TheRealReal Insider Filing Shows 26K-Share Equity Award to Director

Rhea-AI Filing Summary

TheRealReal, Inc. (REAL) – Form 4 insider filing

Director Caretha Coleman reported the grant of 26,025 deferred restricted stock units (DRSUs) on 07/23/2025. Each DRSU converts into one share of REAL common stock upon settlement; the grant carried a stated price of $0, indicating an equity-based compensation award rather than an open-market purchase. Following the award, Coleman's direct beneficial ownership rises to 251,783 shares, further aligning the director’s economic interest with shareholders. No derivative securities were involved and no dispositions were reported.

The filing is routine compensation-related and does not include any earnings data or guidance. While the additional shares modestly increase insider ownership, the absence of cash consideration or open-market buying means the signal for outside investors is limited.

Positive

• Director’s ownership increases by 26,025 shares, slightly enhancing board-shareholder alignment.

Negative

• Grant is compensation-based at $0 cost, so it provides limited insight into the director’s market conviction or REAL’s valuation.

Insights

Securities Analyst

TL;DR: Routine equity grant; modestly raises insider stake, neutral fundamental impact.

The award adds ~26k shares to a director’s holdings, lifting total ownership to roughly 0.25 million shares. Because the shares stem from deferred RSUs issued at no cost, the transaction reflects standard board compensation, not a discretionary purchase that might indicate management’s valuation view. Consequently, the filing offers little insight into REAL’s near-term performance or valuation trajectory. Market impact should be minimal, though incremental alignment with shareholders can be viewed as a small positive for governance.

Corporate Governance Expert

TL;DR: Governance-neutral event; standard board compensation structure.

Deferred RSU grants are customary for non-employee directors among NASDAQ-listed firms. The settlement feature defers tax liability and fosters longer-term ownership. Coleman's increased stake marginally strengthens board-shareholder alignment but does not alter control dynamics. No red flags or unusual structures appear; thus, the event is governance-neutral and not expected to influence investor sentiment.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Coleman Caretha

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	26,025	$0.00	--

Holdings After Transaction: Common Stock — 251,783 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

Coleman Caretha

(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	251,783	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, Attorney in Fact for Caretha Coleman	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

How many shares did Director Caretha Coleman acquire in the latest REAL Form 4?

The filing shows an acquisition of 26,025 deferred restricted stock units equivalent to 26,025 common shares.

What is Coleman's total beneficial ownership in TheRealReal (REAL) after the transaction?

After the grant, Coleman directly owns 251,783 shares of REAL common stock.

Was the acquisition an open-market purchase or a stock grant?

It was a stock grant of deferred restricted stock units with a stated price of $0, not an open-market purchase.

Does the Form 4 contain any dispositions or sales of REAL shares?

No. No shares were sold; the filing reports only an acquisition via RSUs.

Is the filing likely to affect TheRealReal’s stock price?

Because the shares are part of routine director compensation, the filing is unlikely to materially impact REAL’s share price.