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If so, that's why - you refund, you lose the points you gained when you bought it, and if needed, items you purchased with points, to even your balance.
If not, no clue.
Most recent items you've acquired by redeeming said points are also taken away.
Despite me having many points left over, all my emotes, backgrounds, awarded points, debut collection badge and patron one were taken away. Total farce.
-edit-
I just checked my list again. It says on one refunds item that it's -2375 points. But when I check details of that item it says total -1290. So I'm missing 1085 points.
Yesterday I got Neon avatar frame - had to even buy some sh*t to get enough points, but now it's gone. I had about 100 points left, but now I have a total of 1500+ and no frame.
Every time Valve does something that makes community happy (like the point shop), they somehow manage to f*ck it all up and piss people off.
Thank you, Gaben. Very cool.
Check... https://store.steampowered.com/pointssummary/
In the very first reply no less.