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>

backend/alembic/versions/a3b4c5d6e7f8_btc_prices_onboarding.py

@@ -0,0 +1,43 @@
+"""btc_prices table + entities.close_date + first-login flow columns on users
+
+Revision ID: a3b4c5d6e7f8
+Revises: f2a3b4c5d6e7
+Create Date: 2026-07-12 09:00:00.000000
+
+"""
+from typing import Sequence, Union
+
+from alembic import op
+import sqlalchemy as sa
+
+
+revision: str = 'a3b4c5d6e7f8'
+down_revision: Union[str, None] = 'f2a3b4c5d6e7'
+branch_labels: Union[str, Sequence[str], None] = None
+depends_on: Union[str, Sequence[str], None] = None
+
+
+def upgrade() -> None:
+    op.create_table(
+        'btc_prices',
+        sa.Column('id', sa.Integer(), primary_key=True),
+        sa.Column('date', sa.Date(), nullable=False, unique=True),
+        sa.Column('price_cents', sa.Integer(), nullable=False),
+    )
+    with op.batch_alter_table('entities', schema=None) as batch_op:
+        batch_op.add_column(sa.Column('close_date', sa.Date(), nullable=True))
+    with op.batch_alter_table('users', schema=None) as batch_op:
+        batch_op.add_column(
+            sa.Column('must_change_password', sa.Boolean(), nullable=False,
+                      server_default=sa.false())
+        )
+        batch_op.add_column(sa.Column('onboarded_at', sa.DateTime(), nullable=True))
+
+
+def downgrade() -> None:
+    with op.batch_alter_table('users', schema=None) as batch_op:
+        batch_op.drop_column('onboarded_at')
+        batch_op.drop_column('must_change_password')
+    with op.batch_alter_table('entities', schema=None) as batch_op:
+        batch_op.drop_column('close_date')
+    op.drop_table('btc_prices')

backend/ten31portal/cli.py

@@ -78,6 +78,7 @@ def reset_password(args: argparse.Namespace) -> None:
             sys.exit(1)
         user.password_hash = hash_password(args.password)
         user.login_enabled = True
+        user.must_change_password = False
         is_admin = user.is_service_admin
         session.add(user)
         session.commit()
@@ -134,6 +135,7 @@ def enable_investor_logins(args: argparse.Namespace) -> None:
         for u in users:
             u.password_hash = hash_password(config.DEFAULT_INVESTOR_PASSWORD)
             u.login_enabled = True
+            u.must_change_password = True
             session.add(u)
         session.commit()
         for u in users:

backend/ten31portal/models.py

@@ -2,10 +2,11 @@
 
 import enum
 from datetime import date, datetime
+from datetime import date as _date  # for fields literally named "date"
 from decimal import Decimal
 from typing import Optional
 
-from sqlmodel import Field, SQLModel, Column, String, JSON, UniqueConstraint
+from sqlmodel import Field, SQLModel, Column, Date, String, JSON, UniqueConstraint
 
 
 # --- Enums ---
@@ -85,6 +86,11 @@ class User(SQLModel, table=True):
     totp_enabled: bool = Field(default=False)
     # JSON list of sha256 hex digests of unused one-time recovery codes.
     totp_recovery_codes: str | None = Field(default=None)
+    # True while the account is on the shared default password — the portal forces a
+    # password change before anything else. Cleared by change-password / admin reset.
+    must_change_password: bool = Field(default=False)
+    # When the investor finished (or skipped) the first-login welcome flow. Null = show it.
+    onboarded_at: datetime | None = Field(default=None)
     created_at: datetime = Field(default_factory=datetime.utcnow)
 
 
@@ -100,9 +106,25 @@ class Entity(SQLModel, table=True):
     # For a GP/mgmt entity that is also an LP with capital accounts (e.g. Ten31 LLC), link to
     # its investor account so its Assets view can pull real per-fund balances from the eNAV.
     linked_user_id: int | None = Field(default=None, foreign_key="users.id", index=True)
+    # Final close of the fund/SPV — the BTC entry mark: paid-in capital is valued at the BTC
+    # price on this date for the bitcoin-denominated view. Null = no BTC view for this fund.
+    close_date: date | None = Field(default=None)
     created_at: datetime = Field(default_factory=datetime.utcnow)
 
 
+class BtcPrice(SQLModel, table=True):
+    """Daily (or as-uploaded) BTC/USD closing prices from the admin's CSV.
+
+    Statements are valued at the newest price on or before their as-of date, so the CSV
+    doesn't need every calendar day — quarter-end rows are enough."""
+
+    __tablename__ = "btc_prices"
+
+    id: int | None = Field(default=None, primary_key=True)
+    date: _date = Field(sa_column=Column(Date, unique=True, nullable=False))
+    price_cents: int
+
+
 class Holding(SQLModel, table=True):
     __tablename__ = "holdings"
 

backend/ten31portal/routers/auth_router.py

@@ -3,6 +3,7 @@
 import os
 import secrets
 import time
+from datetime import datetime
 
 from fastapi import APIRouter, Depends, HTTPException, Request
 from sqlmodel import Session, select
@@ -78,6 +79,13 @@ def login(
         raise HTTPException(status_code=401, detail="This account does not have a login yet.")
     if not user.is_active:
         raise HTTPException(status_code=401, detail="Account disabled")
+    # Anyone still signing in with the shared default password gets flagged so the portal
+    # forces them to set their own before doing anything else (covers accounts created
+    # before the flag existed).
+    if body.password == config.DEFAULT_INVESTOR_PASSWORD and not user.must_change_password:
+        user.must_change_password = True
+        session.add(user)
+        session.commit()
     if user.totp_enabled:
         # Password accepted, but don't sign the session in yet — park the login until
         # /login/verify-totp confirms the second factor.
@@ -155,7 +163,10 @@ def change_password(
         raise HTTPException(status_code=400, detail="Current password is incorrect.")
     if len(body.new_password) < 8:
         raise HTTPException(status_code=400, detail="New password must be at least 8 characters.")
+    if body.new_password == config.DEFAULT_INVESTOR_PASSWORD:
+        raise HTTPException(status_code=400, detail="Please choose a password of your own.")
     user.password_hash = hash_password(body.new_password)
+    user.must_change_password = False
     session.add(user)
     session.commit()
     # Once the built-in admin sets their own password, the initial one from first boot is stale.
@@ -167,6 +178,19 @@ def change_password(
     return {"status": "ok"}
 
 
+@router.post("/onboarded")
+def mark_onboarded(
+    user: User = Depends(get_current_user),
+    session: Session = Depends(get_session),
+) -> dict[str, str]:
+    """Stamp the first-login welcome flow as finished (or skipped) so it stops showing."""
+    if user.onboarded_at is None:
+        user.onboarded_at = datetime.utcnow()
+        session.add(user)
+        session.commit()
+    return {"status": "ok"}
+
+
 # --- Two-factor enrollment (per-user opt-in) ---
 
 @router.post("/totp/setup")

backend/ten31portal/routers/capital_account_router.py

@@ -1,5 +1,7 @@
 """Capital account statements: admin entry, investor read of their own figures."""
 
+from bisect import bisect_right
+
 from fastapi import APIRouter, Depends, HTTPException
 from sqlmodel import Session, select, col
 
@@ -10,7 +12,7 @@ from ten31portal.auth import (
 )
 from ten31portal.database import get_session
 from ten31portal.models import (
-    CapitalAccountStatement, Entity, EntityAccess, User, UserRole,
+    BtcPrice, CapitalAccountStatement, Entity, EntityAccess, User, UserRole,
 )
 from ten31portal.schemas import CapitalAccountCreate, CapitalAccountResponse
 
@@ -37,6 +39,33 @@ def exit_dates(session: Session, rows) -> dict:
     }
 
 
+def btc_marks(session: Session, rows) -> tuple[dict, dict]:
+    """BTC/USD marks for the bitcoin-denominated view.
+
+    Returns ({statement_id: price at its as-of date}, {entity_id: price at the fund's
+    close date}) — "price at" meaning the newest uploaded price on or before that date,
+    so a quarter-end-only CSV is enough. Empty when no prices are uploaded; a fund without
+    a close_date has no entry and the portal hides its BTC view.
+    """
+    if not rows:
+        return {}, {}
+    prices = session.exec(select(BtcPrice).order_by(col(BtcPrice.date))).all()
+    if not prices:
+        return {}, {}
+    dates = [p.date for p in prices]
+
+    def price_at(d):
+        i = bisect_right(dates, d)
+        return prices[i - 1].price_cents if i else None
+
+    asof = {r.id: price_at(r.as_of_date) for r in rows}
+    entities = session.exec(
+        select(Entity).where(col(Entity.id).in_({r.entity_id for r in rows}))
+    ).all()
+    close = {e.id: price_at(e.close_date) for e in entities if e.close_date is not None}
+    return asof, close
+
+
 @router.get("")
 def list_statements(
     entity_id: int | None = None,
@@ -74,11 +103,14 @@ def list_statements(
         )
     ).all()) if rows else {}
     exits = exit_dates(session, rows)
+    btc_asof, btc_close = btc_marks(session, rows)
     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))
+        data.btc_price_cents = btc_asof.get(r.id)
+        data.btc_close_price_cents = btc_close.get(r.entity_id)
         out.append(data)
     return out
 

backend/ten31portal/routers/capital_import_router.py

@@ -325,6 +325,8 @@ def commit_import(
                 role=UserRole.investor,
                 login_enabled=True,
                 external_investor_id=inv.external_id,
+                # First login forces a change while they're on the shared default.
+                must_change_password=(pw == config.DEFAULT_INVESTOR_PASSWORD),
             )
             session.add(user)
             session.flush()

backend/ten31portal/routers/entity_router.py

@@ -294,7 +294,9 @@ def update_entity(
         setattr(entity, key, val)
     session.add(entity)
     session.flush()
-    record_audit(session, user.id, "update", "entity", entity.id, changes)
+    # mode="json" so date fields (close_date) serialize into the audit JSON column.
+    record_audit(session, user.id, "update", "entity", entity.id,
+                 body.model_dump(exclude_unset=True, mode="json"))
     session.commit()
     session.refresh(entity)
     return EntityResponse.model_validate(entity, from_attributes=True)

backend/ten31portal/routers/import_router.py

@@ -21,9 +21,10 @@ from ten31portal.audit import record_audit
 from ten31portal.auth import require_role
 from ten31portal.database import get_session
 from ten31portal.models import (
-    Entity, EntityType, Holding, Position,
+    BtcPrice, Entity, EntityType, Holding, Position,
     User, UserRole, Valuation, ValuationRound, RoundStatus,
 )
+from ten31portal.schemas import BtcPricesImportResult, BtcPricesStatus
 
 router = APIRouter(prefix="/api/import", tags=["import"])
 
@@ -716,3 +717,131 @@ def _parse_schedule_csv(file_bytes: bytes) -> tuple[list[dict], list[dict], list
         })
 
     return holdings_preview, positions_preview, errors
+
+
+# --- BTC prices (bitcoin-denominated view) ---
+
+_BTC_DATE_HEADERS = ("date", "time", "day", "snapped_at")
+_BTC_PRICE_HEADERS = ("close", "price", "usd", "last", "rate")
+
+_BTC_DATE_FORMATS = ("%Y-%m-%d", "%m/%d/%Y", "%m/%d/%y", "%Y/%m/%d", "%d-%b-%Y", "%b %d, %Y")
+
+
+def _parse_btc_date(raw: str) -> date | None:
+    s = raw.strip().strip('"')
+    if not s:
+        return None
+    # Timestamps like "2026-01-01 00:00:00 UTC" — the date part is enough.
+    for sep in (" ", "T"):
+        if sep in s and len(s.split(sep)[0]) >= 8:
+            s = s.split(sep)[0]
+            break
+    for fmt in _BTC_DATE_FORMATS:
+        try:
+            return datetime.strptime(s, fmt).date()
+        except ValueError:
+            continue
+    return None
+
+
+def _parse_btc_price(raw: str) -> int | None:
+    s = raw.strip().strip('"').replace("$", "").replace(",", "").replace(" ", "")
+    if not s:
+        return None
+    try:
+        value = float(s)
+    except ValueError:
+        return None
+    if value <= 0:
+        return None
+    return round(value * 100)
+
+
+def _btc_status(session: Session) -> dict[str, Any]:
+    rows = session.exec(select(BtcPrice).order_by(col(BtcPrice.date))).all()
+    latest = rows[-1] if rows else None
+    return {
+        "count": len(rows),
+        "first_date": rows[0].date if rows else None,
+        "last_date": latest.date if latest else None,
+        "latest_price_cents": latest.price_cents if latest else None,
+    }
+
+
+@router.get("/btc-prices")
+def btc_prices_status(
+    user: User = Depends(require_role(UserRole.approver, UserRole.cfo, UserRole.operations)),
+    session: Session = Depends(get_session),
+) -> BtcPricesStatus:
+    return BtcPricesStatus(**_btc_status(session))
+
+
+@router.post("/btc-prices")
+def import_btc_prices(
+    file: UploadFile = File(...),
+    user: User = Depends(require_role(UserRole.approver, UserRole.cfo, UserRole.operations)),
+    session: Session = Depends(get_session),
+) -> BtcPricesImportResult:
+    """Upsert BTC/USD prices from a CSV (a date column and a close/price column).
+
+    Column headers are auto-detected; a headerless two-column file works too. Re-uploading
+    overwrites prices for dates already stored, so corrections are just another upload.
+    """
+    try:
+        file_bytes = storage.read_capped(file)
+    except storage.UploadTooLarge as exc:
+        raise HTTPException(status_code=413, detail=str(exc))
+    try:
+        text = file_bytes.decode("utf-8-sig")
+    except UnicodeDecodeError:
+        text = file_bytes.decode("latin-1")
+
+    rows = [r for r in csv.reader(io.StringIO(text)) if any(c.strip() for c in r)]
+    if not rows:
+        raise HTTPException(status_code=400, detail="The file is empty.")
+
+    # Column detection: match headers when present, else assume date,price.
+    date_idx, price_idx, start = 0, 1, 0
+    header = [c.strip().lower() for c in rows[0]]
+    if not (_parse_btc_date(rows[0][0]) and len(rows[0]) > 1):
+        for i, name in enumerate(header):
+            if any(k in name for k in _BTC_DATE_HEADERS):
+                date_idx = i
+                break
+        for key in _BTC_PRICE_HEADERS:  # 'close' preferred over generic 'price'
+            hit = next((i for i, name in enumerate(header) if key in name and i != date_idx), None)
+            if hit is not None:
+                price_idx = hit
+                break
+        start = 1
+
+    existing = {p.date: p for p in session.exec(select(BtcPrice)).all()}
+    imported = 0
+    skipped = 0
+    for r in rows[start:]:
+        if len(r) <= max(date_idx, price_idx):
+            skipped += 1
+            continue
+        d = _parse_btc_date(r[date_idx])
+        price = _parse_btc_price(r[price_idx])
+        if d is None or price is None:
+            skipped += 1
+            continue
+        row = existing.get(d)
+        if row is None:
+            row = BtcPrice(date=d, price_cents=price)
+            existing[d] = row
+        else:
+            row.price_cents = price
+        session.add(row)
+        imported += 1
+
+    if imported == 0:
+        raise HTTPException(
+            status_code=400,
+            detail="No prices found — expected a CSV with a date column and a price column.",
+        )
+    record_audit(session, user.id, "import_btc_prices", "btc_prices", None,
+                 detail={"imported": imported, "skipped": skipped, "filename": file.filename})
+    session.commit()
+    return BtcPricesImportResult(imported=imported, skipped_rows=skipped, **_btc_status(session))

backend/ten31portal/routers/user_router.py

@@ -144,14 +144,17 @@ def investor_view(
                 col(User.id).in_({r.investor_user_id for r in cap_rows})
             )
         ).all()) if cap_rows else {}
-        # Mirror the investor's own portal exactly — including exit status, so an exited
+        # Mirror the investor's own portal exactly — including exit status and BTC marks,
-        # position shows its badge here too instead of a phantom -100%.
+        # so this view never drifts from what the LP actually sees.
-        from ten31portal.routers.capital_account_router import exit_dates
+        from ten31portal.routers.capital_account_router import btc_marks, exit_dates
         exits = exit_dates(session, cap_rows)
+        btc_asof, btc_close = btc_marks(session, cap_rows)
         for r in cap_rows:
             d = CapitalAccountResponse.model_validate(r, from_attributes=True)
             d.investor_name = names.get(r.investor_user_id)
             d.exited_on = exits.get((r.investor_user_id, r.entity_id))
+            d.btc_price_cents = btc_asof.get(r.id)
+            d.btc_close_price_cents = btc_close.get(r.entity_id)
             caps.append(d)
 
         doc_rows = session.exec(
@@ -373,6 +376,8 @@ def reset_password(
     if user is None:
         raise HTTPException(status_code=404, detail="User not found")
     user.password_hash = hash_password(body.password)
+    # Admin handed them a real password — no forced change on next login.
+    user.must_change_password = False
     user.login_enabled = True  # setting a password enables login
     session.add(user)
     record_audit(session, admin.id, "reset_password", "user", user_id, None)

backend/ten31portal/schemas.py

@@ -27,6 +27,10 @@ class UserResponse(BaseModel):
     is_service_admin: bool = False
     primary_account_id: int | None = None  # set when this account logs in under another
     totp_enabled: bool = False
+    # First-login flow: force a password change while on the shared default, then show the
+    # welcome step (2FA offer) until onboarded_at is stamped.
+    must_change_password: bool = False
+    onboarded_at: datetime | None = None
     created_at: datetime
 
 
@@ -129,6 +133,7 @@ class EntityUpdate(BaseModel):
     fund_size_cents: int | None = None
     status: EntityStatus | None = None
     linked_user_id: int | None = None
+    close_date: date | None = None
 
 
 class EntityResponse(BaseModel):
@@ -139,6 +144,7 @@ class EntityResponse(BaseModel):
     fund_size_cents: int | None
     status: EntityStatus
     linked_user_id: int | None = None
+    close_date: date | None = None
     created_at: datetime
 
 
@@ -274,6 +280,25 @@ class CapitalAccountResponse(BaseModel):
     # 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
+    # Bitcoin-denominated view: BTC/USD at this statement's as-of date (newest uploaded price
+    # on or before it) and at the fund's close date (the entry mark). Null when no price or
+    # no close date is set — the portal simply hides the BTC view then.
+    btc_price_cents: int | None = None
+    btc_close_price_cents: int | None = None
+
+
+# --- BTC prices (bitcoin-denominated view) ---
+
+class BtcPricesStatus(BaseModel):
+    count: int
+    first_date: date | None = None
+    last_date: date | None = None
+    latest_price_cents: int | None = None
+
+
+class BtcPricesImportResult(BtcPricesStatus):
+    imported: int  # rows upserted from this file (new + updated)
+    skipped_rows: int  # unparseable lines ignored
 
 
 # --- Partners (members of an entity) ---

backend/tests/test_btc_and_onboarding.py

@@ -0,0 +1,120 @@
+"""0.2.39: BTC price CSV + bitcoin-denominated marks, forced default-password change,
+and the first-login onboarded watermark."""
+
+import io
+from datetime import date
+
+from ten31portal import config
+from ten31portal.models import CapitalAccountStatement, Entity, EntityAccess, EntityType, UserRole
+from tests.conftest import make_user
+
+
+def _fund_with_lp(session, *, close_date=None):
+    entity = Entity(name="LTPF X", type=EntityType.fund, close_date=close_date)
+    session.add(entity)
+    session.commit()
+    lp = make_user(session, username="lp", role=UserRole.investor, name="An 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=1_000_000_00, beginning_balance_cents=0,
+        contributions_cents=500_000_00, distributions_cents=0,
+        ending_balance_cents=600_000_00,
+    ))
+    session.commit()
+    return entity, lp
+
+
+def _upload_prices(client, csv_text):
+    return client.post(
+        "/api/import/btc-prices",
+        files={"file": ("prices.csv", io.BytesIO(csv_text.encode()), "text/csv")},
+    )
+
+
+def test_btc_csv_import_and_marks(auth_client, session):
+    _fund_with_lp(session, close_date=date(2025, 6, 30))
+
+    resp = _upload_prices(
+        auth_client,
+        "Date,Close\n2025-06-30,60000\n2025-12-31,80000\n2026-03-31,100000.50\n",
+    )
+    assert resp.status_code == 200, resp.text
+    body = resp.json()
+    assert body["imported"] == 3
+    assert body["latest_price_cents"] == 10_000_050
+
+    # The LP's statements carry both marks: as-of price and close-date price.
+    auth_client.post("/api/auth/logout")
+    auth_client.post("/api/auth/login", json={"login": "lp", "password": "password123"})
+    acct = auth_client.get("/api/capital-accounts").json()[0]
+    assert acct["btc_price_cents"] == 10_000_050  # exact as-of match
+    assert acct["btc_close_price_cents"] == 6_000_000  # fund close 2025-06-30
+
+
+def test_btc_price_nearest_on_or_before(auth_client, session):
+    # Prices only exist BEFORE the statement date → the newest one on-or-before is used.
+    _fund_with_lp(session, close_date=date(2025, 6, 30))
+    resp = _upload_prices(auth_client, "date,price\n2025-06-28,55000\n2026-03-01,90000\n")
+    assert resp.status_code == 200, resp.text
+
+    auth_client.post("/api/auth/logout")
+    auth_client.post("/api/auth/login", json={"login": "lp", "password": "password123"})
+    acct = auth_client.get("/api/capital-accounts").json()[0]
+    assert acct["btc_price_cents"] == 9_000_000  # 2026-03-01 covers 2026-03-31
+    assert acct["btc_close_price_cents"] == 5_500_000  # 2025-06-28 covers the 06-30 close
+
+
+def test_btc_reupload_overwrites_and_bad_file_rejected(auth_client, session):
+    assert _upload_prices(auth_client, "Date,Close\n2026-01-01,90000\n").status_code == 200
+    r = _upload_prices(auth_client, "Date,Close\n2026-01-01,95000\n")
+    assert r.status_code == 200
+    assert r.json()["count"] == 1  # upsert, not a duplicate row
+    assert r.json()["latest_price_cents"] == 9_500_000
+    assert _upload_prices(auth_client, "just some text\nwith,no,dates\n").status_code == 400
+
+
+def test_default_password_forces_change(client, session):
+    make_user(session, username="fresh", role=UserRole.investor,
+              password=config.DEFAULT_INVESTOR_PASSWORD)
+
+    resp = client.post(
+        "/api/auth/login",
+        json={"login": "fresh", "password": config.DEFAULT_INVESTOR_PASSWORD},
+    )
+    assert resp.status_code == 200
+    assert resp.json()["must_change_password"] is True
+
+    # Choosing the shared default again is rejected; a real password clears the flag.
+    r = client.post("/api/auth/change-password", json={
+        "current_password": config.DEFAULT_INVESTOR_PASSWORD,
+        "new_password": config.DEFAULT_INVESTOR_PASSWORD,
+    })
+    assert r.status_code == 400
+    r = client.post("/api/auth/change-password", json={
+        "current_password": config.DEFAULT_INVESTOR_PASSWORD,
+        "new_password": "my-own-secret-1",
+    })
+    assert r.status_code == 200
+    assert client.get("/api/auth/me").json()["must_change_password"] is False
+
+
+def test_onboarded_stamp(client, session):
+    make_user(session, username="lp2", role=UserRole.investor)
+    client.post("/api/auth/login", json={"login": "lp2", "password": "password123"})
+    assert client.get("/api/auth/me").json()["onboarded_at"] is None
+    assert client.post("/api/auth/onboarded").status_code == 200
+    stamped = client.get("/api/auth/me").json()["onboarded_at"]
+    assert stamped is not None
+    # Idempotent — the first stamp wins.
+    client.post("/api/auth/onboarded")
+    assert client.get("/api/auth/me").json()["onboarded_at"] == stamped
+
+
+def test_entity_close_date_update(auth_client, session):
+    entity = Entity(name="SPV Y", type=EntityType.spv)
+    session.add(entity)
+    session.commit()
+    r = auth_client.patch(f"/api/entities/{entity.id}", json={"close_date": "2025-11-15"})
+    assert r.status_code == 200, r.text
+    assert r.json()["close_date"] == "2025-11-15"

deploy/package.json

@@ -1,6 +1,6 @@
 {
   "name": "ten31portal-startos",
-  "version": "0.2.38",
+  "version": "0.2.39",
   "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_38 as current } from './v_0_2_38'
+export { v_0_2_39 as current } from './v_0_2_39'
 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'
@@ -37,4 +37,5 @@ import { v_0_2_34 } from './v_0_2_34'
 import { v_0_2_35 } from './v_0_2_35'
 import { v_0_2_36 } from './v_0_2_36'
 import { v_0_2_37 } from './v_0_2_37'
-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, v_0_2_33, v_0_2_34, v_0_2_35, v_0_2_36, v_0_2_37]
+import { v_0_2_38 } from './v_0_2_38'
+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, v_0_2_33, v_0_2_34, v_0_2_35, v_0_2_36, v_0_2_37, v_0_2_38]

deploy/startos/install/versions/v_0_2_39.ts

@@ -0,0 +1,13 @@
+import { VersionInfo } from '@start9labs/start-sdk'
+
+export const v_0_2_39 = VersionInfo.of({
+  version: '0.2.39:0',
+  releaseNotes: {
+    en_US:
+      'Investor experience release: (1) Bitcoin-denominated view — upload a BTC price CSV on the Import page, set each fund\'s close date, and LPs see paid-in vs current value in bitcoin terms. (2) First-login flow — accounts on the shared default password must set their own, then get a welcome tour with a two-factor offer. (3) Unfunded commitment metric and a Tax documents center in the LP portal. Also carries 0.2.38: optional two-factor authentication (authenticator app + recovery codes) and the Reset Two-Factor action.',
+  },
+  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-0.2.38'
+const CACHE = 'ten31-portal-0.2.39'
 
 self.addEventListener('install', () => self.skipWaiting())
 

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";