SVB Financial : Regulation FD Presentation - Form 8-K

March 22, 2024 at 01:17 pm EDT

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UNITED STATES BANKRUPTCY COURT

Southern DISTRICT OF New York


In Re. SVB Financial Group		§			Case No. 23-10367
		§
			§
	Debtor(s)		§
				☐ Jointly Administered


Monthly Operating Report						Chapter 11


Reporting Period Ended: 02/29/2024	Petition Date: 03/17/2023

Months Pending: 12		Industry Classification:	5	2	3	9


Reporting Method:		Accrual Basis				Cash Basis


Debtor's Full-Time Employees (current):			0

Debtor's Full-Time Employees (as of date of order for relief):			0

Supporting Documentation (check all that are attached):

(For jointly administered debtors, any required schedules must be provided on a non-consolidated basis for each debtor)

☐	Statement of cash receipts and disbursements

☒	Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit

☒	Statement of operations (profit or loss statement)

☐	Accounts receivable aging

☐	Postpetition liabilities aging

☐	Statement of capital assets

☐	Schedule of payments to professionals

☐	Schedule of payments to insiders

☐	All bank statements and bank reconciliations for the reporting period

☐	Description of the assets sold or transferred and the terms of the sale or transfer


/s/ James L. Bromley		James L. Bromley
Signature of Responsible Party		Printed Name of Responsible Party

03/21/2024
Date		125 Broad Street, New York, New York 10004
	Address

STATEMENT: This Periodic Report is associated with an open bankruptcy case; therefore, Paperwork Reduction Act exemption 5 C.F.R. § 1320.4(a)(2) applies.


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Debtor's Name SVB Financial Group		Case No. 23-10367


Part 1: Cash Receipts and Disbursements	Current Month		Cumulative
a.	Cash balance beginning of month	$	256,527,301

b.	Total receipts (net of transfers between accounts)	$	36,935,155	$	695,381,694

c.	Total disbursements (net of transfers between accounts)	$	69,205,700	$	2,498,339,237

d.	Cash balance end of month (a+b-c)	$	224,256,757

e.	Disbursements made by third party for the benefit of the estate	$	0	$	0

f.	Total disbursements for quarterly fee calculation (c+e)	$	69,205,700	$	2,498,339,237


Part 2: Asset and Liability Status (Not generally applicable to Individual Debtors. See Instructions.)	Current Month
a.	Accounts receivable (total net of allowance)	$	1,961,261,216

b.	Accounts receivable over 90 days outstanding (net of allowance)	$	0

c.	Inventory ( Book Market Other (attach explanation))	$	0

d	Total current assets	$	2,600,599,896

e.	Total assets	$	3,599,584,153

f.	Postpetition payables (excluding taxes)	$	64,392,958

g.	Postpetition payables past due (excluding taxes)	$	0

h.	Postpetition taxes payable	$	0

i.	Postpetition taxes past due	$	0

j.	Total postpetition debt (f+h)	$	64,392,958

k.	Prepetition secured debt	$	0

l.	Prepetition priority debt	$	0

m.	Prepetition unsecured debt	$	3,484,888,654

n.	Total liabilities (debt) (j+k+l+m)	$	3,549,281,612

o.	Ending equity/net worth (e-n)	$	50,302,542


Part 3: Assets Sold or Transferred	Current Month		Cumulative
a.	Total cash sales price for assets sold/transferred outside the ordinary course of business	$	0	$	50,912,166

b.	Total payments to third parties incident to assets being sold/transferred outside the ordinary course of business	$	0	$	4,043,724

c.	Net cash proceeds from assets sold/transferred outside the ordinary course of business (a-b)	$	0	$	46,868,442


Part 4: Income Statement (Statement of Operations) (Not generally applicable to Individual Debtors. See Instructions.)	Current Month		Cumulative
a.	Gross income/sales (net of returns and allowances)	$	854,100

b.	Cost of goods sold (inclusive of depreciation, if applicable)	$	0

c.	Gross profit (a-b)	$	854,100

d.	Selling expenses	$	0

e.	General and administrative expenses	$	1,244,931

f.	Other expenses	$	-31,002,311

g.	Depreciation and/or amortization (not included in 4b)	$	312,648

h.	Interest	$	0

i.	Taxes (local, state, and federal)	$	0

j.	Reorganization items	$	14,652,756

k.	Profit (loss)	$	15,646,076	$	-544,655,109


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Debtor's Name SVB Financial Group		Case No. 23-10367


Part 5: Professional Fees and Expenses
			Approved Current Month			Approved Cumulative		Paid Current Month		Paid Cumulative
a.	Debtor's professional fees & expenses (bankruptcy) Aggregate Total	$	17,796,137		$	95,112,316	$	21,471,555	$	95,112,316
	Itemized Breakdown by Firm
		Firm Name		Role
	i	Alvarez & Marsal		Financial Professional		$8,050,163	$	45,069,652	$	8,050,163	$	45,069,652
	ii	Centerview Partners LLC		Financial Professional	$	1,671,142	$	7,922,504	$	1,648,509	$	7,922,504
	iii	Huron		Financial Professional		$0	$	748,727	$	748,727	$	748,727
	iv	Jenner & Block LLP		Other	$	2,337,004	$	7,707,345	$	2,170,927	$	7,707,345
	v	Kroll		Other	$	60,602	$	1,814,199	$	60,602	$	1,814,199
	vi	Sullivan & Cromwell LLP		Lead Counsel	$	5,677,226	$	31,849,889	$	8,792,627	$	31,849,889
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Debtor's Name SVB Financial Group		Case No. 23-10367

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Debtor's Name SVB Financial Group		Case No. 23-10367


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						Approved Current Month		Approved Cumulative		Paid Current Month		Paid Cumulative
b.	Debtor's professional fees & expenses (nonbankruptcy) Aggregate Total	$	169,345		$	1,995,134	$	37,876	$	1,743,663
	Itemized Breakdown by Firm
		Firm Name		Role
	i	Chapman and Cutler, LLP		Other	$	0	$	86,454	$	0	$	79,189
	ii	Debevoise & Plimpton LLP		Other	$	0	$	135,193	$	4,478	$	79,863
	iii	DLA Piper Ireland LLP		Local Counsel	$	0	$	16,765	$	0	$	16,765
	iv	Farella Braun + Martel LLP		Local Counsel	$	63,795	$	456,240	$	0	$	352,087
	v	Goodwin Procter LLP		Local Counsel	$	12,000	$	93,137	$	0	$	81,137
	vi	Herzog Fox & Neeman		Other	$	9,850	$	100,915	$	0	$	91,065
	vii	HWG LLP		Local Counsel	$	1,620	$	15,000	$	1,620	$	15,000
	viii	Kilpatrick Townsend & Stockto		Other	$	19,984	$	70,411	$	0	$	50,427
	ix	Miller & Olson LLP		Other	$	0	$	3,673	$	0	$	3,673
	x	Nishith Desai Associates		Local Counsel	$	26,134	$	55,577	$	26,134	$	48,649
	xi	Norton Rose LLP Shanghai		Other	$	16,843	$	377,791	$	5,644	$	360,947
	xii	Proskauer Rose LLP		Other	$	0	$	269,274	$	0	$	269,274
	xiii	Trucker Huss, APC		Other	$	19,117	$	314,704	$	0	$	295,587
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Debtor's Name SVB Financial Group		Case No. 23-10367

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Debtor's Name SVB Financial Group		Case No. 23-10367

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All professional fees and expenses (debtor & committees)

$24,400,042

$130,311,202

$27,497,788

$130,059,730


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Debtor's Name SVB Financial Group		Case No. 23-10367


Part 6: Postpetition Taxes	Current Month		Cumulative
a.	Postpetition income taxes accrued (local, state, and federal)	$	0	$	0

b.	Postpetition income taxes paid (local, state, and federal)	$	0	$	0

c.	Postpetition employer payroll taxes accrued	$	0	$	0

d.	Postpetition employer payroll taxes paid	$	0	$	0

e.	Postpetition property taxes paid	$	0	$	0

f.	Postpetition other taxes accrued (local, state, and federal)	$	75,933	$	251,069

g.	Postpetition other taxes paid (local, state, and federal)	$	50,033	$	251,077

Part 7: Questionnaire - During this reporting period:

Were any payments made on prepetition debt? (if yes, see Instructions)

Yes

Were any payments made outside the ordinary course of business without court approval? (if yes, see Instructions)

Yes

Were any payments made to or on behalf of insiders?

Yes

Are you current on postpetition tax return filings?

Yes

Are you current on postpetition estimated tax payments?

Yes

Were all trust fund taxes remitted on a current basis?

Yes

Was there any postpetition borrowing, other than trade credit? (if yes, see Instructions)

Yes

Were all payments made to or on behalf of professionals approved by the court?

Yes

N/A

Do you have:

Worker's compensation insurance?

Yes

If yes, are your premiums current?

Yes

N/A

(if no, see Instructions)

Casualty/property insurance?

Yes

If yes, are your premiums current?

Yes

N/A

(if no, see Instructions)

General liability insurance?

Yes

If yes, are your premiums current?

Yes

N/A

(if no, see Instructions)

Has a plan of reorganization been filed with the court?

Yes

Has a disclosure statement been filed with the court?

Yes

Are you current with quarterly U.S. Trustee fees as set forth under 28 U.S.C. § 1930?

Yes


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Debtor's Name SVB Financial Group		Case No. 23-10367


Part 8: Individual Chapter 11 Debtors (Only)
a.	Gross income (receipts) from salary and wages			$	0

b.	Gross income (receipts) from self-employment			$	0

c.	Gross income from all other sources			$	0

d.	Total income in the reporting period (a+b+c)			$	0

e.	Payroll deductions			$	0

f.	Self-employment related expenses			$	0

g.	Living expenses			$	0

h.	All other expenses			$	0

i.	Total expenses in the reporting period (e+f+g+h)			$	0

j.	Difference between total income and total expenses (d-i)			$	0

k.	List the total amount of all postpetition debts that are past due			$	0

l.	Are you required to pay any Domestic Support Obligations as defined by 11 U.S.C § 101(14A)?	Yes	No
m.	If yes, have you made all Domestic Support Obligation payments?	Yes	No			N/A

Privacy Act Statement

28 U.S.C. § 589b authorizes the collection of this information, and provision of this information is mandatory under 11 U.S.C. §§ 704, 1106, and 1107. The United States Trustee will use this information to calculate statutory fee assessments under 28 U.S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor's progress through the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is being prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information is needed to perform the trustee's or examiner's duties or to the appropriate federal, state, local, regulatory, tribal, or foreign law enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be made for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the Executive Office for United States Trustee's systems of records notice, UST-001, "Bankruptcy Case Files and Associated Records." See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: http:// www.justice.gov/ust/eo/rules_regulations/index.htm. Failure to provide this information could result in the dismissal or conversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F).

I declare under penalty of perjury that the foregoing Monthly Operating Report and its supporting documentation are true and correct and that I have been authorized to sign this report on behalf of the estate.


/s/ Nicholas R. Grossi	Nicholas R. Grossi
Signature of Responsible Party		Printed Name of Responsible Party

Interim Chief Financial Officer, and/or Authorized Signatory	03/21/2024
Title	Date


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Debtor's Name SVB Financial Group		Case No. 23-10367


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Debtor's Name SVB Financial Group		Case No. 23-10367


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Debtor's Name SVB Financial Group		Case No. 23-10367


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Notes and Supporting Documentation Pg 1 of 6

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK


In re SVB Financial Group			Case No. 23-10367 (MG)

Reporting Period: 2/1/2024 - 2/29/2024

Supplemental Notes to Monthly Operating Report

FACTUAL BACKGROUND

Debtor-in-Possession Financial Statements: On March 17, 2023 (the "Petition Date"), SVB Financial Group (the "Debtor") filed a voluntary petition in the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") for relief under the provisions of Chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code"). The Debtor's case is administered under the caption In re SVB Financial Group, Case No 23-10367 (the "Chapter 11 Case"). The Debtor is continuing to operate its remaining businesses as a debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

The Debtor is filing its monthly operating report (the "MOR") for purposes of complying with the monthly operating requirements applicable in the Debtor's Chapter 11 Case. The financial information contained in the MOR is unaudited and limited in scope to only those items and disclosures required pursuant to the Bankruptcy Code. The MOR has been completed using generally accepted accounting standards (e.g., the Financial Accounting Standards Board Accounting Standards Codification 852, Reorganizations (ASC 852)). The MOR, however, is not a complete set of financial statements pursuant to generally accepted accounting principles ("GAAP") as it does not include all disclosures and financial statements (e.g., statement of cash flow or statement of shareholders' equity) which are required pursuant to GAAP. Additionally, the MOR includes certain cash-basis schedules (e.g., Part 1: Cash Receipts and Disbursements) which are not in accordance with GAAP.

The financial information disclosed in the MOR was not prepared in accordance with federal or state securities laws or other applicable non-bankruptcy law or in lieu of complying with any periodic reporting requirements thereunder. Persons and entities trading in or otherwise purchasing, selling, or transferring the claims against or equity interests in the Debtor should evaluate this financial information in light of the purposes for which it was prepared. The Debtor is not liable for and undertakes no responsibility to indicate variations from securities laws reporting.

Basis of Presentation: As discussed in greater detail in the Declaration of William C. Kosturos in Support of the Debtor's Chapter 11 Petition and First Day Pleadings [D.I. 21] and Supplemental Declaration of William C. Kosturos in Support of the Debtor's Chapter 11 Petition and First Day Pleadings [D.I. 43], on March 10, 2023, the California banking authorities closed Silicon Valley Bank (the "Bank") and appointed the Federal Deposit Insurance Corporation ("FDIC") as receiver of the Bank (the "Receivership").¹ The FDIC subsequently transferred all deposits and substantially all assets of Silicon Valley Bank to a newly created, FDIC-operated bridge bank, Silicon Valley Bridge Bank, National Association ("Bridge Bank"). Before the Receivership, the Debtor's information management systems were primarily maintained by the Bank pursuant to a shared services agreement. As a result of the Receivership, the Debtor no longer operates the Bank and no longer has complete access to these systems. The Debtor is continuing to work with the FDIC, as well as First Citizens Bank & Trust Company ("FCB"), as successor-in-interest to Bridge Bank, to gain access to its books and records.

¹	The Federal Deposit Insurance Corporation in its corporate capacity, as receiver of Bridge Bank and as receiver of the Bank are collectively referred to as the "FDIC."

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Notes and Supporting Documentation Pg 2 of 6

In addition, before the Receivership, the Debtor's executive officers, its principal accounting officer and all members of its accounting and finance teams were employed by the Bank. All of these individuals either resigned, became employees of Bridge Bank in connection with the Receivership or became an employee of FCB. The Debtor has made reasonable efforts to supplement the information available to it with additional information concerning transactions that may not have been identified in the books and records to which it has access.

Records of prepetition assets and liabilities, including, among other things, liabilities owed by the Debtor to its affiliates and FCB, are likely to be adjusted throughout the pendency of the Chapter 11 Case as claims are filed and items are approved by the Bankruptcy Court. The MOR and the Supplemental Balance Sheet and Supplemental Statement of Operations attached thereto, are an unconsolidated, stand-alone presentation of the Debtor's assets and liabilities and income/loss. The financial results of Debtor's subsidiaries not party to the Chapter 11 Case are included in the financial statements as Investments in Subsidiaries and Net (Gain)/Loss from Subsidiaries.

Reporting Period: Unless otherwise noted herein or in the MOR, the MOR generally reflects the Debtor's books and records and financial activity occurring during the applicable reporting period. Except as otherwise noted, no adjustments have been made for activity occurring after the close of the reporting period.

NOTES TO MOR

Note 1: Employees

The Debtor did not directly employ any employees during the reporting period. SVBFG Employee Holdco LLC, a non-debtor direct subsidiary of the Debtor, employed six employees who performed services for the Debtor during the reporting period.

Note 2: Reorganization Accounting

Accounting standard ASC 852 requires expenses and income directly associated with the Chapter 11 Case to be reported separately in the statement of operations as Reorganization Items, net. Reorganization Items, net may include write-off of certain fees relating to debt obligations classified as Liabilities Subject to Compromise, expenses related to legal advisory and representation services, other professional consulting and advisory services, and changes in Liabilities Subject to Compromise. Reorganization Items, net will be recorded as such items are incurred and/or approved by the Bankruptcy Court.

Note 3: Investment Securities

Investment Securities primarily represent investments in venture capital and private equity funds, debt funds, private and public portfolio companies, including public equity securities held as a result of equity warrant assets exercised. The fair values of these investments are reflected in the financial statements and are adjusted on a quarterly basis. Fair value changes are recorded as unrealized gains or losses through net income.

Unconsolidated venture capital and private equity fund investments: Funds where ownership interest is typically less than 5% of the voting interests of each such fund and in which there is not the ability to exercise significant influence over the partnerships' operating activities and financial policies. The unconsolidated venture capital and private equity fund investments are carried at fair value based on the fund investments' net asset values per share as obtained from the general partners of the funds, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period.

Direct equity investments in private companies: The carrying value is based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. A range of factors is considered when adjusting the fair value of these investments, including, but not limited to, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies, financing transactions subsequent to the acquisition of the investment and a discount for certain investments that have lock-up restrictions or other features that indicate a discount to fair value is warranted.

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Notes and Supporting Documentation Pg 3 of 6

Note 4: Due to/from FDIC

The Debtor has reflected the known cash balances of its operating accounts and Regulation W account that were on deposit at Bridge Bank as of the Petition Date (and previously at the Bank), as a receivable from the FDIC. The Debtor does not have access to its account information at Bridge Bank so it could not independently verify the exact amount of funds that were transferred to the FDIC but has used the available information provided by FCB to reflect its best estimate of the amounts that are due to the Debtor.

Note 5: Warrants & Other Derivatives

In connection with negotiated credit facilities and certain other services that were offered by the Bank, the Debtor often acquired equity warrant assets giving the Debtor the right to acquire stock in venture-backed companies primarily in the technology, life science and healthcare industries subject to applicable regulatory limits and, in some cases, equity interests were retained in these companies following their initial public offering. The fair values of these warrants and investments are reflected in the financial statements and are adjusted on a quarterly basis. Fair value changes are recorded as unrealized gains or losses through net income. However, the timing and amount of changes in fair value, if any, of these financial instruments depends on factors beyond the Debtor's control, including the perceived and actual performance of the companies or funds in which the Debtor invests, fluctuations in the market prices of the preferred or common stock of the portfolio companies, the timing of the receipt of relevant financial information from these companies, market volatility and interest rate fluctuations and legal and contractual restrictions. The valuation processes for warrants are as follows:

Equity warrant assets (public portfolio): Fair value measurements of equity warrant assets of publicly traded portfolio companies are valued based on the Black-Scholes option pricing model. The model uses the price of publicly traded companies (underlying stock price), stated strike prices, warrant expiration dates, the risk-free interest rate and market-observable option volatility assumptions.

Equity warrant assets (private portfolio): Fair value measurements of equity warrant assets of private portfolio companies are priced based on a Black-Scholes option pricing model to estimate the asset value by using stated strike prices, option expiration dates, risk-free interest rates and option volatility assumptions. Option volatility assumptions used in the Black-Scholes model are based on public market indices whose members operate in similar industries as companies in the Debtor's private company portfolio. Option expiration dates are modified to account for estimates to actual life relative to stated expiration. Overall model asset values are further adjusted for a general lack of liquidity due to the private nature of the associated underlying company.

Note 6: Investment in Subsidiaries

The primary subsidiary business operations of the Debtor during the reporting period are:

SVB Capital Management, LLC

SVB Capital ManCo is the venture capital and credit investment arm of the Debtor, which focuses primarily on funds management. SVB Capital ManCo manages over $9.5 billion of funds on behalf of third party limited partner investors and, on a more limited basis, the Debtor. The SVB Capital family of funds is comprised of pooled investment vehicles such as direct venture funds that invest in companies and funds of funds that invest in other venture capital funds, as well as debt funds that provide lending and other financing solutions. SVB Capital generates income for the Debtor primarily through investment returns (including carried interest) and management fees.

SVB Securities Holdings LLC

SVB Securities Holdings LLC consists of two businesses, MoffettNathanson LLC, a sell-side research boutique and SVB Transformation Holdings LLC, an asset management company. The Debtor is currently evaluating its position with regard to these entities.

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Notes and Supporting Documentation Pg 4 of 6

Note 7: Taxes

Taxes receivables reflect a reasonable estimate of current tax refunds due to the Debtor and continue to be evaluated for any required allocations or adjustments.

Postpetition taxes in Part 6 reflect reconciled prior month amounts.

Note 8: Liabilities Subject to Compromise (Prepetition)

Due to the filing of the Chapter 11 Case on March 17, 2023, the payment of prepetition indebtedness is generally subject to compromise pursuant to a plan of reorganization. Generally, actions to enforce or otherwise effect payment of pre-bankruptcy filing liabilities are stayed. The Debtor has been paying and intends to pay undisputed postpetition liabilities in the ordinary course of business. In addition, the Debtor has rejected certain prepetition executory contracts and unexpired leases with respect to their operations with the approval of the Bankruptcy Court (See Note 6).

Prepetition liabilities that are subject to compromise are required to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. The amounts currently classified as Liabilities Subject To Compromise may be subject to future adjustments depending on Bankruptcy Court actions, further developments with respect to disputed claims, determinations of secured status of certain claims, the values of any collateral securing such claims, or other events. The value of the claims that will ultimately be allowed by the Bankruptcy Court cannot be reasonably estimated until the evaluation, investigation and reconciliation of the filed claims has been completed. Any resulting changes in classification will be reflected in subsequent financial statements.

Note 9: Subsequent Events

On March 18, 2024, the Debtor and its non-debtor, wholly owned subsidiary, SVB Global Financial, Inc., entered into a Purchase and Sale Agreement for the sale of 100% of the issued and outstanding partnership interests of SVB Global Services India LLP ("SVB India"). For more information, see Notice of Debtor's Motion for Entry of an Order (I) Authorizing the Debtor to Sell SVB India by (A) Selling Partnership Interests in SVB India Free and Clear of All Liens, Claims, Interests and Encumbrances and (B) Causing Non-Debtor Subsidiary to Sell Partnership Interests in SVB India; (II) Approving the Debtor's Entry Into, and Performance Under, the Purchase and Sale Agreement; (III) Authorizing Assumption and Assignment of Certain Contracts; and (IV) Granting Related Relief [D.I. 929], filed by the Debtor on the Bankruptcy Court's docket on March 19, 2024, and available at https://restructuring.ra.kroll.com/svbfg/Home-Index.

Note 10: Questionnaire

The workers' compensation policy that covered employees of FCB who previously performed services for the Debtor was terminated on May 1, 2023. The Debtor has obtained a new workers' compensation policy through a professional employer organization.

I declare under penalty of perjury that, in my reasonable belief, the foregoing supplemental notes to Monthly Operating Report are true and correct.


/s/ Nicholas R. Grossi
Nicholas R. Grossi
Title:		Interim Chief Financial Officer

Date:		March 21, 2024

23-10367-mg Doc 939-1 Filed 03/21/24 Entered 03/21/24 17:46:33 Supplement

Notes and Supporting Documentation Pg 5 of 6


		Exhibit - 1
In re: SVB Financial Group		Case No.:		23-10367
	Reporting Period:		2/1/2024 - 2/29/2024

Supplemental Statement of Operations


	SVB Financial Group
	Current Month			Cumulative
	02/01/2024 - 02/29/2024			03/17/2023 - 02/29/2024			*Notes*
Income
Investment Income	$	854,100			$	10,568,151
Management Fees		-				31,121,090

Total Income	$	854,100			$	41,689,241
Operating Expenses
Operating Expenses		1,557,579				23,426,463

Total Operating Expenses	$	1,557,579			$	23,426,463

Operating Income / (Loss)	$	(703,479	)		$	18,262,778

Other (Income) / Expense
Net (Gain) / Loss from Subsidiaries	$	(25,487,946	)		$	110,484,720		[1]
Net (Gain) / Loss on Investments		(5,297,411	)			31,236,686		[1]
Vesting of RSUs		14,069				16,444,185
Miscellaneous (Income) / Expense		(231,024	)			6,541,561

Total Other (Income) / Expense	$	(31,002,311	)		$	164,707,150

Net Income / (Loss) before Reorganization Expenses	$	30,298,832			$	(146,444,372	)
Reorganization Items, net		14,652,756				398,210,736

Net Income / (Loss)	$	15,646,076			$	(544,655,109	)

Notes

[1] - Includes both realized and unrealized (gains) / losses.


UST Form 11-MOR (12/01/2021)		1

23-10367-mg Doc 939-1 Filed 03/21/24 Entered 03/21/24 17:46:33 Supplement

Notes and Supporting Documentation Pg 6 of 6


		Exhibit - 2
In re: SVB Financial Group		Case No.:		23-10367
	Reporting Period:		2/29/2024

Supplemental Balance Sheet


	SVB Financial Group
	02/29/2024
ASSETS
Cash	$	224,256,757
Investment Securities		363,860,157
Capital Call Line		22,135,232
Accounts Receivable		27,455,508
Receivable from FDIC		1,933,805,708
Other Current Assets		29,086,533

Total Current Assets	$	2,600,599,896
Warrants & Other Derivatives		329,212,859
Other Assets		66,557,376

Total Other Assets	$	395,770,235
Investments in SVB Capital Funds		492,479,692
Investment in SVB Securities		78,288,626
Investments in Foreign Subs / Other		32,445,703

Total Investments in Subsidiaries	$	603,214,022

TOTAL ASSETS	$	3,599,584,153

LIABILITIES & EQUITY
Liabilities Not Subject to Compromise
Postpetition Payables		64,392,958

Total Liabilities Not Subject to Compromise	$	64,392,958
Liabilities Subject to Compromise
A/P and Accrued Expenses		84,608,305
Accrued Interest Payable		30,159,270
Other Liabilities		20,000
Long-term Debt		3,370,101,079

Total Liabilities Subject to Compromise	$	3,484,888,654

Total Liabilities	$	3,549,281,612
Equity		50,302,542

TOTAL LIABILITIES & EQUITY	$	3,599,584,153


UST Form 11-MOR (12/01/2021)		1

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SVB Financial Group published this content on 22 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 March 2024 17:16:07 UTC.

Market Closed - OTC Markets Other stock markets 02:12:00 2024-04-26 pm EDT			5-day change	1st Jan Change
0.05 ^USD	0.00%		0.00%	+51.06%

Apr. 25	SVB-owner First Citizens' profit beats estimates on interest income strength	RE
Apr. 10	Motion for Asset Sale Approved for SVB Financial Group	CI

SVB-owner First Citizens' profit beats estimates on interest income strength	Apr. 25	RE
Motion for Asset Sale Approved for SVB Financial Group	Apr. 10	CI
First Citizens BancShares, Inc. (NasdaqGS:FCNC.A) entered into a definitive purchase agreement to acquire Svb Global Services India LLP from SVB Financial Group (OTCPK:SIVB.Q).	Mar. 19	CI
Motion for Asset Sale Filed by SVB Financial Group	Mar. 19	CI
Regional banks face big hurdles a year after SVB collapse	Mar. 07	RE
First Citizens claims HSBC execs knew of plot to poach Silicon Valley Bank workers	Feb. 08	RE
Disclosure Statement Filed by SVB Financial Group	Feb. 06	CI
Reorganization Plan Filed by SVB Financial Group	Jan. 26	CI
SVB Financial plans to hand VC business to creditors	Jan. 09	RE
Banks should increase use of 'discount window' to prevent crises -expert group	Jan. 09	RE
Short sellers lost $195 billion in 2023 bets against US, Canadian stocks -S3	Jan. 04	RE
Former First Republic workers sue FDIC over withheld retirement pay	Dec. 18	RE
Second Motion for Exclusivity Period Extension Approved For SVB Financial Group	Nov. 29	CI
US FDIC scraps planned meeting on 'special assessment' for bank failures	Nov. 16	RE
US FDIC meets to consider 'special assessment' for March bank failure losses	Nov. 16	RE
REUTERS NEXT: Banking sector faces risks from inflation -Moody's	Nov. 09	RE
US FDIC is probing former First Republic Bank directors and officers	Nov. 01	RE
Exclusive-U.S. FDIC is probing former First Republic Bank directors and officers - spokesperson	Nov. 01	RE
How U.S. bank balance sheets have changed as Fed raises rates	23-10-13	RE
The Baupost Group, L.L.C. and management team led by Jeff Leerink acquired SVB Securities Holdings LLC from SVB Financial Group (OTCPK:SIVB.Q).	23-10-01	CI
What could break under higher-for-longer interest rates?	23-09-29	RE
Fixing oversight culture may be biggest challenge in averting future bank crises	23-09-20	RE
SVB Financial Reportedly Nears Deal to Sell VC Arm	23-09-15	CI
SVB Financial nears deal to sell VC arm, Scaramucci leading bidder - WSJ	23-09-15	RE
US looks to offload $13 bln of mortgage bonds seized from SVB, Signature - Bloomberg News	23-09-12	RE

	1st Jan change	Capi.
SVB FINANCIAL GROUP	+51.06%	2.96M
JPMORGAN CHASE & CO.	+13.75%	556B
BANK OF AMERICA CORPORATION	+12.36%	298B
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	+8.64%	247B
WELLS FARGO & COMPANY	+21.72%	210B
BANK OF CHINA LIMITED	+16.11%	170B
CHINA CONSTRUCTION BANK CORPORATION	+6.88%	162B
HSBC HOLDINGS PLC	+4.42%	153B
ROYAL BANK OF CANADA	+0.10%	139B
HDFC BANK LIMITED	-11.67%	138B

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