Blake Lively and husband Ryan Reynolds have welcomed their third child, PEOPLE has confirmed. The couple have yet to publicly announce the baby’s arrival. Reynolds, 42, and the Gossip Girl alum, 31, are already parents to daughters Inez, 2½, and James, 4½. The couple — who wed in 2012 — revealed they were expecting another baby at the Pokémon: Detective Pikachu premiere in May, when the actress arrived wearing a fitted yellow dress that highlighted her baby bump. “They are so happy and excited about having another baby,” a source close to the spouses shared with PEOPLE exclusively at the time. “They really are the most in-love and in-tune couple, and very hands-on parents. They’d have a dozen kids if they could.”