Were the TheRealReal (REAL) CEO’s stock sales discretionary or tax-related?

The stock sales were tax-related, not discretionary open-market selling. TheRealReal automatically sold the shares to cover withholding taxes due on vesting equity awards, including 50,000 shares from a prior performance award granted on March 3, 2023.

How many REAL shares did the CEO sell and at what price per share?

Rati Sahi Levesque reported selling a total of 121,399 shares of TheRealReal common stock at $10.72 per share. These open-market transactions were executed automatically to satisfy tax withholding obligations arising from the vesting of her equity compensation awards.

How did these transactions affect the CEO’s TheRealReal (REAL) share ownership?

After the reported sales and the restricted stock unit grant, Rati Sahi Levesque directly owned 1,662,470 shares of TheRealReal common stock. The RSUs will convert into additional shares as they vest over time in twelve equal quarterly installments.

TheRealReal (REAL) CEO sells for taxes, gains 179,691 RSUs

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

TheRealReal, Inc. Chief Executive Officer Rati Sahi Levesque reported a mix of tax-related stock sales and a new equity award. On February 23, 2026, she sold a total of 121,399 shares of common stock at $10.72 per share in open-market transactions that the company automatically executed to satisfy withholding taxes due on vesting equity awards, including 50,000 shares from a performance award granted on March 3, 2023.

On the same date, she was granted 179,691 restricted stock units under TheRealReal’s 2019 Equity Incentive Plan. Each unit equals one share of common stock and will vest in twelve equal quarterly installments. Following these transactions, she directly owned 1,662,470 shares of TheRealReal common stock.

Insider Trade Summary

Net Seller: 121,399 shares ($1,301,397)

Net Sell 6 txns

Insider Sahi Levesque Rati

Role Chief Executive Officer

Sold 121,399 shs ($1.30M)

Type	Security	Shares	Price	Value
Sale	Common Stock	5,265	$10.72	$56K
Sale	Common Stock	15,339	$10.72	$164K
Sale	Common Stock	26,294	$10.72	$282K
Sale	Common Stock	19,721	$10.72	$211K
Sale	Common Stock	54,780	$10.72	$587K
Grant/Award	Common Stock	179,691	$0.00	--

Holdings After Transaction: Common Stock — 1,598,913 shares (Direct)

Footnotes (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. Represents shares of common stock automatically sold by The RealReal, Inc. to satisfy withholding taxes payable in connection with the vesting of 50,000 shares of the performance award granted on March 3, 2023. 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. 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.

Form 4 Insider Transactions: What Each Field Means →

02/24/2026 - 04:42 PM

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^*

Sahi Levesque Rati

(Last)

(First)

(Middle)

C/O THEREALREAL, INC.

55 FRANCISCO STREET SUITE 400

(Street)

SAN FRANCISCO

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 Executive 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/23/2026		S⁽¹⁾		5,265	D	$10.72	1,598,913	D
Common Stock	02/23/2026		S⁽¹⁾		15,339	D	$10.72	1,583,574	D
Common Stock	02/23/2026		S⁽²⁾		26,294	D	$10.72	1,557,280	D
Common Stock	02/23/2026		S⁽¹⁾		19,721	D	$10.72	1,537,559	D
Common Stock	02/23/2026		S⁽¹⁾		54,780	D	$10.72	1,482,779	D
Common Stock⁽³⁾	02/23/2026		A		179,691⁽⁴⁾	A	$0	1,662,470	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 common stock automatically sold by The RealReal, Inc. to satisfy withholding taxes payable in connection with the vesting of 50,000 shares of the performance award granted on March 3, 2023.

3. 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.

4. 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, Attorney in Fact for Rati Sahi Levesque	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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did TheRealReal (REAL) CEO report on this Form 4?

TheRealReal’s CEO Rati Sahi Levesque reported automatic sales of 121,399 common shares and the grant of 179,691 restricted stock units. The sales satisfied tax withholding on vesting equity awards, while the new RSUs provide additional stock-based compensation vesting quarterly.

What new equity award did the TheRealReal (REAL) CEO receive in this filing?

The CEO received a grant of 179,691 restricted stock units, each equivalent to one share of TheRealReal common stock. The units were granted under the 2019 Equity Incentive Plan and are scheduled to vest in twelve equal quarterly installments from the vesting commencement date.

What does the Form 4 reveal about TheRealReal (REAL) performance awards?

The filing notes that 50,000 shares from a performance award granted on March 3, 2023, vested, triggering part of the tax-withholding sales. This indicates previously granted performance-based equity is beginning to deliver shares subject to tax obligations at vesting.