[Form 4] TheRealReal, Inc. Insider Trading Activity

Rhea-AI Filing Summary

TheRealReal, Inc. (REAL)11/17/2025, the reporting person sold 7,686,442 shares of TheRealReal common stock in a single block trade at $13.21 per share under Rule 144. After this transaction, the form states that the reporting person beneficially owned 0 shares indirectly through Grey Lion, indicating a full exit of this reported position.

Insights

Equity ownership & governance analyst

GreyLion-affiliated director reports full exit of a large REAL stake.

The filing shows that a director associated with GreyLion Partners sold 7,686,442 shares of TheRealReal, Inc. common stock in a block transaction at $13.21 per share on 11/17/2025 under Rule 144. Following the sale, the reported beneficial ownership through Grey Lion is listed as zero shares.

This represents a complete disposition of the position reported for these funds, and it reduces the presence of this significant shareholder in the company’s ownership structure. The shares were previously held by PWP Growth Equity Fund II LP and PWP Growth Equity Fund II B LP, for which investment and voting control had been exercised by GreyLion Partners and its investment committee members, including the reporting person.

The timing of any future ownership disclosures will depend on whether new positions are established or further forms are filed. Subsequent SEC ownership reports may provide additional detail on any changes in governance influence from GreyLion-affiliated parties.

11/19/2025 - 04:15 PM

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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X

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^*

Baird Gilbert L. III

(Last) (First) (Middle)

C/O GREYLION PARTNERS LP

900 THIRD AVENUE 23RD FLOOR

(Street)

NEW YORK NY 10022

(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)
11/17/2025

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	11/17/2025		S		7,686,442	D	$13.21(1)	0	I	By Grey Lion(2)

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. Reflects the sale of 7,686,442 shares of common stock of TheRealReal, Inc. (the "Issuer"), par value $0.00001 per share (the "Common Stock"), in a block sale at a price per share of $13.21 pursuant to Rule 144 of the Securities Act of 1933, as amended.

2. The shares of Common Stock were held by PWP Growth Equity Fund II LP and PWP Growth Equity Fund II B LP (collectively, the "Funds") for which investing, management and voting control is exercised by GreyLion Partners LP (together with its affiliates, "GreyLion Partners") and by GreyLion Partners LP. David Ferguson and Gilbert L. Baird III (the "Reporting Person") are members of the GreyLion Partners investment committee and control voting and investment decisions related to the shares reported herein.

	/s/ Gilbert L. Baird III	11/19/2025
	** 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 transaction did TheRealReal (REAL) insider report in this Form 4?

The insider reported the sale of 7,686,442 shares of TheRealReal, Inc. common stock in a block trade at $13.21 per share on 11/17/2025.

Who conducted the share sale reported for TheRealReal (REAL)?

The sale involved shares held by PWP Growth Equity Fund II LP and PWP Growth Equity Fund II B LP, with investment and voting control exercised by GreyLion Partners LP; director Gilbert L. Baird III is the reporting person.

How many TheRealReal (REAL) shares does the reporting person own after this transaction?

After the reported sale, the Form 4 lists 0 shares of TheRealReal common stock as being beneficially owned indirectly through Grey Lion by the reporting person.

At what price were TheRealReal (REAL) shares sold in this insider transaction?

The 7,686,442 shares of TheRealReal common stock were sold at a price of $13.21 per share in a block sale.

Under what rule was the TheRealReal (REAL) share sale executed?

The block sale of 7,686,442 shares of TheRealReal common stock was conducted pursuant to Rule 144 under the Securities Act of 1933, as amended.

What is the relationship of the reporting person to TheRealReal (REAL)?

The reporting person, Gilbert L. Baird III, is identified as a director of TheRealReal, Inc. on the form.