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> No. SVB hid market to market losses by saying "these securities are held to maturity so I don't have to realize losses".

It did not hide them. This was in their financial statements (https://s201.q4cdn.com/589201576/files/doc_financials/2022/q... at page 15):

> Held-to-maturity securities, at amortized cost and net of allowance for credit losses of $6, $6 and $7 (fair value of $76,169, $77,370 and $97,227), respectively

> December 31, 2022 | September 30, 2022 | December 31, 2021

> 91,321 93,286 98,195

This shows that they had assets on 12/31/22 with an amortized value of $91bn and a fair value of $76bn



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