[Form 4] TheRealReal, Inc. Insider Trading Activity

Rhea-AI Filing Summary

TheRealReal, Inc. (REAL) reported an insider stock transaction by its Chief Financial Officer, Ajay Madan Gopal. On 11/21/2025, the CFO had two sales of common stock totaling 30,196 shares, with 22,499 shares and 7,697 shares each sold at a price of $13.06 per share. According to the explanation, these shares were automatically sold by TheRealReal, Inc. to cover withholding taxes due upon the vesting of an equity award, meaning they were related to tax obligations rather than discretionary open-market sales. After these transactions, the CFO beneficially owned 1,184,612 shares of common stock, which includes 1,757 shares acquired on November 14, 2025 through the company’s Employee Stock Purchase Plan. This filing reflects routine equity compensation and tax withholding activity for a senior executive.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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 SUITE 400

(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)
11/21/2025

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	11/21/2025		S(1)		22,499	D	$13.06	1,192,309(2)	D
Common Stock	11/21/2025		S(1)		7,697	D	$13.06	1,184,612	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.

2. Includes 1,757 shares acquired on November 14, 2025 through the company's Employee Stock Purchase Plan (ESPP).

Remarks:

	By: Todd Suko For: Ajay Madan Gopal	11/21/2025
	** 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 insider transaction did TheRealReal (REAL) report in this Form 4?

TheRealReal reported that its Chief Financial Officer, Ajay Madan Gopal, had two sales of common stock on 11/21/2025 totaling 30,196 shares, at a price of $13.06 per share.

Why were TheRealReal (REAL) CFO shares sold on 11/21/2025?

The filing states the shares were automatically sold by The RealReal, Inc. to satisfy withholding taxes due in connection with the vesting of an equity award.

How many TheRealReal (REAL) shares does the CFO own after the reported transactions?

After the reported transactions, the Chief Financial Officer beneficially owned 1,184,612 shares of TheRealReal common stock.

What were the specific share amounts and price in the TheRealReal (REAL) Form 4 sales?

The CFO had two sales on 11/21/2025: 22,499 shares and 7,697 shares of common stock, each at a price of $13.06 per share.

Does the TheRealReal (REAL) Form 4 mention shares from an Employee Stock Purchase Plan?

Yes. The beneficial ownership figure includes 1,757 shares acquired on November 14, 2025 through the company’s Employee Stock Purchase Plan (ESPP).

What is the role of the reporting person in TheRealReal (REAL)?

The reporting person in this Form 4 is an officer of TheRealReal, serving as its Chief Financial Officer.