[Form 4] TheRealReal, Inc. Insider Trading Activity

Rhea-AI Filing Summary

TheRealReal, Inc. officer Todd Suko reported a stock sale. On 11/18/2025, he sold 75,693 shares of TheRealReal common stock in open-market transactions at a weighted average price of $14.079 per share, with individual trades ranging from $14.00 to $14.19. After this transaction, he beneficially owns 711,054 shares of the company’s stock, including 958 shares acquired on November 14, 2025 through the company’s Employee Stock Purchase Plan. The filing identifies him as the company’s Chief Legal Officer and Secretary and notes that the shares are held directly.

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^*

Suko Todd A

(Last) (First) (Middle)

C/O THEREALREAL

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 Legal Officer and Secret

3. Date of Earliest Transaction (Month/Day/Year)
11/18/2025

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	11/18/2025		S		75,693	D	$14.079(1)	711,054(2)	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 the weighted average sales price. The shares were sold in multiple transactions at prices ranging from $14.00 to $14.19. 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. Includes 958 shares acquired on November 14, 2025 through the company's Employee Stock Purchase Plan (ESPP).

Remarks:

	Todd Suko	11/20/2025
	** 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) disclose in this Form 4?

TheRealReal (REAL) disclosed that officer Todd Suko sold 75,693 shares of common stock on 11/18/2025 in open-market transactions.

At what price were the TheRealReal (REAL) shares sold by Todd Suko?

The shares were sold at a weighted average price of $14.079 per share, with individual trades at prices ranging from $14.00 to $14.19.

How many TheRealReal (REAL) shares does Todd Suko own after the reported sale?

After the reported sale, Todd Suko beneficially owns 711,054 shares of TheRealReal common stock.

Did Todd Suko acquire any TheRealReal (REAL) shares through an employee plan?

Yes. His holdings include 958 shares acquired on November 14, 2025 through TheRealReal’s Employee Stock Purchase Plan (ESPP).

What is Todd Suko’s role at TheRealReal (REAL)?

According to the filing, Todd Suko is an officer of TheRealReal, serving as its Chief Legal Officer and Secretary.

Is Todd Suko’s ownership in TheRealReal (REAL) held directly or indirectly?

The filing shows that the 711,054 shares of TheRealReal common stock are held with direct ownership.