{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-185300","form_type":"8-K","ticker":"REAL","cik":"0001573221","company_name":"TheRealReal, Inc.","filed_at":"2025-08-21T23:59:59+00:00","discovered_at":"2026-05-14T18:02:44.394678+00:00","generated_at":"2026-05-17T10:50:37.511623+00:00","sec_items":["2.03","1.01","3.02","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"RealReal exchanges $49.5M 1% 2028 notes for $43.4M 4% 2031 notes; reduces debt by $6M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-185300","json":"https://secwatch.observer/filing/0001193125-25-185300.json","markdown":"https://secwatch.observer/filing/0001193125-25-185300.md","text":"https://secwatch.observer/filing/0001193125-25-185300.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1573221/000119312525185300/0001193125-25-185300-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1573221/000119312525185300/d70429d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T10:50:37.511623+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"46b489704a7b701313d1dda2aa3746532547dbfe","claim":"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.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1573221/000119312525185300/0001193125-25-185300-index.htm","confidence":0.98,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$49,478,000 in aggregate principal amount of the holders’ 1.00% Convertible Senior Notes due 2028 for $43,394,000 in agg"},{"label":"Counterparty","value":"certain Noteholder Parties"},{"label":"Rate","value":"4.00% Convertible Senior Notes due 2031"},{"label":"Maturity","value":"2031"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}