[Form 4] The RealReal, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Madan Gopal Ajay, Chief Financial Officer of The RealReal, Inc. (REAL), reported dispositions of company common stock on 08/20/2025. Two automatic sales occurred to satisfy tax withholding on vested equity awards: 23,611 shares and 8,077 shares, each sold at $7.64 per share. After these transactions Ajay beneficially owned 1,221,128 shares and then 1,213,051 shares as reported on the form. The sales are described as automatic withholding related to vesting.

Insights

Securities Analyst

TL;DR: Routine tax-withholding sales by the CFO; not a sign of discretionary open-market selling.

The Form 4 shows two disposals executed automatically to satisfy tax withholding on vested equity awards at $7.64 per share on 08/20/2025. These transactions reduced reported beneficial ownership but are described explicitly as automatic sales tied to vesting rather than voluntary cash-raising activity. For investors, routine withholding sales typically carry limited informational value about insider sentiment.

Corporate Governance Expert

TL;DR: Compliance filing documents standard withholding; no governance red flags visible.

The filing identifies the reporting person as the CFO and records signature via an authorized representative on 08/22/2025. The explanation clarifies the purpose as tax withholding for vested awards. There is no indication of unusual timing, related-party transactions, or departures from required disclosure practices in the provided content.

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

OMB APPROVAL

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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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Madan Gopal Ajay

(Last) (First) (Middle)

C/O THEREALREAL, INC.

55 FRANCISCO STREET 4TH FLOOR

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/20/2025

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	08/20/2025		D(1)		23,611	D	$7.64	1,221,128	D
Common Stock	08/20/2025		D(1)		8,077	D	$7.64	1,213,051	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 common stock automatically sold by The RealReal, Inc. to satisfy withholding taxes payable in connection with the vesting of an equity award.

Remarks:

	By: Todd Suko For: Ajay Madan Gopal	08/22/2025
	** 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 CFO Ajay report on Form 4?

The CFO reported two automatic sales on 08/20/2025 of 23,611 and 8,077 shares at $7.64 each to satisfy tax withholding related to vested awards.

How many shares does Ajay beneficially own after the reported transactions?

The Form 4 shows beneficial ownership of 1,221,128 shares and 1,213,051 shares following the reported transactions.

Were the sales discretionary open-market transactions?

No. The filing states the sales were automatic to satisfy withholding taxes in connection with the vesting of an equity award.

When was the Form 4 signed and filed for REAL?

The signature block indicates the form was signed by an authorized person for Ajay on 08/22/2025.

At what price were the shares sold?

Both reported disposals were executed at a price of $7.64 per share.