TheRealReal (REAL) director awarded 554 deferred stock units

Rhea-AI Filing Summary

TheRealReal, Inc. director Niki Leondakis reported an equity award. On December 31, 2025, she was granted 554 deferred restricted stock units (DRSUs), each economically equivalent to one share of TheRealReal common stock, at a price of $0 per unit under the company’s 2019 Equity Incentive Plan. The DRSUs are fully vested but deferred and will generally be settled in common shares upon her separation from service as a non-employee director or on a date she elects. Following this grant, she beneficially owns 207,489 shares of TheRealReal common stock directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Leondakis Niki

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	554	$0.00	--

Holdings After Transaction: Common Stock — 207,489 shares (Direct)

Footnotes (1)

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. The DRSUs were granted to the Reporting Person on December 31, 2025 pursuant to TheRealReal Inc. 2019 Equity Incentive Plan and are fully vested. The DRSUs are deferred and generally will be settled upon the Reporting Persons separation from service as a Non-Employee Director of the TheRealReal Inc. or a date elected by the Reporting Person.

Form 4 Insider Transactions: What Each Field Means →

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^*

Leondakis Niki

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025

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(1)	12/31/2025		A		554(2)	A	$0	207,489	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.

2. The DRSUs were granted to the Reporting Person on December 31, 2025 pursuant to TheRealReal Inc. 2019 Equity Incentive Plan and are fully vested. The DRSUs are deferred and generally will be settled upon the Reporting Persons separation from service as a Non-Employee Director of the TheRealReal Inc. or a date elected by the Reporting Person.

Remarks:

	By: Todd Suko For: Niki Leondakis	01/07/2026
	** 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) disclose for Niki Leondakis?

TheRealReal reported that director Niki Leondakis received an award of 554 deferred restricted stock units (DRSUs) on December 31, 2025, each equal to one share of common stock.

At what price were the 554 TheRealReal (REAL) shares awarded to Niki Leondakis?

The 554 deferred restricted stock units reported for Niki Leondakis were granted at a price of $0 per unit, as part of her director equity compensation.

What is Niki Leondakis’s total TheRealReal (REAL) share ownership after this Form 4 filing?

After the reported grant, Niki Leondakis beneficially owns 207,489 shares of TheRealReal, Inc. common stock in direct ownership.

When will Niki Leondakis’s TheRealReal (REAL) deferred stock units be settled?

The DRSUs granted to Niki Leondakis are fully vested but deferred and will generally be settled in common stock upon her separation from service as a non-employee director or on a date she elects.

Under which plan were the TheRealReal (REAL) DRSUs granted to Niki Leondakis?

The 554 deferred restricted stock units were granted to Niki Leondakis under the TheRealReal Inc. 2019 Equity Incentive Plan.

Is Niki Leondakis considered an officer or 10% owner of TheRealReal (REAL) in this filing?

In this Form 4, Niki Leondakis is reported as a director of TheRealReal, Inc., and is not listed as an officer or 10% owner.