The RealReal, Inc.: enters credit agreement for $150,000,000 term loan

What happened

• The filing reports that on Oct 9, 2026, The RealReal, Inc. entered into a Credit Agreement with Fortress Credit Corp., as administrative agent and collateral agent, and the lenders party thereto, providing a senior secured term loan facility in the aggregate principal amount of $150,000,000 and a senior secured revolving loan facility with aggregate commitments of $25,000,000. The filing says the Company expects to use proceeds of the Term Loan Facility (together with cash on hand) to redeem in full its 4.25%/8.75% PIK/Cash Senior Secured Notes due 2029 and to pay related fees and expenses. The filing states the Funding Date is expected to occur on or about Oct 19, 2026.

Key details

• Term loan: $150,000,000; revolver: $25,000,000.
• Interest rate: loans initially accrue at adjusted Term SOFR plus 5.75%, subject to adjustment based on first lien net leverage ratio.
• Amortization and maturity: term loans amortize in equal quarterly installments of 0.25% of the initial principal, commencing after the first full fiscal quarter following the Funding Date; facilities mature on the seven year anniversary of the Funding Date (with a specified earlier maturity condition tied to the 4.000% Convertible Senior Notes due 2031).
• Covenants and liquidity: the Credit Agreement requires a first lien gross leverage ratio of 4.75 to 1.00 through the fiscal quarter ending Dec 31, 2028 and 4.25 to 1.00 thereafter, and minimum Liquidity of at least $25,000,000 as of the last day of each fiscal quarter starting with the first full fiscal quarter following the Closing Date.

Why it may matter

• The filing reports Item 1.01 (entry into a material definitive agreement) and Item 2.03 (creation of a direct financial obligation) related to the Credit Agreement, and furnishes Item 7.01 regulation FD disclosure. The filing does not show why the company acted.