Form 4: Forager Fund Increases Repay Holdings Stake

Forager Fund, L.P., a 10% owner and director, significantly increased its beneficial ownership in Repay Holdings Corp through open market purchases of Class A Common Stock in late March 2026.

Summary

• Forager Fund, L.P., Forager Capital Management, LLC, Edward Urban Kissel, and Robert Symmes MacArthur, all identified as 10% owners and directors of Repay Holdings Corp (RPAY), reported multiple purchases of Class A Common Stock.
• On March 25, 2026, 174,779 shares were purchased at a weighted average price of $2.92 per share, with prices ranging from $2.815 to $3.05.
• On March 26, 2026, an additional 287,200 shares were acquired at a weighted average price of $3.04 per share, with prices ranging from $3.005 to $3.05.
• On March 27, 2026, 180,858 shares were bought at a weighted average price of $3.05 per share, with prices ranging from $3.01 to $3.07.
• Following these transactions, the total beneficial ownership of Class A Common Stock by the reporting persons increased to 9,242,937 shares.
• Forager Capital Management, LLC is the general partner of Forager Fund, L.P., and directly holds 100 shares, with the remaining shares held directly by the Fund.
• Edward Kissel and Robert MacArthur are principals of Forager Capital Management, LLC and share authority to vote and dispose of the shares.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a strong positive signal. Significant insider buying by a 10% owner and director group typically indicates high confidence in the company's future prospects and valuation.

Positives

• Significant insider buying by a 10% owner and director group signals strong confidence in the company's future prospects.
• The cumulative purchase of 642,837 shares represents a substantial increase in the reporting persons' stake, reinforcing their commitment to Repay Holdings Corp.

Future Outlook

This filing does not contain explicit forward-looking statements or guidance from the company. However, the significant insider purchases by a 10% owner and director group implicitly suggest a positive outlook on the company's future performance and valuation by these key stakeholders.

Industry Context

StockSavvy.ai notes that insider buying, particularly by a substantial shareholder and director, is often interpreted by the market as a strong vote of confidence in the company's intrinsic value and future growth potential. This action by Forager Fund, L.P. and its principals could be seen as a bullish signal for Repay Holdings Corp within the financial technology and payment processing sector, potentially indicating that these insiders believe the stock is undervalued or poised for appreciation, especially when compared to broader market sentiment or competitor performance.

Stakeholder Impact

• Shareholders: May view the insider buying as a positive indicator, potentially increasing confidence in the stock and its future performance.
• Management: The increased stake by a significant shareholder and director group could align interests and provide stronger oversight.

Key Dates

Recommendation

The substantial open market purchases by Forager Fund, L.P., a 10% owner and director group, signal strong conviction in Repay Holdings Corp's value. Insider buying of this magnitude is often a leading indicator of future positive performance, suggesting that those with the deepest understanding of the company believe the stock is currently undervalued or has significant upside potential. This action provides a compelling reason for investors to consider a 'buy' position.

Keywords

RPAY, Forager Fund, Insider Buying, Beneficial Ownership, Stock Purchase, Director Transaction, 10% Owner, Class A Common Stock