Balanced Risk-Reward Scenario for RealReal Amid Strong Performance and Macroeconomic ConcernsREAL's 3Q report showed the company is growing sales and profit better than we anticipated. 3Q25 revenue increased 17.5%, 170 bps better than our forecast, and adjusted EBITDA increased 300% vs. our 217% expectation. Plus, REAL's 4Q sales and EBITDA guides are well above our forecast. Our view is REAL's efforts to unlock supply and drive operational efficiency are working. We expect these initiatives to continue driving sales and EBITDA growth. As a result, we boost our estimates as well as our PT.