimal eNAV: an HLD securities sheet plus an HLD-LOANS loan schedule."""
+    wb = openpyxl.Workbook()
+    hld = wb.active
+    hld.title = "HLD"
+    hld["A1"] = datetime(2025, 12, 31)
+    hld.append([None])
+    hld.append(["SECURITY NAME", "QUANTITY", "COST BASIS - BOOK", "MARKET VALUE (BOOK)"])
+    hld.append(["BTC", 18.74, 1_734_584.37, 1_639_942.63])
+    hld.append(["Fold Holdings, Inc. - Warrant 03/26/25", 3_702_360, 0, 0])
+    hld.append(["TOTAL - LONG", None, 1_734_584.37, 3_597_442.63])
+
+    loans = wb.create_sheet("HLD-LOANS")
+    loans.append(["SATS CREDIT FUND LP"])
+    loans.append([None])
+    # Header + one loan row + a total row the parser must skip.
+    loans.append([
+        "COUNTERPART", "SECURITY NAME", "ISSUER NAME", "TRADE DATE",
+        "PRINCIPAL BALANCE", "TOTAL COST", "VALUE",
+        "VALUE PLUS ACCRUED INTEREST REC / (PAY)",
+    ])
+    loans.append([
+        "Fold Holdings, Inc.", "Fold Holdings, Inc. (Floating Rate)", "Fold Holdings, Inc.",
+        datetime(2025, 3, 26), 46_279_500, 46_279_500, 46_279_500, 46_494_185.46,
+    ])
+    loans.append(["TOTAL - LOAN", None, None, None, 46_279_500, 46_279_500, 46_279_500, 46_494_185.46])
+
+    out = io.BytesIO()
+    wb.save(out)
+    return out.getvalue()
+
+
+def test_loan_schedule_folds_into_holdings_and_nav():
+    name, as_of, holdings, positions, errors = _parse_schedule_xlsx(_enav_with_loan())
+
+    assert errors == []
+    assert as_of == date(2025, 12, 31)
+
+    # The loan groups under its issuer, which the warrant already created: no duplicate holding.
+    assert [h["company_name"] for h in holdings].count("Fold Holdings, Inc.") == 1
+
+    loan = next(p for p in positions if p["security_name"] == "Fold Holdings, Inc. (Floating Rate)")
+    assert loan["company_name"] == "Fold Holdings, Inc."
+    assert loan["value_cents"] == 46_494_185_46  # principal + accrued interest, in cents
+    assert loan["cost_cents"] == 46_279_500_00
+    assert loan["investment_date"] == "2025-03-26"
+    assert loan["shares"] is None
+
+    # NAV is the sum of every position value: securities ($3.6M) + the loan ($46.5M).
+    nav = sum(p["value_cents"] or 0 for p in positions)
+    assert nav == 1_639_942_63 + 0 + 46_494_185_46
+
+
+def test_no_loan_sheet_is_a_noop():
+    """A workbook with no HLD-LOANS sheet parses the securities exactly as before."""
+    wb = openpyxl.Workbook()
+    hld = wb.active
+    hld.title = "HLD"
+    hld["A1"] = datetime(2025, 12, 31)
+    hld.append([None])
+    hld.append(["SECURITY NAME", "QUANTITY", "COST BASIS - BOOK", "MARKET VALUE (BOOK)"])
+    hld.append(["Acme - Series A", 10, 100.0, 900.0])
+    out = io.BytesIO()
+    wb.save(out)
+
+    _, _, holdings, positions, errors = _parse_schedule_xlsx(out.getvalue())
+    assert errors == []
+    assert len(positions) == 1
+    assert positions[0]["value_cents"] == 900_00