The outcome of the twenty-seventh session of the Conference of the Parties (COP 27) on Loss and Damage is significant and considered a win for developing countries and civil society who have been calling for action and support to address loss and damage for over 30 years. After the agenda item on Loss and Damage finance was agreed, developing countries demanded an outcome under the new agenda item at COP 27. Parties agreed to establish a fund on Loss and Damage as part of broader funding arrangements or “mosaic of solutions” both inside and outside the United Nations Framework Convention on Climate Change (UNFCCC), often referred to as the Convention. Separately, the modalities of the Santiago Network for Loss and Damage (Santiago Network) were established and a process for selecting the host organisation was determined. This means that the Santiago Network could be up and running next year. Conversely, efforts to integrate Loss and Damage into the new collective quantified goal on climate finance (NCQG) were less successful. Further, although Loss and Damage was part of the second technical dialogue on the Global Stocktake (GST), it remains unclear how it will be included in the final assessment of collective progress towards achieving the global goals of the Paris Agreement. This brief unpacks these and other issues related to Loss and Damage at COP 27, reflecting on the expectations that were included in our previous brief on the "road to COP27".