diff --git a/core/balance.py b/core/balance.py
index d93c7c2..37a113c 100644
--- a/core/balance.py
+++ b/core/balance.py
@@ -188,14 +188,15 @@ class BalanceCalculator:
                 total_balance -= balance
             # Equity contributions don't affect what castle owes
 
-            # Merge inventories for fiat tracking
-            for position in inventory.positions.values():
-                # Adjust sign based on account type
-                if account_type == AccountType.ASSET:
-                    # For receivables, negate the position
-                    combined_inventory.add_position(position.negate())
-                else:
-                    combined_inventory.add_position(position)
+            # Merge inventories for fiat tracking (exclude equity)
+            if account_type != AccountType.EQUITY:
+                for position in inventory.positions.values():
+                    # Adjust sign based on account type
+                    if account_type == AccountType.ASSET:
+                        # For receivables, negate the position
+                        combined_inventory.add_position(position.negate())
+                    else:
+                        combined_inventory.add_position(position)
 
         fiat_balances = combined_inventory.get_all_fiat_balances()