The term "real" is overloaded. The author is clearly using a meaning here that is different from the one you are using, but that is intentional. His usage makes

The term "real" is overloaded. The author is clearly using a meaning here that is different from the one you are using, but that is intentional. His usage makes sense in the context of that particular segment of his writing. From an equity perspective, those losses are very real whether they are realized or not.