Forager Fund ups Repay Holdings (RPAY) stake with 642,837-share buy

Rhea-AI Filing Summary

Forager Fund, L.P., a 10% owner of Repay Holdings Corp, reported open-market purchases of 642,837 shares of Class A common stock. The buys occurred over three days at weighted average prices of about $2.92, $3.04 and $3.05 per share.

Following these purchases, the Fund and its affiliated general partner together report ownership of 9,242,937 Class A shares. Prices are disclosed as weighted averages across multiple individual trades within stated ranges, and the reporting persons disclaim beneficial ownership beyond their pecuniary interests.

Insights

Insider trading and ownership analyst

Repay’s 10% holder increased its stake with sizable open-market buying around $3.

Forager Fund, L.P., a 10% owner of Repay Holdings Corp, executed three open-market purchases totaling 642,837 Class A shares at prices near $3 per share. These are straightforward buy transactions coded “P,” indicating standard market purchases rather than option exercises or non-cash events.

After the trades, Forager and its affiliated general partner report holding 9,242,937 shares. Footnotes clarify that the general partner directly holds 100 shares, the Fund holds the remainder, and principals Kissel and MacArthur share voting and disposal authority while disclaiming beneficial ownership beyond their pecuniary interests.

The filing shows net buying with no sales or derivative activity and does not reference a Rule 10b5-1 trading plan. While insider accumulation by a large holder can be noteworthy, the economic impact depends on Repay’s total share count, which is not detailed here.

Insider Trade Summary

Net Buyer: 642,837 shares ($1,935,060)

Net Buy 3 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 642,837 shs ($1.94M)

Type	Security	Shares	Price	Value
Purchase	Class A Common Stock, $0.0001 par value per share	180,858	$3.05	$552K
Purchase	Class A Common Stock, $0.0001 par value per share	287,200	$3.04	$873K
Purchase	Class A Common Stock, $0.0001 par value per share	174,779	$2.92	$510K

Holdings After Transaction: Class A Common Stock, $0.0001 par value per share — 9,242,937 shares (Direct)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.815 to $3.05, 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. 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. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.005 to $3.05, 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. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.01 to $3.07, 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.

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
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)
03/25/2026

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	03/25/2026		P		174,779	D	$2.92(1)	8,774,879	D(2)
Class A Common Stock, $0.0001 par value per share	03/26/2026		P		287,200	D	$3.04(3)	9,062,079	D(2)
Class A Common Stock, $0.0001 par value per share	03/27/2026		P		180,858	D	$3.05(4)	9,242,937	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 $2.815 to $3.05, 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 $3.005 to $3.05, 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.

4. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.01 to $3.07, 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	03/27/2026
	/s/ Robert MacArthur, on behalf of Forager Fund L.P. as managing member of the sole general partner	03/27/2026
	/s/ Edward Kissel	03/27/2026
	/s/ Robert MacArthur	03/27/2026
	** 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 transaction did Forager Fund report for Repay Holdings (RPAY)?

Forager Fund, L.P., a 10% owner of Repay Holdings, reported open-market purchases of Class A common stock. The Form 4 shows three buy transactions, each coded “P,” reflecting straightforward open-market or private purchases rather than derivative exercises, gifts, or tax-related dispositions.

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

Forager Fund reported buying a total of 642,837 Repay Holdings Class A shares. This total comes from three separate open-market purchases over consecutive days, as summarized in the filing’s transaction data, all classified as non-derivative common stock acquisitions coded as purchases.

On what dates and at what prices were Repay Holdings (RPAY) shares purchased?

The purchases occurred on March 25, March 26, and March 27, 2026, at weighted average prices of about $2.92, $3.04, and $3.05 per share. Footnotes explain each reported price is a weighted average across multiple trades within disclosed price ranges.

How many Repay Holdings (RPAY) shares does Forager Fund own after these purchases?

After the reported transactions, Forager Fund and its affiliated general partner together report ownership of 9,242,937 Class A shares. Footnote disclosure specifies that the general partner directly holds 100 shares, while the remaining shares are directly held by Forager Fund, L.P., a Delaware limited partnership.

Who are the reporting persons in this Repay Holdings (RPAY) Form 4 filing?

The reporting persons are Forager Fund, L.P., Forager Capital Management, LLC (its general partner), and principals Edward Urban Kissel and Robert Symmes MacArthur. The general partner and its principals share voting and disposal authority over the Fund’s shares and disclaim beneficial ownership beyond their pecuniary interests.

Were the Repay Holdings (RPAY) purchases made in multiple transactions at different prices?

Yes. Footnotes state that each reported price is a weighted average, with individual trades executed across specified price ranges. For example, some shares were bought between $2.815 and $3.05 per share, and the reporting persons offer to provide full trade-by-trade information upon request.