The RealReal Insider Grant Boosts Director Ownership to 206,112

Rhea-AI Filing Summary

Form 4 snapshot: On 07/23/2025, The RealReal, Inc. (REAL) filed a Form 4 showing Director Niki Leondakis acquired 26,025 shares of common stock via settlement of deferred restricted stock units (DRSUs). The transaction was coded “A,” signifying an equity award rather than an open-market purchase, and carried a stated price of $0.

After the grant, Leondakis’ direct holdings increased to 206,112 shares. No derivative securities were involved and no shares were disposed of. Although the filing expands insider ownership and can be viewed as modestly positive for shareholder alignment, it reflects routine compensation and therefore has limited market impact.

Positive

• Director's stake rises by 26,025 shares, now totaling 206,112, enhancing insider-shareholder alignment.

Negative

• None.

Insights

Equity Analyst

TL;DR: Routine equity award; raises insider stake but lacks cash buy signal.

The director received 26,025 shares through DRSU settlement, lifting direct ownership to 206,112 shares. Because the transaction was compensation-based (code A, price $0), it neither injects personal capital nor alters float. Such filings are typically neutral for valuation; however, a larger equity position can incrementally align board interests with shareholders. No sales or derivative activity were disclosed, so dilution and sentiment effects are minimal.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Leondakis Niki

(Last) (First) (Middle)

C/O THEREALREAL, INC.

55 FRANCISCO STREET

(Street)

SAN FRANCISCO CA 94133

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TheRealReal, Inc. [ REAL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/23/2025		A		26,025(1)	A	$0	206,112	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of TheRealReal, Inc. common stock that will be issued to the Reporting Person upon settlement of deferred restricted stock units (DRSUs). Each DRSU is the economic equivalent of one share of TheRealReal, Inc. common stock.

Remarks:

	By: Todd Suko For: Niki Leondakis	07/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did REAL's Form 4 dated 07/23/2025 disclose?

Director Niki Leondakis acquired 26,025 common shares through deferred RSU settlement at $0.

How many The RealReal shares does Niki Leondakis now own?

206,112 shares held directly after the reported transaction.

Was the insider purchase an open-market buy?

No. The shares were granted as equity compensation (code A) rather than bought on the market.

Were any derivative securities involved in this filing?

No derivative securities were reported; only common stock via DRSUs.

Does the transaction affect REAL's share count or cash flow?

Minimal impact; it is a stock issuance under the compensation plan with no cash exchanged.