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

Rhea-AI Filing Summary

The RealReal CEO Rati Sahi Levesque reported the disposition of 101,830 shares of company common stock on 08/20/2025 at a price of $7.64 per share to satisfy tax withholding tied to the vesting of an equity award. After these automated withholdings, the reporting person beneficially owned 1,701,214 shares. The transactions were reported on a Form 4 and executed in multiple sell events that reduced the held position incrementally; the filings indicate the sales were automatic with the stated purpose of covering taxes on vested awards.

Positive

• Reporting person retained significant ownership: beneficially owns 1,701,214 shares after the transactions, indicating continued alignment with shareholders
• Sales were administrative: transactions are disclosed as tax-withholding related to vesting, suggesting non-discretionary disposition

Negative

• Insider disposed of 101,830 shares which represents a measurable reduction in holdings via automated sell-to-cover transactions
• Sales executed at $7.64 per share, locking in proceeds at that price rather than remaining fully invested

Insights

Corporate Governance Expert

TL;DR: Routine, non-discretionary sales to satisfy tax withholding; not necessarily a signal of changed conviction.

The Form 4 shows multiple small disposals totaling 101,830 shares executed as automatic withholdings in connection with equity vesting. Because the sales are described as tax withholding for vested awards, they appear to be administrative rather than opportunistic. The reporting person remains a large shareholder with 1.7 million shares, preserving substantial economic alignment with shareholders. This is a routine insider reporting event with limited governance implications.

Securities Analyst

TL;DR: Material only in size, but transactions are ordinary-course withholding sales and unlikely to alter valuation assumptions.

The disposals occurred at $7.64 per share across multiple lots on 08/20/2025 and cumulatively reduced the beneficial holding to 1,701,214 shares. While 101,830 shares is a quantifiable amount, the stated purpose—satisfying tax obligations on vesting—indicates these were non-discretionary. No derivative exercises, new grants, or other compensatory changes are disclosed in this filing.

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

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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 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 Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/20/2025

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	08/20/2025		D(1)		4,612	D	$7.64	1,798,432	D
Common Stock	08/20/2025		D(1)		5,027	D	$7.64	1,793,405	D
Common Stock	08/20/2025		D(1)		15,740	D	$7.64	1,777,665	D
Common Stock	08/20/2025		D(1)		20,237	D	$7.64	1,757,428	D
Common Stock	08/20/2025		D(1)		56,214	D	$7.64	1,701,214	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.

Remarks:

	by Todd Suko, Attorney in Fact for Rati Sahi Levesque	08/22/2025
	** 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 The RealReal (REAL) CEO Rati Sahi Levesque sell and why?

The CEO disposed of 101,830 shares on 08/20/2025 to satisfy tax withholding obligations arising from the vesting of an equity award.

How many shares does the reporting person own after the Form 4 transactions?

After the reported dispositions, the reporting person beneficially owned 1,701,214 shares of The RealReal common stock.

At what price were the shares sold in the Form 4?

The reported sales were executed at a price of $7.64 per share.

Were these sales discretionary trades or automatic withholdings?

The Form 4 explains these sales represent shares automatically sold to satisfy withholding taxes payable in connection with equity vesting.

Do the filings show any option exercises or derivative transactions?

No. Table II for derivative securities contains no exercised or acquired derivative entries in this filing.