How Much Unrealized Losses Did Silicon Valley Bank Have?

The true culprit here is not, in fact, credit risk, like maybe 2008-2009, but it's interest rate risk. When the Fed began aggressively raising rates, the value of those securities went down from $120 billion to about $100 billion. So they had $20 billion in unrealized losses. And that's really, really important for a bank when you need to raise cash.

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