TheRealReal, Inc. SEC Filings

TheRealReal, Inc. (REAL) reported an insider transaction by its Chief Legal Officer and Secretary, Todd Suko. On 11/21/2025, multiple sales of common stock were recorded at a price of $13.06 per share, including transactions of 2,638 shares, 3,354 shares, 9,000 shares, 12,000 shares, and 4,619 shares. After these sales, Suko beneficially owned 679,443 shares of TheRealReal common stock in direct form.

The company explains that these shares were automatically sold by TheRealReal, Inc. to satisfy withholding taxes due in connection with the vesting of an equity award. This means the transactions were related to tax obligations on compensation rather than discretionary open-market sales.

TheRealReal, Inc. officer Todd Suko reported a stock sale. On 11/18/2025, he sold 75,693 shares of TheRealReal common stock in open-market transactions at a weighted average price of $14.079 per share, with individual trades ranging from $14.00 to $14.19. After this transaction, he beneficially owns 711,054 shares of the company’s stock, including 958 shares acquired on November 14, 2025 through the company’s Employee Stock Purchase Plan. The filing identifies him as the company’s Chief Legal Officer and Secretary and notes that the shares are held directly.

TheRealReal, Inc. (REAL) reported a large insider stock sale by director Gilbert L. Baird III, acting through investment entities affiliated with GreyLion Partners. On 11/17/2025, the reporting person sold 7,686,442 shares of TheRealReal common stock in a single block trade at $13.21 per share under Rule 144. After this transaction, the form states that the reporting person beneficially owned 0 shares indirectly through Grey Lion, indicating a full exit of this reported position.

The RealReal, Inc. reported that on November 17, 2025, director Gilbert L. (Chip) Baird III resigned from its Board of Directors. Baird is a co-founder and managing partner of GreyLion Partners LP, a pre-IPO investor in the company that sold its shareholding in The RealReal on the same date. He will continue to provide consulting services to the company through June 30, 2026, helping maintain continuity during the transition. Following his resignation, the size of the Board was reduced by one seat and now consists of seven directors.

The RealReal reported Q3 2025 results, with total revenue of $173.6 million, up from $147.8 million a year ago. Gross profit was $128.9 million. Loss from operations narrowed to $7.6 million from $14.6 million, but the company recorded a net loss of $54.1 million, driven largely by a $43.9 million non-cash increase in the fair value of warrant liabilities.

For the first nine months, revenue reached $498.8 million and net loss was $3.0 million, reflecting a $40.8 million year-to-date gain on debt extinguishment. Cash and cash equivalents were $108.4 million as of September 30, 2025, compared with $172.2 million at December 31, 2024. Principal debt outstanding includes $48.2 million of 2028 convertible notes, $143.8 million of 2029 senior secured notes, and $190.1 million of 2031 convertible notes. Shares outstanding were 116,682,847 as of November 5, 2025.

The RealReal, Inc. (REAL) reported that it issued a press release announcing financial results for the quarter ended September 30, 2025. The press release was furnished as Exhibit 99.1 to a current report.

The company’s common stock trades on the Nasdaq Global Select Market under the symbol REAL. The report identifies November 10, 2025 as the date of the announcement.

TheRealReal, Inc. (REAL) reported a director equity award. On 10/22/2025, a director acquired 11,900 shares via a restricted stock unit grant at $0. Following the transaction, 11,900 shares were beneficially owned, held directly.

The RSUs vest on the earlier of the first anniversary of the grant date or the date immediately preceding the next annual meeting of stockholders, subject to the non-employee director’s continued service through the vesting date.

TheRealReal, Inc. disclosure shows that Woodson-related reporting persons collectively hold 3,500,000 shares of Class A common stock, representing 3.04% of the class. The filing allocates voting and dispositive power among entities: shared voting and dispositive power over 3,500,000 shares for Woodson Capital Management, GP entities, and sole voting/dispositive power of 3,500,000 shares for individual James W. Davis. The reporting group includes a Cayman Islands fund (Woodson Capital Master Fund, LP) holding 3,237,500 shares (2.81%). The statement certifies the holdings are not intended to influence control of the issuer. The filing date for the reporting event is 09/10/2025 and signatures were provided on 10/10/2025.

Karen Katz, a director of TheRealReal, Inc. (REAL), was granted 1,528 deferred restricted stock units (DRSUs) on 09/30/2025 that are fully vested and will be settled in shares upon separation or an elected date. Each DRSU equals one share of common stock and the reported transaction shows 1,528 shares issued at $0, bringing the reporting person’s beneficial ownership to 235,260 shares. The grant was made under TheRealReal, Inc. 2019 Equity Incentive Plan and the DRSUs are deferred rather than immediately issued as shares.

The filing is a routine director equity grant disclosure under Section 16 and does not include derivative transactions or cash-paid purchases. The form indicates one reporting person and is signed on behalf of the reporting person on 10/01/2025.