Please wait



Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Checkbox not checked   Rule 13d-1(b)
Checkbox not checked   Rule 13d-1(c)
Checkbox not checked   Rule 13d-1(d)


SCHEDULE 13D/A 0000921895-24-002415 0001688522 XXXXXXXX LIVE 1 Common stock, par value $0.00001 01/02/2025 true 0001573221 88339P101 TheRealReal, Inc. 55 FRANCISCO STREET SUITE 400 SAN FRANCISCO CA 94133 MR. DAVID L. KANEN 631-863-3100 KANEN WEALTH MANAGEMENT, LLC 6810 Lyons Technology Circle, Suite 160 Coconut Creek FL 33073 0001688522 N Philotimo Fund, LP WC N DE 0.00 3495965.00 0.00 3495965.00 3495965.00 N 3.2 IA PN 0001962162 N Philotimo Focused Growth & Income Fund WC N DE 0.00 1941860.00 0.00 1941860.00 1941860.00 N 1.8 IA OO 0001681614 N Kanen Wealth Management LLC AF OO N FL 0.00 6308323.00 0.00 6308323.00 6308323.00 N 5.8 IA OO 0001681743 N Kanen David PF OO N X1 22194.00 6308323.00 22194.00 6308323.00 6330517.00 N 5.8 IN Common stock, par value $0.00001 TheRealReal, Inc. 55 FRANCISCO STREET SUITE 400 SAN FRANCISCO CA 94133 The Shares purchased by Philotimo were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market transactions. The Shares purchased by PHLOX were purchased with the funds for the accounts of its customers (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market transactions. The Shares purchased by KWM were purchased with the funds for the accounts of its customers (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market transactions. The aggregate purchase price of the 3,495,965 Shares beneficially owned by Philotimo is approximately $10,758,084, including brokerage commissions. The aggregate purchase price of the 1,941,860 Shares beneficially owned by PHLOX is approximately $5,611,162, including brokerage commissions. The aggregate purchase price of the 870,498 Shares held in the Managed Accounts is approximately $2,308,583, including brokerage commissions. The aggregate purchase price of the 22,194 Shares beneficially owned by Mr. Kanen is approximately $54,448, including brokerage commissions. The aggregate percentage of Shares reported owned by each person named herein is based upon 109,691,196 Shares outstanding as of October 30, 2024 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on November 4, 2024. A. Philotimo As of the close of business on January 6, 2025, Philotimo beneficially owned 3,495,965 Shares. Percentage: Approximately 3.2% B. PHLOX As of the close of business on January 6, 2025, PHLOX beneficially owned 1,941,860 Shares. Percentage: Approximately 1.8% C. KWM As of the close of business on January 6, 2025, KWM beneficially owned 6,308,323 Shares, consisting of (i) the 3,495,965 Shares owned directly by Philotimo, which KWM may be deemed to beneficially own as the general partner of Philotimo, (ii) the 1,941,860 Shares owned directly by PHLOX, which KWM may be deemed to beneficially own as the investment manager of PHLOX and (iii) 870,498 Shares held in the Managed Accounts. Percentage: Approximately 5.8% D. Mr. Kanen As of the close of business on January 6, 2025, Mr. Kanen may be deemed to beneficially own 6,330,517 Shares, consisting of (i) 22,194 Shares owned directly by Mr. Kanen and (ii) the 6,308,323 Shares beneficially owned by KWM, which Mr. Kanen may be deemed to beneficially own as the managing member of KWM. Percentage: Approximately 5.8% A. Philotimo 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 3,495,965 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 3,495,965 B. PHLOX 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 1,941,860 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 1,941,860 C. KWM 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 6,308,323 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 6,308,323 D. Mr. Kanen 1. Sole power to vote or direct vote: 22,194 2. Shared power to vote or direct vote: 6,308,323 3. Sole power to dispose or direct the disposition: 22,194 4. Shared power to dispose or direct the disposition: 6,308,323 A. Philotimo The transactions in the Shares by Philotimo during the past 60 days are set forth in Exhibit 1 and are incorporated herein by reference. B. PHLOX The transactions in the Shares by PHLOX during the past 60 days are set forth in Exhibit 1 and are incorporated herein by reference. C. KWM The transactions in the Shares by KWM during the past 60 days are set forth in Exhibit 1 and are incorporated herein by reference. D. Mr. Kanen The transactions in the Shares by Mr. Kanen during the past 60 days are set forth in Exhibit 1 and are incorporated herein by reference. KWM, in its role as investment manager to the Managed Accounts, to which it furnishes investment advice, and Mr. Kanen, as the managing member of KWM, may each be deemed to beneficially own shares of the Issuer's Shares held in the Managed Accounts. 1 - Transactions in Securities Philotimo Fund, LP /s/ David L. Kanen David L. Kanen, Managing Member of Kanen Wealth Management, LLC, its general partner 01/06/2025 Philotimo Focused Growth & Income Fund /s/ David L. Kanen David L. Kanen, Managing Member of Kanen Wealth Management, LLC, its investment adviser 01/06/2025 Kanen Wealth Management LLC /s/ David L. Kanen David L. Kanen, Managing Member 01/06/2025 Kanen David /s/ David L. Kanen David L. Kanen 01/06/2025