The key difference here is whether your investment remains at risk. As long as the value of your investment is at risk, then the investment is considered unrealized.
Once you cash in your chips (sell) then the investment becomes realized.
Someone getting a loan against their stock portfolio is still at risk of loss of value of their holdings, therefore the investment gains remain unrealized.
Once you cash in your chips (sell) then the investment becomes realized.
Someone getting a loan against their stock portfolio is still at risk of loss of value of their holdings, therefore the investment gains remain unrealized.