Let’s say an equity swap where we receive the equity return and pay the floating rate, and the next payment is in 80 days:

PV of the next floating payment plus the $1 market value of the remaining floating payments is 0.9906(1.0108) = 1.0013. The value of the equity payment is 1595/1561 = 1.0221.

Based on a notional principal of $50 million, the market value of the swap to the party that pays floating and receives the equity return is (1.0221 − 1.0013)50,000,000 = $1,040,000.

My question is why do we not have to discount the equity return as we do with the floating payment? The floating payment will be in 80 days, will we not also receive the equity return in 80 days?