REAL

REAL

REAL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Aug 1, 2024	Tourlite Capital Management	4.5%	13.8%	FIP, FTAI, IMVT, LTCH, OABI, PRPL, REAL, RICK	aerospace, Biotechnology, consumer, industrials, infrastructure, Long/Short, small caps, special situations	FTAI Aviation benefits from aerospace market tailwinds with ongoing OEM shortfalls resulting in higher lease rates and extensions. The company announced V2500 as its second focus engine with EBITDA expected to grow from $40 million to $100 million by 2026. Multiple catalysts remain for the remainder of the year including potential PMA parts approvals.	PRPL RICK OABI LTCH FIP FTAI	View
2025 Q2	Jul 31, 2025	Minot Light Capital Partners	18.1%	4.5%	ACOG, APG, ARQ, CURV, CWAN, CYRX, DERM, LAKE, LGCY, LMB, LQDT, MCW, NEOG, NPKI, OM, REAL, RXST, TDUP, TTGT, XPOF	alpha, dislocations, growth, liquidity, Microcap, small caps, value	The fund focuses exclusively on small and micro-cap companies, targeting market capitalizations well below $100mm and in some cases below $50mm and $25mm. This represents an area where the vast majority of institutional small-cap investors are either unable or unwilling to explore. The strategy seeks to capitalize on inefficiencies in the most illiquid segment of the domestic public equity markets.	CURV RXST TTGT LAKE OM LGCY TDUP OM LGCY TDUP	View
2025 Q1	Apr 30, 2025	Minot Light Capital Partners	-11.5%	-11.5%	CYRX, DAVE, DERM, GRPN, MRVI, OM, REAL, RPID, TDUP, W	Biotechnology, consumer, growth, healthcare, Microcap, small caps, value, volatility	The fund focuses on small and microcap growth stocks with high-beta characteristics. Market corrections provide opportunities to purchase premier growers at reasonable valuations when they become expensive during benign environments.	CYRX	View
2026 Q1	Apr 10, 2026	Cedar Grove Capital Management	-23.0%	-23.0%	ABVX, EVLV, HIMS, KITS.TO, LNSR, MTY.TO, NKTR, OSW, REAL, SNWV, TOI, WW	Biotechnology, consumer, healthcare, Long/Short, Multi-Strategy, small cap, special situations		MTY.TO NKTR ABVX TOI SNWV EVLV REAL KITS.TO	View
2024 Q4	Dec 31, 2024	Minot Light Capital Partners	5.2%	-	BYON, CFR.SW, DERM, MYTE, REAL, TDUP, TMDX	Dermatology, E-Commerce, growth, Luxury, Microcap, small caps, Specialty Pharma, value	The fund's largest holding MyTheresa operates in the high-end luxury fashion space and recently acquired YOOX NET-A-PORTER from Richemont. The transaction creates substantial synergies and establishes MyTheresa as a leading curated digital platform for luxury fashion. Management expects the combined legacy MYTE and Mr. Porter brands to generate around $2.2 billion in revenues in 2025.	DERM MYTE	View
2024 Q3	Oct 30, 2024	Gator Capital Management	10.8%	24.3%	AX, BXP, CBNA, COLB, CUZ, FCNCA, HOOD, JXN, PYPL, REAL, UMBF, VNO, WAL	Banking, Deposits, financials, Regional Banks, value	The fund focuses heavily on regional banking with multiple positions including First Citizens Bancshares, UMB Financial, Western Alliance Bancorp, and Columbia Banking System. The manager emphasizes the value of strong deposit franchises following the Regional Bank Crisis in March 2023.	CBNA	View
2025 Q3	Oct 19, 2025	Minot Light Capital Partners	7.6%	12.5%	ARQ, CLPT, CURV, LGCY, LUCD, PAVM, QURE, REAL, SWAG	Beta-sliding, growth, healthcare, Micro-Cap, small caps, value	The fund is heavily positioned in out-of-favor healthcare stocks with strong business models, high growth potential, and substantial embedded optionality. ClearPoint Neuro provides hardware and consumables for precise drug delivery to brain and spine, particularly for cell and gene therapies. Lucid Diagnostics markets an FDA-approved DNA test for early detection of esophageal precancer with multi-billion dollar market opportunity pending Medicare reimbursement approval.	SWAG LUCD CURV ARQ CLPT REAL	View
2025 Q4	Jan 18, 2026	Minot Light Capital Partners	0.0%	14.4%	ARQ, CBLL, CLPT, CURV, KRMD, LAKE, LUCD, MAMA, MRVI, NEOG, OM, OWLT, REAL, RXST, RZLT, SWAG, XOMA	Biotech, growth, momentum, Process, small caps, value, volatility	The managers describe unprecedented speed and magnitude of volatility in small/micro-cap space, calling some institutional liquidations violent. They embrace this volatility as it creates opportunities to buy below fair value and sell above fair value, while improving their process to capitalize on these dynamics. The letter discusses how momentum has become an over-owned factor, with many investors avoiding declining stocks. The managers believe taking the other side of downward momentum can be extremely profitable if positioned to ride through volatility, as much trading is now quantitative rather than fundamental. The fund focuses exclusively on small and micro-cap opportunities, believing there is compelling opportunity for meaningful long-term capital appreciation. They discuss how small-caps falling into micro-cap territory face institutional selling pressure when they drop below arbitrary thresholds like $100M market cap.	OM ARQ RZLT XOMA	View
2024 Q4	Feb 18, 2025	Tourlite Capital Management	0.4%	14.2%	FIP, FTAI, IMVT, LTCH, REAL, ROIV, SOC	aerospace, Biotechnology, consumer, energy, industrials, Long/Short, small cap, technology	FTAI Aviation emerged as a top performer with over 200% share price increase driven by aerospace aftermarket tailwinds and growing PMA parts business market share. The company announced FAA approval for its second PMA engine part and launched a Strategic Capital Initiative to acquire mid-life aircraft, tapping into a $30 billion market opportunity. Management projects this initiative will generate approximately $200 million in incremental annual aerospace EBITDA by 2026.	ROIV SOC LTCH FIP REAL FTAI	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 23, 2026	Fund Letters	Cedar Grove Capital Management	The RealReal	Luxury Goods	Internet & Direct Marketing Retail	Bull	NASDAQ	AI Authentication, EBITDA Expansion, Gmv Growth, Luxury Resale, marketplace, Omnichannel, operating leverage, Second-hand Fashion	View Pitch
Apr 13, 2026	Fund Letters	Tourlite Capital Management	RealReal	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Broken Stocks, CEO transition, Contrarian Investment, debt refinancing, Guidance Raise, Luxury Consignment, market overreaction, turnaround	View Pitch
Nov 29, 2025	Fund Letters	Eddie Reilly	The RealReal, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	AI, Authentication, Consignors, network effects, operating leverage, profitability, Resale	View Pitch

BSD Shareholders of REAL

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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