SCHEDULE: Forager Fund Boosts Repay Holdings Stake to 12.9%

Forager Fund, L.P. and its affiliates have increased their beneficial ownership of Repay Holdings Corp. Class A Common Stock to 12.9%, acquiring over 913,000 shares in early April 2026.

Summary

• Forager Fund, L.P., along with its affiliates Forager Capital Management, LLC, Edward Kissel, and Robert MacArthur, has filed an amendment to their Schedule 13D, reporting an aggregate beneficial ownership of 11,106,648 shares of Repay Holdings Corp. Class A Common Stock.
• This holding represents approximately 12.9% of the outstanding Class A Common Stock, based on 85,880,982 shares outstanding as of March 4, 2026.
• The reporting persons acquired an additional 913,711 shares between April 7 and April 9, 2026, through open market transactions.
• Forager Fund, L.P. holds 11,106,548 shares, Forager Capital Management, LLC holds 11,106,648 shares, and Edward Kissel and Robert MacArthur each have shared voting and dispositive power over 11,106,648 shares.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing, as it shows increased investment from a known fund, but does not provide operational or financial updates from the company itself.

Positives

• Increased beneficial ownership in Repay Holdings Corp. to 12.9% by Forager Fund and its affiliates.
• Acquisition of 913,711 additional shares between April 7-9, 2026, indicating continued investment conviction.
• Transactions were conducted in the ordinary course of business on the open market.

Negatives

• The filing does not explicitly state any negative financial or operational developments for Repay Holdings Corp.

Risks

• The filing does not explicitly detail any new or evolving risks for Repay Holdings Corp.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from Repay Holdings Corp. It primarily reports on the beneficial ownership changes by Forager Fund.

Management Comments

• The filing of this statement shall not be construed as an admission by any Reporting Person that such person is, for the purposes of sections 13(d) or 13(g) of the Exchange Act, the beneficial owner of any securities covered by this statement.

Industry Context

StockSavvy.ai notes that this Schedule 13D filing indicates a significant stake accumulation by an investment fund in Repay Holdings Corp., a company operating in the payment processing sector. Such filings often precede activist investor actions or signal a belief in the company's undervalued potential by institutional investors.

Stakeholder Impact

• Shareholders: The increased stake by Forager Fund may signal potential for strategic changes or activist involvement, which could impact share price and corporate strategy.
• Management and Board of Directors: Increased scrutiny from a significant shareholder may influence strategic decisions and governance practices.

Next Steps

• Forager Fund and its affiliates will continue to monitor Repay Holdings Corp.'s business and may engage in discussions with management or the board of directors.
• Further open market purchases or dispositions of shares may occur.

Key Dates

Recommendation

The filing indicates a significant increase in beneficial ownership by Forager Fund, suggesting a positive view on Repay Holdings Corp. However, without company-specific financial results or strategic announcements, a 'hold' recommendation is appropriate, pending further information on the fund's intentions and the company's performance.

Keywords

Schedule 13D, Repay Holdings Corp, Forager Fund, Beneficial Ownership, Class A Common Stock, SEC Filing, Investment, Securities Exchange Act