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

Rhea-AI Filing Summary

Steve Lo, Chief Accounting Officer of The RealReal, Inc. (REAL), reported automatic dispositions of common stock on 08/20/2025 to satisfy tax withholding obligations related to equity vesting. The Form 4 shows four automatic sales totaling 23,532 shares at a price of $7.64 per share, reducing his reported beneficial ownership from higher levels to 331,768 shares after the final transaction. The transactions were executed as withholding sales tied to the vesting of an equity award rather than initiated open-market sales.

The report was filed as an individual Form 4 by the reporting person and signed by an attorney-in-fact on 08/22/2025. No derivative transactions or other types of securities were reported on this filing.

Positive

• Retains a substantial post-transaction stake of 331,768 shares, indicating continued ownership interest
• Transactions were automatic withholding sales tied to vesting, reducing concerns about opportunistic insider selling

Negative

• Reported dispositions total 23,532 shares, representing a reduction in direct beneficial ownership
• All sales occurred at $7.64 per share, which may be below recent market levels if the stock has since risen (market context not provided in filing)

Insights

Financial Analyst

TL;DR: Insider sold 23,532 shares via tax-withholding at $7.64, leaving 331,768 shares; transaction appears non-discretionary.

The filing documents automatic dispositions totaling 23,532 shares across four allotments on 08/20/2025 at $7.64 per share to satisfy withholding taxes associated with equity vesting. Because these were withholding sales, they do not necessarily reflect a change in the officer's broader view of company prospects. The remaining reported stake of 331,768 shares is material in absolute terms for an individual officer but the filing does not provide historical context to assess trend or proportionate ownership. No derivatives or additional grants are disclosed in this form.

Corporate Governance Expert

TL;DR: Dispositions were routine tax-withholding actions tied to vesting; governance concerns are limited absent other disclosures.

Form 4 indicates the dispositions were automatic to satisfy tax obligations from vesting, as explicitly stated in the explanation. Such mechanic sales are common and typically disclosed to maintain Section 16 transparency. The filing was signed by an attorney-in-fact and filed promptly. There is no indication of discretionary open-market sales, unusual timing, or related party transactions in this filing, limiting governance red flags from this single report.

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^*

Lo Steve Ming

(Last) (First) (Middle)

C/O THEREALREAL

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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Accounting 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)		2,169	D	$7.64	353,131	D
Common Stock	08/20/2025		D(1)		5,622	D	$7.64	347,509	D
Common Stock	08/20/2025		D(1)		6,746	D	$7.64	340,763	D
Common Stock	08/20/2025		D(1)		8,995	D	$7.64	331,768	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:

	Todd Suko, Attorney in Fact for Steve Lo	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.
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FAQ

What did Steve Lo (REAL) report on the Form 4?

The Form 4 reports automatic dispositions of 23,532 shares on 08/20/2025 to satisfy tax withholding from equity vesting.

How many shares does Steve Lo own after the reported transactions?

Following the reported transactions, Steve Lo beneficially owns 331,768 shares according to the filing.

At what price were the shares sold in the reported transactions?

All reported dispositions were executed at a price of $7.64 per share.

Were these sales discretionary open-market trades?

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

Who signed the Form 4 filing for Steve Lo?

The Form 4 was signed by Todd Suko, Attorney in Fact for Steve Lo on 08/22/2025.