[144] The RealReal, Inc. SEC Filing

Rhea-AI Filing Summary

The RealReal, Inc. (REAL) Form 144 notice reports a proposed sale of 151,119 common shares with an aggregate market value of $1,175,733.39, to be sold on 08/15/2025 on NASDAQ through Morgan Stanley Smith Barney LLC. The securities to be sold include 36,119 shares acquired by stock option exercise on 08/15/2025 (paid in cash) and 115,000 shares acquired by exercise on 02/01/2021 (paid in cash). The filer discloses a prior sale of 99,731 common shares on 05/21/2025 for gross proceeds of $508,820.48 by Rati Sahi Levesque. The notice includes the required representation that the seller is not aware of undisclosed material adverse information and contains the standard signature and criminal penalties warning.

Positive

• Full transaction detail provided: number of shares, acquisition dates, nature of acquisition, payment method, broker, sale date, and aggregate market value are all stated.
• Prior sale disclosed: a recent sale of 99,731 shares on 05/21/2025 with gross proceeds of $508,820.48 is included, increasing transparency.

Negative

• Filer identifiers incomplete: CIK and contact details are not present in the provided extract, limiting traceability.
• No issuer contact/address details: Issuer name, SEC file number, and issuer address fields are blank in the supplied content.

Insights

Securities Compliance Analyst

TL;DR: Routine Form 144 filing disclosing an insider sale of 151,119 REAL shares via a broker, with prior recent disposals disclosed.

The filing documents a proposed Rule 144 sale executed through Morgan Stanley Smith Barney LLC on NASDAQ and specifies acquisition dates and cash payments for the shares being sold. It also reports a prior sale of 99,731 shares on 05/21/2025 with gross proceeds recorded. The submission follows statutory disclosure requirements and includes the attestation regarding absence of undisclosed material adverse information. Filer identifiers and full contact details are not provided in the text extract.

Equity Transactions Specialist

TL;DR: Transaction details are clear: a mix of recent option exercise shares and earlier exercised shares totaling 151,119 shares proposed for sale.

The schedule shows 36,119 shares from a same-day option exercise and 115,000 from a 2021 exercise, both noted as paid in cash, which is relevant for lock-up and holding-period considerations under Rule 144. The disclosed aggregate market value and broker information provide necessary market execution context. No indications of unusual payment arrangements or non-cash consideration are present in the provided content.

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	151119	1175733.39	115237276	08/15/2025	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	08/15/2025	Stock Option Exercise	Issuer			36119	08/15/2025	Cash
Common	02/01/2021	Exercised Shares	Issuer			115000	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	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 does REAL Form 144 report about the proposed sale on 08/15/2025?

The filing reports a proposed sale of 151,119 common shares on 08/15/2025 on NASDAQ through Morgan Stanley Smith Barney LLC with an aggregate market value of $1,175,733.39.

How were the 151,119 shares acquired according to the Form 144?

The shares consist of 36,119 acquired by stock option exercise on 08/15/2025 (cash payment) and 115,000 exercised on 02/01/2021 (cash payment).

Does the filing disclose any recent sales of REAL shares by the same person?

Yes. The filing shows a sale of 99,731 common shares on 05/21/2025 by Rati Sahi Levesque for gross proceeds of $508,820.48.

Who is the executing broker named in the Form 144?

The broker listed is Morgan Stanley Smith Barney LLC, Executive Financial Services, 1 New York Plaza, 8th Floor, New York, NY 10004.

Does the filer assert possession of any undisclosed material information?

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