[144] The RealReal, Inc. SEC Filing

Rhea-AI Filing Summary

The filing is a Form 144 notice for The RealReal, Inc. (REAL) reporting a proposed sale of 199,421 common shares with an aggregate market value of $1,579,374.44, to be effected on or about 08/18/2025 on NASDAQ. The filer identifies Morgan Stanley Smith Barney LLC as the broker and lists the total shares outstanding as 115,237,276. The notice also details the acquisition history of the shares sold, showing multiple grant and performance-share awards received from the issuer between 08/20/2023 and 05/20/2025. The document lists recent sales by Rati Sahi Levesque during the past three months, including transactions on 05/21/2025 and 08/15/2025, with gross proceeds reported.

Positive

• Full disclosure of award origins for the securities (restricted stock and performance shares) with acquisition dates provided
• Recent sales by the same individual are transparently reported with dates and gross proceeds

Negative

• Proposed sale of 199,421 shares with aggregate market value of $1,579,374.44 filed by an insider
• Multiple insider sales in the past three months are listed, which investors may view as noteworthy

Insights

Securities Analyst

TL;DR: Insider proposes to sell 199,421 REAL shares (~$1.58M) via an institutional broker; prior recent insider sales are disclosed.

The filing is a routine Rule 144 Notice reporting a proposed sale of restricted and performance shares through Morgan Stanley Smith Barney LLC. It transparently discloses the grant dates and types of awards that produced the shares, which is important for verifying Rule 144 eligibility. The notice also records multiple sales by the same named individual in the prior three months with gross proceeds listed, which investors and compliance teams will track for insider trading patterns. This filing does not include operational or earnings data and on its own is a disposition notice rather than a signal about company fundamentals.

Corporate Governance Expert

TL;DR: Filing documents compliant disclosure of proposed insider sale and shows award-based origins of the shares.

The form lists the nature and dates of equity awards (restricted stock and performance shares) that generated the securities to be sold, which supports transparency around lock-up and transferability rules. It also contains the seller's representation that they are unaware of undisclosed material adverse information, a standard certification. There are multiple recent sales by the same person reported, which governance reviewers may note when assessing insider alignment and equity realization behavior, but the filing itself contains no allegations or governance actions.

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	199421	1579374.44	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	08/20/2023	Restricted Stock	Issuer			6093	08/20/2023	Not Applicable
Common	02/20/2025	Restricted Stock	Issuer			43223	02/20/2025	Not Applicable
Common	12/17/2024	Performance Shares	Issuer			24660	12/17/2024	Not Applicable
Common	05/20/2025	Restricted Stock	Issuer			49112	05/20/2025	Not Applicable
Common	11/20/2023	Restricted Stock	Issuer			9232	11/20/2023	Not Applicable
Common	05/20/2024	Restricted Stock	Issuer			34672	05/20/2024	Not Applicable
Common	02/20/2025	Performance Shares	Issuer			20747	02/20/2025	Not Applicable
Common	02/20/2024	Restricted Stock	Issuer			11682	02/20/2024	Not Applicable

* 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 does the Form 144 for REAL report?

The Form 144 reports a proposed sale of 199,421 common shares of The RealReal, Inc. with an aggregate market value of $1,579,374.44, to be sold on or about 08/18/2025 on NASDAQ.

Who is the broker handling the proposed sale in the REAL Form 144?

The broker named in the filing is Morgan Stanley Smith Barney LLC, located at 1 New York Plaza, 8th Floor, New York, NY 10004.

What is the basis of the shares being sold according to the filing?

The filing lists the shares as originating from restricted stock and performance share awards granted by the issuer on multiple dates between 08/20/2023 and 05/20/2025.

Does the filing disclose any recent sales by the same person?

Yes. The filing lists sales by Rati Sahi Levesque on 05/21/2025 and 08/15/2025 with reported gross proceeds for each transaction.

How many shares outstanding does the filing report for REAL?

The filing reports 115,237,276 shares outstanding for the issuer.