Were the TheRealReal (REAL) CEO’s reported share sales discretionary open-market trades?

No, the filing states the shares were automatically sold by TheRealReal to cover withholding taxes. The transactions relate to the vesting of an equity award, not a voluntary decision to sell shares in the open market.

How many TheRealReal (REAL) shares were involved in the CEO’s tax-related sales?

The Form 4 aggregates 81,194 common shares sold in several transactions. Each sale was reported at a price of $9.25 per share, and the disclosure links them to tax withholding on a vesting equity award.

What price per share was reported for the TheRealReal (REAL) CEO’s tax-related stock transactions?

All reported transactions show a sale price of $9.25 per share for TheRealReal common stock. This single price applies across the separate Form 4 line items tied to the tax-withholding related sales.

TheRealReal CEO reports tax-related stock sales

TheRealReal, Inc. Chief Executive Officer Rati Sahi Levesque reported transactions in the company’s common stock tied to equity compensation.

Filing Impact

(Very High)

Filing Sentiment

(Negative)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

TheRealReal, Inc. Chief Executive Officer Rati Sahi Levesque reported transactions in the company’s common stock tied to equity compensation. A total of 81,194 shares were sold at $9.25 per share. According to the disclosure, these shares were automatically sold by TheRealReal to cover withholding taxes due upon the vesting of an equity award, rather than as a discretionary open-market trade by the executive.

Insider Trade Summary

Net Seller: 81,194 shares

Net Sell 3 txns

Insider Sahi Levesque Rati

Role Chief Executive Officer

Sold 81,194 shs ($751K)

Type	Security	Shares	Price	Value
Sale	Common Stock	19,438	$9.25	$180K
Sale	Common Stock	53,994	$9.25	$499K
Sale	Common Stock	7,762	$9.25	$72K

Holdings After Transaction: Common Stock — 1,581,276 shares (Direct)

Footnotes (1)

F1. 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.

Key Figures

Shares sold for tax withholding: 81,194 shares Sale price per share: $9.25 per share Number of sale transactions: 3 transactions

3 metrics

Shares sold for tax withholding 81,194 shares Common stock automatically sold to cover withholding taxes

Sale price per share $9.25 per share Price for each reported common stock sale

Number of sale transactions 3 transactions Non-derivative common stock sales on May 21, 2026

Key Terms

withholding taxes, equity award, open-market sale, Common Stock

4 terms

withholding taxes financial

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

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.

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did TheRealReal (REAL) CEO Rati Sahi Levesque report in this Form 4?

The filing shows Rati Sahi Levesque had 81,194 TheRealReal common shares sold at $9.25 each. The shares were sold automatically by the company to satisfy tax withholding obligations on a vesting equity award.

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

No, the derivative summary in the filing is empty, and transaction codes are all “S” for common stock. The activity reflects tax-related sales of vested equity rather than option exercises or other derivative security transactions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/22/2026 - 04:43 PM EDT

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^*

Sahi Levesque Rati

(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 Executive 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/21/2026		S⁽¹⁾		19,438	D	$9.25	1,643,032	D
Common Stock	05/21/2026		S⁽¹⁾		53,994	D	$9.25	1,589,038	D
Common Stock	05/21/2026		S⁽¹⁾		7,762	D	$9.25	1,581,276	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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	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)

Source: View Original Filing on SEC EDGAR