Can you explain the mechanism where it is a tax loss and show where Fidelity has used it? That sounds like a gotcha, but I'm genuinely curious if it is clearly the case that they can recognize a tax loss here.

I think the mark down mostly does two things. It allows Fidelity to honestly inform their customers what they hold, and it signals to the startups that things aren't necessarily going the way Fidelity would like to see them go.