The RealReal (REAL): Minot Light Capital Partners’ Top Contributor

2 hours ago 1

Soumya Eswaran

Wed, December 24, 2025 astatine 6:36 AM CST 3 min read

Minot Light Capital Partners, an concern absorption company, released its Q3 2025 concern letter. A transcript of the missive tin beryllium downloaded here. In the quarter, Minot Light generated coagulated returns for constricted partners, with a nett of 7.6%. However, connected a nett basis, the show underperformed the benchmarks, peculiarly the micro-cap benchmark’s 17.1% return. In addition, delight cheque the fund’s apical 5 holdings to cognize its champion picks successful 2025.

In its third-quarter 2025 capitalist letter, Minot Light Capital Partners highlighted stocks specified arsenic The RealReal, Inc. (NASDAQ:REAL). The RealReal, Inc. (NASDAQ:REAL) is an online marketplace for the resale of luxury goods. The one-month instrumentality of The RealReal, Inc. (NASDAQ:REAL) was 7.46%, and its shares gained 66.77% of their worth implicit the past 52 weeks. On December 23, 2025, The RealReal, Inc. (NASDAQ:REAL) banal closed astatine $15.56 per share, with a marketplace capitalization of $1.816 billion.

Minot Light Capital Partners stated the pursuing regarding The RealReal, Inc. (NASDAQ:REAL) successful its 3rd 4th 2025 capitalist letter:

"The RealReal, Inc. (NASDAQ:REAL): The RealReal was our largest contributor to show successful the quarter. The institution is the person successful online consignment of second-hand luxury goods and is good positioned to capitalize connected secular maturation trends wrong the expanding resale and circular economy. We besides judge that RealReal has respective beardown competitory advantages, specified arsenic its 1M+ progressive purchaser basal (network effects) and an inbound processing/authentication infrastructure that would beryllium precise costly to replicate. RealReal’s 2nd 4th results marked a transformational 4th for the company, with GMV and gross rising by 14%. Importantly, the fig of consignors connected the level successful the 4th grew treble digits to an all-time high. Supply unlock is important for what we judge to beryllium a sustainable double-digit top-line maturation complaint going forward, arsenic the company’s humanities sell-through complaint has been 90%. The institution is besides a existent beneficiary of improvements successful AI. Some examples include: