Forager Fund (RM) trims Regional Management stake with open-market share sales

Rhea-AI Filing Summary

Forager Fund, L.P., a ten percent owner of Regional Management Corp., reported open-market sales of a total of 27,961 shares of common stock over three days. The fund sold 7,173 shares on April 17 at a weighted average price near $38.56, 15,000 shares on April 20 around $39.68, and 5,788 shares on April 21 around $40.18. After these transactions, the filing shows 953,475 shares of common stock held directly. The shares are held by Forager Fund, L.P.; Forager Capital Management, LLC is its general partner, and Messrs. Kissel and MacArthur have shared voting and disposition authority but each reporting person disclaims beneficial ownership beyond any pecuniary interest.

Insights

Equity ownership analyst

Forager Fund trims RM stake by a small amount through open-market sales.

The filing shows Forager Fund, L.P., a ten percent owner of Regional Management Corp., selling 27,961 common shares in the open market across three days, at weighted average prices between roughly $38.35 and $40.39. These are straightforward non-derivative, open-market sales.

Post-transaction, reported direct holdings are 953,475 shares, so the disclosed sales represent a modest fraction of the visible position. There are no derivative securities listed in the derivative summary, indicating this report only covers common stock holdings.

Footnotes clarify the shares are directly held by Forager Fund, L.P., with Forager Capital Management, LLC as general partner and Messrs. Kissel and MacArthur sharing voting and disposition authority, while each reporting person disclaims beneficial ownership beyond any pecuniary interest. The filing does not reference any trading plans or unusual mechanics, suggesting routine portfolio management.

Insider Trade Summary

Net Seller: 27,961 shares ($1,104,353)

Net Sell 3 txns

Insider Forager Fund, L.P., Forager Capital Management, LLC, Kissel Edward Urban, MacArthur Robert Symmes

Role null | null | null | null

Sold 27,961 shs ($1.10M)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.10 per share	5,788	$40.18	$233K
Sale	Common Stock, par value $0.10 per share	15,000	$39.68	$595K
Sale	Common Stock, par value $0.10 per share	7,173	$38.56	$277K

Holdings After Transaction: Common Stock, par value $0.10 per share — 953,475 shares (Direct, null)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $38.35 to $39.04, inclusive. The reporting persons undertake to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this range. The shares reported are directly held by Forager Fund, L.P., a Delaware limited partnership (the "Fund"). Forager Capital Management, LLC is the general partner of the Fund (the "General Partner"), and each of Messrs. Kissel and MacArthur is a principal of the General Partner and has shared authority to vote (or direct the vote of), and to dispose (or direct the disposal) of, the shares on behalf of the General Partner. Each of the reporting persons disclaims beneficial ownership of such shares except to the extent of his or its pecuniary interest therein, if any. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $39.40 to $40.105, inclusive. The reporting persons undertake to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this range. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $40.05 to $40.39, inclusive. The reporting persons undertake to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this range.

Key Figures

Total shares sold: 27,961 shares Shares sold on April 17: 7,173 shares Shares sold on April 20: 15,000 shares +5 more

8 metrics

Total shares sold 27,961 shares Open-market sales of RM common stock in April 2026

Shares sold on April 17 7,173 shares Common stock at weighted average price of $38.56

Shares sold on April 20 15,000 shares Common stock at weighted average price of $39.68

Shares sold on April 21 5,788 shares Common stock at weighted average price of $40.18

Shares held after trades 953,475 shares Directly held RM common stock following April 21, 2026 sale

Price range April 17 $38.35–$39.04 per share Weighted-average sale price range disclosed in footnote

Price range April 20 $39.40–$40.105 per share Weighted-average sale price range disclosed in footnote

Price range April 21 $40.05–$40.39 per share Weighted-average sale price range disclosed in footnote

Key Terms

Common Stock, par value $0.10 per share, weighted average price, beneficial ownership, pecuniary interest, +1 more

5 terms

Common Stock, par value $0.10 per share financial

"security_title: Common Stock, par value $0.10 per share"

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

beneficial ownership financial

"Each of the reporting persons disclaims beneficial ownership of such shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims beneficial ownership of such shares except to the extent of his or its pecuniary interest therein"

ten percent owner financial

"each reporting person is marked as a ten percent owner"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Forager Fund, L.P.

(Last) (First) (Middle)

2025 3RD AVE. N, SUITE 350

(Street)

BIRMINGHAM ALABAMA 35203

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Regional Management Corp. [ RM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.10 per share	04/17/2026		S		7,173	D	$38.56(1)	974,263	D(2)
Common Stock, par value $0.10 per share	04/20/2026		S		15,000	D	$39.68(3)	959,263	D(2)
Common Stock, par value $0.10 per share	04/21/2026		S		5,788	D	$40.18(4)	953,475	D(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction 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 (Month/Day/Year)		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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Forager Fund, L.P.

(Last) (First) (Middle)

2025 3RD AVE. N, SUITE 350

(Street)

BIRMINGHAM ALABAMA 35203

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Forager Capital Management, LLC

(Last) (First) (Middle)

2025 3RD AVE. N, SUITE 350

(Street)

BIRMINGHAM ALABAMA 35203

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Kissel Edward Urban

(Last) (First) (Middle)

2025 3RD AVE. N, SUITE 350

(Street)

BIRMINGHAM ALABAMA 35203

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

MacArthur Robert Symmes

(Last) (First) (Middle)

2025 3RD AVE. N, SUITE 350

(Street)

BIRMINGHAM ALABAMA 35203

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $38.35 to $39.04, inclusive. The reporting persons undertake to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this range.

2. The shares reported are directly held by Forager Fund, L.P., a Delaware limited partnership (the "Fund"). Forager Capital Management, LLC is the general partner of the Fund (the "General Partner"), and each of Messrs. Kissel and MacArthur is a principal of the General Partner and has shared authority to vote (or direct the vote of), and to dispose (or direct the disposal) of, the shares on behalf of the General Partner. Each of the reporting persons disclaims beneficial ownership of such shares except to the extent of his or its pecuniary interest therein, if any.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $39.40 to $40.105, inclusive. The reporting persons undertake to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this range.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $40.05 to $40.39, inclusive. The reporting persons undertake to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this range.

	/s/ Robert MacArthur, on behalf of Forager Capital Management, LLC as managing member	04/21/2026
	/s/ Robert MacArthur, on behalf of Forager Fund L.P. as managing member of the sole general partner	04/21/2026
	/s/ Edward Kissel	04/21/2026
	/s/ Robert MacArthur	04/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Forager Fund, L.P. report in its latest Form 4 for Regional Management Corp. (RM)?

Forager Fund, L.P. reported selling 27,961 shares of Regional Management Corp. common stock in three open-market transactions. Trades occurred on April 17, 20, and 21 at weighted average prices around $38.56, $39.68, and $40.18 per share, respectively, reducing but not eliminating its position.

How many Regional Management Corp. (RM) shares does Forager Fund, L.P. hold after these sales?

After the reported sales, the Form 4 shows Forager Fund, L.P. directly holding 953,475 shares of Regional Management Corp. common stock. This figure reflects its remaining reported non-derivative position following the three open-market sale transactions disclosed in the filing during April 2026.

Over what price ranges were the RM shares sold by Forager Fund, L.P.?

The filing states that sale prices are reported as weighted averages. Footnotes explain that individual trades occurred in ranges of $38.35–$39.04, $39.40–$40.105, and $40.05–$40.39 per share. Exact share counts at each specific price are available upon request from the reporting persons.

Who actually holds and controls the sold Regional Management Corp. (RM) shares in this Form 4?

The shares are held directly by Forager Fund, L.P., a Delaware limited partnership. Forager Capital Management, LLC is its general partner, while Messrs. Kissel and MacArthur share authority to vote and dispose of the shares. Each reporting person disclaims beneficial ownership beyond any pecuniary interest.

Are these RM share sales by Forager Fund, L.P. considered open-market transactions?

Yes. Each transaction is coded “S” for sale and described as an open-market or private transaction. The reported prices and accompanying weighted-average footnotes indicate typical market sales, rather than option exercises, gifts, or tax-withholding events commonly seen with other transaction codes.

Does this Regional Management Corp. (RM) Form 4 include any derivative securities for Forager Fund, L.P.?

No. The transactions section only lists non-derivative common stock, and the derivative summary is empty. This means the filing focuses solely on direct holdings and sales of RM common shares, without any reported options, warrants, or other derivative positions tied to the stock.