diff --git a/crates/fidc-core/src/corporate_book.rs b/crates/fidc-core/src/corporate_book.rs
index 6a5ddb3..10615db 100644
--- a/crates/fidc-core/src/corporate_book.rs
+++ b/crates/fidc-core/src/corporate_book.rs
@@ -765,16 +765,38 @@ mod tests {
         assert_eq!(records[0].payable_date, payment);
         let mut book = conversion_book();
         let mut notes = Vec::new();
+        let equity_before = book.total_equity();
         apply(date(), &data, &mut book, &mut notes, true, true).unwrap();
         assert_eq!(book.cash(), 1000.);
         assert_eq!(book.cash_receivables().len(), 1);
         assert_eq!(book.cash_receivables()[0].amount, 50.);
+        assert_eq!(book.cash_receivable_value(), 50.);
+        assert_eq!(book.total_equity(), equity_before);
+        assert_eq!(book.unit_net_value(), equity_before / book.units());
         settle_receivables(date().succ_opt().unwrap(), &data, &mut book, &mut notes, false, None).unwrap();
         assert_eq!(book.cash(), 1000.);
         assert_eq!(book.cash_receivables().len(), 1);
+        assert_eq!(book.total_equity(), equity_before);
         settle_receivables(payment, &data, &mut book, &mut notes, false, None).unwrap();
         assert_eq!(book.cash(), 1050.);
         assert!(book.cash_receivables().is_empty());
+        assert_eq!(book.cash_receivable_value(), 0.);
+        assert_eq!(book.total_equity(), equity_before);
+    }
+
+    #[test]
+    fn dividend_receivable_survives_a_flat_position_without_becoming_spendable_cash() {
+        let mut account = PortfolioState::new(1000.);
+        account.add_cash_receivable(CashReceivable { symbol: "000001.SZ".into(),
+            ex_date: date(), payable_date: date().succ_opt().unwrap(), amount: 50., reason: "registered dividend".into() });
+        account.prune_flat_positions();
+        assert_eq!(account.market_value(), 0.);
+        assert_eq!(account.cash(), 1000.);
+        assert_eq!(account.total_equity(), 1050.);
+        assert!(account.deposit_withdraw(-1001.).is_err());
+        settle_receivables(date().succ_opt().unwrap(), &data(false), &mut account, &mut Vec::new(), false, None).unwrap();
+        assert_eq!(account.cash(), 1050.);
+        assert_eq!(account.total_equity(), 1050.);
     }
 
     #[test]
diff --git a/crates/fidc-core/src/portfolio.rs b/crates/fidc-core/src/portfolio.rs
index f301dfb..e41e45d 100644
--- a/crates/fidc-core/src/portfolio.rs
+++ b/crates/fidc-core/src/portfolio.rs
@@ -1485,6 +1485,16 @@ impl PortfolioState {
         &self.cash_receivables
     }
 
+    pub fn cash_receivable_value(&self) -> f64 {
+        self.cash_receivables.iter().try_fold(FixedMoney::ZERO, |total, receivable| {
+            let amount = fixed_money(receivable.amount, "cash receivable asset")?;
+            if amount < FixedMoney::ZERO {
+                return Err("cash receivable asset cannot be negative".to_string());
+            }
+            total.checked_add(amount).ok_or_else(|| "cash receivable asset overflow".to_string())
+        }).expect("cash receivable asset must be valid fixed-point money").to_f64()
+    }
+
     pub fn begin_trading_day(&mut self) {
         self.day_sold_symbols.clear();
         for position in self.positions.values_mut() {
@@ -1589,7 +1599,8 @@ impl PortfolioState {
     }
 
     pub fn total_equity(&self) -> f64 {
-        self.cash.to_f64() + self.market_value() - self.cash_liabilities.to_f64()
+        self.cash.to_f64() + self.market_value() + self.cash_receivable_value()
+            - self.cash_liabilities.to_f64()
     }
 
     pub fn total_value(&self) -> f64 {