[144] The RealReal, Inc. SEC Filing

Rhea-AI Filing Summary

Form 144 notice for The RealReal, Inc. (REAL) shows an intended sale of 60,750 common shares via Morgan Stanley Smith Barney on 08/18/2025 with an aggregate market value of $486,236.93. The filing reports the company has 115,237,276 shares outstanding. The shares to be sold were acquired by exercise on 02/01/2021 and paid in cash. Recent activity by the same person includes three sales in the past three months totaling 250,850 shares for gross proceeds of $1,684,553.87 (sales on 05/21/2025 and 08/15/2025). The filer affirms no undisclosed material adverse information and includes the standard Rule 144 representations.

Positive

• Full disclosure of the sale details including broker, exact share count, aggregate value, and acquisition method
• Acquisition origin is documented (exercised shares paid in cash on 02/01/2021), reducing ambiguity about source of shares

Negative

• Multiple recent insider sales totaling 250,850 shares in three transactions over the past three months could raise investor questions
• No statement in the filing indicating a 10b5-1 trading plan or similar framework is included

Insights

Securities Analyst

TL;DR: Insider intends to sell 60,750 shares; substantial recent disposals totaling 250,850 shares may be noteworthy for liquidity but are not inherently material versus total shares outstanding.

The Form 144 discloses a planned block sale of 60,750 shares valued at $486,237, representing roughly 0.053% of the reported 115.24 million shares outstanding. The seller also reported three recent transactions in the past three months totaling 250,850 shares and $1.68 million in gross proceeds. From a market-impact perspective, these are modest relative to the issuer's outstanding base; however, clustering of insider sales can attract investor attention. All acquisition details shown indicate the securities were obtained by exercise on 02/01/2021 and paid in cash, consistent with routine option exercises followed by disposition.

Corporate Governance Expert

TL;DR: The filing is a standard Rule 144 notice; it includes the seller's certification of no undisclosed material information and lists recent dispositions.

The document contains required representations under Rule 144, including the seller's statement that they are not aware of undisclosed material adverse information. The appearance of multiple sales within a short period may prompt governance-focused stakeholders to review the context (e.g., trading plans or post-exercise liquidity needs). The filing does not state adoption of a 10b5-1 plan or other mitigating framework, nor does it provide commentary on holdings post-sale; those details are not present in the filing and cannot be inferred.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	60750	486236.93	115237276	08/18/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	02/01/2021	Exercised Shares	Issuer			60750	02/01/2021	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
RATI SAHI LEVESQUE 55 Francisco Street Suite 400 San Francisco CA 94133	Common	08/15/2025	115000	894677.00
RATI SAHI LEVESQUE 55 Francisco Street Suite 400 San Francisco CA 94133	Common	08/15/2025	36119	281056.39
Rati Sahi Levesque 55 Francisco Street Suite 400 San Francisco CA 94133	COMMON	05/21/2025	99731	508820.48

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What shares of REAL are proposed to be sold according to this Form 144?

The filing states 60,750 common shares are proposed to be sold through Morgan Stanley Smith Barney on 08/18/2025 with an aggregate market value of $486,236.93.

How many REAL shares were sold by the filer in the past three months?

The filer sold a total of 250,850 shares in the past three months, generating gross proceeds of $1,684,553.87.

How and when were the shares being sold originally acquired?

The shares to be sold were acquired by exercise on 02/01/2021 and payment was made in cash.

What percentage of REAL's outstanding shares does the proposed sale represent?

The proposed sale of 60,750 shares represents approximately 0.053% of the reported 115,237,276 shares outstanding.

Does the Form 144 indicate any undisclosed material information about The RealReal?

By signing the notice, the seller represents they do not know of any material adverse information about the issuer that has not been publicly disclosed.