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Tax-related share dispositions by TheRealReal (REAL) Chief Product & Tech Officer

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

TheRealReal, Inc. Chief Product & Tech Officer Luke Thomas Friang reported dispositions of 21,183 shares of common stock on May 21, 2026 at $9.25 per share. A footnote explains these shares were automatically sold by The RealReal to cover withholding taxes tied to the vesting of an equity award, indicating this was a tax-related, non-discretionary event rather than an open-market portfolio decision. After these transactions, Friang continues to hold a direct position of more than 500,000 shares of common stock.

Positive

  • None.

Negative

  • None.
Insider Friang Luke Thomas
Role Chief Product & Tech Officer
Sold 21,183 shs ($196K)
Type Security Shares Price Value
Sale Common Stock 8,159 $9.25 $75K
Sale Common Stock 8,202 $9.25 $76K
Sale Common Stock 2,405 $9.25 $22K
Sale Common Stock 2,417 $9.25 $22K
Holdings After Transaction: Common Stock — 543,700 shares (Direct, null)
Footnotes (1)
  1. [object Object]
Total shares disposed 21,183 shares Common Stock dispositions on May 21, 2026
Sale price $9.25 per share Price for all reported Common Stock dispositions
Number of transactions 4 trades Separate non-derivative Common Stock dispositions
Post-transaction holdings Over 500,000 shares Direct Common Stock position after tax-related sales
withholding taxes financial
"to satisfy withholding taxes payable in connection with the vesting"
Withholding taxes are amounts a payer or government takes out of payments — such as wages, interest, or dividends — before the recipient gets the money, functioning like a cashier keeping part of a bill to pay taxes on your behalf. For investors this matters because it reduces the cash they actually receive, affects net returns and yield calculations, and may require additional paperwork or treaty claims to recover or offset the withheld amount against final tax bills.
equity award financial
"in connection with the vesting of an equity award"
An equity award is a form of pay where a company gives employees, executives or other stakeholders the right to own or buy company shares—either immediately or after meeting certain conditions. Think of it like receiving slices of the company pie now or coupons to claim slices later; it matters to investors because it affects ownership dilution, executive incentives and reported compensation costs, and signals how management is being rewarded and retained.
open-market sale financial
"transaction_action": "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
Common Stock financial
"security_title": "Common Stock""
Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Friang Luke Thomas
(Last)(First)(Middle)
C/O THEREALREAL, INC.
55 FRANCISCO STREET SUITE 400
(Street)
SAN FRANCISCO CALIFORNIA 94133
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
TheRealReal, Inc. [ REAL ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Product & Tech Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Common Stock05/21/2026S(1)8,159D$9.25543,700D
Common Stock05/21/2026S(1)8,202D$9.25535,498D
Common Stock05/21/2026S(1)2,405D$9.25533,093D
Common Stock05/21/2026S(1)2,417D$9.25530,676D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 Friang05/22/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did TheRealReal (REAL) insider Luke Thomas Friang report on this Form 4?

Luke Thomas Friang reported the disposition of 21,183 shares of TheRealReal common stock on May 21, 2026 at $9.25 per share. The transactions are linked to equity award vesting and related tax withholding rather than discretionary open-market selling.

Were the REAL shares sold by Luke Thomas Friang discretionary open-market sales?

The filing states the shares were automatically sold by The RealReal to satisfy withholding taxes from an equity award vesting. This makes the activity tax-related and mechanical, not a voluntary portfolio decision based on Friang’s view of TheRealReal’s stock.

How many TheRealReal (REAL) shares did Luke Thomas Friang dispose of and at what price?

Friang disposed of a total of 21,183 shares of TheRealReal common stock in four transactions. Each transaction was priced at $9.25 per share, with individual trade sizes of 2,417, 2,405, 8,202, and 8,159 shares respectively, all on May 21, 2026.

How many TheRealReal (REAL) shares does Luke Thomas Friang hold after these transactions?

After the tax-related share dispositions, Friang continues to hold more than 500,000 shares of TheRealReal common stock directly. This indicates the reported transactions reduced his stake only modestly relative to his remaining ownership position in the company.

What role does Luke Thomas Friang hold at TheRealReal (REAL)?

Luke Thomas Friang is identified in the filing as TheRealReal’s Chief Product & Tech Officer. His reported Form 4 transactions therefore reflect activity by a senior executive, though this specific filing shows routine tax-withholding related share dispositions tied to equity compensation.