TheRealReal, Inc. (REAL): debt financing — RealReal exchanges $49.5M 1% 2028 notes for $43.4M 4% 2031 notes; reduces debt by $6M

TheRealReal, Inc.

Exchanged $49.5M of 1% convertible notes due 2028 for $43.4M of new 4% notes due 2031; no cash proceeds.
Total principal reduction of $6M; less than $50M of 2028 notes remain outstanding.
New notes plus $146.7M previously issued form single class of $190.1M aggregate principal of 4% notes due 2031.
CEO notes total indebtedness reduced by over $86M since start of 2024; extends maturity profile.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

TheRealReal, Inc. incurred convertible notes of $49,478,000 in aggregate principal amount of the holders’ 1.00% Convertible Senior Notes due 2028 for $43,394,000 in agg with certain Noteholder Parties at 4.00% Convertible Senior Notes due 2031 maturing 2031.

Instrument: convertible notes
Principal: $49,478,000 in aggregate principal amount of the holders’ 1.00% Convertible Senior Notes due 2028 for $43,394,000 in agg
Counterparty: certain Noteholder Parties
Rate: 4.00% Convertible Senior Notes due 2031
Maturity: 2031
Event: incurrence

Exact text from the filing

On August 20, 2025, The RealReal, Inc. (the “ Company ”) entered into private, separately negotiated debt exchange transactions pursuant to certain exchange agreements (each, an “ Exchange Agreement ”) with certain Noteholder Parties (as defined therein), pursuant to which the parties agreed to exchange $49,478,000 in aggregate principal amount of the holders’ 1.00% Convertible Senior Notes due 2028 for $43,394,000 in aggregate principal amount of the Company’s 4.00% Convertible Senior Notes due 2031

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TheRealReal, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-25-185300

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