0.2.33: exited positions (secondary-sale edge case)

A member who sold/transferred their stake showed a phantom -100% loss
($0 ending balance, no distribution through the fund). Now:
- entity_access.exited_on (migration e1f2a3b4c5d6), set/cleared from the
  Partners tab (writer-only, inline date picker, audited)
- LP portal card shows a quiet "Exited <date>" badge, keeps documents,
  hides balance/gain
- portfolio summary excludes exited positions ("Excludes N exited")
- fund committed totals (rollup + Partners tab) skip exited members so
  seller + buyer are not double-counted

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>

backend/alembic/versions/e1f2a3b4c5d6_access_exited_on.py

@@ -0,0 +1,27 @@
+"""add entity_access.exited_on (member sold/transferred their stake)
+
+Revision ID: e1f2a3b4c5d6
+Revises: d0e1f2a3b4c5
+Create Date: 2026-07-03 10:30:00.000000
+
+"""
+from typing import Sequence, Union
+
+from alembic import op
+import sqlalchemy as sa
+
+
+revision: str = 'e1f2a3b4c5d6'
+down_revision: Union[str, None] = 'd0e1f2a3b4c5'
+branch_labels: Union[str, Sequence[str], None] = None
+depends_on: Union[str, Sequence[str], None] = None
+
+
+def upgrade() -> None:
+    with op.batch_alter_table('entity_access', schema=None) as batch_op:
+        batch_op.add_column(sa.Column('exited_on', sa.Date(), nullable=True))
+
+
+def downgrade() -> None:
+    with op.batch_alter_table('entity_access', schema=None) as batch_op:
+        batch_op.drop_column('exited_on')

backend/ten31portal/models.py

@@ -175,6 +175,10 @@ class EntityAccess(SQLModel, table=True):
     id: int | None = Field(default=None, primary_key=True)
     user_id: int = Field(foreign_key="users.id")
     entity_id: int = Field(foreign_key="entities.id", index=True)
+    # Set when this member sold/transferred their stake (e.g. a secondary sale): the fund's
+    # books show a $0 balance with no distribution, which is NOT a loss. An exited position
+    # shows a badge instead of gain/loss, keeps its documents, and drops out of totals.
+    exited_on: date | None = Field(default=None)
     created_at: datetime = Field(default_factory=datetime.utcnow)
 
 

backend/ten31portal/routers/capital_account_router.py

@@ -10,7 +10,7 @@ from ten31portal.auth import (
 )
 from ten31portal.database import get_session
 from ten31portal.models import (
-    CapitalAccountStatement, Entity, User, UserRole,
+    CapitalAccountStatement, Entity, EntityAccess, User, UserRole,
 )
 from ten31portal.schemas import CapitalAccountCreate, CapitalAccountResponse
 
@@ -57,10 +57,22 @@ def list_statements(
             col(User.id).in_({r.investor_user_id for r in rows})
         )
     ).all()) if rows else {}
+    # And each (investor, entity)'s exit date, so a sold/transferred stake renders as
+    # "Exited" instead of a phantom -100% loss.
+    exits = {
+        (a.user_id, a.entity_id): a.exited_on
+        for a in session.exec(
+            select(EntityAccess).where(
+                col(EntityAccess.user_id).in_({r.investor_user_id for r in rows}),
+                col(EntityAccess.exited_on).is_not(None),
+            )
+        ).all()
+    } if rows else {}
     out: list[CapitalAccountResponse] = []
     for r in rows:
         data = CapitalAccountResponse.model_validate(r, from_attributes=True)
         data.investor_name = names.get(r.investor_user_id)
+        data.exited_on = exits.get((r.investor_user_id, r.entity_id))
         out.append(data)
     return out
 

backend/ten31portal/routers/entity_router.py

@@ -17,7 +17,8 @@ from ten31portal.models import (
 )
 from ten31portal.schemas import (
     AssetBalancesResponse, CapitalAccountResponse, EntityCreate, EntityResponse,
-    EntityStakeCreate, EntityStakeResponse, EntityUpdate, PartnerResponse,
+    EntityStakeCreate, EntityStakeResponse, EntityUpdate, PartnerExitUpdate,
+    PartnerResponse,
 )
 
 router = APIRouter(prefix="/api/entities", tags=["entities"])
@@ -75,13 +76,21 @@ def entity_rollup(
             last_signed_value_cents = int(val_sum)
 
         # Total committed capital = each investor's most recent commitment for this entity.
+        # Exited members (stake sold/transferred) are skipped — their buyer's commitment now
+        # appears on the roster, so counting both would double the fund's committed total.
         stmts = session.exec(
             select(CapitalAccountStatement)
             .where(CapitalAccountStatement.entity_id == ent.id)
             .order_by(CapitalAccountStatement.as_of_date.desc())  # type: ignore[union-attr]
         ).all()
+        exited_ids = set(session.exec(
+            select(EntityAccess.user_id).where(
+                EntityAccess.entity_id == ent.id,
+                col(EntityAccess.exited_on).is_not(None),
+            )
+        ).all())
         committed_cents = 0
-        seen_investors: set[int] = set()
+        seen_investors: set[int] = set(exited_ids)
         for st in stmts:
             if st.investor_user_id in seen_investors:
                 continue
@@ -114,14 +123,14 @@ def list_partners(
         raise HTTPException(status_code=404, detail="Entity not found")
 
     members = session.exec(
-        select(User)
+        select(User, EntityAccess)
         .join(EntityAccess, EntityAccess.user_id == User.id)
         .where(EntityAccess.entity_id == entity_id, User.role == UserRole.investor)
         .order_by(User.name)  # type: ignore[arg-type]
     ).all()
 
     result: list[PartnerResponse] = []
-    for m in members:
+    for m, access in members:
         stmts = session.exec(
             select(CapitalAccountStatement)
             .where(
@@ -144,10 +153,48 @@ def list_partners(
             latest_value_cents=latest.ending_balance_cents if latest else None,
             latest_as_of=latest.as_of_date if latest else None,
             statements_count=len(stmts),
+            exited_on=access.exited_on,
         ))
     return result
 
 
+@router.put("/{entity_id}/partners/{user_id}/exited")
+def set_partner_exited(
+    entity_id: int,
+    user_id: int,
+    body: PartnerExitUpdate,
+    admin: User = Depends(require_writer),
+    session: Session = Depends(get_session),
+) -> PartnerResponse:
+    """Mark a member as exited from this fund (stake sold/transferred), or clear it.
+
+    Their statements and documents stay; the portal shows an Exited badge instead of a
+    phantom -100% and drops the position from portfolio and fund committed totals.
+    """
+    access = session.exec(
+        select(EntityAccess).where(
+            EntityAccess.entity_id == entity_id, EntityAccess.user_id == user_id
+        )
+    ).first()
+    if access is None:
+        raise HTTPException(status_code=404, detail="That member has no access to this fund")
+    member = session.get(User, user_id)
+    if member is None or member.role != UserRole.investor:
+        raise HTTPException(status_code=400, detail="Only investor members can be marked exited")
+
+    access.exited_on = body.exited_on
+    session.add(access)
+    record_audit(session, admin.id, "set_exited", "entity_access", access.id, {
+        "entity_id": entity_id,
+        "user_id": user_id,
+        "exited_on": str(body.exited_on) if body.exited_on else None,
+    })
+    session.commit()
+
+    # Return the member's refreshed partner row for easy UI updates.
+    return next(p for p in list_partners(entity_id, admin, session) if p.user_id == user_id)
+
+
 @router.delete("/{entity_id}/partners")
 def clear_partners(
     entity_id: int,

backend/ten31portal/schemas.py

@@ -243,6 +243,9 @@ class CapitalAccountResponse(BaseModel):
     ending_balance_cents: int
     document_id: int | None
     created_at: datetime
+    # Date the member sold/transferred this stake (from EntityAccess); the portal shows an
+    # "Exited" badge instead of a phantom -100% and drops the position from totals.
+    exited_on: date | None = None
 
 
 # --- Partners (members of an entity) ---
@@ -260,6 +263,11 @@ class PartnerResponse(BaseModel):
     latest_value_cents: int | None
     latest_as_of: date | None
     statements_count: int
+    exited_on: date | None = None
+
+
+class PartnerExitUpdate(BaseModel):
+    exited_on: date | None  # null clears the exit (marks the member active again)
 
 
 # --- Access matrix ---

backend/tests/test_exited.py

@@ -0,0 +1,99 @@
+"""Exited positions (0.2.33): a member who sold/transferred their stake shows as exited
+instead of a phantom -100% loss, and drops out of committed totals."""
+
+from datetime import date
+
+from sqlmodel import select
+
+from ten31portal.models import (
+    CapitalAccountStatement, Entity, EntityAccess, EntityType, UserRole,
+)
+from tests.conftest import make_user
+
+
+def _setup_fund(session, *, commitment=4_000_000_00, balance=0):
+    entity = Entity(name="Pawn Fund", type=EntityType.spv)
+    session.add(entity)
+    session.commit()
+    lp = make_user(session, username="seller", role=UserRole.investor, name="Seller LP")
+    session.add(EntityAccess(user_id=lp.id, entity_id=entity.id))
+    session.add(CapitalAccountStatement(
+        entity_id=entity.id, investor_user_id=lp.id, as_of_date=date(2026, 3, 31),
+        commitment_cents=commitment, beginning_balance_cents=0,
+        contributions_cents=commitment, distributions_cents=0,
+        ending_balance_cents=balance,
+    ))
+    session.commit()
+    return entity, lp
+
+
+def test_mark_exited_flows_to_partners_and_statements(auth_client, session):
+    entity, lp = _setup_fund(session)
+
+    resp = auth_client.put(
+        f"/api/entities/{entity.id}/partners/{lp.id}/exited",
+        json={"exited_on": "2026-05-15"},
+    )
+    assert resp.status_code == 200, resp.text
+    assert resp.json()["exited_on"] == "2026-05-15"
+
+    partners = auth_client.get(f"/api/entities/{entity.id}/partners").json()
+    assert partners[0]["exited_on"] == "2026-05-15"
+
+    # The LP's own capital-account view carries the exit date.
+    lp_client = auth_client
+    lp_client.post("/api/auth/logout")
+    assert lp_client.post(
+        "/api/auth/login", json={"login": "seller", "password": "password123"}
+    ).status_code == 200
+    accounts = lp_client.get("/api/capital-accounts").json()
+    assert accounts[0]["exited_on"] == "2026-05-15"
+
+    # Undo clears it.
+    lp_client.post("/api/auth/logout")
+    assert lp_client.post(
+        "/api/auth/login", json={"login": "approver", "password": "password123"}
+    ).status_code == 200
+    resp = lp_client.put(
+        f"/api/entities/{entity.id}/partners/{lp.id}/exited", json={"exited_on": None}
+    )
+    assert resp.status_code == 200
+    assert resp.json()["exited_on"] is None
+
+
+def test_exited_member_excluded_from_rollup_committed(auth_client, session):
+    entity, seller = _setup_fund(session)
+    # The buyer joins the roster with the same commitment (they bought the stake).
+    buyer = make_user(session, username="buyer", role=UserRole.investor, name="Buyer LP")
+    session.add(EntityAccess(user_id=buyer.id, entity_id=entity.id))
+    session.add(CapitalAccountStatement(
+        entity_id=entity.id, investor_user_id=buyer.id, as_of_date=date(2026, 6, 30),
+        commitment_cents=4_000_000_00, beginning_balance_cents=0,
+        contributions_cents=4_000_000_00, distributions_cents=0,
+        ending_balance_cents=4_200_000_00,
+    ))
+    session.commit()
+
+    # Before the exit both commitments count — the double-count problem.
+    rollup = auth_client.get("/api/entities/rollup").json()
+    row = next(r for r in rollup if r["id"] == entity.id)
+    assert row["committed_cents"] == 8_000_000_00
+
+    assert auth_client.put(
+        f"/api/entities/{entity.id}/partners/{seller.id}/exited",
+        json={"exited_on": "2026-05-15"},
+    ).status_code == 200
+
+    rollup = auth_client.get("/api/entities/rollup").json()
+    row = next(r for r in rollup if r["id"] == entity.id)
+    assert row["committed_cents"] == 4_000_000_00
+
+
+def test_exited_requires_membership(auth_client, session):
+    entity, _ = _setup_fund(session)
+    stranger = make_user(session, username="stranger", role=UserRole.investor)
+    resp = auth_client.put(
+        f"/api/entities/{entity.id}/partners/{stranger.id}/exited",
+        json={"exited_on": "2026-05-15"},
+    )
+    assert resp.status_code == 404

deploy/package.json

@@ -1,6 +1,6 @@
 {
   "name": "ten31portal-startos",
-  "version": "0.2.32",
+  "version": "0.2.33",
   "private": true,
   "scripts": {
     "build": "npm run check && rm -rf ./javascript && ncc build startos/index.ts -o ./javascript",

deploy/startos/install/versions/index.ts

@@ -1,4 +1,4 @@
-export { v_0_2_32 as current } from './v_0_2_32'
+export { v_0_2_33 as current } from './v_0_2_33'
 import { v_0_1_0 } from './v_0_1_0'
 import { v_0_2_0 } from './v_0_2_0'
 import { v_0_2_1 } from './v_0_2_1'
@@ -31,4 +31,5 @@ import { v_0_2_28 } from './v_0_2_28'
 import { v_0_2_29 } from './v_0_2_29'
 import { v_0_2_30 } from './v_0_2_30'
 import { v_0_2_31 } from './v_0_2_31'
-export const other = [v_0_1_0, v_0_2_0, v_0_2_1, v_0_2_3, v_0_2_4, v_0_2_5, v_0_2_6, v_0_2_7, v_0_2_8, v_0_2_9, v_0_2_10, v_0_2_11, v_0_2_12, v_0_2_13, v_0_2_14, v_0_2_15, v_0_2_16, v_0_2_17, v_0_2_18, v_0_2_19, v_0_2_20, v_0_2_21, v_0_2_22, v_0_2_23, v_0_2_24, v_0_2_25, v_0_2_26, v_0_2_27, v_0_2_28, v_0_2_29, v_0_2_30, v_0_2_31]
+import { v_0_2_32 } from './v_0_2_32'
+export const other = [v_0_1_0, v_0_2_0, v_0_2_1, v_0_2_3, v_0_2_4, v_0_2_5, v_0_2_6, v_0_2_7, v_0_2_8, v_0_2_9, v_0_2_10, v_0_2_11, v_0_2_12, v_0_2_13, v_0_2_14, v_0_2_15, v_0_2_16, v_0_2_17, v_0_2_18, v_0_2_19, v_0_2_20, v_0_2_21, v_0_2_22, v_0_2_23, v_0_2_24, v_0_2_25, v_0_2_26, v_0_2_27, v_0_2_28, v_0_2_29, v_0_2_30, v_0_2_31, v_0_2_32]

deploy/startos/install/versions/v_0_2_33.ts

@@ -0,0 +1,13 @@
+import { VersionInfo } from '@start9labs/start-sdk'
+
+export const v_0_2_33 = VersionInfo.of({
+  version: '0.2.33:0',
+  releaseNotes: {
+    en_US:
+      "Exited positions: a member who sold or transferred their stake (secondary sale) can be marked 'Exited' on the fund's Partners tab. Their portal card shows a quiet Exited badge instead of a phantom -100% loss, documents stay available, and the position drops out of the investor's portfolio totals and the fund's committed totals (avoiding seller+buyer double-counting).",
+  },
+  migrations: {
+    up: async ({ effects }) => {},
+    down: async ({ effects }) => {},
+  },
+})

frontend/public/sw.js

@@ -3,7 +3,7 @@
 // - content-hashed /assets/* are cache-first (immutable, safe forever)
 // - /api/* is never cached
 // Bump CACHE on each release so old entries are purged.
-const CACHE = 'ten31-portal-0.2.32'
+const CACHE = 'ten31-portal-0.2.33'
 
 self.addEventListener('install', () => self.skipWaiting())
 

frontend/src/api.ts

@@ -86,6 +86,7 @@ export interface Partner {
   latest_value_cents: number | null;
   latest_as_of: string | null;
   statements_count: number;
+  exited_on: string | null;
 }
 
 export interface AccessGrant {
@@ -160,6 +161,7 @@ export interface CapitalAccount {
   ending_balance_cents: number;
   document_id: number | null;
   created_at: string;
+  exited_on: string | null;
 }
 
 export interface Entity {
@@ -313,6 +315,11 @@ export const api = {
       `/api/entities/${entityId}/partners`,
       { method: "DELETE" },
     ),
+  setPartnerExited: (entityId: number, userId: number, exitedOn: string | null) =>
+    request<Partner>(`/api/entities/${entityId}/partners/${userId}/exited`, {
+      method: "PUT",
+      body: JSON.stringify({ exited_on: exitedOn }),
+    }),
   createEntity: (data: Partial<Entity>) =>
     request<Entity>("/api/entities", { method: "POST", body: JSON.stringify(data) }),
   updateEntity: (id: number, data: Partial<Entity>) =>

frontend/src/pages/EntityPartners.tsx

@@ -14,6 +14,9 @@ export default function EntityPartners() {
   const [notice, setNotice] = useState("");
   const [clearing, setClearing] = useState(false);
   const [loading, setLoading] = useState(true);
+  // Row currently getting an exit date (inline date picker), and the chosen date.
+  const [exitingId, setExitingId] = useState<number | null>(null);
+  const [exitDate, setExitDate] = useState(() => new Date().toISOString().slice(0, 10));
 
   const isWriter = !!user && canEditRound(user.role);
 
@@ -57,10 +60,26 @@ export default function EntityPartners() {
     }
   }
 
+  async function saveExit(userId: number, exitedOn: string | null) {
+    if (!entity) return;
+    setError("");
+    try {
+      const updated = await api.setPartnerExited(entity.id, userId, exitedOn);
+      setPartners((prev) => prev.map((p) => (p.user_id === userId ? updated : p)));
+      setExitingId(null);
+    } catch (err: any) {
+      setError(err.message || "Failed to update exit status");
+    }
+  }
+
   if (loading || !entity) return <div className="text-gray-500 text-sm">Loading…</div>;
 
-  const totalCommitted = partners.reduce((s, p) => s + (p.latest_commitment_cents || 0), 0);
+  // Exited members (stake sold/transferred) stay on the roster but out of the totals —
-  const totalCapital = partners.reduce((s, p) => s + (p.latest_value_cents || 0), 0);
+  // otherwise a seller and their buyer would both be counted.
+  const active = partners.filter((p) => !p.exited_on);
+  const exitedCount = partners.length - active.length;
+  const totalCommitted = active.reduce((s, p) => s + (p.latest_commitment_cents || 0), 0);
+  const totalCapital = active.reduce((s, p) => s + (p.latest_value_cents || 0), 0);
 
   return (
     <div>
@@ -78,6 +97,11 @@ export default function EntityPartners() {
             Total committed: <span className="font-medium">{formatMoneyExact(totalCommitted)}</span>
             <span className="mx-2 text-gray-300">·</span>
             Total capital: <span className="font-medium">{formatMoneyExact(totalCapital)}</span>
+            {exitedCount > 0 && (
+              <span className="ml-2 text-xs text-gray-400">
+                (excludes {exitedCount} exited)
+              </span>
+            )}
           </p>
           {isWriter && partners.length > 0 && (
             <button
@@ -98,6 +122,7 @@ export default function EntityPartners() {
               <th className="px-4 py-2 font-medium">Member</th>
               <th className="px-4 py-2 font-medium">Investor ID</th>
               <th className="px-4 py-2 font-medium">Login</th>
+              <th className="px-4 py-2 font-medium">Status</th>
               <th className="px-4 py-2 font-medium">As of</th>
               <th className="px-4 py-2 font-medium text-right">Committed</th>
               <th className="px-4 py-2 font-medium text-right">Paid-in</th>
@@ -107,9 +132,9 @@ export default function EntityPartners() {
           </thead>
           <tbody>
             {partners.map((p) => (
-              <tr key={p.user_id} className="border-t border-gray-100">
+              <tr key={p.user_id} className={`border-t border-gray-100 ${p.exited_on ? "text-gray-400" : ""}`}>
                 <td className="px-4 py-2">
-                  <div className="text-gray-900">{p.name}</div>
+                  <div className={p.exited_on ? "text-gray-500" : "text-gray-900"}>{p.name}</div>
                   <div className="text-xs text-gray-400">{p.username}</div>
                 </td>
                 <td className="px-4 py-2 text-gray-600">{p.external_investor_id ?? "—"}</td>
@@ -122,6 +147,56 @@ export default function EntityPartners() {
                     <span className="text-amber-600">No login yet</span>
                   )}
                 </td>
+                <td className="px-4 py-2 whitespace-nowrap">
+                  {p.exited_on ? (
+                    <span>
+                      <span className="text-xs font-medium uppercase text-gray-500 bg-gray-100 px-1.5 py-0.5 rounded">
+                        Exited {formatDate(p.exited_on)}
+                      </span>
+                      {isWriter && (
+                        <button
+                          onClick={() => saveExit(p.user_id, null)}
+                          className="ml-2 text-xs text-accent-600 hover:text-accent-700"
+                        >
+                          Undo
+                        </button>
+                      )}
+                    </span>
+                  ) : exitingId === p.user_id ? (
+                    <span className="flex items-center gap-1.5">
+                      <input
+                        type="date"
+                        value={exitDate}
+                        onChange={(e) => setExitDate(e.target.value)}
+                        className="px-1.5 py-0.5 border border-gray-300 rounded text-xs"
+                      />
+                      <button
+                        onClick={() => exitDate && saveExit(p.user_id, exitDate)}
+                        className="text-xs text-accent-600 hover:text-accent-700 font-medium"
+                      >
+                        Save
+                      </button>
+                      <button
+                        onClick={() => setExitingId(null)}
+                        className="text-xs text-gray-400 hover:text-gray-600"
+                      >
+                        Cancel
+                      </button>
+                    </span>
+                  ) : (
+                    <span>
+                      <span className="text-gray-600">Member</span>
+                      {isWriter && (
+                        <button
+                          onClick={() => setExitingId(p.user_id)}
+                          className="ml-2 text-xs text-gray-400 hover:text-gray-600"
+                        >
+                          Mark exited
+                        </button>
+                      )}
+                    </span>
+                  )}
+                </td>
                 <td className="px-4 py-2 text-gray-500">
                   {p.latest_as_of ? formatDate(p.latest_as_of) : "—"}
                 </td>
@@ -141,7 +216,7 @@ export default function EntityPartners() {
             ))}
             {partners.length === 0 && (
               <tr>
-                <td colSpan={8} className="px-4 py-6 text-center text-gray-400">
+                <td colSpan={9} className="px-4 py-6 text-center text-gray-400">
                   No members yet. Import the eNAV ALLOC SI tab from “Import Statements,” or grant
                   access on the Access Grid.
                 </td>

frontend/src/portal/InvestorPortalView.tsx

@@ -27,9 +27,23 @@ export default function InvestorPortalView({
   // When this login covers several legal names (e.g. an IRA and a trust), label each block.
   const showNames = new Set(accounts.map((a) => a.investor_user_id)).size > 1;
 
+  // Exited positions (stake sold/transferred) keep their card + documents but stay out of
+  // the portfolio totals — a $0 balance from a sale is not a loss.
+  const activeAccounts = accounts.filter((a) => !a.exited_on);
+  const activeEntityCount = new Set(activeAccounts.map((a) => a.entity_id)).size;
+  const exitedPositions = new Set(
+    accounts.filter((a) => a.exited_on).map((a) => `${a.entity_id}:${a.investor_user_id}`),
+  ).size;
+
   return (
     <div className="space-y-8">
-      {entities.length > 1 && <PortfolioSummary accounts={accounts} count={entities.length} />}
+      {activeEntityCount > 1 && (
+        <PortfolioSummary
+          accounts={activeAccounts}
+          count={activeEntityCount}
+          exitedCount={exitedPositions}
+        />
+      )}
       {entities.map((e) => (
         <FundSection
           key={e.id}
@@ -44,7 +58,15 @@ export default function InvestorPortalView({
 }
 
 // One quiet navy card answering the multi-fund LP's first question: the total across Ten31.
-function PortfolioSummary({ accounts, count }: { accounts: CapitalAccount[]; count: number }) {
+function PortfolioSummary({
+  accounts,
+  count,
+  exitedCount,
+}: {
+  accounts: CapitalAccount[];
+  count: number;
+  exitedCount: number;
+}) {
   // Latest statement per (fund, legal name); summed across all of them.
   const totals = useMemo(() => {
     const latest = new Map<string, CapitalAccount>();
@@ -100,6 +122,11 @@ function PortfolioSummary({ accounts, count }: { accounts: CapitalAccount[]; cou
           )}
         </div>
       </div>
+      {exitedCount > 0 && (
+        <p className="mt-3 text-xs text-brand-300">
+          Excludes {exitedCount} exited position{exitedCount === 1 ? "" : "s"}.
+        </p>
+      )}
     </section>
   );
 }
@@ -238,6 +265,24 @@ function CapitalBlock({
   // Collapsed by default so the portal opens clean; the investor expands the trend per fund.
   const [showChart, setShowChart] = useState(false);
 
+  // A sold/transferred stake: the fund's books show $0 with no distribution, which is not a
+  // loss. Show a quiet Exited badge and keep the documents; no balance, no gain/loss.
+  if (latest.exited_on) {
+    return (
+      <div className={divider ? "mt-6 pt-5 border-t border-gray-100" : "mt-3"}>
+        {label && <p className="text-sm font-medium text-gray-700">{label}</p>}
+        <p className="mt-2">
+          <span className="text-xs font-medium uppercase text-gray-500 bg-gray-100 px-2 py-1 rounded">
+            Exited {formatDate(latest.exited_on)}
+          </span>
+        </p>
+        <p className="text-sm text-gray-400 mt-2">
+          This position was sold or transferred. Documents remain available below.
+        </p>
+      </div>
+    );
+  }
+
   return (
     <div className={divider ? "mt-6 pt-5 border-t border-gray-100" : "mt-3"}>
       {label && <p className="text-sm font-medium text-gray-700">{label}</p>}

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 = "0.2.32";
+export const APP_VERSION = "0.2.33";