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

Rhea-AI Filing Summary

The RealReal, Inc. officer Luke Friang reported disposition of vested shares to satisfy withholding taxes related to an equity award. The filing shows three dispositions totaling 19,538 shares sold at $7.64 per share, leaving the reporting person with 517,884 shares of common stock beneficially owned after the transactions. The report identifies the reporting person as the company’s Chief Product & Tech Officer. The filing explains the sales were automatic transfers to cover tax withholding arising from the vesting of an equity award.

Positive

• Continued significant ownership: Reporting person retains 517,884 shares after transactions.
• Transaction purpose disclosed: Sales were automatic withholdings to cover taxes from vesting, indicating compensation-related liquidity rather than opportunistic selling.

Negative

• Dispositions executed: Total of 19,538 shares were sold.
• Sale price: Shares sold at $7.64 per share.

Insights

Financial Analyst

TL;DR: Officer sold a small block of vested shares to cover tax withholding; remaining holdings remain material.

The transactions are routine, described as automatic sales to cover taxes on vested awards rather than open-market voluntary selling. Total dispositions of 19,538 shares at $7.64 represent a modest change relative to the post-transaction beneficial ownership of 517,884 shares. This pattern typically signals compensation-related liquidity rather than a change in conviction about the company, and does not by itself alter capitalization or control.

Corporate Governance Expert

TL;DR: Transaction is a standard withholding-sale tied to equity vesting and raises no governance red flags.

Disclosure notes the sales were automatic to satisfy withholding taxes associated with vesting of an equity award. The form identifies the reporting person as an officer and shows continued beneficial ownership post-transaction, which maintains alignment with shareholder interests. There is no indication of accelerated insider selling or structured disposition beyond routine tax withholding.

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
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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^*

Friang Luke Thomas

(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 Product & Tech Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/20/2025

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	08/20/2025		D(1)		2,504	D	$7.64	534,918	D
Common Stock	08/20/2025		D(1)		8,495	D	$7.64	526,423	D
Common Stock	08/20/2025		D(1)		8,539	D	$7.64	517,884	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 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 For: Luke Friang	08/22/2025
	** 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 did TheRealReal insider Luke Friang report on Form 4 (REAL)?

The Form 4 reports automatic sales of vested shares to satisfy tax withholding: 19,538 shares sold at $7.64, leaving 517,884 shares beneficially owned.

Why were the shares sold according to the Form 4 for REAL?

The filing states the sales represent shares automatically sold to satisfy withholding taxes payable in connection with the vesting of an equity award.

What is Luke Friang's role at TheRealReal as stated in the filing?

The filing identifies Luke Friang as the company’s Chief Product & Tech Officer.

How many separate disposition transactions are reported on this Form 4 for REAL?

The Form 4 shows three disposition entries totaling 19,538 shares sold.

Do the reported sales indicate a change in control or large insider exit?

The filing describes routine tax-withholding sales related to vesting and shows continued substantial ownership (517,884 shares), suggesting no indicated change in control in this document.