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

Rhea-AI Filing Summary

Form 4 snapshot

On 07/23/2025, TheRealReal (REAL) director Karen Katz reported the acquisition of 26,025 deferred restricted stock units (DRSUs), each economically equivalent to one common share, at a stated price of $0. After settlement, her direct beneficial ownership will rise to 233,732 shares.

The filing shows no share sales, derivative transactions, or indirect holdings. The award appears to be routine equity compensation for board service, but it still modestly increases insider alignment with shareholders.

Positive

• Director increased direct ownership by 26,025 shares, suggesting continued insider alignment and no selling pressure.

Negative

• None.

Insights

Senior Securities Analyst

TL;DR: Routine board equity grant; mildly positive signal, limited market impact.

The 26,025-share DRSU grant to director Karen Katz is standard non-cash compensation. While it boosts her stake to 233,732 shares, the incremental value is small relative to REAL’s float and therefore unlikely to move the stock. However, insider accumulation—versus sale—can be viewed as a marginal vote of confidence. No red flags such as share disposals, option exercises, or complex derivatives appear. Overall effect is neutral from a valuation perspective.

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).

1. Name and Address of Reporting Person^*

KATZ KAREN

(Last) (First) (Middle)

C/O THEREALREAL, INC.

55 FRANCISCO STREET 4TH FLOOR

(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	233,732	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: Karen Katz	07/25/2025
	** 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 (REAL) disclose in the latest Form 4?

Director Karen Katz acquired 26,025 deferred restricted stock units on 07/23/2025 at $0 cost.

How many REAL shares does Karen Katz now own?

Post-transaction, Katz reports 233,732 common shares held directly.

Was the transaction a purchase or a grant?

It was a grant of deferred restricted stock units (DRSUs), not an open-market purchase.

Did the director sell any REAL shares?

No sales were reported; the filing only lists an acquisition.

Does the filing indicate any indirect ownership?

No; all beneficial ownership is recorded as direct.