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

Rhea-AI Filing Summary

The RealReal, Inc. insider Todd A. Suko, Chief Legal Officer and Secretary, reported multiple disposals of common stock on 08/20/2025 to satisfy tax withholding tied to the vesting of an equity award. The Form 4 shows five dispositions at a price of $7.64 per share: 2,767; 3,519; 9,445; 12,593; and 4,846 shares. Following these transactions the reported beneficial ownership declined through a final reported holding of 785,789 shares. The filing is signed by Mr. Suko on 08/22/2025 and includes an explanatory remark that the sales were automatic to cover withholding taxes.

Positive

• Filing includes an explicit explanation that the shares were sold to satisfy withholding taxes on vested equity, improving transparency
• The Form 4 discloses specific share counts and price for each disposition, meeting Section 16 reporting requirements

Negative

• The reporting person disposed of multiple tranches of common stock on 08/20/2025, cumulatively reducing beneficial ownership to 785,789 shares
• The filing does not indicate a 10b5-1 trading plan or other prearranged plan; no such affirmative defense is checked on the form

Insights

Securities Analyst

TL;DR: Insider sold vested shares to cover taxes; transactions appear routine and non-strategic.

The transactions are described as automatic sales to satisfy tax withholding on vested equity awards, which is a common administrative occurrence and typically not a directional signal about company fundamentals. The five dispositions at $7.64 per share reduced reported beneficial ownership to 785,789 shares. No 10b5-1 plan is indicated on the face of this filing and there is no additional context about opportunistic timing or larger pattern of selling disclosed here.

Corporate Governance Expert

TL;DR: Filing demonstrates compliance with Section 16 reporting; transactions are explained as tax-withholding sales.

The Form 4 meets disclosure requirements by reporting the disposals and the reason: withholding for taxes on vesting. The explanatory remark clarifies the nature of the disposals, which supports transparency. The filing does not state any hedging arrangements or indicia of coordinated group filings beyond the one reporting person checkbox.

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^*

Suko Todd A

(Last) (First) (Middle)

C/O THEREALREAL

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 Legal Officer and Secret

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)		2,767	D	$7.64	816,192	D
Common Stock	08/20/2025		D(1)		3,519	D	$7.64	812,673	D
Common Stock	08/20/2025		D(1)		9,445	D	$7.64	803,228	D
Common Stock	08/20/2025		D(1)		12,593	D	$7.64	790,635	D
Common Stock	08/20/2025		D(1)		4,846	D	$7.64	785,789	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	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

Who filed this Form 4 for REAL and what is their role?

The filing was made by Todd A. Suko, who is identified as Chief Legal Officer and Secretary of The RealReal, Inc.

When were the transactions reported on this Form 4 for REAL?

The transactions occurred on 08/20/2025 and the Form 4 was signed on 08/22/2025.

How many shares did the insider dispose of and at what price?

The Form 4 lists five dispositions: 2,767, 3,519, 9,445, 12,593, and 4,846 shares, each at a price of $7.64 per share.

What was the stated reason for the sales on the Form 4?

The explanatory remark states the shares were automatically sold to satisfy withholding taxes payable in connection with the vesting of an equity award.

What was the insider's beneficial ownership after the reported transactions?

The filing shows successive post-transaction beneficial ownership counts ending at 785,789 shares.