TheRealReal (REAL) CAO shares sold automatically to cover tax withholding

Rhea-AI Filing Summary

TheRealReal, Inc. Chief Accounting Officer Steve Ming Lo reported the disposition of 12,077 shares of common stock at $9.25 per share. According to the footnote, these shares were automatically sold by the company to cover withholding taxes due upon the vesting of an equity award, making this a routine tax-related transaction rather than a discretionary open-market sale.

Insider Trade Summary

Net Seller: 12,077 shares ($111,712)

Net Sell 3 txns

Insider Lo Steve Ming

Role Chief Accounting Officer

Sold 12,077 shs ($112K)

Type	Security	Shares	Price	Value
Sale	Common Stock	8,640	$9.25	$80K
Sale	Common Stock	2,084	$9.25	$19K
Sale	Common Stock	1,353	$9.25	$13K

Holdings After Transaction: Common Stock — 192,906 shares (Direct, null)

Footnotes (1)

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Key Figures

Shares sold: 12,077 shares Sale price: $9.25 per share Transaction count: 3 sales +1 more

4 metrics

Shares sold 12,077 shares Common stock disposed in tax-related transactions

Sale price $9.25 per share Price for each share of common stock sold

Transaction count 3 sales Number of non-derivative sale entries reported

Net share change -12,077 shares Net sell direction in transaction summary

Key Terms

withholding taxes, vesting, equity award, open-market sale, +1 more

5 terms

withholding taxes financial

"to satisfy withholding taxes payable in connection with the vesting"

Withholding taxes are amounts a payer or government takes out of payments — such as wages, interest, or dividends — before the recipient gets the money, functioning like a cashier keeping part of a bill to pay taxes on your behalf. For investors this matters because it reduces the cash they actually receive, affects net returns and yield calculations, and may require additional paperwork or treaty claims to recover or offset the withheld amount against final tax bills.

vesting financial

"taxes payable in connection with the vesting of an equity award"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

equity award financial

"in connection with the vesting of an equity award"

An equity award is a form of pay where a company gives employees, executives or other stakeholders the right to own or buy company shares—either immediately or after meeting certain conditions. Think of it like receiving slices of the company pie now or coupons to claim slices later; it matters to investors because it affects ownership dilution, executive incentives and reported compensation costs, and signals how management is being rewarded and retained.

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Common Stock financial

""security_title": "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

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^*

Lo Steve Ming

(Last) (First) (Middle)

C/O THEREALREAL, INC.

55 FRANCISCO STREET SUITE 400

(Street)

SAN FRANCISCO CALIFORNIA 94133

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

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

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

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

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	05/21/2026		S(1)		8,640	D	$9.25	192,906	D
Common Stock	05/21/2026		S(1)		2,084	D	$9.25	190,822	D
Common Stock	05/21/2026		S(1)		1,353	D	$9.25	189,469	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	05/22/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did TheRealReal (REAL) disclose in this Form 4 filing?

The filing shows Chief Accounting Officer Steve Ming Lo had 12,077 shares of common stock sold at $9.25 per share. The shares were automatically sold to satisfy withholding taxes from a vesting equity award, rather than a discretionary market trade.

How many TheRealReal (REAL) shares were involved in Steve Ming Lo’s transaction?

A total of 12,077 shares of TheRealReal common stock were sold. These shares were disposed of in three separate entries, each at $9.25 per share, as part of an automatic sale to cover tax withholding obligations tied to an equity award vesting.

Was Steve Ming Lo’s TheRealReal (REAL) transaction an open-market sale?

Although coded as sales, the footnote explains the shares were automatically sold by TheRealReal to pay withholding taxes. This means the transaction functioned as a tax-related disposition linked to equity award vesting, rather than a purely discretionary open-market selling decision.

What price was received for the TheRealReal (REAL) shares sold in this Form 4?

Each of the reported transactions occurred at $9.25 per share of TheRealReal common stock. The consistent price across all three sale entries reflects an automatic process to fund withholding taxes associated with the vesting of an outstanding equity award.

Does this TheRealReal (REAL) Form 4 indicate option exercises or derivative activity?

No derivative transactions are listed in the filing’s derivative summary. The reported activity involves only common stock sales used to satisfy withholding taxes on a vesting equity award, with no option exercises or other derivative security exercises disclosed in this particular Form 4.