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

Rhea-AI Filing Summary

Forager Fund, L.P., a ten percent owner of Regional Management Corp., reported open-market sales of common stock. The fund sold 2,101 shares on April 28, 2026 at a weighted average price of $39.59 per share, in multiple trades between $39.535 and $39.815. It then sold 2,916 shares on April 29, 2026 at a weighted average price of $38.50, in trades between $38.50 and $38.515. After these transactions, the fund directly held 948,458 shares of Regional Management common stock. Forager Capital Management, LLC is the fund’s general partner, and Edward Kissel and Robert MacArthur are principals with shared voting and disposal authority; each reporting person disclaims beneficial ownership beyond any pecuniary interest.

Insider Trade Summary

Net Seller: 5,017 shares ($195,445)

Net Sell 2 txns

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

Role null | null | null | null

Sold 5,017 shs ($195K)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.10 per share	2,916	$38.50	$112K
Sale	Common Stock, par value $0.10 per share	2,101	$39.59	$83K

Holdings After Transaction: Common Stock, par value $0.10 per share — 948,458 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 $39.535 to $39.815, 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 $38.50 to $38.515, 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: 5,017 shares Shares sold on April 28, 2026: 2,101 shares Weighted average price on April 28, 2026: $39.59 per share +3 more

6 metrics

Total shares sold 5,017 shares Open-market sales on April 28–29, 2026

Shares sold on April 28, 2026 2,101 shares Common stock, open-market sale

Weighted average price on April 28, 2026 $39.59 per share Trades between $39.535 and $39.815

Shares sold on April 29, 2026 2,916 shares Common stock, open-market sale

Weighted average price on April 29, 2026 $38.50 per share Trades between $38.50 and $38.515

Shares held after transactions 948,458 shares Direct holdings of Forager Fund, L.P. after April 29, 2026 sale

Key Terms

weighted average price, ten percent owner, beneficial ownership, pecuniary interest, +1 more

5 terms

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.

ten percent owner financial

"Forager Fund, L.P. is reported as a ten percent owner."

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"

open-market sale financial

"transaction_action is described as an open-market sale"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

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)
04/28/2026

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	04/28/2026		S		2,101	D	$39.59(1)	951,374	D(2)
Common Stock, par value $0.10 per share	04/29/2026		S		2,916	D	$38.5(3)	948,458	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 $39.535 to $39.815, 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 $38.50 to $38.515, 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	04/30/2026
	/s/ Robert MacArthur, on behalf of Forager Fund L.P. as managing member of the sole general partner	04/30/2026
	/s/ Edward Kissel	04/30/2026
	/s/ Robert MacArthur	04/30/2026
	** 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 insider activity did Forager Fund report in Regional Management Corp. (RM)?

Forager Fund, L.P. reported selling a total of 5,017 shares of Regional Management Corp. common stock in two open-market transactions. These sales occurred on April 28 and 29, 2026 at weighted average prices around $39.59 and $38.50 per share.

How many Regional Management (RM) shares does Forager Fund hold after these sales?

After the reported transactions, Forager Fund, L.P. directly holds 948,458 shares of Regional Management Corp. common stock. This figure reflects the position following the April 29, 2026 sale and shows the fund retains a substantial ongoing stake in the company.

At what prices did Forager Fund sell its Regional Management (RM) shares?

Forager Fund sold 2,101 shares at a weighted average price of $39.59, within a $39.535–$39.815 range, and 2,916 shares at a weighted average of $38.50, within a $38.50–$38.515 range, according to the Form 4 footnotes.

Who controls voting and investment decisions for Forager Fund’s Regional Management (RM) shares?

Forager Capital Management, LLC is the general partner of Forager Fund, L.P., and Messrs. Kissel and MacArthur are principals with shared authority to vote and dispose of the shares. Each reporting person disclaims beneficial ownership beyond any pecuniary interest.

Were the Regional Management (RM) insider sales executed as open-market transactions?

Yes. The Form 4 describes the two transactions as open-market sales of Regional Management Corp. common stock, coded “S.” Prices reported are weighted averages, with detailed price ranges provided in the filing footnotes for each transaction date.

Why are multiple reporting persons listed on the Regional Management (RM) Form 4?

The Form 4 lists Forager Fund, L.P., its general partner Forager Capital Management, LLC, and principals Edward Kissel and Robert MacArthur. The footnotes explain their shared voting and disposal authority and state that each disclaims beneficial ownership except for any pecuniary interest.