The RealReal

REAL • NASDAQ

The RealReal is a luxury goods company in the consumer cyclical sector on NASDAQ, led by Rati Sahi Levesque, with a market cap of $1.7B. As of Q3 2025, 89% of shares are held by 220 institutional investors, with BlackRock, Inc. as the largest holder at 7.56%.

President and Chief Executive OfficerRati Sahi Levesque

Market Cap$1.7B

Luxury Goods

Consumer Cyclical

Employees3.0K

Websitetherealreal.com

Country

United States of America

Overview

Overview of institutional ownership in REAL as of Q3 2025 with a market cap of $1.2B

All Institutions

Institutions: 220
Value Held: $1.1B
Shares Held: 102.5M
Avg Position: $4.9M
Median Position: $616.4K

Hedge Funds

Hedge Funds: 54
Value Held: $359.6M
Shares Held: 33.8M
Avg Position: $6.7M
Median Position: $2.3M

Ownership Breakdown

Institutional (non-HF)

59.49%

$728.7M

Hedge Funds

29.36%

$359.6M

Retail & Other

11.15%

$136.6M

Based on market cap of $1.2B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in REAL as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$92.6M 0.00% of portfolio	7.56% 8.7M shares	Q2 2019 Held for 6y 5m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$63.0M 0.00% of portfolio	5.15% 5.9M shares	Q2 2019 Held for 6y 5m	$6.69T
Kanen Wealth Management LLC RIA/Wealth	David Lawrence Kanen Member	$44.6M 14.92% of portfolio	3.64% 4.2M shares	Q1 2024 Held for 1y 8m	$299.1M
D D. E. Shaw & Co., Inc. Institution	-	$44.5M 0.04% of portfolio	3.64% 4.2M shares	Q4 2019 Held for 5y 11m	$115.81B
Marshall Wace LLP Institution	Diana Lj Harrison President	$40.0M 0.04% of portfolio	3.27% 3.8M shares	Q1 2021 Held for 4y 8m	$90.3B
W Woodson Capital Management, LP Hedge Fund•Long/Short	Jephthah Gerard Dais COO	$37.2M 7.16% of portfolio	3.04% 3.5M shares	Q4 2022 Held for 2y 11m	$519.9M
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$34.0M 0.00% of portfolio	2.78% 3.2M shares	Q2 2019 Held for 6y 5m	$691.34B
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	Stephen Thomas Weber CEO	$32.9M 0.24% of portfolio	2.69% 3.1M shares	Q4 2024 Held for 11 months	$13.9B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$28.0M 0.00% of portfolio	2.29% 2.6M shares	Q3 2019 Held for 6y 2m	$2.88T
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	Scott David Hoffman CEO	$27.9M 0.05% of portfolio	2.28% 2.6M shares	Q3 2019 Held for 6y 2m	$62.0B

Net Capital Flow

Institutional buying and selling activity for REAL in Q3 2025

Traded: +$143.1M
Buyers: 128
Sellers: 100
Total Bought: +$294.1M
Total Sold: −$151.1M
Avg Position: $4.4M

Biggest Buyers

Institution	Net Bought	Current Position
D Divisadero Street Capital Management, LP Hedge Fund•Long/Short	+$24.0M +2.3M shares	$27.6M 2.6M shares
A AMERICAN CENTURY COMPANIES INC Institution	+$19.0M +1.8M shares	$19.5M 1.8M shares
N Nuveen, LLC Institution	+$17.8M +1.7M shares	$21.6M 2.0M shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	+$17.4M +1.6M shares	$20.8M 2.0M shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$16.0M +1.5M shares	$27.0M 2.5M shares
D D. E. Shaw & Co., Inc. Institution	+$15.7M +1.5M shares	$44.5M 4.2M shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	+$15.1M +1.4M shares	$32.9M 3.1M shares
PENN CAPITAL MANAGEMENT CO INC Long Only Manager	+$12.6M +1.2M shares	$12.6M 1.2M shares
B BIT Capital GmbH Institution	+$10.9M +1.0M shares	$10.9M 1.0M shares
M MASTERS CAPITAL MANAGEMENT LLC Hedge Fund•Long/Short	+$10.6M +1.0M shares	$10.6M 1.0M shares

Biggest Sellers

Institution	Net Sold	Current Position
W Woodson Capital Management, LP Hedge Fund•Long/Short	−$30.8M −2.9M shares	$37.2M 3.5M shares
UBS Group AG Institution	−$21.9M −2.1M shares	$9.4M 889.0K shares
CANNELL CAPITAL LLC Hedge Fund•Long/Short	−$11.4M −1.1M shares	$3.8M 359.1K shares
Q Qube Research & Technologies Ltd Institution	−$9.4M −884.8K shares	$8.0M 749.9K shares
Marshall Wace LLP Institution	−$5.9M −554.8K shares	$40.0M 3.8M shares
Kanen Wealth Management LLC RIA/Wealth	−$5.4M −511.5K shares	$44.6M 4.2M shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$5.2M −492.9K shares	$1.5M 139.9K shares
C Capricorn Fund Managers Ltd Institution	−$4.4M −417.9K shares	$12.6M 1.2M shares
Think Investments LP Hedge Fund•Long/Short	−$4.3M −897.5K shares	Sold Off 0 shares
M Manatuck Hill Partners, LLC Hedge Fund•Long/Short	−$3.7M −350.0K shares	$13.6M 1.3M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited REAL in Q3 2025

New Positions: 15
New Value: $28.4M
Exited Positions: 29
Exited Value: $16.5M

New Positions

Institution	Position Value
PENN CAPITAL MANAGEMENT CO INC Long Only Manager	$12.6M 1.2M shares
B BIT Capital GmbH Institution	$10.9M 1.0M shares
Jain Global LLC Hedge Fund•Multi-Strategy	$1.4M 136.3K shares
Voleon Capital Management LP Hedge Fund•Quant	$850.3K 80.0K shares
POLEN CAPITAL MANAGEMENT LLC Long Only Manager	$766.3K 72.1K shares
V VIRGINIA RETIREMENT SYSTEMS ET AL Institution	$540.0K 50.8K shares
PARK AVENUE SECURITIES LLC RIA/Wealth	$445.2K 41.9K shares
A AXQ CAPITAL, LP Hedge Fund•Market Neutral	$433.0K 40.7K shares
N NATIXIS Institution	$258.6K 24.3K shares
E EHP Funds Inc. Institution	$106.9K 10.1K shares

Exited Positions

Institution	Previous Position
Think Investments LP Hedge Fund•Long/Short	$4.3M 897.5K shares
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	$3.0M 630.9K shares
R Roubaix Capital, LLC Hedge Fund•Long/Short	$2.9M 595.4K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$2.7M 572.1K shares
G GROUP ONE TRADING, L.P. Institution	$753.4K 157.3K shares
S STIFEL FINANCIAL CORP Long Only Manager	$536.4K 112.0K shares
B BRIDGEWAY CAPITAL MANAGEMENT INC Long Only Manager	$392.8K 82.0K shares
Pathstone Holdings, LLC Family Office	$205.9K 43.0K shares
Atom Investors LP Hedge Fund•Market Neutral	$197.8K 41.3K shares
P Petrus Trust Company, LTA Institution	$174.0K 36.3K shares

Options Activity

Institutions with the largest Call and Put options positions in REAL as of Q3 2025

Call Positions: 15
Call Value: $35.7M
Put Positions: 10
Put Value: $15.7M

Call Positions

Institution	Position Value
M MASTERS CAPITAL MANAGEMENT LLC Hedge Fund•Long/Short	$10.6M 10.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$8.9M 8.3K contracts
UBS Group AG Institution	$8.1M 7.6K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.4M 2.3K contracts
J JANE STREET GROUP, LLC Institution	$1.3M 1.2K contracts
P PEAK6 LLC Institution	$1.2M 1.1K contracts
ADVENT CAPITAL MANAGEMENT /DE/ Hedge Fund•Multi-Strategy	$1.1M 1.0K contracts
W WOLVERINE TRADING, LLC Institution	$836.6K 779.0 contracts
LEVIN CAPITAL STRATEGIES, L.P. Hedge Fund•Multi-Strategy	$318.9K 300.0 contracts
C Cubist Systematic Strategies, LLC Institution	$300.8K 283.0 contracts

Put Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$6.1M 5.8K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.8M 3.5K contracts
Crawford Fund Management, LLC Hedge Fund•Long/Short	$2.2M 2.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.5M 1.4K contracts
W WOLVERINE TRADING, LLC Institution	$1.2M 1.1K contracts
LEUCADIA NATIONAL CORP Institution	$531.5K 500.0 contracts
WELLS FARGO & COMPANY/MN Institution	$285.9K 269.0 contracts
Walleye Trading LLC RIA/Wealth	$61.7K 58.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$56.3K 53.0 contracts
C Cubist Systematic Strategies, LLC Institution	- - contracts

Most Committed Institutions

Institutions with REAL as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Kanen Wealth Management LLC RIA/Wealth	David Lawrence Kanen Member	14.92% $44.6M	3.64% 4.2M shares	Q1 2024 Held for 1y 8m	$299.1M
C Crestwood Capital Management, L.P. Hedge Fund•Long/Short	Michael Roy Weisberg Managing Partner	10.68% $15.3M	1.25% 1.4M shares	Q4 2022 Held for 2y 11m	$143.6M
W Woodson Capital Management, LP Hedge Fund•Long/Short	Jephthah Gerard Dais COO	7.16% $37.2M	3.04% 3.5M shares	Q4 2022 Held for 2y 11m	$519.9M
Archon Capital Management LLC Hedge Fund•Long/Short	Constantinos John Christofilis Managing Partner	4.89% $8.2M	0.67% 771.6K shares	Q2 2025 Held for 5 months	$167.6M
M Manatuck Hill Partners, LLC Hedge Fund•Long/Short	Mark Allen Broach Managing Partner	4.81% $13.6M	1.11% 1.3M shares	Q1 2023 Held for 2y 8m	$282.7M
C Capricorn Fund Managers Ltd Institution	-	4.25% $12.6M	1.03% 1.2M shares	Q1 2022 Held for 3y 8m	$297.8M
ZAZOVE ASSOCIATES LLC Hedge Fund•Multi-Strategy	Gene Thomas Pretti CEO	2.98% $1.5M	0.12% 140.0K shares	Q2 2025 Held for 5 months	$49.9M
M MASTERS CAPITAL MANAGEMENT LLC Hedge Fund•Long/Short	Michael Willingham Masters CEO	2.04% $10.6M	0.87% 1.0M shares	Q3 2025 Held for 2 months	$521.3M
A AWM Investment Company, Inc. Hedge Fund•Event Driven	David Michael Greenhouse President	1.43% $15.2M	1.24% 1.4M shares	Q1 2024 Held for 1y 8m	$1.1B
D Divisadero Street Capital Management, LP Hedge Fund•Long/Short	William Zolezzi Managing Partner	1.29% $27.6M	2.26% 2.6M shares	Q1 2024 Held for 1y 8m	$2.1B

Hedge Fund Spotlight

Discover hedge funds investing in REAL

TWO SIGMA ADVISERS, LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerScott David Hoffman

Portfolio Value: $50.0B
Positions: 2,312
Last Reported: Q3 2025

Sector Allocation

Position in The RealReal

Market Value: $25.6M
Shares Held: 2.4M
Portfolio Weight: 0.05%
Owned Since: 2020-Q1

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