0.2.39: bitcoin-denominated view, first-login flow, unfunded + tax center

- BTC prices: btc_prices table, CSV upload on Import page (auto-detected
  date/close columns, upsert by date), entities.close_date as the BTC entry
  mark; statements carry btc_price_cents (as-of) + btc_close_price_cents.
  LP capital blocks show paid-in vs current value in bitcoin terms.
- First login: accounts on the shared default password are flagged
  (must_change_password) and blocked behind a full-screen password change;
  external accounts then get a one-time welcome tour with a 2FA offer
  (users.onboarded_at).
- LP portal: Unfunded (callable commitment) metric; Tax documents center
  aggregating K-1/tax docs across funds, grouped by year.

Co-Authored-By: Claude Fable 5 <noreply@anthropic.com>

frontend/src/App.tsx

@@ -1,6 +1,7 @@
 import { BrowserRouter, Routes, Route, Navigate } from "react-router-dom";
 import { AuthProvider, useAuth } from "./context/AuthContext";
 import { isInternal } from "./api";
+import { ForcePasswordChange, WelcomeFlow } from "./components/FirstLogin";
 import Layout from "./components/Layout";
 import Login from "./pages/Login";
 import EntitiesList from "./pages/EntitiesList";
@@ -50,6 +51,7 @@ function ExternalApp() {
   return (
     <PortalLayout>
       {user?.role === "fund_administrator" ? <FundAdminHome /> : <InvestorHome />}
+      {user && !user.onboarded_at && <WelcomeFlow />}
     </PortalLayout>
   );
 }
@@ -87,6 +89,9 @@ function ProtectedRoutes() {
     return offline ? <OfflineNotice onRetry={retry} /> : <Login />;
   }
 
+  // Still on the shared default password → nothing else until they set their own.
+  if (user.must_change_password) return <ForcePasswordChange />;
+
   return isInternal(user.role) ? <InternalApp /> : <ExternalApp />;
 }
 

frontend/src/api.ts

@@ -45,6 +45,8 @@ export interface User {
   is_service_admin: boolean;
   primary_account_id: number | null;
   totp_enabled: boolean;
+  must_change_password: boolean;
+  onboarded_at: string | null;
   created_at: string;
 }
 
@@ -154,6 +156,18 @@ export interface BatchCapitalImportResult {
   total_statements: number;
 }
 
+export interface BtcPricesStatus {
+  count: number;
+  first_date: string | null;
+  last_date: string | null;
+  latest_price_cents: number | null;
+}
+
+export interface BtcPricesImportResult extends BtcPricesStatus {
+  imported: number;
+  skipped_rows: number;
+}
+
 export interface CapitalAccount {
   id: number;
   entity_id: number;
@@ -168,6 +182,9 @@ export interface CapitalAccount {
   document_id: number | null;
   created_at: string;
   exited_on: string | null;
+  // BTC/USD marks for the bitcoin-denominated view (null = no price data / no close date)
+  btc_price_cents: number | null;
+  btc_close_price_cents: number | null;
 }
 
 export interface Entity {
@@ -178,6 +195,7 @@ export interface Entity {
   fund_size_cents: number | null;
   status: EntityStatus;
   linked_user_id: number | null;
+  close_date: string | null;
   created_at: string;
 }
 
@@ -514,6 +532,20 @@ export const api = {
     if (!res.ok) throw new ApiError(res.status, data.detail || "Batch import failed");
     return data;
   },
+  // BTC prices (bitcoin-denominated view)
+  btcPricesStatus: () => request<BtcPricesStatus>("/api/import/btc-prices"),
+  importBtcPrices: async (file: File): Promise<BtcPricesImportResult> => {
+    const form = new FormData();
+    form.set("file", file);
+    const res = await fetch("/api/import/btc-prices", { method: "POST", body: form });
+    const data = await res.json().catch(() => ({ detail: res.statusText }));
+    if (!res.ok) throw new ApiError(res.status, data.detail || "Price import failed");
+    return data;
+  },
+
+  markOnboarded: () =>
+    request<{ status: string }>("/api/auth/onboarded", { method: "POST" }),
+
   getUser: (id: number) => request<UserDetail>(`/api/users/${id}`),
   createUser: (data: {
     name: string;

frontend/src/components/FirstLogin.tsx

@@ -0,0 +1,130 @@
+import { useState } from "react";
+import { api } from "../api";
+import { useAuth } from "../context/AuthContext";
+import PasswordInput from "./PasswordInput";
+import TwoFactorModal from "./TwoFactorModal";
+
+/** Full-screen gate shown while the account is still on the shared default password.
+ *  Nothing else is reachable until a personal password is set. */
+export function ForcePasswordChange() {
+  const { user, retry, logout } = useAuth();
+  const [current, setCurrent] = useState("");
+  const [next, setNext] = useState("");
+  const [confirm, setConfirm] = useState("");
+  const [error, setError] = useState("");
+  const [busy, setBusy] = useState(false);
+
+  const save = async () => {
+    setError("");
+    if (next.length < 8) return setError("New password must be at least 8 characters.");
+    if (next !== confirm) return setError("New passwords don't match.");
+    setBusy(true);
+    try {
+      await api.changePassword(current, next);
+      retry(); // refreshes the user; must_change_password is now false
+    } catch (e: any) {
+      setError(e.message || "Could not change password");
+      setBusy(false);
+    }
+  };
+
+  return (
+    <div className="min-h-screen bg-gray-50 flex items-center justify-center p-4">
+      <div className="bg-white p-8 rounded-lg shadow-sm border border-gray-200 w-full max-w-md">
+        <div className="flex items-center gap-2.5 mb-4">
+          <img src="/ten31-logo.png" alt="" className="w-9 h-9 rounded-lg" />
+          <h1 className="text-xl font-semibold text-gray-900">Welcome{user ? `, ${user.name}` : ""}</h1>
+        </div>
+        <p className="text-sm text-gray-600 mb-5">
+          Your account is using a temporary password. Choose your own to continue — only you
+          will know it.
+        </p>
+        <div className="space-y-3">
+          <div>
+            <label className="block text-sm text-gray-700 mb-1">Temporary password</label>
+            <PasswordInput value={current} onChange={setCurrent} autoComplete="current-password" />
+          </div>
+          <div>
+            <label className="block text-sm text-gray-700 mb-1">New password</label>
+            <PasswordInput value={next} onChange={setNext} placeholder="minimum 8 characters" />
+          </div>
+          <div>
+            <label className="block text-sm text-gray-700 mb-1">Confirm new password</label>
+            <PasswordInput value={confirm} onChange={setConfirm} />
+          </div>
+          {error && <p className="text-sm text-red-600">{error}</p>}
+          <button
+            onClick={save}
+            disabled={busy || !current || !next}
+            className="w-full py-2 bg-brand-900 text-white text-sm rounded hover:bg-brand-800 disabled:opacity-50"
+          >
+            {busy ? "Saving…" : "Set password and continue"}
+          </button>
+          <button
+            onClick={logout}
+            className="w-full text-xs text-gray-400 hover:text-gray-600"
+          >
+            Sign out
+          </button>
+        </div>
+      </div>
+    </div>
+  );
+}
+
+/** One-time welcome overlay for external accounts: a 20-second orientation plus the 2FA
+ *  offer. Dismissing it (either way) stamps onboarded_at so it never shows again. */
+export function WelcomeFlow() {
+  const [done, setDone] = useState(false);
+  const [enrolling, setEnrolling] = useState(false);
+
+  const finish = () => {
+    setDone(true);
+    api.markOnboarded().catch(() => {}); // best-effort; shows again next visit if it failed
+  };
+
+  if (done) return null;
+  if (enrolling) {
+    return <TwoFactorModal onClose={() => { setEnrolling(false); finish(); }} />;
+  }
+
+  return (
+    <div className="fixed inset-0 bg-black/30 flex items-center justify-center z-50 p-4">
+      <div className="bg-white rounded-lg shadow-lg w-full max-w-md p-6">
+        <div className="flex items-center gap-2.5 mb-3">
+          <img src="/ten31-logo.png" alt="" className="w-8 h-8 rounded-lg" />
+          <h3 className="text-lg font-semibold text-gray-900">Welcome to Ten31 Portal</h3>
+        </div>
+        <ul className="text-sm text-gray-600 space-y-2 mb-4">
+          <li>
+            <span className="font-medium text-gray-800">Your capital accounts</span> — commitment,
+            paid-in, and current balance for each fund, updated as statements arrive.
+          </li>
+          <li>
+            <span className="font-medium text-gray-800">Documents</span> — K-1s and fund documents
+            live here permanently; new ones are badged.
+          </li>
+          <li>
+            <span className="font-medium text-gray-800">Self-hosted by Ten31</span> — your data
+            stays on our own infrastructure, never a third-party service.
+          </li>
+        </ul>
+        <p className="text-sm text-gray-600 mb-5">
+          One more thing worth doing: add two-factor authentication, so your account stays
+          safe even if your password is ever guessed.
+        </p>
+        <div className="flex justify-end gap-2">
+          <button onClick={finish} className="px-3 py-1.5 text-sm text-gray-600 hover:text-gray-900">
+            Maybe later
+          </button>
+          <button
+            onClick={() => setEnrolling(true)}
+            className="px-3 py-1.5 bg-brand-900 text-white text-sm rounded hover:bg-brand-800"
+          >
+            Set up two-factor
+          </button>
+        </div>
+      </div>
+    </div>
+  );
+}

frontend/src/pages/EntityOverview.tsx

@@ -234,6 +234,7 @@ function EditEntityForm({
     entity.fund_size_cents != null ? (entity.fund_size_cents / 100).toString() : "",
   );
   const [linkedUserId, setLinkedUserId] = useState<number | "">(entity.linked_user_id ?? "");
+  const [closeDate, setCloseDate] = useState(entity.close_date ?? "");
   const [investors, setInvestors] = useState<User[]>([]);
   const [error, setError] = useState("");
   const [saving, setSaving] = useState(false);
@@ -265,6 +266,7 @@ function EditEntityForm({
           ? Math.round(parseFloat(fundSizeDollars.replace(/[,$]/g, "")) * 100)
           : null,
         linked_user_id: isGp ? (linkedUserId === "" ? null : Number(linkedUserId)) : null,
+        close_date: closeDate || null,
       };
       const updated = await api.updateEntity(entity.id, data);
       onSaved(updated);
@@ -312,6 +314,17 @@ function EditEntityForm({
             <input className={inputCls} value={fundSizeDollars} onChange={(e) => setFundSizeDollars(e.target.value)} placeholder="3,300,000" />
           </div>
         </div>
+        <div>
+          <label className="block text-sm text-gray-700 mb-1">
+            Close date (BTC entry mark — paid-in capital is valued at the BTC price on this day)
+          </label>
+          <input
+            type="date"
+            className={inputCls}
+            value={closeDate}
+            onChange={(e) => setCloseDate(e.target.value)}
+          />
+        </div>
         {isGp && (
           <div>
             <label className="block text-sm text-gray-700 mb-1">

frontend/src/pages/Import.tsx

@@ -2,6 +2,7 @@ import { useEffect, useState } from "react";
 import {
   api, isAdmin,
   type Entity, type EntityType, type CapitalImportPreview, type BatchCapitalImportResult,
+  type BtcPricesStatus,
 } from "../api";
 import { useAuth } from "../context/AuthContext";
 import { formatDate, formatMoneyExact } from "../format";
@@ -383,6 +384,8 @@ export default function Import() {
 
       {!memberPv && !result && <BatchBackfill entities={entities} />}
 
+      {!memberPv && !result && <BtcPrices />}
+
       {confirmReplace && (
         <div className="fixed inset-0 bg-black/40 flex items-center justify-center p-4 z-50">
           <div className="bg-white rounded-lg p-6 max-w-md w-full">
@@ -542,3 +545,78 @@ function BatchBackfill({ entities }: { entities: Entity[] }) {
     </div>
   );
 }
+
+// BTC/USD price history for the bitcoin-denominated LP view: upload a CSV (date + close
+// price); statements are valued at the newest price on or before their date, and paid-in
+// at the price on each fund's close date (set on the fund's overview page).
+function BtcPrices() {
+  const [status, setStatus] = useState<BtcPricesStatus | null>(null);
+  const [file, setFile] = useState<File | null>(null);
+  const [busy, setBusy] = useState(false);
+  const [error, setError] = useState("");
+  const [msg, setMsg] = useState("");
+
+  useEffect(() => {
+    api.btcPricesStatus().then(setStatus).catch(() => {});
+  }, []);
+
+  async function run() {
+    if (!file) return;
+    setError("");
+    setMsg("");
+    setBusy(true);
+    try {
+      const r = await api.importBtcPrices(file);
+      setStatus(r);
+      setMsg(
+        `Loaded ${r.imported} price${r.imported === 1 ? "" : "s"}` +
+          (r.skipped_rows ? ` (${r.skipped_rows} unreadable row${r.skipped_rows === 1 ? "" : "s"} skipped)` : "") +
+          ".",
+      );
+      setFile(null);
+    } catch (e: any) {
+      setError(e.message || "Price import failed");
+    } finally {
+      setBusy(false);
+    }
+  }
+
+  return (
+    <div className="mt-10 border-t border-gray-200 pt-8">
+      <h2 className="text-lg font-semibold text-gray-900 mb-1">Bitcoin prices</h2>
+      <p className="text-sm text-gray-500 mb-3">
+        Upload a CSV of BTC/USD prices (a date column and a close/price column). Investors
+        then see their capital in bitcoin terms; paid-in is valued at the price on each
+        fund's close date — set that on the fund's overview page.
+      </p>
+      {status && status.count > 0 && (
+        <p className="text-xs text-gray-400 mb-3">
+          {status.count} prices on file
+          {status.first_date && status.last_date && (
+            <> · {formatDate(status.first_date)} → {formatDate(status.last_date)}</>
+          )}
+          {status.latest_price_cents != null && (
+            <> · latest ${(status.latest_price_cents / 100).toLocaleString()}</>
+          )}
+        </p>
+      )}
+      <div className="flex flex-wrap items-center gap-3">
+        <input
+          type="file"
+          accept=".csv"
+          onChange={(e) => setFile(e.target.files?.[0] ?? null)}
+          className="text-sm"
+        />
+        <button
+          onClick={run}
+          disabled={busy || !file}
+          className="px-3 py-1.5 bg-brand-900 text-white text-sm rounded hover:bg-brand-800 disabled:opacity-50"
+        >
+          {busy ? "Loading…" : "Load prices"}
+        </button>
+      </div>
+      {error && <p className="text-sm text-red-600 mt-2">{error}</p>}
+      {msg && <p className="text-sm text-green-700 mt-2">{msg}</p>}
+    </div>
+  );
+}

frontend/src/portal/InvestorPortalView.tsx

@@ -5,6 +5,13 @@ 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;
+  const dp = btc >= 10 ? 2 : btc >= 1 ? 3 : 4;
+  return `₿${btc.toLocaleString(undefined, { minimumFractionDigits: dp, maximumFractionDigits: dp })}`;
+};
+
 // 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({
@@ -52,6 +59,7 @@ export default function InvestorPortalView({
           exitedCount={exitedPositions}
         />
       )}
+      <TaxCenter docs={docs} entities={entities} />
       {ordered.map((e) => (
         <FundSection
           key={e.id}
@@ -139,6 +147,83 @@ function PortfolioSummary({
   );
 }
 
+// Every K-1 and tax document across the LP's funds, gathered in one place and grouped by
+// year — so tax season is one stop instead of a hunt through fund cards.
+function TaxCenter({ docs, entities }: { docs: PortalDocument[]; entities: Entity[] }) {
+  const [open, setOpen] = useState(false);
+  const taxDocs = useMemo(
+    () => docs.filter((d) => d.category === "k1" || d.category === "tax"),
+    [docs],
+  );
+  const entityName = useMemo(
+    () => new Map(entities.map((e) => [e.id, e.name])),
+    [entities],
+  );
+  const byYear = useMemo(() => {
+    const groups = new Map<number, PortalDocument[]>();
+    for (const d of taxDocs) {
+      const y = new Date(d.created_at).getFullYear();
+      const g = groups.get(y) ?? [];
+      g.push(d);
+      groups.set(y, g);
+    }
+    return [...groups.entries()].sort((a, b) => b[0] - a[0]);
+  }, [taxDocs]);
+
+  if (taxDocs.length === 0) return null;
+  const hasNew = taxDocs.some((d) => d.is_new);
+
+  return (
+    <section className="border border-gray-200 rounded-lg p-5 bg-white">
+      <button
+        type="button"
+        onClick={() => setOpen((v) => !v)}
+        aria-expanded={open}
+        className="flex items-center gap-2 w-full text-left"
+      >
+        <span className={`text-gray-400 transition-transform ${open ? "rotate-90" : ""}`}>▸</span>
+        <h2 className="text-base font-semibold text-gray-900">Tax documents</h2>
+        <span className="text-xs text-gray-400">
+          {taxDocs.length} document{taxDocs.length === 1 ? "" : "s"}
+        </span>
+        {hasNew && (
+          <span className="text-[10px] font-medium uppercase text-accent-600 bg-accent-50 px-1.5 py-0.5 rounded">
+            New
+          </span>
+        )}
+      </button>
+      {open && (
+        <div className="mt-4 space-y-3">
+          {byYear.map(([year, ds]) => (
+            <div key={year}>
+              <p className="text-xs font-medium text-gray-400 mb-1">{year}</p>
+              <ul className="divide-y divide-gray-100 border border-gray-100 rounded">
+                {ds.map((d) => (
+                  <li key={d.id} className="flex items-center px-3 py-2 text-sm">
+                    <span className="text-gray-900">{d.title}</span>
+                    {d.is_new && (
+                      <span className="ml-2 text-[10px] font-medium uppercase text-accent-600 bg-accent-50 px-1.5 py-0.5 rounded">
+                        New
+                      </span>
+                    )}
+                    <span className="ml-2 text-xs text-gray-400">
+                      {entityName.get(d.entity_id) ?? ""}
+                    </span>
+                    <span className="ml-auto text-xs text-gray-400 mr-3">{formatDate(d.created_at)}</span>
+                    <a href={api.downloadUrl(d.id)} className="text-accent-600 hover:text-accent-700">
+                      Download
+                    </a>
+                  </li>
+                ))}
+              </ul>
+            </div>
+          ))}
+        </div>
+      )}
+    </section>
+  );
+}
+
 function FundSection({
   entity,
   accounts,
@@ -302,6 +387,13 @@ function CapitalBlock({
       <div className="grid grid-cols-2 sm:grid-cols-4 gap-4 mt-2">
         <Metric label="Commitment" value={formatMoneyWhole(latest.commitment_cents)} />
         <Metric label="Paid-in" value={formatMoneyWhole(latest.contributions_cents)} />
+        {latest.commitment_cents > latest.contributions_cents && (
+          <Metric
+            label="Unfunded"
+            value={formatMoneyWhole(latest.commitment_cents - latest.contributions_cents)}
+            sub="callable commitment"
+          />
+        )}
         {latest.distributions_cents > 0 && (
           <Metric
             label="Distributions"
@@ -326,11 +418,52 @@ function CapitalBlock({
         </p>
       )}
 
+      <BtcTerms latest={latest} />
+
       <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
+// entirely until the admin has uploaded prices and set the fund's close date.
+function BtcTerms({ latest }: { latest: 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;
+  const btcPct = paidInBtc > 0 ? (totalNowBtc / paidInBtc - 1) * 100 : null;
+
+  return (
+    <div className="mt-4 border border-accent-100 bg-accent-50/50 rounded p-3">
+      <p className="text-xs font-medium uppercase text-gray-500">In bitcoin terms</p>
+      <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>
+        <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>
+        {btcPct != null && (
+          <span className={`text-sm font-medium ${btcPct >= 0 ? "text-accent-600" : "text-red-600"}`}>
+            {pct(btcPct)}
+          </span>
+        )}
+      </div>
+    </div>
+  );
+}
+
 // Collapsible capital-over-time chart + statement table. Collapsed by default so the portal
 // opens clean; the investor expands the trend per fund. SPVs get sparse event-driven points,
 // funds quarterly ones — the chart plots whatever statements exist.

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 = "0.2.38";
+export const APP_VERSION = "0.2.39";