{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-422329","form_type":"8-K","ticker":"REAL","cik":"0001573221","company_name":"TheRealReal, Inc.","filed_at":"2026-10-15T12:27:43+00:00","discovered_at":"2026-10-15T12:30:00.153941+00:00","generated_at":"2026-10-15T12:30:07.287911+00:00","sec_items":["1.01","2.03","7.01","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"The RealReal refinances 2029 notes with $150M Fortress term loan, $25M revolver; cuts interest ~$4M","bullets":["New $150M senior secured term loan + $25M revolver with Fortress; initial rate SOFR+5.75% all cash vs 13.00% all-in (8.75% cash+4.25% PIK) on the 2029 notes.","Proceeds redeem all 2029 Notes at par; funding expected on or about Oct. 19, 2026. New facilities mature Oct. 2033, extending secured maturity ~4 years.","Company expects ~$4M annual interest expense reduction in first year; CFO Ajay Gopal cites lowering total debt by >$80M over past two years.","Covenants: first lien gross leverage 4.75:1.00 through Dec. 31, 2028 then 4.25:1.00; minimum liquidity $25M; 2%/1% prepayment premium in first/second years.","Medium-term target: reduce total leverage to $150M, expand Adjusted EBITDA margin to 15-20%; Q3 2026 earnings call set for Oct. 29, 2026."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-422329","json":"https://secwatch.observer/filing/0001193125-26-422329.json","markdown":"https://secwatch.observer/filing/0001193125-26-422329.md","text":"https://secwatch.observer/filing/0001193125-26-422329.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1573221/000119312526422329/0001193125-26-422329-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1573221/000119312526422329/d170302d8k.htm"},"model":{"generated_by":"deepseek-v4.1-flash:cloud@v2","generated_at":"2026-10-15T12:30:07.287911+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":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}