[Form 4] TheRealReal, Inc. Insider Trading Activity

Rhea-AI Filing Summary

TheRealReal, Inc. (REAL) reported insider activity by its Chief Executive Officer on a Form 4. On 11/21/2025, the CEO had several sales of common stock, including blocks of 4,395, 4,790, 15,000, 19,285 and 53,566 shares at a price of $13.06 per share. According to the explanation, these shares were automatically sold by The RealReal, Inc. to satisfy withholding taxes due upon the vesting of an equity award, rather than discretionary open-market sales. Following these transactions, the CEO directly beneficially owned 1,604,178 shares of TheRealReal common stock.

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

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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^*

Sahi Levesque Rati

(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 Executive 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)		4,395	D	$13.06	1,696,819	D
Common Stock	11/21/2025		S(1)		4,790	D	$13.06	1,692,029	D
Common Stock	11/21/2025		S(1)		15,000	D	$13.06	1,677,029	D
Common Stock	11/21/2025		S(1)		19,285	D	$13.06	1,657,744	D
Common Stock	11/21/2025		S(1)		53,566	D	$13.06	1,604,178	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:

	by Todd Suko, Attorney in Fact for Rati Sahi Levesque	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 on this Form 4?

TheRealReal reported that its Chief Executive Officer had multiple sales of common stock on 11/21/2025, recorded on Form 4 as insider transactions.

Why were TheRealReal (REAL) shares sold by the CEO on 11/21/2025?

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

What sale prices were reported for the TheRealReal (REAL) insider transactions?

Each of the reported common stock sales on 11/21/2025 was at a price of $13.06 per share.

How many TheRealReal (REAL) shares did the CEO sell in the largest reported block?

The largest single reported block was a sale of 53,566 shares of TheRealReal common stock at $13.06 per share.

How many TheRealReal (REAL) shares does the CEO own after these transactions?

After the reported tax-related sales, the CEO beneficially owned 1,604,178 shares of TheRealReal common stock, held directly.

Was the TheRealReal (REAL) Form 4 filed for more than one reporting person?

No. The Form 4 indicates it was filed by one reporting person, not by a group.

What is the CEO’s reported role in TheRealReal (REAL) on this Form 4?

The reporting person is identified as an Officer of TheRealReal, with the title Chief Executive Officer.