The BTFP facility that bailed out unrealized losses during SVB in 2023 expired last year — banks now face the same duration mismatch on their bond books with no equivalent backstop. At 5.24% on the 10yr, paper losses on 2020-2021 vintage MBS/Treasuries are deeper than they were during the March 2023 panic, so six failures this early in the year isn't surprising, it's the base case.