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The RealReal
REAL

203 hedge funds and large institutions have $454M invested in The RealReal in 2025 Q2 according to their latest regulatory filings, with 35 funds opening new positions, 68 increasing their positions, 64 reducing their positions, and 41 closing their positions.

New
Increased
Maintained
Reduced
Closed

164% more call options, than puts

Call options by funds: $20.7M | Put options by funds: $7.84M

25% more funds holding in top 10

Funds holding in top 10: 4 → 5 (+1)

1.86% more ownership

Funds ownership: 82% → 83.86% (+1.9%)

6% more repeat investments, than reductions

Existing positions increased: 68 | Existing positions reduced: 64

3% less funds holding

Funds holding: 210 → 203 (-7)

8% less capital invested

Capital invested by funds: $492M → $454M (-$37.3M)

15% less first-time investments, than exits

New positions opened: 35 | Existing positions closed: 41

Holders
203
Holders Change
-7
Holders Change %
-3.33%
% of All Funds
2.67%
Holding in Top 10
5
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+25%
% of All Funds
0.07%
New
35
Increased
68
Reduced
64
Closed
41
Calls
$20.7M
Puts
$7.84M
Net Calls
+$12.8M
Net Calls Change
-$5M

Top Buyers

Rank Fund Capital Flow
1
Verition Fund Management
Verition Fund Management
Connecticut
+$9.83M
2
Goldman Sachs
Goldman Sachs
New York
+$6.14M
3
WCM
Woodson Capital Management
Connecticut
+$6.04M
4
KWM
Kanen Wealth Management
Florida
+$5.38M
5
JP Morgan Chase
JP Morgan Chase
New York
+$5.25M

Top Sellers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
-$8.07M
2
D.E. Shaw & Co
D.E. Shaw & Co
New York
-$7.32M
3
Citadel Advisors
Citadel Advisors
Florida
-$5.66M
4
CSS
Cubist Systematic Strategies
Connecticut
-$5.55M
5
QOP
Quinn Opportunity Partners
Virginia
-$5.52M
Name Holding Trade Value Shares
Change 		Change in
Stake
JFG
201
JDM Financial Group
Texas
$139 – – –
NSIM
202
North Star Investment Management
Illinois
$96 – – –
QOP
203
Quinn Opportunity Partners
Virginia
– -$5.52M -1,023,237 Closed
GIPM
204
G2 Investment Partners Management
New York
– -$3.13M -580,000 Closed
AG
205
Algert Global
California
– -$2.85M -529,770 Closed
EI
206
EAM Investors
California
– -$2.08M -386,580 Closed
Walleye Capital
207
Walleye Capital
New York
– -$958K -177,676 Closed
ACM
208
Aquatic Capital Management
Illinois
– -$754K -139,942 Closed
SC
209
Scotia Capital
Ontario, Canada
– -$642K -119,069 Closed
BFM
210
Boothbay Fund Management
New York
– -$608K -112,810 Closed
CCM
211
Connective Capital Management
California
– -$604K -112,017 Closed
AIM
212
Aigen Investment Management
New York
– -$420K -77,935 Closed
Fuller & Thaler Asset Management
213
Fuller & Thaler Asset Management
California
– -$361K -66,941 Closed
1C
214
1060 Capital
Colorado
– -$274K -50,770 Closed
CF
215
Corebridge Financial
Texas
– -$268K -49,641 Closed
SEI Investments
216
SEI Investments
Pennsylvania
– -$247K -45,842 Closed
TPM
217
Triasima Portfolio Management
Quebec, Canada
– -$180K -33,400 Closed
N
218
Numerai
California
– -$151K -27,960 Closed
CFM
219
Catalyst Funds Management
Australia
– -$142K -26,400 Closed
PCM
220
Polymer Capital Management
New York
– -$137K -25,441 Closed
VF
221
Virtu Financial
New York
– -$128K -23,665 Closed
Wealth Enhancement Advisory Services
222
Wealth Enhancement Advisory Services
Minnesota
– -$127K -23,644 Closed
SPS
223
Susquehanna Portfolio Strategies
Pennsylvania
– -$125K -23,170 Closed
PCMF
224
Private Capital Management (Florida)
Florida
– -$121K -22,500 Closed
SC
225
SummitTX Capital
Texas
– -$121K -22,400 Closed
6 7 8
9
10

REAL Hedge Fund Activity: Q2 2025 in Review

203 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in The RealReal (REAL) for Q2 2025, worth a combined $454M — down 7.6% from $492M a quarter earlier.

Sellers outnumbered buyers: 41 funds closed out of REAL and 35 opened new positions — a net loss of 6 holders — while 64 trimmed existing stakes and 68 added.

The largest buyer was Verition Fund Management, adding an estimated $9.83M. The largest seller was Morgan Stanley, cutting an estimated $8.07M.

  • 203 institutional investors held The RealReal (REAL) as of Q2 2025, down from 210 in Q1 2025.
  • Funds reported $454M of The RealReal stock for Q2 2025, down 7.6% quarter-over-quarter.
  • 35 funds opened new The RealReal positions in Q2 2025 and 41 closed out, a net change of -6 holders.
  • The largest The RealReal buyer in Q2 2025 was Verition Fund Management, an estimated $9.83M added.
  • The largest The RealReal seller in Q2 2025 was Morgan Stanley, an estimated $8.07M sold.

Based on aggregated 13F filings for Q2 2025.