---
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"
generated_at: "2026-05-17T10:50:37.511623+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# RealReal exchanges $49.5M 1% 2028 notes for $43.4M 4% 2031 notes; reduces debt by $6M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.03, 1.01, 3.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-185300
- JSON: https://secwatch.observer/filing/0001193125-25-185300.json
- Plain text: https://secwatch.observer/filing/0001193125-25-185300.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1573221/000119312525185300/0001193125-25-185300-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.