I may be crazy, but does this sound right?

I requested payment of over $1,000 in early December.  I just got an email that the money has arrived via PayPal.

You typically can't request a payment until your most recently requested one has cleared, so I went in to request a new payment.  My current balance was well over $1,000 again.  I clicked Convert Credits to begin the process and my balance fell to just over $100.  A conversion request had not yet happened.  It asked the amount I'd like to convert, so I guess it will only allow me to convert the amount showing at the top, just over $100.  Seems like I just witnessed $1,000 disappearing. 

I suppose the answer could be that the "disappeared" amount was included in the payment I just received, but that's not how it works, right?  My payment received today was the amount I requested in early December, right?  The amount I am able to request today should be everything earned since the request I put through in early December, correct?

Either I'm losing it or there's a bug.  Anyone else notice anything strange?