The RealReal, Inc. bonds REAL
Who owns The RealReal, Inc.'s debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. REAL stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 88339PAE1 PIK | 13% fixed | 2029-03-01 | USD | 102.98 | — | — | 2 | $50.7M | Jun 2026 |
| 88339PAJ0 convertible | 4% fixed | 2031-02-15 | USD | 143.04 | — | — | 2 | $34.9M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Not enough US-dollar bonds with a yield.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 1 | $34.9M | 143.04 | — | — | 2 |
| Jun 2026 | 2 | $52.5M | 121.62 | — | — | 2 |
| May 2026 | 1 | $2.2M | 123.95 | — | — | 3 |
| Apr 2026 | 1 | $34.6M | 141.46 | — | — | 2 |
| Mar 2026 | 2 | $53.8M | 113.63 | — | — | 2 |
| Feb 2026 | 1 | $2.5M | 144.63 | — | — | 3 |
| Jan 2026 | 1 | $39.3M | 163.69 | — | — | 1 |
| Dec 2025 | 2 | $52.9M | 138.33 | — | — | 2 |
| Nov 2025 | 1 | $2.6M | 158.44 | — | — | 3 |
| Oct 2025 | 1 | $34.1M | 140.76 | — | — | 2 |
| Sep 2025 | 2 | $51.1M | 116.78 | — | — | 3 |
| Aug 2025 | 1 | $1.7M | 101.96 | — | — | 3 |
| Jul 2025 | 2 | $20.3M | 82.13 | — | — | 3 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 2 added, 1 cut, 0 new holders and 0 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Intrepid Income Fund Intrepid Capital Management Funds Trust | 2026-06-30 | $47.1M | $48.5M | $0 |
| Franklin Convertible Securities Fund Franklin Investors Securities Trust | 2026-07-31 | $24.0M | $34.3M | $0 |
| Intrepid Capital Fund Intrepid Capital Management Funds Trust | 2026-06-30 | $2.2M | $2.2M | $0 |
| JNL Multi-Manager Alternative Fund JNL Series Trust | 2026-06-30 | $1.1M | $1.6M | $297K |
| Fidelity Convertible Securities Fund Fidelity Financial Trust | 2026-05-31 | $975K | $1.2M | $0 |
| PACE Alternative Strategies Investments PACE SELECT ADVISORS TRUST | 2026-07-31 | $429K | $611K | $0 |
| Fidelity Strategic Dividend and Income Fund Fidelity Salem Street Trust | 2026-05-31 | $418K | $518K | -$50K |
| Franklin Alternative Strategies Fund Franklin Alternative Strategies Funds | 2026-05-29 | $351K | $436K | $71K |
| Lazard Enhanced Opportunities Portfolio LAZARD FUNDS INC | 2026-06-30 | $102K | $144K | $0 |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 3.08: safer than 26% of companies (25th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $1.25B |
| Debt barrier (short-term + ½ long-term debt) | $187.9M |
| Equity volatility (1 year) | 70.1% |
| Asset value / asset volatility (solved) | $1.43B / 61.3% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
No US-dollar bond with a yield to compute it from.
Accounts: Altman Z
Altman Z'' = -13.21 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in REAL's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 13 | $4.5M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 246 | $1.33B | 10 | $17.4M | 10 | $36.3M | 19 |
| 2026-03-31 | 234 | $989.9M | 10 | $14.9M | 15 | $54.3M | 21 |
| 2025-12-31 | 229 | $1.82B | 15 | $29.2M | 13 | $68.1M | 19 |
| 2025-09-30 | 220 | $1.08B | 10 | $18.1M | 16 | $41.5M | 20 |
| 2025-06-30 | 197 | $461.4M | 11 | $7.4M | 13 | $20.3M | 16 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.