diff --git a/soroban-contracts/contracts/single_rwa_vault/src/test_redemption.rs b/soroban-contracts/contracts/single_rwa_vault/src/test_redemption.rs
index 589d72e..cf52111 100644
--- a/soroban-contracts/contracts/single_rwa_vault/src/test_redemption.rs
+++ b/soroban-contracts/contracts/single_rwa_vault/src/test_redemption.rs
@@ -991,3 +991,112 @@ fn test_multiple_users_claim_same_epoch_yield() {
     assert_eq!(vault.last_claimed_epoch(&user2), 1);
     assert_eq!(vault.last_claimed_epoch(&user3), 1);
 }
+
+// ─────────────────────────────────────────────────────────────────────────────
+// Tests — Issue #194: Partial redemption followed by full redemption
+// ─────────────────────────────────────────────────────────────────────────────
+
+/// A user performs an early partial redemption of half their shares, then redeems
+/// the remaining shares at maturity. After both redemptions:
+/// - The user holds zero vault shares.
+/// - The combined payout (partial net + maturity payout) equals the user's total
+///   entitlement: partial assets minus fee, plus remaining shares converted at the
+///   then-current share price.
+/// - Yield distributed between the two redemptions is included in the maturity payout.
+#[test]
+fn test_partial_early_redemption_then_full_redemption_at_maturity() {
+    let env = Env::default();
+    env.mock_all_auths();
+
+    // ── Setup ────────────────────────────────────────────────────────────────
+    let (vault_id, token_id, zkme_id, admin) = make_vault(&env);
+    let user = Address::generate(&env);
+    let other = Address::generate(&env);
+
+    let deposit_amount = 2_000_000i128;
+
+    // Fund both depositors so the vault holds enough tokens to cover early payout.
+    let shares = fund_user(&env, &vault_id, &token_id, &zkme_id, &user, deposit_amount);
+    fund_user(&env, &vault_id, &token_id, &zkme_id, &other, deposit_amount);
+
+    activate(&env, &vault_id, &admin);
+
+    let vault = SingleRWAVaultClient::new(&env, &vault_id);
+    let token = MockTokenClient::new(&env, &token_id);
+
+    // ── Stage 1: partial early redemption ────────────────────────────────────
+    let partial_shares = shares / 2; // redeem half
+    let remaining_shares = shares - partial_shares;
+
+    let request_id = vault.request_early_redemption(&user, &partial_shares);
+
+    // After request: user's live balance is reduced by partial_shares (shares in escrow)
+    assert_eq!(vault.balance(&user), remaining_shares);
+
+    let user_balance_before_partial = token.balance(&user);
+    vault.process_early_redemption(&admin, &request_id);
+
+    // fee_bps = 200 (2%), share price is 1:1 at inception
+    let partial_assets = partial_shares; // 1:1 ratio
+    let fee = (partial_assets * 200) / 10_000; // 2%
+    let partial_net = partial_assets - fee;
+
+    let user_balance_after_partial = token.balance(&user);
+    assert_eq!(
+        user_balance_after_partial,
+        user_balance_before_partial + partial_net,
+        "partial redemption payout must equal assets minus 2% fee"
+    );
+
+    // Shares burned by early redemption
+    assert_eq!(
+        vault.balance(&user),
+        remaining_shares,
+        "remaining shares must be unchanged after partial early redemption"
+    );
+
+    // ── Distribute yield between the two redemption stages ───────────────────
+    let yield_amount = 80_000i128;
+    distribute_yield(&env, &vault_id, &token_id, &admin, yield_amount);
+
+    // ── Stage 2: full redemption at maturity ──────────────────────────────────
+    mature(&env, &vault_id, &admin);
+
+    let pending = vault.pending_yield(&user);
+    let user_balance_before_maturity = token.balance(&user);
+
+    let maturity_out = vault.redeem_at_maturity(&user, &remaining_shares, &user, &user);
+
+    assert!(
+        maturity_out > 0,
+        "maturity redemption must return a positive payout"
+    );
+
+    let user_balance_after_maturity = token.balance(&user);
+    assert_eq!(
+        user_balance_after_maturity,
+        user_balance_before_maturity + maturity_out,
+        "user token balance must increase by the full maturity payout"
+    );
+
+    // Pending yield is included in maturity_out
+    assert!(
+        maturity_out >= pending,
+        "maturity payout must include any pending yield"
+    );
+
+    // ── Final state ───────────────────────────────────────────────────────────
+    // User holds zero vault shares after both redemptions.
+    assert_eq!(
+        vault.balance(&user),
+        0,
+        "user must hold zero shares after partial + full redemption"
+    );
+
+    // Combined payout covers at least the deposited principal (yield accrued).
+    let total_received = user_balance_after_maturity; // started with 0 token balance
+    assert!(
+        total_received >= deposit_amount,
+        "total received must be at least the deposited principal"
+    );
+}
diff --git a/soroban-contracts/contracts/single_rwa_vault/src/test_token.rs b/soroban-contracts/contracts/single_rwa_vault/src/test_token.rs
index 12cf2a9..e091100 100644
--- a/soroban-contracts/contracts/single_rwa_vault/src/test_token.rs
+++ b/soroban-contracts/contracts/single_rwa_vault/src/test_token.rs
@@ -190,6 +190,75 @@ fn test_transfer_updates_snapshots() {
     assert_eq!(client.balance(&bob), 400_i128);
 }
 
+/// Mid-epoch transfer: shares transfer during an active epoch preserves the
+/// pre-transfer snapshot so yield for that epoch is split on pre-transfer balances.
+///
+/// Timeline:
+///   epoch 1 opens (advance_epoch records 1_000 shares, 100 yield)
+///   Alice (1_000 shares) transfers 400 → Bob (0 shares)   ← snapshot captured here
+///   epoch 2 opens (advance_epoch records current supply, new yield)
+///
+/// Expected pending_yield_for_epoch(epoch=1):
+///   Alice: 100 * 1_000 / 1_000 = 100   (full epoch-1 yield, snapshot was 1_000)
+///   Bob  : 100 *     0 / 1_000 =   0   (snapshot was 0 before transfer)
+///
+/// Expected pending_yield_for_epoch(epoch=2):
+///   Alice: 200 *   600 / 1_000 = 120   (post-transfer balance 600 out of 1_000)
+///   Bob  : 200 *   400 / 1_000 =  80   (post-transfer balance 400 out of 1_000)
+#[test]
+fn test_transfer_during_active_epoch_yield_attribution() {
+    let (env, vault_id, _, _) = setup();
+    let client = SingleRWAVaultClient::new(&env, &vault_id);
+    let alice = Address::generate(&env);
+    let bob = Address::generate(&env);
+
+    // Give Alice 1_000 shares; Bob starts with 0.
+    give_shares(&env, &vault_id, &alice, 1_000_i128);
+
+    // Open epoch 1: 100 yield distributed over 1_000 total shares.
+    advance_epoch(&env, &vault_id, 1, 100_i128, 1_000_i128);
+
+    // Mid-epoch transfer: Alice → Bob, 400 shares.
+    // update_user_snapshot fires for both before balances change, so:
+    //   alice snapshot at epoch 1 = 1_000 (pre-transfer)
+    //   bob   snapshot at epoch 1 =     0 (pre-transfer)
+    client.transfer(&alice, &bob, &400_i128);
+
+    // Confirm post-transfer live balances.
+    assert_eq!(client.balance(&alice), 600_i128);
+    assert_eq!(client.balance(&bob), 400_i128);
+
+    // Open epoch 2: 200 yield distributed over the same 1_000 total shares.
+    // No transfer happens this epoch, so neither user has a snapshot yet —
+    // pending_yield_for_epoch falls back to live balance.
+    advance_epoch(&env, &vault_id, 2, 200_i128, 1_000_i128);
+
+    // ── Epoch 1 yield: attributed to pre-transfer balances ───────────────────
+    // Alice held 1_000 / 1_000 → gets all 100.
+    let alice_epoch1 = client.pending_yield_for_epoch(&alice, &1u32);
+    assert_eq!(alice_epoch1, 100_i128, "alice epoch-1 yield must equal full 100");
+
+    // Bob held 0 / 1_000 → gets 0.
+    let bob_epoch1 = client.pending_yield_for_epoch(&bob, &1u32);
+    assert_eq!(bob_epoch1, 0_i128, "bob epoch-1 yield must be 0 (no pre-transfer shares)");
+
+    // ── Epoch 2 yield: attributed to post-transfer balances ──────────────────
+    // Alice: 600 / 1_000 * 200 = 120.
+    let alice_epoch2 = client.pending_yield_for_epoch(&alice, &2u32);
+    assert_eq!(alice_epoch2, 120_i128, "alice epoch-2 yield must equal 120");
+
+    // Bob: 400 / 1_000 * 200 = 80.
+    let bob_epoch2 = client.pending_yield_for_epoch(&bob, &2u32);
+    assert_eq!(bob_epoch2, 80_i128, "bob epoch-2 yield must equal 80");
+
+    // Total yield across both epochs must equal what was distributed.
+    assert_eq!(
+        alice_epoch1 + bob_epoch1 + alice_epoch2 + bob_epoch2,
+        300_i128,
+        "combined yield claims must equal total distributed (100 + 200)"
+    );
+}
+
 // ─── Allowance & transfer_from ────────────────────────────────────────────────
 
 /// approve stores the allowance; a second approve overwrites it.
diff --git a/soroban-contracts/contracts/vault_factory/src/tests.rs b/soroban-contracts/contracts/vault_factory/src/tests.rs
index 110b6b6..11404aa 100644
--- a/soroban-contracts/contracts/vault_factory/src/tests.rs
+++ b/soroban-contracts/contracts/vault_factory/src/tests.rs
@@ -814,3 +814,90 @@ fn test_get_all_vaults_returns_vaults_in_creation_order() {
     // Verify vault count matches
     assert_eq!(client.get_vault_count(), 4);
 }
+
+// ─────────────────────────────────────────────────────────────────────────────
+// Issue #192: Factory vault count stays consistent after multiple removals
+// ─────────────────────────────────────────────────────────────────────────────
+
+/// Create five vaults, remove three of them (first, middle, last), and verify:
+/// - `get_vault_count()` decrements correctly after each removal
+/// - `get_all_vaults()` excludes every removed vault and retains the rest
+/// - `get_single_rwa_vaults()` reflects the same exclusions
+/// - `is_registered_vault()` returns false for removed vaults
+/// - The count in instance storage always equals the length of the vault list
+#[test]
+fn test_vault_count_correct_after_multiple_removals() {
+    let e = Env::default();
+    e.mock_all_auths();
+
+    let (client, admin) = setup_factory(&e);
+    let factory_id = client.address.clone();
+
+    // ── Create 5 inactive vaults ──────────────────────────────────────────────
+    let v1 = inject_vault(&e, &factory_id, false);
+    let v2 = inject_vault(&e, &factory_id, false);
+    let v3 = inject_vault(&e, &factory_id, false);
+    let v4 = inject_vault(&e, &factory_id, false);
+    let v5 = inject_vault(&e, &factory_id, false);
+
+    assert_eq!(client.get_vault_count(), 5);
+    assert_eq!(client.get_all_vaults().len(), 5);
+
+    // ── Remove first vault (v1) ───────────────────────────────────────────────
+    client.remove_vault(&admin, &v1);
+    assert_eq!(client.get_vault_count(), 4, "count after removing v1");
+
+    let all = client.get_all_vaults();
+    assert_eq!(all.len(), 4);
+    assert!(!all.contains(v1.clone()), "v1 must not appear in list after removal");
+    assert!(all.contains(v2.clone()));
+    assert!(all.contains(v5.clone()));
+    assert!(!client.is_registered_vault(&v1), "v1 must not be registered");
+
+    // count in instance storage == list length
+    e.as_contract(&factory_id, || {
+        assert_eq!(get_vault_count(&e) as usize, get_all_vaults(&e).len() as usize);
+    });
+
+    // ── Remove middle vault (v3) ──────────────────────────────────────────────
+    client.remove_vault(&admin, &v3);
+    assert_eq!(client.get_vault_count(), 3, "count after removing v3");
+
+    let all = client.get_all_vaults();
+    assert_eq!(all.len(), 3);
+    assert!(!all.contains(v3.clone()), "v3 must not appear in list after removal");
+    assert!(all.contains(v2.clone()));
+    assert!(all.contains(v4.clone()));
+    assert!(all.contains(v5.clone()));
+    assert!(!client.is_registered_vault(&v3), "v3 must not be registered");
+
+    // count in instance storage == list length
+    e.as_contract(&factory_id, || {
+        assert_eq!(get_vault_count(&e) as usize, get_all_vaults(&e).len() as usize);
+    });
+
+    // ── Remove last vault (v5) ────────────────────────────────────────────────
+    client.remove_vault(&admin, &v5);
+    assert_eq!(client.get_vault_count(), 2, "count after removing v5");
+
+    let all = client.get_all_vaults();
+    assert_eq!(all.len(), 2);
+    assert!(!all.contains(v5.clone()), "v5 must not appear in list after removal");
+    assert!(all.contains(v2.clone()));
+    assert!(all.contains(v4.clone()));
+    assert!(!client.is_registered_vault(&v5), "v5 must not be registered");
+
+    // single_rwa list must also exclude all removed vaults
+    let srwa = client.get_single_rwa_vaults();
+    assert_eq!(srwa.len(), 2);
+    assert!(!srwa.contains(v1.clone()));
+    assert!(!srwa.contains(v3.clone()));
+    assert!(!srwa.contains(v5.clone()));
+    assert!(srwa.contains(v2.clone()));
+    assert!(srwa.contains(v4.clone()));
+
+    // count in instance storage == list length
+    e.as_contract(&factory_id, || {
+        assert_eq!(get_vault_count(&e) as usize, get_all_vaults(&e).len() as usize);
+    });
+}