[Form 4] TheRealReal, Inc. Insider Trading Activity

TheRealReal, Inc. Chief Product & Tech Officer Luke Thomas Friang reported both sales and an equity award in company stock.

Rhea-AI Filing Summary

TheRealReal, Inc. Chief Product & Tech Officer Luke Thomas Friang reported both sales and an equity award in company stock. On February 23, 2026, he had a total of 19,609 shares of common stock automatically sold at $10.72 per share to cover withholding taxes due on a vesting equity award. These transactions were coded as open-market sales but were driven by tax obligations rather than discretionary trading.

On the same date, Friang received a grant of 72,203 restricted stock units under TheRealReal, Inc. 2019 Equity Incentive Plan, at a stated price of $0.00 per share. The restricted stock units will vest in twelve equal quarterly installments, and each unit is the economic equivalent of one share of common stock. Following these transactions, his directly held common stock position was reported as 551,859 shares.

Insider Trade Summary

Net Seller: 19,609 shares

Net Sell 4 txns

Insider Friang Luke Thomas

Role Chief Product & Tech Officer

Sold 19,609 shs ($210K)

Type	Security	Shares	Price	Value
Sale	Common Stock	8,848	$10.72	$95K
Sale	Common Stock	8,321	$10.72	$89K
Sale	Common Stock	2,440	$10.72	$26K
Grant/Award	Common Stock	72,203	$0.00	$0.00

Holdings After Transaction: Common Stock — 551,859 shares (Direct)

Footnotes (3)

1. F1. 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.
2. F2. Represents shares of TheRealReal, Inc. common stock that will be issued to the Reporting Person upon vesting of restricted stock units. Each restricted stock unit is the economic equivalent of one share of TheRealReal, Inc. common stock.
3. F3. The restricted stock units were granted to the Reporting Person on the Transaction Date pursuant to TheRealReal Inc. 2019 Equity Incentive Plan. The restricted stock units will vest in twelve (12) equal installments on a quarterly basis from the vesting commencement date.

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Accepted by SEC EDGAR 02/24/2026 - 04:43 PM Learn about SEC filing dates

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^*

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)
02/23/2026

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	02/23/2026		S(1)		8,848	D	$10.72	490,417	D
Common Stock	02/23/2026		S(1)		8,321	D	$10.72	482,096	D
Common Stock	02/23/2026		S(1)		2,440	D	$10.72	479,656	D
Common Stock(2)	02/23/2026		A		72,203(3)	A	$0	551,859	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.

2. Represents shares of TheRealReal, Inc. common stock that will be issued to the Reporting Person upon vesting of restricted stock units. Each restricted stock unit is the economic equivalent of one share of TheRealReal, Inc. common stock.

3. The restricted stock units were granted to the Reporting Person on the Transaction Date pursuant to TheRealReal Inc. 2019 Equity Incentive Plan. The restricted stock units will vest in twelve (12) equal installments on a quarterly basis from the vesting commencement date.

Remarks:

	By: Todd Suko For: Luke Friang	02/24/2026
	** 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.