SCHEDULE: FMR LLC Discloses 10.8% Stake in TheRealReal

FMR LLC and Abigail P. Johnson have reported a beneficial ownership of 10.8% in TheRealReal, Inc., totaling over 12.5 million common shares as of December 31, 2025.

Summary

• FMR LLC and Abigail P. Johnson collectively beneficially own 12,593,088.90 shares of TheRealReal, Inc. common stock.
• This ownership represents 10.8% of the total outstanding common stock of TheRealReal, Inc.
• FMR LLC holds sole voting power over 12,530,500.86 shares and sole dispositive power over 12,593,088.90 shares.
• The beneficial ownership is reported as of December 31, 2025.
• The filing is made under Rule 13d-1(b), indicating the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• FMR LLC is classified as a parent holding company, with several subsidiaries identified as beneficially owning shares, including Fidelity Management & Research Company LLC, which owns 5% or greater.
• Abigail P. Johnson, Director, Chairman, and CEO of FMR LLC, is also a reporting person due to her role and the Johnson family's predominant ownership in FMR LLC.

Sentiment

Score: 7

Explanation: The filing indicates a significant beneficial ownership stake by FMR LLC, a major institutional investor, in TheRealReal, Inc. This suggests a positive long-term view on the company's prospects from a prominent financial entity, which is generally a positive signal for the market.

Positives

• A significant institutional investor, FMR LLC, holds a substantial 10.8% stake in TheRealReal, indicating confidence in the company.
• The filing under Rule 13d-1(b) suggests the investment is part of FMR LLC's ordinary course of business, not an activist position aimed at influencing control.

Future Outlook

NA

Industry Context

The disclosure of a significant stake by a major asset manager like FMR LLC in TheRealReal, an online luxury consignment marketplace, can signal institutional confidence in the company's business model and its position within the evolving e-commerce and resale market. This type of investment often reflects a long-term view on the growth potential of the luxury resale sector.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by FMR LLC may increase investor confidence and potentially attract further institutional interest, which could positively influence share price stability and liquidity.
• Management: The presence of a large, non-activist institutional investor like FMR LLC can provide a degree of stability and validation for the company's strategic direction.

Key Dates

Recommendation

The filing indicates a significant institutional investment by FMR LLC, suggesting confidence in TheRealReal's long-term prospects. While this is a positive signal, a Schedule 13G filing primarily reports ownership and does not provide new operational or financial performance data to warrant a 'buy' or 'sell' recommendation. It reinforces a 'hold' position for existing investors, acknowledging institutional validation without new fundamental catalysts.

Keywords

TheRealReal, FMR LLC, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, TRRR, Fidelity