0.2.44: bitcoin terms value paid-in capital call by call

The LP portal's 'In bitcoin terms' box converted ALL paid-in capital at
the fund close date's BTC price, mispricing every mid-life capital call.
It now walks the statement history: the first statement's contributions
at the close-date entry mark, each later quarter's new contributions at
that statement date's price, and distributions at the price when
received. A dollar called later is no longer credited with bitcoin it
could never have bought. Funds with a single statement (and files
predating the uploaded price range) fall back to the close-date price.
Frontend only; shared by the LP portal and the admin Investor View.

frontend/src/portal/InvestorPortalView.tsx

@@ -5,13 +5,16 @@ import CapitalChart, { type CapitalPoint } from "../components/CapitalChart";
 
 const pct = (p: number) => `${p >= 0 ? "+" : "−"}${Math.abs(p).toFixed(1)}%`;
 
-// Dollars-at-cents ÷ BTC-price-at-cents, formatted to a sensible precision for the size.
-const formatBtc = (usdCents: number, priceCents: number) => {
-  const btc = usdCents / priceCents;
+// A BTC amount formatted to a sensible precision for the size.
+const formatBtcAmount = (btc: number) => {
   const dp = btc >= 10 ? 2 : btc >= 1 ? 3 : 4;
   return `₿${btc.toLocaleString(undefined, { minimumFractionDigits: dp, maximumFractionDigits: dp })}`;
 };
 
+// Dollars-at-cents ÷ BTC-price-at-cents.
+const formatBtc = (usdCents: number, priceCents: number) =>
+  formatBtcAmount(usdCents / priceCents);
+
 // The investor-facing portal, rendered purely from data. Used by the investor's own home
 // (InvestorHome) and by the admin read-only Investor View, so both show exactly the same thing.
 export default function InvestorPortalView({
@@ -418,24 +421,44 @@ function CapitalBlock({
         </p>
       )}
 
-      <BtcTerms latest={latest} />
+      <BtcTerms latest={latest} history={history} />
 
       <HistorySection history={history} />
     </div>
   );
 }
 
-// The bitcoin-denominated view: paid-in capital valued at the BTC price on the fund's close
-// (the entry mark set by the admin), current value at the newest statement's price. Hidden
+// The bitcoin-denominated view. Paid-in is valued CALL BY CALL: the first statement's
+// contributions at the fund-close price (the entry mark set by the admin), and each later
+// quarter's new contributions at that statement date's price — a fund that calls capital
+// over time isn't credited with bitcoin it could never have bought. Distributions convert
+// at the price when received; current value at the newest statement's price. Hidden
 // entirely until the admin has uploaded prices and set the fund's close date.
-function BtcTerms({ latest }: { latest: CapitalAccount }) {
+function BtcTerms({ latest, history }: { latest: CapitalAccount; history: CapitalAccount[] }) {
   const closePrice = latest.btc_close_price_cents;
   const asofPrice = latest.btc_price_cents;
   if (!closePrice || !asofPrice || latest.contributions_cents <= 0) return null;
 
-  const paidInBtc = latest.contributions_cents / closePrice;
-  const totalNowBtc = (latest.ending_balance_cents + latest.distributions_cents) / asofPrice;
+  // history is oldest-first; walk the cumulative figures and value each period's flows
+  // at that period's price (falling back to the close mark when a date predates the
+  // uploaded price range).
+  let paidInBtc = 0;
+  let distributedBtc = 0;
+  let prevContrib = 0;
+  let prevDistrib = 0;
+  history.forEach((s, i) => {
+    const price = (i === 0 ? closePrice : s.btc_price_cents) ?? closePrice;
+    const dContrib = s.contributions_cents - prevContrib;
+    const dDistrib = s.distributions_cents - prevDistrib;
+    if (dContrib > 0) paidInBtc += dContrib / price;
+    if (dDistrib > 0) distributedBtc += dDistrib / price;
+    prevContrib = Math.max(prevContrib, s.contributions_cents);
+    prevDistrib = Math.max(prevDistrib, s.distributions_cents);
+  });
+
+  const totalNowBtc = latest.ending_balance_cents / asofPrice + distributedBtc;
   const btcPct = paidInBtc > 0 ? (totalNowBtc / paidInBtc - 1) * 100 : null;
+  if (paidInBtc <= 0) return null;
 
   return (
     <div className="mt-4 border border-accent-100 bg-accent-50/50 rounded p-3">
@@ -443,16 +466,14 @@ function BtcTerms({ latest }: { latest: CapitalAccount }) {
       <div className="flex flex-wrap items-baseline gap-x-6 gap-y-1 mt-1.5">
         <span className="text-sm text-gray-600">
           Paid-in{" "}
-          <span className="font-medium text-gray-900">
-            {formatBtc(latest.contributions_cents, closePrice)}
-          </span>{" "}
-          <span className="text-xs text-gray-400">at close</span>
+          <span className="font-medium text-gray-900">{formatBtcAmount(paidInBtc)}</span>{" "}
+          <span className="text-xs text-gray-400">
+            {history.length > 1 ? "at call dates" : "at close"}
+          </span>
         </span>
         <span className="text-sm text-gray-600">
           Now{" "}
-          <span className="font-medium text-gray-900">
-            {formatBtc(latest.ending_balance_cents + latest.distributions_cents, asofPrice)}
-          </span>
+          <span className="font-medium text-gray-900">{formatBtcAmount(totalNowBtc)}</span>
         </span>
         {btcPct != null && (
           <span className={`text-sm font-medium ${btcPct >= 0 ? "text-accent-600" : "text-red-600"}`}>

frontend/src/version.ts

@@ -1,4 +1,4 @@
 // Bumped each release so the running build is visible in the UI.
 // If the number shown in the app doesn't match the installed s9pk version,
 // the new frontend isn't actually being served.
-export const APP_VERSION = "0.2.43";
+export const APP_VERSION = "0.2.44";