Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* Sahi Levesque Rati	2. Issuer Name and Ticker or Trading Symbol TheRealReal, Inc. [ REAL ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President
(Last) (First) (Middle) C/O THEREALREAL, 55 FRANCISCO STREET	3. Date of Earliest Transaction (MM/DD/YYYY) 2/22/2021
(Street) SAN FRANCISCO, CA 94133 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	2/22/2021		S⁽¹⁾		2932	D	$26.1028	362995	D
Common Stock	2/22/2021		M		7726	A	$24.79	370721	D
Common Stock	2/22/2021		S⁽²⁾		7726	D	$30.08 ⁽³⁾	362995	D
Common Stock	2/22/2021		S⁽²⁾		3469	D	$30.09 ⁽⁴⁾	359526	D
Common Stock	2/23/2021		S⁽²⁾		2811	D	$24.11 ⁽⁵⁾	356715	D
Common Stock	2/23/2021		S⁽²⁾		1874	D	$24.83 ⁽⁶⁾	354841	D
Common Stock	2/23/2021		S⁽²⁾		200	D	$26.16 ⁽⁷⁾	354641	D

*Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)*
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Non-Qualified Stock Option (right to buy)	$24.79	2/22/2021		M			7726	⁽⁸⁾	7/22/2029	Common Stock	7726	$0.0	60968	D

Explanation of Responses:
(1)	Represents shares of common stock automatically sold to satisfy the reporting person's tax obligation in respect of the shares issued upon vesting of an equity award.
(2)	The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 11, 2019, as amended.
(3)	Represents the weighted average sales price. The shares were sold in multiple transactions at prices ranging from $30.00 to $30.19. Reporting Person undertakes to provide TheRealReal, Inc., any security holder of TheRealReal, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.
(4)	Represents the weighted average sales price. The shares were sold in multiple transactions at prices ranging from $30.02 to $31.0199. Reporting Person undertakes to provide TheRealReal, Inc., any security holder of TheRealReal, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth.
(5)	Represents the weighted average sales price. The shares were sold in multiple transactions at prices ranging from $23.61 to $24.6099. Reporting Person undertakes to provide TheRealReal, Inc., any security holder of TheRealReal, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth.
(6)	Represents the weighted average sales price. The shares were sold in multiple transactions at prices ranging from $24.62 to $25.6199. Reporting Person undertakes to provide TheRealReal, Inc., any security holder of TheRealReal, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth.
(7)	Represents the weighted average sales price. The shares were sold in multiple transactions at prices ranging from $26.00 to $26.999. Reporting Person undertakes to provide TheRealReal, Inc., any security holder of TheRealReal, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth.
(8)	This option has a vest base date of August 20, 2019 and vests quarterly thereafter, subject to the reporting person's continuous service as of each vesting date and subject to acceleration upon certain events.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Sahi Levesque Rati C/O THEREALREAL 55 FRANCISCO STREET SAN FRANCISCO, CA 94133			President