Gilbert L. Baird III - 17 Nov 2025 Form 4 Insider Report for TheRealReal, Inc. (REAL)

Reporting relationship: Director
Issuer ticker: REAL
Reported as of: 17 Nov 2025
Net transaction value: -$101,537,899
SEC form: 4
Accepted by SEC: 19 Nov 2025, 16:15:22 UTC
Prior SEC filing: 11 Aug 2025
Source filing: View source filing
Reporting owner signature: /s/ Gilbert L. Baird III

Key filing fact

Gilbert L. Baird III filed Form 4 for TheRealReal, Inc. (REAL) on 19 Nov 2025.

Key facts

This page summarizes Gilbert L. Baird III's Form 4 filing for TheRealReal, Inc. (REAL).
1 reported transaction and 0 derivative rows are listed below.
Accepted by SEC: 19 Nov 2025, 16:15.

Change

Previous filing in this sequence was filed on 11 Aug 2025.
Current net transaction value: -$101,537,899.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001586636 Primary reporting owner

Baird Gilbert L. III

Relationship: Director
Address: C/O GREYLION PARTNERS LP, 900 THIRD AVENUE 23RD FLOOR, NEW YORK
Signature: /s/ Gilbert L. Baird III
Signature date: 19 Nov 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

REAL transaction

Common Stock

Sale

Transaction value: $101,537,899
Shares: -7,686,442
Change %: -100%
Price: $13.21
Shares after: 0
Date: 17 Nov 2025
Ownership: By Grey Lion
Footnotes: F1, F2

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Section 16 status

Gilbert L. Baird III is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may still apply in specific circumstances.

Explanation of responses 2 footnotes

Footnote F1

Reflects the sale of 7,686,442 shares of common stock of TheRealReal, Inc. (the "Issuer"), par value $0.00001 per share (the "Common Stock"), in a block sale at a price per share of $13.21 pursuant to Rule 144 of the Securities Act of 1933, as amended.

Footnote F2

The shares of Common Stock were held by PWP Growth Equity Fund II LP and PWP Growth Equity Fund II B LP (collectively, the "Funds") for which investing, management and voting control is exercised by GreyLion Partners LP (together with its affiliates, "GreyLion Partners") and by GreyLion Partners LP. David Ferguson and Gilbert L. Baird III (the "Reporting Person") are members of the GreyLion Partners investment committee and control voting and investment decisions related to the shares reported herein.