Core Insights - Minot Light Capital Partners reported a net return of 7.6% for Q3 2025, which underperformed against benchmarks, particularly the micro-cap benchmark's return of 17.1% [1] - The RealReal, Inc. (NASDAQ:REAL) was highlighted as a significant contributor to performance, with a one-month return of 7.46% and a 52-week gain of 66.77% [2][3] Company Performance - The RealReal, Inc. is positioned as a leader in the online resale of luxury goods, benefiting from growth trends in the resale and circular economy [3] - The company achieved a transformational quarter in Q2, with Gross Merchandise Volume (GMV) and revenue increasing by 14% [3] - The number of consignors on The RealReal platform grew in double digits, reaching an all-time high, which is crucial for sustaining a double-digit top-line growth rate [3] Competitive Advantages - The RealReal boasts a strong competitive edge with over 1 million active buyers, creating network effects [3] - The company's inbound processing and authentication infrastructure is costly to replicate, further solidifying its market position [3] - The RealReal is also benefiting from advancements in AI, enhancing its operational efficiency [3]