Vault-13

THE REALREAL INC REAL 4 02.15.31

DEBT 4.000% 2/1 · PRIV PLACEMENT · CUSIP 88339PAJ0

14 institutional holders -2 vs Q1 2026
$165.5mprincipal reported held*
$227.7mreported value*
2 new 6 added 2 reduced 4 sold out net sold ≈ $14.3m

* 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. Holder counts are more reliable.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

01020Q1 25: 14Q2 25: 11Q3 25: 15Q4 25: 14Q1 26: 16Q2 26: 1414Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q1 202514
Q2 202511
Q3 202515
Q4 202514
Q1 202616
Q2 202614

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q2 25: 5 bought or addedQ2 25: 8 cut or sold outQ2 25Q3 25: 12 bought or addedQ3 25: 8 cut or sold outQ3 25Q4 25: 4 bought or addedQ4 25: 7 cut or sold outQ4 25Q1 26: 7 bought or addedQ1 26: 4 cut or sold outQ1 26Q2 26: 8 bought or addedQ2 26: 6 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q2 202558
Q3 2025128
Q4 202547
Q1 202674
Q2 202686

Biggest buyers

LAZARD ASSET MANAGEMENT LLC Added +16,153,000+16.2m
Mint Tower Capital Management B.V. Added +1,899,000+1.9m
Skaana Management L.P. New +1,250,000+1.2m
ADVENT CAPITAL MANAGEMENT /DE/ Added +750,000+750.0k
WELLS FARGO & COMPANY/MN Added +285,000+285.0k
Mirabaud Asset Management (France) SAS New +280,000+280.0k
TWO SIGMA INVESTMENTS, LP Added +50,000+50.0k
SG Americas Securities, LLC Added +7,600+7.6k

Biggest sellers

BNP PARIBAS FINANCIAL MARKETS Sold out -10,543,000-10.5m
MILLENNIUM MANAGEMENT LLC Sold out -3,500,000-3.5m
BANK OF AMERICA CORP /DE/ Sold out -610,000-610.0k
AGF MANAGEMENT LTD Sold out -169,000-169.0k
ZAZOVE ASSOCIATES LLC Reduced -20,000-20.0k
Shaolin Capital Management LLC Reduced -7,191-7.2k

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Graham Capital Management, L.P. 1.56% of their portfolio ROWAYTON, CT 41,375,00041.4m $58.2m $58.2m 1.56% Unchanged
2 Point72 Asset Management, L.P. 0.06% of their portfolio STAMFORD, CT 29,521,00029.5m $41.6m $41.6m 0.06% Unchanged
3 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 25,990,00026.0m $365.8k $365.8k 0.00% Added +16.2m +16,153,000
4 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 24,000,00024.0m $33.8m $33.8m 0.01% Unchanged
5 DeepCurrents Investment Group LLC 0.71% of their portfolio NEW YORK, NY 14,768,00014.8m $20.8m $20.8m 0.71% Unchanged
6 ZAZOVE ASSOCIATES LLC 1.28% of their portfolio INCLINE VILLAGE, NV 11,118,00011.1m $15.7m $15.7m 1.28% Reduced -20.0k -20,000
7 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 9,862,0009.9m $13.8m $13.8m 0.01% Added +50.0k +50,000
8 ADVENT CAPITAL MANAGEMENT /DE/ 0.12% of their portfolio NEW YORK, NY 3,550,0003.5m $5.1m $5.1m 0.12% Added +750.0k +750,000
9 Mint Tower Capital Management B.V. 0.57% of their portfolio AMSTERDAM, P7 3,399,0003.4m $4.8m $4.8m 0.57% Added +1.9m +1,899,000
10 Skaana Management L.P. 0.47% of their portfolio BROOKLYN, NY 1,250,0001.2m $1.8m $1.8m 0.47% New
11 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 359,000359.0k $507.2k $507.2k 0.00% Added +285.0k +285,000
12 Mirabaud Asset Management (France) SAS 0.18% of their portfolio PARIS, I0 280,000280.0k $406.7k $406.7k 0.18% New
13 Shaolin Capital Management LLC 1.60% of their portfolio Miami, FL 19,97920.0k $28.2m $28.2m 1.60% Reduced -7.2k -7,191
14 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 19,60019.6k $2.8m $2.8m 0.00% Added +7.6k +7,600