Form 4: TheRealReal Chief Accounting Officer Sells Shares

TheRealReal's Chief Accounting Officer, Steve Lo, sold 59,789 shares of common stock for approximately $14.455 per share, executed under a Rule 10b5-1 trading plan.

Summary

• Steve Ming Lo, Chief Accounting Officer of TheRealReal, Inc. (REAL), sold 59,789 shares of the company's common stock.
• The transaction occurred on November 25, 2025.
• The shares were sold at a weighted average price of $14.455 per share, with individual sales ranging from $14.43 to $14.53.
• Following this transaction, Mr. Lo directly beneficially owns 249,553 shares of TheRealReal common stock.
• The sale was conducted pursuant to a Rule 10b5-1(c) pre-arranged trading plan.

Sentiment

Score: 5

Explanation: The sale of shares by a Chief Accounting Officer is a neutral event when conducted under a Rule 10b5-1 plan, as it indicates a pre-scheduled transaction rather than a reaction to new, non-public information.

Positives

• The transaction was executed under a Rule 10b5-1 trading plan, which suggests the sale was pre-scheduled and not based on new, non-public information.

Negatives

• An insider sale, even under a 10b5-1 plan, reduces the officer's direct equity stake in the company.

Future Outlook

The filing does not contain any forward-looking statements or guidance.

Management Comments

• Reporting Person undertakes to provide TheRealReal, Inc., any security holder of TheRealReal, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.

Industry Context

This Form 4 filing reports a routine insider transaction and does not provide information to assess broader industry trends or competitive landscape. Insider sales are common, especially when executed under pre-arranged 10b5-1 plans, and typically do not reflect specific industry-wide developments.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: The sale by a key executive could be perceived as a slight negative, but the 10b5-1 plan mitigates concerns about insider sentiment. The reduction in direct ownership by a senior officer is noted.

Next Steps

• The reporting person has undertaken to provide full information regarding the number of shares sold at each separate price within the stated range upon request.

Key Dates

Recommendation

The filing details a routine insider sale executed under a Rule 10b5-1 plan, which is a pre-scheduled transaction and does not typically signal new information about the company's prospects. As such, this specific filing does not provide sufficient new information to warrant a change in investment recommendation. Investors should continue to hold based on broader company fundamentals and market conditions.

Keywords

TheRealReal, REAL, Steve Lo, Chief Accounting Officer, Insider Sale, Form 4, Stock Transaction, 10b5-1 Plan, Equity, Beneficial Ownership