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

Rhea-AI Filing Summary

Director Gilbert L. Baird III reported RSU vesting and an internal reallocation of holdings at The RealReal, Inc. (REAL). On 07/23/2025 he acquired 26,025 shares (reported as an acquisition at a $0 price, reflecting vested restricted stock units). The filing shows a corresponding indirect holding of 7,686,442 shares through GreyLion, reflecting shares held for funds managed by GreyLion Partners.

The filing explains the 26,025 shares are RSUs that vest on the earlier of one year from grant or immediately before the next annual meeting, subject to continued service. The reporting person disclaims beneficial ownership except for his pecuniary interest; GreyLion investment committees, including the reporting person, exercise voting and investment control for the funds holding the larger indirect stake.

Insights

Corporate Governance Expert

TL;DR: Routine RSU vesting and transfer to an affiliated investment vehicle; governance disclosure clarifies control and pecuniary interest.

The Form 4 documents a typical director RSU vesting event where 26,025 shares vested and were accounted for as held indirectly through GreyLion, increasing the reported indirect position to 7,686,442 shares. The filing includes a clear disclaimer of beneficial ownership except for pecuniary interest and explains voting and investment control exercised by GreyLion Partners. From a governance perspective, the disclosure is complete: it identifies the reporting person’s role on the GreyLion investment committee and specifies the funds holding the shares, which helps investors understand who controls voting rights.

Securities Analyst

TL;DR: Material aggregate stake reported indirectly, but the transaction itself is a non-sale RSU vesting with no proceeds realized.

The transaction code and $0 price indicate these were vested restricted stock units rather than an open-market purchase or sale. The report separates 26,025 shares acquired on vesting from the larger 7,686,442 shares held indirectly by funds managed by GreyLion Partners (5,785,182 and 1,665,148 shares attributed to two PWP Growth Equity funds). The filing does not show any sales or transfers to third parties; it documents internal allocation and control arrangements, which is informative for cap table and voting-power analysis but does not by itself represent liquidity or cash-flow activity.

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^*

Baird Gilbert L. III

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/23/2025

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	07/23/2025		A		26,025(1)	A	$0	26,025	D(2)
Common Stock								7,686,442	I	by GreyLion(3)

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. These restricted stock units ("RSUs") vest on the earlier of (a) the first anniversary of the grant date of such award or (b) the date immediately preceding the next annual meeting of Companys stockholders, subject to the non-employee directors continued service through the applicable vesting date.

2. The amount of the reported securities gives effect to a reduction in shares of Common Stock underlying RSUs that were held directly by the Reporting Person for the benefit of GreyLion (which shares were received upon vesting and transferred to GreyLion), and the corresponding increase in shares held indirectly through GreyLion. The reporting person disclaims beneficial ownership except to the extent of his pecuniary interest therein, which interest is unchanged by the transfer.

3. Includes 5,785,182 shares held by PWP Growth Equity Fund II LP and 1,665,148 shares held by PWP Growth Equity Fund II B LP (collectively, the "Funds") for which investing, management and voting control is exercised by GreyLion Partners LP (together with its affiliates, "GreyLion Partners"). David Ferguson and the Reporting Person are members of the GreyLion Partners investment committee and control voting and investment decisions related to the shares reported herein.

Remarks:

	By: Todd Suko For: Gilbert L Baird III	08/11/2025
	** 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 Gilbert L. Baird III report on the Form 4 for REAL?

The Form 4 shows Gilbert L. Baird III acquired 26,025 shares via RSU vesting on 07/23/2025 and reports an indirect holding of 7,686,442 shares through GreyLion.

Were any shares sold by the reporting person in this filing for REAL?

No. The filing records an acquisition at a $0 price (vested RSUs); there is no sale reported in this Form 4.

What does the $0 price on the Form 4 indicate?

The $0 price reflects that the shares were issued on vesting of restricted stock units rather than purchased in an open-market transaction.

How many shares are held indirectly through GreyLion according to the filing?

The filing discloses 7,686,442 shares held indirectly by GreyLion-managed funds, including 5,785,182 and 1,665,148 shares in two specified funds.

Does the reporting person retain beneficial ownership of the shares held by GreyLion?

The reporting person disclaims beneficial ownership