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

Rhea-AI Filing Summary

Rati Sahi Levesque, Chief Executive Officer of The RealReal, Inc. (REAL), reported several transactions in mid-August 2025. On 08/15/2025 Ms. Levesque exercised an incentive stock option to acquire 36,119 shares at a $3.48 exercise price, bringing beneficial ownership to 2,214,334 shares. That same day she sold 36,119 shares at a weighted average price of $7.781 and later sold additional blocks: 115,000 shares (WAP $7.779) on 08/15/2025, 199,421 shares (WAP $7.92) on 08/18/2025, and 60,750 shares (WAP $8.00) on 08/18/2025. After these reported sales, her beneficial ownership was 1,803,044 shares. All holdings are reported as directly owned.

Positive

• Option exercise at a $3.48 strike allowed acquisition of 36,119 shares at a below-market cost basis.
• Significant retained ownership: the reporting person still directly beneficially owns 1,803,044 shares after the transactions.

Negative

• Substantial sales totaling 411,290 shares across 08/15/2025 and 08/18/2025 reduced ownership from 2,214,334 to 1,803,044 shares.
• No 10b5-1 plan indicated on the form (the checkbox for a trading plan is not marked), so the filing does not show pre-arranged trade authorization.

Insights

Corporate Governance Expert

TL;DR: Insider exercised options then sold a substantial block, reducing direct ownership by ~411,290 shares.

The filing documents a routine option exercise followed by multiple open-market sales executed over two days. The transactions reduced direct beneficial ownership from 2,214,334 to 1,803,044 shares, a decrease of 411,290 shares. No indication of trading plan (Rule 10b5-1) is marked on the form. For governance review, the timing, volumes, and whether internal trading policies or blackout periods were observed should be confirmed, but the Form 4 itself provides only the trade dates, volumes, and weighted average prices.

Securities Analyst

TL;DR: Option exercise at $3.48 followed by sales at ~$7.78–$8.02 realized gains per share; holder remains a large direct owner.

The report shows an exercise of 36,119 options at $3.48 and subsequent sales across price ranges $7.67–$8.05 resulting in weighted average sale prices of $7.779–$8.00 depending on the tranche. The sales realize an approximate per-share spread versus the exercise price, but the filing does not disclose total proceeds or purpose of sales. Post-transactions, the reporting person still directly owns 1,803,044 shares, representing continued significant exposure to REAL equity.

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 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)
08/15/2025

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	08/15/2025		M		36,119	A	$3.48	2,214,334	D
Common Stock	08/15/2025		S		36,119	D	$7.781(1)	2,178,215	D
Common Stock	08/15/2025		S		115,000	D	$7.779(1)	2,063,215	D
Common Stock	08/18/2025		S		199,421	D	$7.92(2)	1,863,794	D
Common Stock	08/18/2025		S		60,750	D	$8(3)	1,803,044	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
Incentive Stock Option (right to buy)	$3.48	08/15/2025		M			36,119	(4)	12/17/2025	Common Stock	36,119	$0	0	D

Explanation of Responses:

1. Represents the weighted average sales price. The shares were sold in multiple transactions at prices ranging from $7.69 to $7.94. Reporting Person undertakes to provide TheRealReal, Inc., any security holder of TheRealReal, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.

2. Represents the weighted average sales price. The shares were sold in multiple transactions at prices ranging from $7.67 to $8.05. Reporting Person undertakes to provide TheRealReal, Inc., any security holder of TheRealReal, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.

3. Represents the weighted average sales price. The shares were sold in multiple transactions at prices ranging from $7.98 to $8.02. Reporting Person undertakes to provide TheRealReal, Inc., any security holder of TheRealReal, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.

4. The option, representing the right to purchase a total of 36,119 shares of Common Stock, became fully exercisable on December 17, 2019.

Remarks:

	by Todd Suko, Attorney in Fact for Rati Sahi Levesque	08/18/2025
	** 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 transactions did REAL CEO Rati Sahi Levesque report on Form 4?

The CEO exercised 36,119 options at $3.48 on 08/15/2025 and sold multiple tranches totaling 411,290 shares on 08/15/2025 and 08/18/2025.

How many REAL shares does Rati Sahi Levesque own after these trades?

Following the reported transactions the reporting person beneficially owns 1,803,044 shares (direct ownership).

What were the weighted average sale prices reported?

Reported weighted average sale prices were approximately $7.781, $7.779, $7.92, and $8.00 across the different sale tranches.

When did the option become exercisable?

The incentive stock option for 36,119 shares became fully exercisable on 12/17/2019, as stated in the filing.

Does the Form 4 indicate these sales were made under a Rule 10b5-1 plan?

No. The form does not indicate that a 10b5-1 trading plan was used (the checkbox for a plan is not marked).