Therealreal SEC Filings

The RealReal, Inc. (REAL) notice reports a proposed sale under Rule 144 of 51,455 common shares through Morgan Stanley Smith Barney on NASDAQ with an aggregate market value of $383,694.79. The form states the company has 115,237,276 shares outstanding, and lists an approximate sale date of 08/12/2025. The shares were acquired as restricted stock in two grants: 22,169 shares on 02/20/2025 and 29,286 shares on 05/20/2025. The filing also discloses a sale of 20,318 shares on 05/21/2025 generating $103,660.74.

The filer signs a representation that they are not aware of any undisclosed material adverse information about the issuer. Several typical issuer contact fields in the form are not populated in the provided content.

Director Gilbert L. Baird III reported RSU vesting and an internal reallocation of holdings at The RealReal, Inc. (REAL). On 07/23/2025 he acquired 26,025 shares (reported as an acquisition at a $0 price, reflecting vested restricted stock units). The filing shows a corresponding indirect holding of 7,686,442 shares through GreyLion, reflecting shares held for funds managed by GreyLion Partners.

The filing explains the 26,025 shares are RSUs that vest on the earlier of one year from grant or immediately before the next annual meeting, subject to continued service. The reporting person disclaims beneficial ownership except for his pecuniary interest; GreyLion investment committees, including the reporting person, exercise voting and investment control for the funds holding the larger indirect stake.

Form 4 snapshot: On 07/23/2025, The RealReal, Inc. (REAL) director James R. Miller acquired 26,025 common shares through settlement of deferred restricted stock units (DRSUs) at $0 cost. The award is part of the company’s equity-based compensation plan rather than an open-market purchase.

Following the settlement, Miller now directly owns 183,916 shares. No derivative securities, sales, or additional purchases were reported. The filing contains no operational or financial updates; it simply records the change in beneficial ownership required under Section 16.

Because the shares were issued under an existing plan, the transaction is considered routine with negligible dilution. It modestly increases insider ownership but lacks the stronger bullish signal of a cash-funded purchase, leaving the overall investment thesis unchanged.

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.

Form 4 snapshot: On 07/23/2025, The RealReal, Inc. (REAL) filed a Form 4 showing Director Niki Leondakis acquired 26,025 shares of common stock via settlement of deferred restricted stock units (DRSUs). The transaction was coded “A,” signifying an equity award rather than an open-market purchase, and carried a stated price of $0.

After the grant, Leondakis’ direct holdings increased to 206,112 shares. No derivative securities were involved and no shares were disposed of. Although the filing expands insider ownership and can be viewed as modestly positive for shareholder alignment, it reflects routine compensation and therefore has limited market impact.