TheRealReal, Inc. filing reports that Divisadero Street-related entities and William Zolezzi together hold significant common stock positions in the company as disclosed in a Schedule 13G.
Divisadero Street Capital Management, LP and Divisadero Street Capital, LLC each report 9,198,248 shares (representing 7.6% of the class as shown). Divisadero Street Partners, L.P. and Divisadero Street Partners GP, LLC report 7,087,382 shares (representing 5.9%). The filings show shared voting and shared dispositive power for these amounts and state the securities are directly owned by advisory clients of Divisadero Street Capital Management, LP. The cover shows the date 06/23/2026 and the signatures are dated 06/30/2026.
Positive
None.
Negative
None.
Insights
Large passive holdings disclosed by an investment adviser and affiliated entities.
The filing lists 9,198,248 shares (7.6%) for Divisadero Street Capital Management, LP and affiliated Divisadero entities and 7,087,382 shares (5.9%) for Divisadero Street Partners, L.P./GP. Each entry shows shared voting and shared dispositive power.
Disclosure states these securities are owned by advisory clients of Divisadero Street Capital Management, LP. The reporting language includes a disclaimer of beneficial ownership and references Exhibits A and B for joint-filing and control-person identification; subsequent filings or exhibits would specify any controlling subsidiary or client identities.
Key Figures
Divisadero Street Capital shares:9,198,248 sharesDivisadero Street Partners shares:7,087,382 sharesPercent of class (Divisadero Capital):7.6%+3 more
6 metrics
Divisadero Street Capital shares9,198,248 sharesreported by Divisadero Street Capital Management, LP and Divisadero Street Capital, LLC
Divisadero Street Partners shares7,087,382 sharesreported by Divisadero Street Partners, L.P. and GP
Percent of class (Divisadero Capital)7.6%percent of class shown for 9,198,248 shares
Percent of class (Partners)5.9%percent of class shown for 7,087,382 shares
Cover date06/23/2026date shown on the cover of the filing
Signature date06/30/2026dates of signatures by William Zolezzi
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
shared dispositive powerregulatory
"Shared Dispositive Power 9,198,248.00"
beneficially ownedfinancial
"Amount beneficially owned: Divisadero Street Capital Management, LP - 9,198,248"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
advisory clientsfinancial
"All of the securities reported in this are directly owned by advisory clients of Divisadero Street Capital Management, LP"
What stake does Divisadero Street report in TheRealReal (REAL)?
Divisadero Street reports 9,198,248 shares held by Divisadero Street Capital Management, LP and affiliates, representing 7.6% of the class as shown. The filing lists shared voting and dispositive power for those shares.
How many shares does Divisadero Street Partners report owning in REAL?
Divisadero Street Partners, L.P. and its GP report 7,087,382 shares, shown as 5.9% of the class. The filing attributes these shares with shared voting and shared dispositive power.
Are the reported REAL shares held directly or on behalf of clients?
The filing states the securities are directly owned by advisory clients of Divisadero Street Capital Management, LP. It further notes no advisory client, other than Divisadero Street Partners, is deemed to beneficially own more than 5%.
What voting and dispositive powers are shown for these REAL holdings?
For the disclosed positions the filing shows 0 sole voting/dispositive power and shared voting and shared dispositive power equal to the reported share counts (e.g., 9,198,248 shared for Divisadero Street Capital Management, LP).
What dates are associated with this Schedule 13G filing for REAL?
The document shows a cover date of 06/23/2026 and signature dates of 06/30/2026. Signatures were provided by William Zolezzi on behalf of the reporting entities.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
TheRealReal, Inc.
(Name of Issuer)
Common Stock, $0.00001 par value per share
(Title of Class of Securities)
88339P101
(CUSIP Number)
06/23/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
88339P101
1
Names of Reporting Persons
Divisadero Street Capital Management, 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
9,198,248.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,198,248.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,198,248.00
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)
7.6 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
88339P101
1
Names of Reporting Persons
William Zolezzi
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
9,198,248.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,198,248.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,198,248.00
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)
7.6 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
88339P101
1
Names of Reporting Persons
Divisadero Street Partners, L.P.
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
7,087,382.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,087,382.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,087,382.00
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)
5.9 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
88339P101
1
Names of Reporting Persons
Divisadero Street 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
7,087,382.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,087,382.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,087,382.00
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)
5.9 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP Number(s):
88339P101
1
Names of Reporting Persons
Divisadero Street Capital, 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
9,198,248.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,198,248.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,198,248.00
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)
7.6 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
TheRealReal, Inc.
(b)
Address of issuer's principal executive offices:
55 Francisco Street, Suite 400, San Francisco, CA 94133
Item 2.
(a)
Name of person filing:
Divisadero Street Capital Management, LP
William Zolezzi
Divisadero Street Partners, L.P.
Divisadero Street Partners GP, LLC
Divisadero Street Capital, LLC
(b)
Address or principal business office or, if none, residence:
Divisadero Street Capital Management, LP
3480 Main Highway, Suite 204
Miami, FL 33133
William Zolezzi
c/o Divisadero Street Capital Management, LP
3480 Main Highway, Suite 204
Miami, FL 33133
Divisadero Street Partners, L.P.
3480 Main Highway, Suite 204
Miami, FL 33133
Divisadero Street Partners GP, LLC
3480 Main Highway, Suite 204
Miami, FL 33133
Divisadero Street Capital, LLC
3480 Main Highway, Suite 204
Miami, FL 33133
(c)
Citizenship:
Divisadero Street Capital Management, LP - Delaware
William Zolezzi - United States
Divisadero Street Partners, L.P. - Delaware
Divisadero Street Partners GP, LLC - Delaware
Divisadero Street Capital, LLC - Delaware
(d)
Title of class of securities:
Common Stock, $0.00001 par value per share
(e)
CUSIP Number(s):
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:
Divisadero Street Capital Management, LP - 9,198,248
William Zolezzi - 9,198,248
Divisadero Street Partners, L.P. - 7,087,382
Divisadero Street Partners GP, LLC - 7,087,382
Divisadero Street Capital, LLC - 9,198,248
(b)
Percent of class:
Divisadero Street Capital Management, LP - 7.6%
William Zolezzi - 7.6%
Divisadero Street Partners, L.P. - 5.9%
Divisadero Street Partners GP, LLC - 5.9%
Divisadero Street Capital, LLC - 7.6%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Divisadero Street Capital Management, LP - 0
William Zolezzi - 0
Divisadero Street Partners, L.P. - 0
Divisadero Street Partners GP, LLC - 0
Divisadero Street Capital, LLC - 0
(ii) Shared power to vote or to direct the vote:
Divisadero Street Capital Management, LP - 9,198,248
William Zolezzi - 9,198,248
Divisadero Street Partners, L.P. - 7,087,382
Divisadero Street Partners GP, LLC - 7,087,382
Divisadero Street Capital, LLC - 9,198,248
(iii) Sole power to dispose or to direct the disposition of:
Divisadero Street Capital Management, LP - 0
William Zolezzi - 0
Divisadero Street Partners, L.P. - 0
Divisadero Street Partners GP, LLC - 0
Divisadero Street Capital, LLC - 0
(iv) Shared power to dispose or to direct the disposition of:
Divisadero Street Capital Management, LP - 9,198,248
William Zolezzi - 9,198,248
Divisadero Street Partners, L.P. - 7,087,382
Divisadero Street Partners GP, LLC - 7,087,382
Divisadero Street Capital, LLC - 9,198,248
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
All of the securities reported in this Schedule 13G are directly owned by advisory clients of Divisadero Street Capital Management, LP. None of those advisory clients, other than Divisadero Street Partners, L.P., may be deemed to beneficially own more than 5% of the Common Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please see Exhibit B attached hereto.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
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.
Divisadero Street Capital Management, LP
Signature:
By: Divisadero Street Capital, LLC, its general partner, By: /s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
06/30/2026
William Zolezzi
Signature:
/s/ William Zolezzi
Name/Title:
William Zolezzi
Date:
06/30/2026
Divisadero Street Partners, L.P.
Signature:
By: Divisadero Street Partners GP, LLC, its general partner, By: /s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
06/30/2026
Divisadero Street Partners GP, LLC
Signature:
/s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
06/30/2026
Divisadero Street Capital, LLC
Signature:
/s/ William Zolezzi
Name/Title:
William Zolezzi, Manager
Date:
06/30/2026
Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.
Exhibit Information
Exhibit A - Joint Filing Agreement
Exhibit B - Control Person Identification
