SCHEDULE: Forager Fund Boosts Repay Holdings Stake to 11.9%

Sentiment:

Schedule 13D Filing 3 April 2026 5:32 PM

Forager Fund L.P. and related entities have increased their beneficial ownership of Repay Holdings Corp. Class A Common Stock to 11.9%, acquiring over 10 million shares for approximately $34.7 million.

Summary

Forager Fund L.P., along with Forager Capital Management, LLC, Edward Kissel, and Robert MacArthur, have collectively increased their beneficial ownership of Repay Holdings Corp. Class A Common Stock.
The total beneficial ownership now stands at 10,192,937 shares, representing approximately 11.9% of the class of securities.
The aggregate purchase price for these shares was $34,723,158.43.
The acquisition was funded using working capital from the Fund and the GP, with no borrowed funds used.
The filing is an amendment to a previous Schedule 13D filing.
The total number of outstanding shares of Common Stock as of March 4, 2026, was 85,880,982.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing positively due to the significant increase in stake by a known investment fund, suggesting confidence in the company's future prospects.

Positives

Significant increase in beneficial ownership by Forager Fund and related entities, indicating strong conviction in Repay Holdings Corp.
Acquisition of a substantial stake (11.9%) in the company.
Funding for the acquisition came from existing working capital, suggesting financial stability of the reporting persons.
Transactions were conducted in the ordinary course of business on the open market.

Future Outlook

No specific future outlook or guidance is provided in this Schedule 13D filing, which primarily details beneficial ownership changes.

Industry Context

StockSavvy.ai notes that an increase in beneficial ownership by a significant investment fund like Forager Fund often signals a belief in the target company's undervalued potential or upcoming positive developments. This filing indicates a substantial commitment to Repay Holdings Corp.

Stakeholder Impact

Shareholders may view the increased stake by Forager Fund as a positive signal, potentially leading to increased investor interest.
Management of Repay Holdings Corp. will be aware of the increased influence of a significant shareholder.

Next Steps

The filing does not explicitly state next steps beyond the acquisition of shares and the reporting of beneficial ownership.

Key Dates

Date	Description
03/04/2026	Date as of which total outstanding shares of Common Stock were reported in Issuer's annual report on Form 10-K for the fiscal year ended December 31, 2025.
03/12/2026	Date of the filing of the previous Schedule 13D.
03/25/2026	Date of a purchase transaction of 174,779 shares by the Fund.
03/26/2026	Date of a purchase transaction of 287,200 shares by the Fund.
03/27/2026	Date of a purchase transaction of 180,858 shares by the Fund.
04/01/2026	Date of Event Which Requires Filing of This Statement; Date of a purchase transaction of 488,391 shares by the Fund.
04/02/2026	Date of a purchase transaction of 461,609 shares by the Fund.
04/03/2026	Date of certification for the Schedule 13D filing.

Recommendation

hold

The filing indicates a significant investment by Forager Fund, suggesting a belief in the company's value. However, without further information on the fund's strategy or Repay Holdings' operational performance, a 'hold' recommendation is prudent, allowing for further observation of the investment's impact and the company's performance.

Keywords

Repay Holdings Corp, Schedule 13D, Forager Fund, Forager Capital Management, Beneficial Ownership, Class A Common Stock, Investment, SEC Filing

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