Vault-13

THE REALREAL INC REAL 3 06.15.25

NOTE 3.000% 6/1 · US DOMESTIC · CUSIP 88339PAB7

20 institutional holders +2 vs Q2 2023
$168.1mprincipal reported held*
$108.6mreported value*
3 new 6 added 2 reduced 1 sold out net bought ≈ $26.3m

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($5.0m this quarter). Holder counts are more reliable.

Trends to Q3 2023

Institutional holders

Managers reporting a position, each quarter

01020Q3 22: 17Q4 22: 19Q1 23: 19Q2 23: 18Q3 23: 2020Q3 22Q4 22Q1 23Q2 23Q3 23
Numbers
QuarterHolders
Q3 202217
Q4 202219
Q1 202319
Q2 202318
Q3 202320

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
10010Q4 22: 5 bought or addedQ4 22: 4 cut or sold outQ4 22Q1 23: 3 bought or addedQ1 23: 5 cut or sold outQ1 23Q2 23: 5 bought or addedQ2 23: 4 cut or sold outQ2 23Q3 23: 9 bought or addedQ3 23: 3 cut or sold outQ3 23
Numbers
QuarterBought or addedCut or sold out
Q4 202254
Q1 202335
Q2 202354
Q3 202393

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$10m$20m$30mQ4 22 calls: $0Q4 22 puts: $0Q4 22P/C —Q1 23 calls: $0Q1 23 puts: $0Q1 23P/C —Q2 23 calls: $0Q2 23 puts: $26.6mQ2 23P/C —Q3 23 calls: $0Q3 23 puts: $0Q3 23P/C —
Numbers
QuarterCallsPutsP/C
Q4 2022$0$0—
Q1 2023$0$0—
Q2 2023$0$26.6m—
Q3 2023$0$0—

Biggest buyers

Shaolin Capital Management LLC New +43,995,000+44.0m
Springhouse Capital Management, LP Added +4,850,000+4.8m
III Capital Management Added +1,657,000+1.7m
DEUTSCHE BANK AG\ Added +1,200,000+1.2m
DeepCurrents Investment Group LLC Added +1,000,000+1.0m
FMR LLC New +750,000+750.0k
WEXFORD CAPITAL LP Added +750,000+750.0k
BOOTHBAY FUND MANAGEMENT, LLC New +78,000+78.0k
Verition Fund Management LLC Added +811+811

Biggest sellers

Point72 Asset Management, L.P. Reduced -14,250,000-14.2m
Opti Capital Management, LP Reduced -1,500,000-1.5m
CREDIT SUISSE AG/ Sold out -1,257,000-1.3m

Holders, Q3 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Shaolin Capital Management LLC 1.12% of their portfolio Miami, FL 43,995,00044.0m $31.2m $31.2m 1.12% New
2 HIGHBRIDGE CAPITAL MANAGEMENT LLC 1.06% of their portfolio NEW YORK, NY 26,833,00026.8m $18.9m $18.9m 1.06% Unchanged
3 DeepCurrents Investment Group LLC 0.76% of their portfolio NEW YORK, NY 22,589,00022.6m $16.2m $16.2m 0.76% Added +1.0m +1,000,000
4 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 22,153,00022.2m $15.8m $15.8m 0.03% Unchanged
5 Opti Capital Management, LP 0.80% of their portfolio New York, NY 15,000,00015.0m $11.1k $11.1k 0.80% Reduced -1.5m -1,500,000
6 SILVERBACK ASSET MANAGEMENT LLC 1.44% of their portfolio DURHAM, NC 14,774,00014.8m $10.5m $10.5m 1.44% Unchanged
7 Springhouse Capital Management, LP 9.53% of their portfolio WESTPORT, CT 7,449,0007.4m $5.2m $5.2m 9.53% Added +4.8m +4,850,000
8 III Capital Management 0.16% of their portfolio BOCA RATON, FL 3,657,0003.7m $2.6m $2.6m 0.16% Added +1.7m +1,657,000
9 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 3,200,0003.2m $2.2m $2.2m 0.00% Added +1.2m +1,200,000
10 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 2,103,0002.1m $1.5m $1.5m 0.00% Unchanged
11 First Pacific Advisors, LP 0.02% of their portfolio EL SEGUNDO, CA 2,000,0002.0m $1.4m $1.4m 0.02% Unchanged
12 WEXFORD CAPITAL LP 0.21% of their portfolio WEST PALM BEACH, FL 1,250,0001.2m $906.2k $906.2k 0.21% Added +750.0k +750,000
13 Point72 Asset Management, L.P. 0.00% of their portfolio STAMFORD, CT 1,000,0001.0m $720.0k $720.0k 0.00% Reduced -14.2m -14,250,000
14 CastleKnight Management LP 0.12% of their portfolio New York, NY 1,000,0001.0m $704.2k $704.2k 0.12% Unchanged
15 FMR LLC 0.00% of their portfolio BOSTON, MA 750,000750.0k $525.0k $525.0k 0.00% New
16 Arnhold LLC 0.02% of their portfolio New York, NY 250,000250.0k $177.5k $177.5k 0.02% Unchanged
17 BOOTHBAY FUND MANAGEMENT, LLC 0.00% of their portfolio NEW YORK, NY 78,00078.0k $54.9k $54.9k 0.00% New
18 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 9,0009.0k $6.3k $6.3k 0.00% Unchanged
19 Verition Fund Management LLC 0.07% of their portfolio GREENWICH, CT 6,9777.0k $5.0m $5.0m 0.07% Added +811 +811
20 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged