Recent debates about theological realism continue to struggle with how divine reality may be affirmed without reducing divine reality to object-like availability or dissolving theological claims into accounts of religious meaning alone. This paper argues that the work of Ingolf Dalferth offers a distinctive way of reframing this problem. In his early account of Karl Barth's theological realism, Dalferth argued that theological knowledge is determined not by the epistemic availability of its object but by the reality of the living and present Christ. His later work has developed this into a broader theological and philosophical account of presence in which creaturely orientation to reality is always already mediated rather than immediate, so that realism is not tied to the unmediated availability of its object. This paper investigates Dalferth's ambitious attempt to rethink theological realism through the category of presence. At the same time, it asks whether Dalferth fully secures what realism is ordinarily supposed to secure. How is a realism of mediated presence to be understood as disclosing a reality independent of theological interpretation, rather than simply organising religious meaning?