---
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"
generated_at: "2026-10-15T12:30:07.287911+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# The RealReal refinances 2029 notes with $150M Fortress term loan, $25M revolver; cuts interest ~$4M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-422329
- JSON: https://secwatch.observer/filing/0001193125-26-422329.json
- Plain text: https://secwatch.observer/filing/0001193125-26-422329.txt

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