Definition
A profitable or losing position that has resulted from an investment, but which has not yet been cashed in via a sale transaction (paper profit/loss).
In Panel Profits
The live paper profit or loss of an active collection holding, evaluated strictly against verified secondary market price benchmarks for that exact grade tier.
Comic-market example
A CGC 9.4 Amazing Spider-Man #300 acquired at a Cost Basis of $2,400 with a current verified 9.4 FMV of $3,200 reflects an Unrealized Gain of +$800.00 (+33.3%).
Calculation
Unrealized P&L ($) = (Current Verified Grade FMV × Quantity) - Total Acquisition Cost Basis; Unrealized P&L (%) = (Unrealized P&L $ / Cost Basis) × 100
Common mistakes
Unpriced holdings remain marked 'Unpriced' and must never be recorded as a 100% loss ($0.00) or given an artificial 9.8 valuation.