The liminal event horizon between Reality and Existence results from the limit of intelligibility.
On the side of existence, things “make sense,” because there is a rational ordering of things possible, each with an imputed distinct substantial existence and history. While on the side of the Real, there is no such ordering possible, because there are no such things, imputable or otherwise, upon which to impose an order, and time doesn’t apply so there is no possibility of any veridical intelligibility — though we try.
At a certain point one must let the Intelligible go in order to progress to the Real because the Real is not accessible via the intellect or the imagination, but only with the heart.