TheRealReal (REAL) awards director 14,150 deferred restricted stock units

Rhea-AI Filing Summary

Miller James R. reported acquisition or exercise transactions in this Form 4 filing.

TheRealReal, Inc. director James R. Miller received an equity compensation grant on July 27, 2026 representing 14,150 shares of common stock, to be issued upon settlement of deferred restricted stock units (DRSUs), each economically equivalent to one share. After this award, his directly reported holdings total 198,066 shares.

Insider Trade Summary

Net Buyer: 14,150 shares

Net Buy 1 txn

Insider Miller James R.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	14,150	$0.00	$0.00

Holdings After Transaction: Common Stock — 198,066 shares (Direct)

Footnotes (1)

1. F1. Represents shares of TheRealReal, Inc. common stock that will be issued to the Reporting Person upon settlement of deferred restricted stock units (DRSUs). Each DRSU is the economic equivalent of one share of TheRealReal, Inc. common stock.

Key Figures

Equity grant: 14,150 shares Grant price per share: $0.0000 Holdings after transaction: 198,066 shares +1 more

4 metrics

Equity grant 14,150 shares Deferred restricted stock units granted to director James R. Miller on July 27, 2026

Grant price per share $0.0000 Reported price per share for the DRSU equity award

Holdings after transaction 198,066 shares Total directly reported equity position following the July 27, 2026 grant

Acquisition transactions reported 1 One non-derivative acquisition (grant/award) of common stock-equivalent units

Key Terms

Deferred restricted stock units (DRSUs), economic equivalent, Grant, award, or other acquisition

3 terms

Deferred restricted stock units (DRSUs) financial

"issued to the Reporting Person upon settlement of deferred restricted stock units (DRSUs)"

economic equivalent financial

"Each DRSU is the economic equivalent of one share of common stock"

Grant, award, or other acquisition financial

"transaction code description is Grant, award, or other acquisition"

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Available on EDGAR 07/29/2026 - 04:40 PM Accepted by SEC EDGAR 07/29/2026 - 04:40 PM Learn about SEC filing dates

FAQ

What insider transaction did TheRealReal (REAL) report for James R. Miller?

TheRealReal reported that director James R. Miller received an equity grant representing 14,150 shares on July 27, 2026. These will be issued upon settlement of deferred restricted stock units (DRSUs), increasing his directly reported holdings to 198,066 shares of common stock.

Was James R. Miller’s TheRealReal (REAL) stock grant an open-market purchase?

No. The transaction is coded as a grant, award, or other acquisition of deferred restricted stock units, not an open-market buy. The reported price per share is $0.0000, indicating equity compensation rather than a cash purchase on the market.

How many TheRealReal (REAL) shares does James R. Miller hold after this grant?

Following the July 27, 2026 grant, James R. Miller’s directly reported equity position in TheRealReal totals 198,066 shares. This figure includes the 14,150 common stock-equivalent shares represented by deferred restricted stock units described in the transaction details.

What are DRSUs in TheRealReal (REAL) director James R. Miller’s award?

The award consists of deferred restricted stock units (DRSUs), each being the economic equivalent of one share of TheRealReal common stock. The reported shares represent stock that will be issued to Miller upon settlement of these DRSUs under the company’s equity compensation arrangements.

Was James R. Miller’s TheRealReal (REAL) grant under a Rule 10b5-1 trading plan?

No. The transaction is reported with the Rule 10b5-1 checkbox not affirmed, indicating it is not designated as executed under a Rule 10b5-1 trading plan. It is characterized as a grant or award of equity compensation units.

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^*

Miller James R.

(Last) (First) (Middle)

C/O THEREALREAL, INC.

55 FRANCISCO STREET

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/27/2026

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	07/27/2026		A		14,150(1)	A	$0	198,066	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 TheRealReal, Inc. common stock that will be issued to the Reporting Person upon settlement of deferred restricted stock units (DRSUs). Each DRSU is the economic equivalent of one share of TheRealReal, Inc. common stock.

Remarks:

	By: Todd Suko For: James R. Miller	07/29/2026
	** 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)