Forager Fund buys 950,000 Repay Holdings shares

Repay Holdings Corp large shareholder Forager Fund, L.P. reported open-market purchases of a combined 950,000 shares of Class A common stock.

Rhea-AI Filing Summary

Repay Holdings Corp large shareholder Forager Fund, L.P. reported open-market purchases of a combined 950,000 shares of Class A common stock. The fund bought 488,391 shares on April 1 at a weighted average price of $2.54 and 461,609 shares on April 2 at a weighted average price of $2.53, with actual trade prices ranging between $2.42 and $2.60. Following these transactions, the filing shows 10,192,937 shares of Class A common stock held directly. The purchases are reported jointly by Forager Fund, its general partner Forager Capital Management, LLC, and principals Edward Urban Kissel and Robert Symmes MacArthur, who share voting and dispositive authority but each disclaim beneficial ownership beyond their pecuniary interest.

Insider Trade Summary

Net Buyer: 950,000 shares

Net Buy 2 txns

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

Role 10% Owner | 10% Owner | 10% Owner | 10% Owner

Bought 950,000 shs ($2.41M)

Type	Security	Shares	Price	Value
Purchase	Class A Common Stock, $0.0001 par value per share	461,609	$2.53	$1.17M
Purchase	Class A Common Stock, $0.0001 par value per share	488,391	$2.54	$1.24M

Holdings After Transaction: Class A Common Stock, $0.0001 par value per share — 10,192,937 shares (Direct)

Footnotes (3)

1. F1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.49 to $2.60, 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 purchased at each separate price within this range.
2. F2. Forager Capital Management, LLC (the "General Partner") is the general partner of Forager Fund, L.P., a Delaware limited partnership (the "Fund") and directly holds 100 shares of Class A common stock. All other shares of the issuer's Class A common stock reported herein are directly held by the Fund. 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. F3. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.42 to $2.595, 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 purchased at each separate price within this range.

Key Figures

Total shares purchased: 950,000 shares April 1 purchase: 488,391 shares at $2.54 April 2 purchase: 461,609 shares at $2.53 +3 more

6 metrics

Total shares purchased 950,000 shares Open-market buys on April 1–2, 2026

April 1 purchase 488,391 shares at $2.54 Weighted average price, multiple trades

April 2 purchase 461,609 shares at $2.53 Weighted average price, multiple trades

Post-transaction holdings 10,192,937 shares Class A common stock directly held after latest buy

Price range April 1 $2.42–$2.595 Per-footnote trade price range for that day

Price range April 2 $2.49–$2.60 Per-footnote trade price range for that day

Key Terms

open-market purchase, weighted average price, beneficial ownership, pecuniary interest, +1 more

5 terms

open-market purchase financial

"transaction_action is described as an open-market purchase of Class A common stock"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

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 except to the extent of his or its pecuniary interest"

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

"Forager Fund, L.P. and Forager Capital Management, LLC are each indicated as a ten percent owner"

FAQ

How many Repay Holdings (RPAY) shares did Forager Fund buy in this Form 4?

Forager Fund, L.P. reported buying a total of 950,000 shares of Repay Holdings Class A common stock. The purchases occurred across two days and increased the reported direct holdings to 10,192,937 shares after the latest transaction shown.

What prices did Forager Fund pay for Repay Holdings (RPAY) shares in this filing?

The filing shows weighted average purchase prices of $2.54 on April 1 and $2.53 on April 2. Footnotes state individual trades were executed in ranges from $2.42 to $2.595 and from $2.49 to $2.60, respectively.

What is Forager Fund’s ownership position in Repay Holdings (RPAY) after these transactions?

After the reported open-market purchases, the filing lists 10,192,937 shares of Repay Holdings Class A common stock held directly. Each reporting person, including the fund and related entities, disclaims beneficial ownership beyond their individual pecuniary interest in these shares.

Who are the reporting persons in the Repay Holdings (RPAY) Form 4 insider purchase?

The reporting persons are Forager Fund, L.P., its general partner Forager Capital Management, LLC, and principals Edward Urban Kissel and Robert Symmes MacArthur. The general partner directly holds 100 shares; all other reported shares are held by the fund.

Are the Repay Holdings (RPAY) trades in this Form 4 single-price or averaged transactions?

The trades are reported using weighted average prices for each day. Footnotes explain that shares were purchased in multiple transactions within specified price ranges and that detailed per-trade pricing information is available upon request from the reporting persons.

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Accepted by SEC EDGAR 04/03/2026 - 02:14 PM Learn about SEC filing dates

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
Repay Holdings Corp [ RPAY ]

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)
04/01/2026

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
Class A Common Stock, $0.0001 par value per share	04/01/2026		P		488,391	D	$2.54(1)	9,731,328	D(2)
Class A Common Stock, $0.0001 par value per share	04/02/2026		P		461,609	D	$2.53(3)	10,192,937	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 purchased in multiple transactions at prices ranging from $2.49 to $2.60, 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 purchased at each separate price within this range.

2. Forager Capital Management, LLC (the "General Partner") is the general partner of Forager Fund, L.P., a Delaware limited partnership (the "Fund") and directly holds 100 shares of Class A common stock. All other shares of the issuer's Class A common stock reported herein are directly held by the Fund. 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 purchased in multiple transactions at prices ranging from $2.42 to $2.595, 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 purchased at each separate price within this range.

	/s/ Robert MacArthur, on behalf of Forager Capital Management, LLC as managing member	04/03/2026
	/s/ Robert MacArthur, on behalf of Forager Fund L.P. as managing member of the sole general partner	04/03/2026
	/s/ Edward Kissel	04/03/2026
	/s/ Robert MacArthur	04/03/2026
	** 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)