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Forager Fund, L.P., its general partner Forager Capital Management, LLC, Edward Kissel (identified as a director in a signature block) and Robert MacArthur (identified as a managing partner) reported aggregate beneficial ownership of 1,106,474 shares of i3 Verticals, Inc. (IIIV) Class A common stock, or 6.1%. The ownership percentage is based on 18,019,748 shares outstanding as of August 6, 2026. Forager Fund and its general partner each reported sole voting and dispositive power over the shares; Kissel and MacArthur each reported shared voting and dispositive power over the same 1,106,474 shares.
Shares outstanding18,019,748 sharesAs of August 6, 2026; basis for the reported ownership percentage
Key Terms
beneficially own, Sole Voting Power, Shared Dispositive Power
3 terms
beneficially ownregulatory
"beneficially own 1,106,474 shares of Class A common stock"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Sole Voting Powerregulatory
"Sole Voting Power 1,106,474.00"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
Shared Dispositive Powerregulatory
"Shared Dispositive Power 1,106,474.00"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many IIIV shares did Forager and the other reporting persons beneficially own?
Forager Fund, L.P., Forager Capital Management, LLC, Edward Kissel and Robert MacArthur reported aggregate beneficial ownership of 1,106,474 shares of i3 Verticals Class A common stock, equal to 6.1%.
Who reported voting and disposition power over the IIIV shares?
Forager Fund, L.P. and its general partner, Forager Capital Management, LLC, each reported sole voting and dispositive power over 1,106,474 shares. Edward Kissel, identified as a director in a signature block, and Robert MacArthur, identified as a managing partner, each reported shared voting and dispositive power over those shares.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
i3 Verticals, Inc.
(Name of Issuer)
Class A Common Stock, $0.0001 par value per share
(Title of Class of Securities)
46571Y107
(CUSIP Number)
09/01/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
46571Y107
1
Names of Reporting Persons
Forager Capital Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,106,474.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,106,474.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,106,474.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.1 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
46571Y107
1
Names of Reporting Persons
Forager Fund, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,106,474.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,106,474.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,106,474.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.1 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
46571Y107
1
Names of Reporting Persons
Kissel Edward Urban
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,106,474.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,106,474.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,106,474.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.1 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
46571Y107
1
Names of Reporting Persons
MacArthur Robert Symmes
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,106,474.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,106,474.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,106,474.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.1 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
i3 Verticals, Inc.
(b)
Address of issuer's principal executive offices:
40 Burton Hills Blvd., Suite 415, Nashville, TN 37215
Item 2.
(a)
Name of person filing:
This joint statement on Schedule 13G is being filed by Forager Fund, L.P., a Delaware limited partnership (the "Fund"), Forager Capital Management, LLC, a Delaware limited liability company and the general partner of the Fund (the "General Partner"), Edward Kissel and Robert MacArthur (collectively, the "Reporting Persons").
(b)
Address or principal business office or, if none, residence:
The business address of each of the Reporting Persons is 2025 3rd Ave. N, Suite 350, Birmingham, AL 35203.
(c)
Citizenship:
The Fund is a Delaware limited partnership. The General Partner is a Delaware limited liability company. Each of Messrs. Kissel and MacArthur is a citizen of the United States.
(d)
Title of class of securities:
Class A Common Stock, $0.0001 par value per share
(e)
CUSIP Number(s):
46571Y107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The Reporting Persons, in the aggregate, beneficially own 1,106,474 shares of Class A common stock, $0.0001 par value per share, of the Issuer ("Common Stock").
(b)
Percent of class:
6.1%. The percentages of beneficial ownership reported herein, and on each Reporting Person's cover page to this Schedule 13G, are based on a total of 18,019,748 shares of Common Stock issued and outstanding as of August 6, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for its fiscal quarter ended June 30, 2026, filed with the Securities and Exchange Commission on August 7, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Each of the Fund and the General Partner has the sole power to vote or to direct the vote of 1,106,474 shares of Common Stock. Each of Messrs. Kissel and MacArthur has the sole power to vote or to direct the vote of 0 shares of Common Stock.
(ii) Shared power to vote or to direct the vote:
Each of the Fund and the General Partner has the shared power to vote or to direct the vote of 0 shares of Common Stock. Each of Messrs. Kissel and MacArthur has the shared power to vote or to direct the vote of 1,106,474 shares of Common Stock.
(iii) Sole power to dispose or to direct the disposition of:
Each of the Fund and the General Partner has the sole power to dispose or to direct the disposition of 1,106,474 shares of Common Stock. Each of Messrs. Kissel and MacArthur has the sole power to dispose or to direct the disposition of 0 shares of Common Stock.
(iv) Shared power to dispose or to direct the disposition of:
Each of the Fund and the General Partner has the shared power to dispose or to direct the disposition of 0 shares of Common Stock. Each of Messrs. Kissel and MacArthur has the shared power to dispose or to direct the disposition of 1,106,474 shares of Common Stock.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Forager Capital Management, LLC
Signature:
/s/ Robert MacArthur
Name/Title:
Managing Partner
Date:
09/30/2026
Forager Fund, L.P.
Signature:
/s/ Robert MacArthur
Name/Title:
Managing Partner of the sole general partner
Date:
09/30/2026
Kissel Edward Urban
Signature:
/s/ Edward Kissel
Name/Title:
Director
Date:
09/30/2026
MacArthur Robert Symmes
Signature:
/s/ Robert MacArthur
Name/Title:
Managing Partner
Date:
09/30/2026
Exhibit Information
Exhibit 24.1 - Power of Attorney, dated September 30, 2026, by Edward Kissel
Exhibit 24.2 - Power of Attorney, dated September 30, 2026, by Robert MacArthur
Exhibit 99.1 - Joint Filing Agreement, dated September 30, 2026, by and among the reporting persons
