secwatch.observer — SEC 8-K summary
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Issuer:     TheRealReal, Inc. (REAL)
CIK:        0001573221
Form:       8-K
Filed at:   2025-08-21T23:59:59+00:00
Accession:  0001193125-25-185300
Event type: debt
Sentiment:  positive
Materiality: 0.65
Item codes: 2.03, 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1573221/000119312525185300/0001193125-25-185300-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1573221/000119312525185300/d70429d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-185300

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer