GreyLion exits TheRealReal (NASDAQ: REAL) with Schedule 13G/A filing

Rhea-AI Filing Summary

TheRealReal, Inc. filed Amendment No. 5 to a Schedule 13G/A for its common stock. The filing lists GreyLion Partners LP, GreyLion Partners GP LLC, PWP Growth Equity Fund II LP, PWP Growth Equity Fund II B LP, David Ferguson and Gilbert Baird as reporting persons.

Each reporting person states they beneficially own 0 shares, representing 0% of the common stock, with no sole or shared voting or dispositive power. The filing notes ownership of 5 percent or less of the class, with the reportable event dated December 31, 2025.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

TheRealReal, Inc.

(Name of Issuer)

Common Stock, par value $0.00001 per share

(Title of Class of Securities)

88339P101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 88339P101

1

Names of Reporting Persons

GreyLion Partners LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 88339P101

1

Names of Reporting Persons

GreyLion Partners GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 88339P101

1

Names of Reporting Persons

PWP Growth Equity Fund II LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 88339P101

1

Names of Reporting Persons

PWP Growth Equity Fund II B LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 88339P101

1

Names of Reporting Persons

FERGUSON DAVID L

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 88339P101

1

Names of Reporting Persons

Baird Gilbert L. III

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TheRealReal, Inc.
(b)	Address of issuer's principal executive offices: 55 Francisco Street, Suite 600, San Francisco CA 94133.
Item 2.
(a)	Name of person filing: This statement is filed by the entities and persons listed below, each of whom is referred to herein as a "Reporting Person" and together as the "Reporting Persons": (i) GreyLion Partners LP (ii) GreyLion Partners GP LLC (iii) PWP Growth Equity Fund II LP (iv) PWP Growth Equity Fund II B LP (v) David Ferguson (vi) Gilbert Baird
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons is c/o GreyLion Partners, 900 Third Avenue, 23rd Floor, New York, NY 10022.
(c)	Citizenship: See responses to row 4 on each cover page.
(d)	Title of class of securities: Common Stock, par value $0.00001 per share
(e)	CUSIP No.: 88339P101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See responses to row 9 on each cover page.
(b)	Percent of class: See responses to row 11 on each cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See responses to row 5 on each cover page.
	(ii) Shared power to vote or to direct the vote: See responses to row 6 on each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See responses to row 7 on each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See responses to row 8 on each cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

GreyLion Partners LP

Signature:	/s/ Dina Colombo
Name/Title:	Dina Colombo / Authorized Signatory
Date:	01/13/2026

GreyLion Partners GP LLC

Signature:	/s/ Dina Colombo
Name/Title:	Dina Colombo / Authorized Signatory
Date:	01/13/2026

PWP Growth Equity Fund II LP

Signature:	/s/ Dina Colombo
Name/Title:	Dina Colombo / Authorized Signatory
Date:	01/13/2026

PWP Growth Equity Fund II B LP

Signature:	/s/ Dina Colombo
Name/Title:	Dina Colombo / Authorized Signatory
Date:	01/13/2026

FERGUSON DAVID L

Signature:	/s/ David Ferguson
Name/Title:	David Ferguson
Date:	01/13/2026

Baird Gilbert L. III

Signature:	/s/ Gilbert Baird
Name/Title:	Gilbert Baird
Date:	01/13/2026

Exhibit Information

Exhibit A Joint Filing Agreement, dated as of February 14, 2022 and incorporated herein by reference to Amendment No. 4 to Schedule 13G filed with the SEC on February 14, 2022.

FAQ

What does TheRealReal (REAL) disclose in this Schedule 13G/A amendment?

The filing shows multiple reporting persons, including GreyLion Partners LP and related funds and individuals, now report 0 shares and 0% beneficial ownership of TheRealReal, Inc. common stock.

Which investors are named as reporting persons in TheRealReal (REAL) Schedule 13G/A?

The reporting persons are GreyLion Partners LP, GreyLion Partners GP LLC, PWP Growth Equity Fund II LP, PWP Growth Equity Fund II B LP, David Ferguson, and Gilbert Baird.

How many TheRealReal (REAL) shares do the reporting persons currently own?

Each reporting person reports an aggregate amount beneficially owned of 0 shares, with 0% of the class and no sole or shared voting or dispositive power.

What is the key ownership threshold mentioned for TheRealReal (REAL) in this filing?

Item 5 states ownership of 5 percent or less of TheRealReal, Inc. common stock, indicating the group is no longer a 5% beneficial owner.

What is the date of the ownership event reported for TheRealReal (REAL)?

The date of the event requiring the statement is listed as December 31, 2025 for TheRealReal, Inc. common stock.

What type of security is covered in this TheRealReal (REAL) Schedule 13G/A?

The filing covers common stock of TheRealReal, Inc., with a par value of $0.00001 per share and CUSIP 88339P101.