REAL — what changed in the latest 10-Q
A section-by-section comparison of REAL's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-29 vs the prior 10-Q · 2026-08-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +59 | −48 | ~13 | 47 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 1 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 4 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 3 |
| Risk factors | Text added/removed | +7 | −4 | ~8 | 197 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-29
Three Months Ended September 30,Nine Months Ended September 30,
Three Months Ended September 30,Nine Months Ended September 30,
Payroll taxes expense on employee stock transactions234 285 1,270 1,084
(1) The gain on extinguishment of debt for the three and nine months ended September 30, 2025 reflects the difference between the carrying value of the 2025 Exchanged Notes and the fair value of the 2031 Notes.
(2) The change in fair value of warrant liability for the three and nine months ended September 30, 2026 and September 30, 2025 reflects the remeasurement of the Warrants issued by the Company in connection with the 2024 Note Exchange in February 2024.
Text removed vs the prior filing · source: 10-Q · 2026-08-06
Payroll taxes expense on employee stock transactions263 260 1,036 799
(1) The gain on extinguishment of debt for the six months ended June 30, 2025 reflects the difference between the carrying value of the February 2025 Exchanged Notes and the fair value of the 2031 Notes.
(2) The change in fair value of warrant liability for the three and six months ended June 30, 2026 and June 30, 2025 reflects the remeasurement of the Warrants issued by the Company in connection with the 2024 Note Exchange in February 2024.
Consignment revenue increased by $19.6 million, or 15% in the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase in revenue was driven primarily by an increase in consignment GMV offset by a decrease in our take rate during the three months ended June 30,…
Our take rate decreased to 35.9% from 37.9% during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 due to sales mix into higher value items.
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-10-29
•Borrowings under the Credit Agreement bear interest at variable rates, which exposes us to interest rate risk.
The Credit Agreement contains restrictive covenants that, subject to certain exceptions, limit our ability to, among other things, incur debt or liens, make investments, enter into certain mergers, consolidations and acquisitions, and pay dividends and make other restricted payments. The Credit Agre…
The Credit Agreement and the indentures governing our Convertible Senior Notes also set forth certain events of default, including, in the case of the Credit Agreement, an event of default relating to a change of control, after which amounts due under the Credit Agreement and our Convertible Senior …
Borrowings under the Credit Agreement bear interest at variable rates, which exposes us to interest rate risk.
Loans under the Facilities initially accrue interest at a rate per annum equal to adjusted Term SOFR plus 5.75%, subject to adjustment based on our first lien net leverage ratio. As a result, increases in Term SOFR, or an increase in the applicable margin resulting from an increase in our first lien…
Text removed vs the prior filing · source: 10-Q · 2026-08-06
Subject to certain exceptions and qualifications, the 2029 Notes Indenture restricts our ability to, among other things, (i) grant or incur liens securing indebtedness; (ii) incur, assume or guarantee additional indebtedness; (iii) enter into transactions with affiliates; (iv) sell or otherwise disp…
The indentures governing our Convertible Senior Notes and our 2029 Notes Indenture also set forth certain events of default after which our Notes may be declared immediately due and payable and set forth certain types of bankruptcy or insolvency events of default involving the Company or its subsidi…
The conversion or exercise of some or all of our outstanding Convertible Senior Notes or Warrants would dilute the ownership interests of existing stockholders to the extent we deliver shares upon conversion or exercise of any such Convertible Senior Notes or Warrants. If the Convertible Senior Note…
fundamental change, which could occur outside the Company’s control, the Warrants may be required to be settled in cash instead of delivering shares, which could result in a material reduction in our net working capital.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice